If I seek help for debt consolidation, will it affect my credit score?
If there%26#039;s no credit check, your credit score is not affected.
Get valuable tips on debt consolidation from http://moneymentor.cashmatter.... . It%26#039;s a very useful website. Report It
Get valuable tips on debt consolidation from http://moneymentor.cashmatter.info . It%26#039;s a very useful website.
I recently got my student refund money from school for this semester on September 5 and I paid off all of the debt that me and my husband owe on September 6(about $6,000 worth). We are trying to buy a house, but in order to achieve that goal our credit score has to be 50 points higher than what it is already to even get approved for a loan. We pay our bills on time and now we don%26#039;t have any debt. When will we see our credit score raise drastically, or what are some tips to speed up the process?
Your on the right path, just pay your bills on time, don%26#039;t miss a deadline, and you should see your credit rating soar!
www.gacsolutions.com :) fill out the form and say Kyle Gilbert referred you! :) We can help you!
You can raise your credit score.
First you have to learn how to eliminate bad spotd from your credit.
You can do it yourself or take help from experts.
Here are some tips How to Evaluate and Raise Your Credit Score
http://fhurl.com/b1420
Best of luck
If you paid off the debts prior to the debtors reporting to the credit bureaus, then your credit score will jump drastically. My credit score jumped 45 points, when I did this to buy my house.
i think that the below website will help you to raise your credit score.
A loan officer should be able to do a rapid rescore if you are in that much of a hurry
The most unscrupulous company in the world, Dropship Design (NEVER work with them), sent a collection agency after me to collect $80, one year after I closed my account with them.
I sent in the papers to dispute. Unfortunately, the collection agency %26quot;never got them%26quot;, and so now it%26#039;s been posted to my otherwise pristine credit score, basically wrecking it.
I%26#039;m down more than 100 points.
Please help! I%26#039;m screwed!
You can dispute the report by sending the papers directly to the credit reporting companies as proof that it is a mistake and they will withdraw.
Take a look at the links below. Should give you what you need:
http://www.kiplinger.com/basics/archives...
http://www.bankrate.com/brm/news/credit-... - Gives you the web sites, numbers ect for the three reporting bureaus.
Hope this helps.
I%26#039;m an expert on this, I would suggest you take a tour here,there are expert%26#039;s tips there.http://credit-score.onlinebestoffer.info...
I am trying to research refinancing cars to see if it%26#039;ll be beneficial for me to do so
I have a 2005 Nissan Altima and paying 16% interest
My credit score has improved some since August 2006 when I purchased it ~ it%26#039;s now 620-630 which still need improvement
What other factors do I need to look at as well
Your credit score is number one, but some of the other things considered are:
1. what your car is worth versus what you have left on the loans
2. Your debt versus your income -- if you owe too much on your house, other regular bills, etc., the lenders will wonder if you can pay the loan
3. If you%26#039;re in the military, or have immediate family who is, you can get some great rates
And if you go to a lender finding service like RateGenius.com or MyAutoLoan.com they take your applications out to many lenders. It saves you time and how many people look at your credit report.
Refinancing your auto loan can also help your credit score too ... it looks as though you are paying off good debt and taking on more. Just trust me, it%26#039;s good.
for score 630 , you can go to any credit unions and they give you less than 11% interested loans..,
Try DCU.org online for a quote
At 16%, it will certainly be beneficial for you to do so. Although, make sure there are no early payment penalties. Your Beacon score is pretty low, but I don%26#039;t think low enough to warrant a 16% rate.
The financial institution will look at the black book value, how much you still owe, Beacon score, income, etc. to determine what rate you should get.
Try different banks, rate shop. I would also suggest trying a few credit unions in your area as they have historically been known to give more reasonable rates.
Besides your credit score, refinancing companies also go by the mileage, work history ( how long are you in your present job), your income, other loans and some check your other expenses.
Good luck. Try your bank first.
Trying different banks may hurt credit score
I bought one at equifax for 10 bucks, all that came with it was two score updates to be used at your will and one score update that pops up the minute it changes.
Is there anywhere I can buy a credit score that last for a year that reflects your actual changes for a set price, rather then 12 bucks a month kind of deal?
I%26#039;m not sure what you%26#039;re trying to accomplish here, but please consider another avenue.
First of all, you need to know which scoring models you are even getting, as this can affect the number by as much as 100 points.
Second of all, you cannot freeze a credit score. They are recalculated each time they are accessed and are dependent on data that is constantly being uploaded to your credit file.
Third, and last, paying $12/month to see your credit score is completely unneccesary. There are much better ways to do this.
Sounds like you need a professional, someone who won%26#039;t take advantage of you. Good luck
I am considering a short sale on the my house, as I am looking at a negative equity situation. I am up to date on my payments, but will have no money to bring to closing. It looks like I will have to sell it for $10K less than I owe on it. I have consulted a lawyer who says it is a viable option. I also understand the waived amount will be taxed as %26#039;phantom%26#039; income. Is it taxed as a paycheck would be? or like an early withdrawl IRA? Lastly, will it impact my credit score even though I am up todate on my payments, but won%26#039;t be able to come up with the diff between what I owe on the loan and what it%26#039;s selling for... implementing short sale? Thanks!!
The sales expenses will be subtracted from the proceeds of the sale, increasing the deficit of the sale. The short fall will result in a 1099 being issued for the forgiven amount. Check with a tax person, but it is my understanding that forgiven debt on a house sale is not taxable or it is likely to become law soon. If not the shortfall is treated just like ordinary income.
The past few years, I%26#039;ve only been making around 10K per year, however my credit Score is at 750
How does it work ?
Thanks guys
It has nothing to do with what you make. Your credit score shows that you pay on time and hold little debt.
your credit score has nothing to do with your income (i think) but check out myfico.com
Your credit score is 35 percent debt history, 30 percent debt level, 15 percent length of debt, 10 percent new debt, and 10 percent type of debt. Income does not factor into the equation.
i%26#039;ve heard 50% is a good max, in order to boost credit score; what about 30%, 25%? does it boost even higher, or is it just anything below 50% is about the same, and over 50% is bad?
Ideally you should use no more than 20% of your availiable credit. If you use any more than this you will see your credit score start to drop. Using 50% of your credit is bad...
I think it is funny how a company will give your credit but then they will look down at you you when you use it all.. Ironic isnt it?
Any ways look at this article on factors that will raise your credit score http://www.creditfamily.com/articles/imp...
Good Luck!
Just remember that whatever you leave as a monthly balance hurts your debt/income ratio
How about NO credit at all. Pay off your debts, dont make new ones and you will have a perfect credit score. Thats what we did. It took us a while but it has been worth it.
Twenty to thirty percent is recommended, as long as you pay off your debt EACH MONTH.
Every sixth months, you should attempt to raise your credit limit by ten percent.
Although it is nothing urgent, I would like to rent a new apartment somewhere in the five boroughs of NYC. With my credit score of 479, do I stand a shot?
I understand your situation (all too well, unfortunately). It depends on the landlord or management company. You MAY have a better shot at a private landlord, because you can try and reason with them (or, sometimes avoid a credit check altogether). With a management company, some have specific credit score requirements and cannot negotiate. In my past experience, I%26#039;ve found that you will be faced with two options. Either put down a large deposit (depending on the place, you can sometimes put down 1 full month or up to 3 months) OR you can get a co-signer and not worry about extra deposits at all. In this case, your co-signer will be held responsible if you fail to pay your rent.
Best of luck...... it takes a while to rebuild credit once it%26#039;s been damaged. Hard lesson I learned :)
not likely, depends on the neighborhood though.
Not if they pull a credit report.
It doesn%26#039;t look good. You would have to have a co-signer. Your best bet would be to look in the newspaper for privately own homes and duplex%26#039;s for rent. A lot of times they don%26#039;t even do credit checks.
I live in a beautiful 3 bedroom home. I started out renting and my landlord did not do a credit check. So the opportunities are out there but you just have to find them.
you%26#039;ll probably need a co-signer AND put down an extra month%26#039;s rent.
does alot of previous addresses on your credit report effect your score
Moving doesn%26#039;t affect your score, but it will affect getting a loan. If you move every year the underwriters (the people that determine if you get the loan) will be cautious when issuing credit. For credit purposes its good to stay put for 2 years, as it shows stability.
no
you can read some articles about repairing credit at the resource center of http://www.silverroad.ws
Yes, moving is one factor that goes into your FICO score. No one knows how heavily each factor is weighted,these are heavily guarded secrets, but moving is one of the factors that are considered when your credit score is determined. I wouldn%26#039;t worry too much about it though, I dont think it is weighted very heavily, as there are many people who move a lot and still have good credit scores. As long as your other factors are ok it shouldnt make a real big difference.
that criteria is not a part of the FICO algorithm
the visa credit card is in my name, but the credit card number is the same as is my fathers credit card, when the statement comes in every month it is only in my fathers name. whether he pays it on time or not is it effecting my credit score or does it have no bearing on my credit history?
NO
You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters. Report It
From the information you gave, it sounds to me like the account itself is in your father%26#039;s name and you are simply an authorized user. If so, his payment record has no bearing on your credit score. The account would be tied to his social and only reported on his report.
The card HAS your name on it, it isn%26#039;t IN your name. It should not affect your credit. If it does, you should protest it. However, credit card collectors are bottomfeeding scum, so if your dad becomes a deadbeat, they will most likely try to collect from you. Do not let them convince you that you owe it (unless you ACTUALLY SIGNED THE CARDHOLDER AGREEMENT).
Btw, credit cards are dumb. Wanna know why? See the website below. It has revolutionized my life. I no longer use any form of credit. I don%26#039;t need to b/c I now know how to manage my money.
My son has a credit card with his name on it but it%26#039;s my account. He%26#039;s in college. The bill comes to me and I pay it.
We pulled his credit report last summer and that card is on his report. It shows him as an authorized user and all payments are on time, etc. The exact same stuff as it shows on my report. The only difference is his shows authorized user and mine shows the account holder.
In his case, it apparently has HELPED his credit score because the two credit cards of mine that he is authorized to use are the only two things reported on his report and he has a fairly high score for a college kid that has never taken out a loan or credit card on his own in his life.
Evidently, you father simply requested a second card on his account for you to use. No, your credit score is not being affected by his late payments. In order for that to be the case, you would have to personally apply for a card using your Social Security Number and other information,
Hope this helps!
If it is a joint account, then both you and your father%26#039;s credit is affected. If you are only an authorized user, then maybe it is reported on your credit, maybe not. That is up to the bank that owns the card.
The best thing to do is to pull copies of all three credit reports: Experian, Equifax and Trans Union, and see if the card is on your report. Also, ask your father to check his report and see if the card is on his report with %26quot;Responsibilty%26quot; listed as %26quot;individual%26quot; (only him) or %26quot;Joint with %26lt;your name%26gt;%26quot;. That will also tell you if your credit report is affected.
Your credit score will be affected only if the payments are NOT made on time. As an %26#039;authorized user%26#039; on the card you only get the negative results on your credit and not the positives.
As with any type of credit, your goal is to maintain your payments so you can build good positive credit.
I don%26#039;t know why you are not the primary card holder. Maybe you do not have income or have bad credit already.
In any event, if you can at all get the card in your name ONLY, try do so as this will benefit your positive credit record.
As it stands now, your father is gaining all the benefits of a positive credit rating if the payments are being made on time.
Having a credit card or a line of credit comes with it a great responsibility. It is very important that you are very aware of your income and what amount of credit you can afford.
Your credit score will not only have an affect on the amount of credit you will have but may also have an affect on your future employment opportunities and insurance.
The answer to this question is more sophisticated that you may realize. First of all, it does sound as if the credit card is an authorized user. So the question is can this be reported on the account of the authorized user? That depends on two issues. FIrst there is NO federal law that prevents the reporting of authorized users. Until the passage of the 1997 FCRA reform and the 2003 FACTA law legally if an primary account holder filed for bankruptcy or defaulted on the debt then (since no federal laws covered this) the answer would be in state law or the credit card agreement. So the next question is?:
What state has authority over this Visa card? Is it South Dakota, Delaware, Virginia? Traditionally, credit cards issuers have maintained in the credit card agreement (i know it was only signed by the account holder but follow the logic here) that if there was no federal law (FACTA covers identity theft) and no state law (South Dakota%26#039;s laws are very broad essentially saying any dispute not covered by law then defaults to the credit card agreement) then the credit card agreement would hold.
You need to read your father%26#039;s credit card agreement. It will specify what state has controlling interest in disputes. You could live in California but be under Delaware%26#039;s pro business, pro credit card rules, etc. In South Dakota where CItibank Visa and Citibank MasterCards are issued there is language to the following extent. %26quot;Where there is no federal law or state law then the credit card agreement will control any disputes. The bank will first look to payment from the account holder or co-account holders but may also look to any authorized users. We also will report credit history on any account holder, co-account holder or authorized user.%26quot; Legally, they can report. There is a good side to this and a bad aspect. If you are trying to build credit, this is the way to get great credit fast by being an authorized user of someone who has good payment history. Conversely, if the authorized user does not pay, then legally it could be reported to the credit bureaus negatively which will impact your credit scores.
You may also want to check your states financial institutions bureau or state corporation commission (whomever regulates financial companies like credit card issuers) to see what they say on the matter and do the same in the issuing state.
Good Luck
teenrioda is the only one that has answered this question correctly.
The rest of you do not know what you are talking about.
You go girl.
Can I get a loan say.. for the purchase price of $30k and if so where? Im self employed and have a credit score of 575 ...I do have up to 20k available for down payment.... Any suggestions as to loan programs would be appreciated.
Probably. There are a lot of loans for people with credit as low as 500 and, since you have the $20k down, it%26#039;s shouldn%26#039;t be a problem to get a $10k loan, although it will probably be expensive (interest and points). If a %26#039;less than A paper%26quot; lender doesn%26#039;t do the loan, you could get a hard money for a short amount of time.
Because you didn%26#039;t specify your intent, I%26#039;m going to assume you want to purchase this as an investment and flip it. If that%26#039;s the case, you need to consider the prepayment penalty and other factors.
I would probably go with a 3/1 Intererst only ARM or something similar. Although, it%26#039;s such a small amount to finance, a full interest loan wouldn%26#039;t make that much of a difference. The specific loan, really, depends upon what you can afford.
If you want to provide me specifics you can email me and I%26#039;ll see what I can do for you.
Good luck on your purchase.
whats FMV
If the house is $30K and you have $20K available, you totally will get the loan. Usually, lender only asks for 20% down.
This article gives you tips on negotiation:
http://biz.yahoo.com/brn/060909/19463.ht...
Articles about current market:
http://money.cnn.com/2006/09/25/news/eco...
Absolutely. Your biggest obstacle will be finding a subprime lender who will do loans under $50k. (I will.)
Rick Lanicek
http://www.primelendingonline.com
skip the mortgage loan. put the 20k down and get a personnal loan for the other 10k. mortgage notes for that low of an amount are hard to come by and very expensive...
With that amount of down payment, the seller might be willing to carry a short term contract for deed. Obtaining a mortgage for a refinance is easier than for a purchase. With one year of seasoning on the contract for deed, you should be able to refinance and pull your down payment money back out of the property, plus more if so desired if in fact the property is worth 65K as you say.
Yesterday, I got a 2007 Toyota Camry Le
With a Fair Issac score of 650, I got 10.9% APR
Do you think those conditions was fair?
They had me at 13% but I had to fight my way down threaten them I would leave
Facts: GOOD: Two credit cards never late, previous 18 month auto loan always made on time... BAD: I%26#039;m 19, Too many inquires, I need to get my balances down....
If I would have waited I could have got a better rate?
Nice score. It also depends on your income and other debts (%26quot;THE RATIO%26quot;). although you are never late on payments, it might be hurtful to consider what you are obligated to in addition to the car payment.
i think the rate is a bit high, but its a bit late. If you get a home sometime soon, consolidate it (assuming the rate is lower).
You can improve your credit score with knowledge, some time, some effort and not a lot of money. Start by learning the credit laws in the United States. The big one that will help you is that credit%26lt;!--bureaus must respond to disputes in a set amount of time or they have to remove disputed items from your credit report.
http://best-loans.awardspace.com/credits...
Get a copy of your credit report and go over it with a fine tooth comb. Find the inaccuracies; almost every credit report has them. Write letters to the credit bureaus, disputing the inaccurate--%26gt;items. If they can閳ユ獩 prove it閳ユ獨 correct or don閳ユ獩 respond in time, the items must be removed.
I%26#039;d like to know if they only look at the lower of the credit scores or average the two. What else do the banks look at when giving mortgages? Is there a way to quickly raise my husband%26#039;s credit score? Thanks!!
You should be fine. You need to be the primary borrower and him the secondary. There is a big diference between a mortgage broker and a mortgage company. Expect to pay higher fees from a broker. Also, if you make more money and you have never owner a home in your name your state should have a ton of 1st time buyer incentives. You don%26#039;t need 20% down if you have a good score and any banking lender would be happy to have you. If you need both incomes, some banks will alow him if he is only the secondary but it can effect your interest rate. Do not apply online for a loan. These places will give you 25-30 hits on your credit and will lower your high score. Start by going to www.hud.gov to find out baout their first time bomebuyer programs. You can also go to www.salliemae.com and fanniemae to find more information on rates and programs.
Good luck!
I can tell you that my husband had a very poor credit rating and mine was excellent and we just closed on the house of our dreams in July!
If you can muster a sizeable downpayment (I think it%26#039;s 20% or more) of the purchase price of the house, you can run what mortgage lenders call a %26quot;No Doc%26quot; loan. This is what my husband and I were able to do.
As for the particulars, I%26#039;m unable to explain %26quot;how%26quot; it works. But by all means, consult a mortgage lender to determine if this option works for you. It%26#039;s also a good idea to consult them first anyway to determine how much house you can AFFORD! :)
Good luck! Hope this is at least encouraging, if not helpful.
I had the same problem. If you have an income %26amp; the mortgage company approves you, you can put the mortgage in your name only but the title in both of your names. This is a no-doc loan. Then, only your credit is checked on the mortgage. This is what my husband and I did because the interest rate would have been higher when they combined both of our credits. You should call several mortgage companies to see if and how they can work around this. We tried this site too for quotes...http://loan.divinfo.com/
Or your husband could try a credit repair company. It%26#039;s not free, but it would help his credit. Try http://creditrepair.divinfo.com/
Go with a Morgage company. My score wasn%26#039;t great but it wasn%26#039;t poor either and I bought a house. Try Countrywide. Good Luck!
They look at all 3 of yours and all 3 of his, then go off the lower of the middle, which will be your husbands.
Apply in just your name and go with a no-income doc or stated income doc for the loan. This way, you can still factor in your husband%26#039;s income, but not use his on the loan. Rates will be slightly higher, but at least you will be able to get qualified. With a 527, unless you have a substantial down-payment, you won%26#039;t qualify.
In most cases, it%26#039;s the credit score of the lead income earner that is used, but, as mentioned above, there are no doc loans out there. There are also other types of loans out there that offer better interest rates than the no doc loans where you would be able to use your credit score rather than your husbands.
And a 527 is workable, although the interest rate on the loan might not be pretty, and there would be other factors that would need to be satisfied if to have the loan approved.
As to raising his score, I would need more information about his situation, and financial status to be able to answer that.
If you have more questions, or want a little more info, email me or check out our website.
Thanks for reading!
Kevin
Baconshmals@yahoo.com
http://aapexfund.com
Yes, you can buy a house. Now, as to the HOW: If you only use your credit score you can go with either a Stated or No Doc (no documentation loan). If you have enough $$$, either through income or assets in your name, then that will make everything MUCH easier. Usually, men make more $$$ but have a worse credit score than women. As long as you have a bank account in your name and enough $ in the account for at least a couple of months you should be good to go.
To %26quot;quickly%26quot; raise your husband%26#039;s credit score: Make sure his debts are only around 1/3 of his potential cap. Ex. You have a $9,000 limit on your credit card. Make sure you only have a balance of $3,000. Also, make sure he%26#039;s paying consistently every month. Also, build up his history by keeping only 2 or 3 cards max and using them for years and years.
One of the best ways to use a credit card is to use the %26quot;pre-paid%26quot; credit cards where you put cash in them (similar to a phone card) and only use them until they run low. The best thing about these is that they report to the credit card companies every month so they will improve your credit score. They also prevent you from becoming a debt slave so they%26#039;re good to use in general.
Clean up his credit report: Order a credit report and look through everything. At the back of your report you%26#039;ll see a list of the companies and the addresses %26amp; phones #%26#039;s to contact them. Write these companies and dispute the claims. As you do this, they%26#039;ll have to update the credit report while they verify your claims. The companies won%26#039;t be able to count anything negative %26amp; that will bump your credit score long enough to get your home if you move quickly. This is also how you clean up your credit anyway so it%26#039;s a good practice for everyone to do this and learn more about the entire process. Then teach your friends.
A judgement was entered against me in 2004. It has since been paid off but the creditor never notified the credit bureau. How much will my score go up once they are notified?
it will go up slowly, like maybe 3-8 points a month, if that was the only thing against you.
there are too many factors to say for sure, but it is a very slow process...
Credit is based in history,...so it will take a while for it to catch up with you score...on the other hand the fact that you paid it would be a plus to any credit officer that reviews your CBR in case you are looking to buy something in credit...
A judgement stays on your credit report for up to 15 years
depending on your state.
If you did not make them validate the debt, or it was a collection agency who purchased debt, or it was past
the statue of limitations, you could consult a laywer
and sue them back
www.creditinfocenter.com
You can have it removed now and get your score up immediately; check out www.creditrepair101site.com
All of the ligitimate sources I have looked at have a sign up scam running. You must sign up for credit protection plans or the like before you can get your free score. You must give them your credit card number for your free trial that by the way is difficult to get %26quot;unsubscribed%26quot; to. I thought the law said you could get a free credit score yearly. Where do I do this?
You can only get your credit report for free, not your score.
Under the FACT Act, you%26#039;re allowed one free report per bureau, once every 12 months.
To get your free reports, go to AnnualCreditReport.com. ACR is the only government approved website to receive your free reports; no credit card or registration for credit monitoring services required.
Once you receive your free report, you can order your score on the website for a small fee.
you can use those programs pretty easily. its really not a scam. you give them the card number, but you get your score. i usually call right afterward and cancel, you still get your score and report for free. its not difficult to unsubscribe, just call and say i want to cancel, and they cancel you. like i said, i called right after i got the score, and its no hassle. truecredit is a good site and myfico.com. and you cant get a free credit score yearly, you get a free credit report yearly. the score is extra.
AnnualCreditReport.com is the official site to help consumers to obtain their free credit report.
I took this straight from their site...no scam, good luck!!
www.annualcreditreport.com I believe this is the one that I use. I get only one report from the three chooses. Then I get another one about four months later to check to see if things really did get cleaned up. Good luck to you.
You can ESTIMATE your credit score for free at http://www.myfico.com/FICOCreditScoreEst...
You can get your credit REPORT for free at www.annualcreditreport.com, but it won%26#039;t give you your credit score for free.
The only way I know of to get a credit score for free is to shop for a mortgage and ask your mortgage broker. However, the broker has to pay for it, so that%26#039;s kindof scummy.
I%26#039;ve used www (dot) freecreditreport (dot) com. You can pull your credit report and score up, check it out, and cancel your membership the same day.
I%26#039;ve done it three times through this website for myself, and for friends and family as well. Just call them when you%26#039;ve got the info you need, and you%26#039;ll never be charged.
Be careful about subscribing to get a free credit report. This can put an inquiry on your credit report that can stay for several years and can cost you points on your FICO. The only Legitimate way to get credit scores is though the credit bureaus themselves.
It%26#039;s hardly a scam. Information isn%26#039;t FREE.
I%26#039;m 19 and have no credit score. I opened up a Macys card in April. Since then I have made 2 payments on time. After how long of paying on this card give me some sort of credit score?
The first poster does not really know. Scores are based on your current credit reports. They are dynamic and change as the information on your report changes. Creditors will generally update information on your report every month. So you already have a credit history, but not enough for a score yet.
Since I imagine that this is your first credit card your history is considered new. With new reports it can take several months to even be able to compute a score. If you are using and paying it off every month you should give it at least 6 months, but closer to a year would not be out of the ordinary. Opening up another line of credit or loan would decrease the time it would take, as the scoring systems have more to go off of.
But I would really not worry about your score right now. As long as you continue to pay the account On-Time and don%26#039;t go over 30% of your limit when you do get your score you will be fine.
I would expect you to get a credit score at the end of June. Credit scores are normally calculated at the end of most quarters. If you opened it up in March, you probably would have had one almost immediately.
By using their service, they add your name and social security as an authorized user, to an established revolving credit card account. And because of the consistent payment history and high credit balance... The applicants credit score increases considerably.. Is that true???
With your name and social security number they will be doing a lot more to you than making an authorized user. Why don%26#039;t you just give me your name and social and I%26#039;ll improve your credit? There no difference between the two. Don%26#039;t give your name and social to strangers or unknown companies. Check with the BBB, they%26#039;re probably no where on it.
No don%26#039;t do it.
I agree with the other two posters, don%26#039;t do it.
No telling what they will do with your info.
I tried to look them up with the BBB, Rip Off Report, Google etc, there are no listings under RCA Credit Services LLC. Since I don%26#039;t know what the RCA stands for, thats as much searching as I can do.
Anyone who garantees improvement in your credit score is scamming you, or trying to. Have you heard of %26#039;physhing%26#039;? If fyou give them your name and social security #, they will put it on the cards they are about to run up and skip out on.
Hey Alan,
Most of the other answers above are very good. But to add and offer solutions to the problem I%26#039;m guessing you have... If you do decide that you want to hire a consumer credit counselor a.k.a. debt consolidator, shop around some more. I did some research on the web to see if there were any unbiased ratings, comparisons or reviews of them. I did find one here: http://www.lendersrated.com/index.htm...
I hope this helps you.
Leafgreen
Sounds like a scam to me.
I just recently received a letter from American Express saying that they lowered my line of credit from $2000 to $1400. One of the possible reasons they did so, was because I had a lot more debt in other cards. However, I just paid the almost $2000 balance I had with them off, along with the several (roughly 5) other credit cards I had. Now, would it be a good idea to close some of those accounts I had that I am no longer using? Or I also heard that to keep them open, and without using them for a long period of time they will eventually close themselves out with the creditor. Just a little extra info... I currently have 2 students loans that I am starting to pay off (a little less than $17,000) in order to decrease my debt. I also have a remaining balance of $9,900 on my car loan that I am still paying. I have never been late on any payments, and I have a credit score of 670. Any advice would help.. Thanks.
No, a full 30% of your score is based on your debt to credit ratio if you close any open credit card accounts you will lose the credit line for that card and if you carry balances this will increase your debt to credit ratio and if it goes over 30% your score will suffer.
Simply use your cards for every day things, never exceed 30% of your limit in any given month and pay them off in full before the due date and your score will continue to climb.
Additional information.
Scores are based on the following factors period.
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
Notice there is no mention of debt to income because it doe%26#039;s not factor into your score period. Neither does the amount of available credit you have, the only thing that matters is your debt to credit ratio so the higher your credit limits and the lower your balances the better off you are.
Anyone who says different simply doe%26#039;s not know what they are talking about.
Assuming you are still young a 670 score is quite good! Keep the cards open, charge something on each every once in a while to keep the accounts active. If you close them your credit score will go down! Don%26#039;t worry about the reduction in credit line, banks are scared right now.
Do not close them all it will lower your credit score. I would personally keep three of them, two at the very least, you do not need 5 credit cards. Use them once in a while, for gas or whatever and pay them off in full each month. If you have the ability to be responsible with credit by keeping these cards open and never utilizing them above 30% of total available credit you score will only get higher. Just remember to make timely payment especially on those student loans. It looks as though you are well on your way to getting a very high credit score. Good Luck
http://creditcardwarehouseonline.com
http://creditcardwarehouse.ecreditdirect...
Absolutely yes.
Yes,unfortunately,it does affect your credit score.
I heard that too.If you have some credit cards that you don%26#039;t use it%26#039;s better to close them.In time,they%26#039;ll automatically close if you don%26#039;t use them.Also,if you have too many credit cards,it doesn%26#039;t matter if you use them or not,it affects your credit score.it%26#039;s considered debt.
Okay. Your credit score is based on the total amount of debt you could possibly have.
So in general its a good thing to reduce your CC limit and therefor improve your D/E (debt to equity) ratio.
In general the bank wants to see a D/E of about 0.39 as calculated by your total monthly credit payments divided by your GROSS income. For a real budget, obviously you need to work only with your NET income.
1. Keep only ONE credit card and %26quot;use it for emergencies%26quot; only.
2. Keep only ONE Debit Card
3. distroy all other CC%26#039;s including Dept.store, Gas, Consumer credit (furniture, etc).
If you have a student loan. You can deduct that from your taxble income....If the interest rate is high and you have a mortgage, you can take a Equity line of credit to pay that off, but I wouldnt recommend it unless your student loan has an extremely high rate. (%26gt;10%)
Eliminating the extra CC%26#039;s, and not using the one (or payoff at the end of the month) will greatly improve your score.
The only other way to improve your score is to get a better job . Thats the other side of the equation.....ability to pay means ability to make more.
wer
My wife and I are planning to buy our first home now and we heard that when you buy a home (1st time buyers), your credit score goes up. We need to know if this is true and how long it would take to reflect in our scores because we need to be approved for a student loan in 4 months and we are already working with our credit for that to happen. If this is not true we would rather continue renting then buying a home now. Any advice?
A mortgage paid as agreed is the best thing anyone can have on their credit.
My wife and I have been in our home almost 4-years now, never been late with a payment and our scores have gone up over 100-points.
Very few people ever get to 800 or above without a mortgage paid as agreed.
Buying definately saves you money in the long run.. especially when you get back part of the interest as a IT refund... I assure you it will be a good decision provided you buy a house within your means and can afford your mortagage..
IT does boost your credit score over a period if you pay on time..
Not necessarily. You are assuming a lot of new debt so you scores would likely decrease initially. After you%26#039;ve made on-time payments for 12 months or so, that payment history will start to boost your scores.
Having a mortgage loan appear on your credit report usually improves your credit. You should see significant bumps at six, twelve and 24 months, assuming timely payments.
Getting approved for a student loan should not be that difficult. If you have good enough credit to qualify for a mortgage, you should be fine.
A Stafford Loan does not take your credit score into account. A private loan will, but generally they don%26#039;t worry about your current income, as the loan will not come due until after you graduate.
If you can get a good deal on a home that you can afford, I see no reason to wait. Good luck, and enjoy your new home.
Initially obtaining a mortgage will probably lower your score some since you are taking on a huge amount of debt, however over time it will improve the score if you pay on time every month your score should see an improvement in about 12 months.
It might drop initially, because it%26#039;s new debt and a lot of it. In time, it will be a good thing once you have a history proving you can handle it.
Don%26#039;t seat the credit score. Lenders look at a lot of other things besides the score, especially for student loans.
I asked this question the other day, and no help at all, so Im giving it another shot.
I bought a credit watch over at equifax but it only comes with 2 score updates, one when you buy it and another at your choice to see your score.
There has to be a place to check your scores for one fixed rate that adjust every time it changes, somewhere you can buy your score for a year right?
Help me out.
truecredit .com they give you all 3 reports and 3 scores and tell you when something changes on your credit or your score that day!
Also fico.com will give you your fico and let you know when it changes daily
I%26#039;ll be honest with you. My wife and I just went through a lot of stuff like this. I personally think it%26#039;s a waste of money to go into paying to check your credit score. Your credit score will always be there. It%26#039;s not going to change because you%26#039;re checking it.
What you may not realize is that you are entitled to one free credit report every 12 months. You can get that at Annualcreditreport.com It%26#039;s been my experience though that equifax is not very good. In that whenever I see my credit report, equifax is the one that always has weird and incorrect information. But save your money. Don%26#039;t buy your credit score. Just check it for free once a year. It%26#039;ll always be there!
I don%26#039;t usually give out specific products in my answers, but in this case, it%26#039;s pretty clear what you want: You want what%26#039;s called a %26quot;three-in-one%26quot; and you want it for a year.
Go to the source -- FICO. Fair Isaac Corp. invented credit scores, and through partnerships sells various versions of its formulas to the three big credit bureaus.
Here%26#039;s where you get it: http://www.myfico.com/Products/FICOThree...
It%26#039;s about $45-$50, depending if you want one year, or an automatically renewing subscription.
If you want, you can shop around. You can likely shave a buck or two off the price, but be really cautious -- the %26quot;credit score%26quot; market online is an Internet tank that%26#039;s full of sharks. I personally wouldn%26#039;t swim in it.
My credit score is 580 I had 7 collections paid off all and had 4 deleted how many points will i go up
Paying them won%26#039;t improve your score. Getting them deleted will help. As to how much, it really depends on how old they were. The older the item, the less impact on your score.
Remember that creditors look at the whole report, not just the score. Paid negatives look better than unpaid.
anywhere from 20-30 give or take
I am a 21 year old recent college grad. I just found out my credit score is 793. Is that good for my age?
Is that a FICO score or a VANTAGE score?
%26quot;FICO scores range from 350 to 850. According to Fair Isaac, the median score over the entire population is about 715, with 20% above 780 and 20% below 620. The minimum score required to qualify for the lowest mortgage rate is about 740, but it varies from lender to lender, and often depends on other characteristics of the transaction.%26quot;
%26quot;Vantage Score uses a scale that ranges up to 1,000, with 900-1,000 representing an %26quot;A%26quot; credit, 800-900 a %26quot;B%26quot; and so on. This type of ranking is akin to that used in academic tests, which may make it intuitively more appealing to users. On the other hand, having two different scaling systems could result in confusion. A score of 750 is an %26quot;A%26quot; with FICO but only a %26quot;C%26quot; with VantageScore.%26quot;
Yes, for any age.
Anything above 720 is pretty much considered top-tier wherever you go.
That is a great credit score for anyone!! Basically anything over a 760 and you have credit card companies in the palm of your hand.(850 is the highest)
Wow took me 10 yrs to get that high.
excellent credit would range been 700 and the 800%26#039;s. So 793 is excellent. Do all you can to keep good credit. It will follow you all your life. Life is so much easier with the good credit score that you have. Pay all your bills on time every month. Dont pay cash for everything, get some credit cards but pay them on time every month. That%26#039;s gonna keep your credit active and good.
That is awesome! Now stay out of debt and keep it that way. Dont get into the credit card game. With a 793 you will be getting the best rates for insurance and best rates when it comes time to get a mortgage or auto loan.
But stay away from credit cards!
That is a wonderful score for someone your age. Keep up the good work. It is easier to keep a good credit score than to rebuild your credit. I am proud of you.
I would like to apply for a job with the financial company CIS in the UK but I have quite a bad credit score. I don%26#039;t have any ccj%26#039;s and I%26#039;m not bankrupt and I%26#039;m currently repaying my debts through CCCS. I understand that most financial institutions perform a credit check on application for employment. Would I be wasting my time applying? And are all financial institutions the same.
If what you are stating is correct and your experience is such that the CIS is interested in, you should apply.
They perform a credit search on you, any financial difficulties you can not work for the CIS, how can you advise when you can not maintain your own financial requirements.
I wouldn%26#039;t waste my time, as it is an FSA regulation that credit searches take place.
I work for CIS my self, and i have seen many people not get the job due to bad credit history, the most effective way to see if you eligible is check your experian report. and try and open a Co-operative current account. as the Co-op are very prudent on who they lend money to, and who can have an account. this would give some indication weather your CCCS are going to effect an application.
I wish you the best of luck in your efforts to get a job with the CIS.
Kind Regards.
By google to collect some related information or you may try using answer engines like yahoo answer or yedda.com to get some related ideas.nonetheless,If you prefer some direct resource,here is a good one from my own experience.http://credit-score.onlinebestoffer.info...
My husband and parents owned a summer property (3 equal parts). My FIL died in 2003 and my MIL signed over the hole property to her son for $1. At the end of 2007 she filed for bankruptcy. The trusty now says that she had to pay half of the value of the property to her creditors because the transfer was fraudulous. So she is telling us that we have to come up with the money since she has no credit. If not, the trusty will put a lis pendens on the property. I have no intention of selling it so the traditional %26quot;buyer beware%26quot; flags do not bother me. I am concerned that it would affect my credit score. Also, can the trusty actually put a half interest in the property for sale?
There are many financial and legal questions to answer, which requires expert advice, that are also dependent on individual state laws.
My suggestion is to seek expert legal and financial counsel asap.
Good luck!
A trusty is a prisoner--you%26#039;re speaking of a trustee.
Lis Pendens means there is litigation pending regarding the real estate. I f you guys want the summer property, you need to start saving up to buy the other share. You said title was in 3 equal parts. How was it held: tenants in common, joint tenants? If tenants in common, did FIL have will? Anytime credit is run on you, that Lis Pendens will probably show up.
When did MIL sign over the property to your husband? Makes a difference whether it can be voided as a fraudulent transaction, a fraud on creditors.
What can happen is that the court will determine whether transfer to your son was a fraud on creditors, and Void that transfer. Then they have several ways of proceeding, and none will be pleasant. The trustee may be amenable to a compromise, so keep that in mind and save up.
I am a very dedicated financial student. It can be funny, even though my GPA is 3.9 my credit score is very damaged due to lost of job last year, I am running behind all my credit cards.
I am worried because I think I won;t be able to find a good job after I graduate even though I have a great GPA.
Any suggestions
Fortunately, not all companies run credit checks on prospective employees. And even those who do, only exclude you for certain reasons or if your report shows certain things So, you should breathe on that respect.
As far as the damage that exists, there is nothing to make it disappear. So the next step is to clean it up somehow. Have you gotten/are you able to get another job? Have you looked in credit counseling? Would a relative be able to help? I really don%26#039;t want to suggest bankruptcy for someone who is has basically just started their life, especially one who is concerned about future job prospects, so taking another route is crucial. If you purchased any protection from your cards, which is typically a small fee added onto your balance based on a certain percentage of your balance, then the credit card companies should be called so that it can be used immediately.
I am a very dedicated financial student. It can be funny, even though my GPA is 3.9 my credit score is very damaged due to lost of job last year, I am running behind all my credit cards.
I am worried because I think I won;t be able to find a good job after I graduate even though I have a great GPA.
Any suggestions?
I think you can still get a job with a horrible credit score especially with a 3.9 gpa.
I financed a car with GAP insurance and I totaled it. My insurance payed for what the car was worth and GAP insurance payed the rest I owed. Will this increase my credit score? Thanks in advance.
Yes because the loan will have zero balance on it the next time your financial company reports to the credit bureaus.
Aren%26#039;t you glad you purchased that GAP insurance!
Yes, your credit report has no record of how your loans get paid off, just that they do. Having one less loan will lower your total debt, improve your debt to income ratio and improve your credit score
Hello All, Sorry about the poorly worded question, I am new at using credit cards. So here%26#039;s the deal, I recently received a new credit card that has travel rewards and would like to buy something on the card in order to gain a lot of miles right off the bat. The line on the card though is low and buying this item will likely use up 95% of my credit, ex. $1400 out of $1500. My question is if I pay it off right away will will this transaction have any affect on my score? ( I have a really high credit score to begin with and another card with a way higher credit line). Thanks I really appreciate the help!
Ideally you should never use more than 30% of your credit limit. Having cards that close to the limit does affect your score.
You lose points for using up more of your available credit.
If this has a max of 1,400, and you have another with a credit limit of $14,000 I%26#039;d say it%26#039;s no big deal, as long as the big credit card is largely unused, and is not carrying a big balance.
It%26#039;s the percentage of total credit available that is important, not credit limits on individual cards.
Ideally you should pay off the charge at the end of the month anyway. At max you should strive for 3 months to pay the balance in FULL!
From my understanding of how credit works, if you buy something with a credit card and pay it off right away, it will always help your credit, no matter what the amount. Your credit score is used to help creditors determine how much of a risk you are. If you have a high score, that means you are responsible and them lending you money is low risk, so you get better interest rates and higher credit limits. If you pay off your credit card balances quickly you are showing that you are low risk, and it only makes sense that this would improve your credit score.
The short answer is yes. How much it will affect your credit really depends on your credit profile. For example if you have a total $10,000 of credit available to you, you should never have more than 50% of your total credit available with a balance ($5000). You have to calculate how much the extra balance will raise you ratio of available credit compared to your balances. Now, in your situation, credit card companies take about a month to report your purchase activity to the credit bureaus (Trans Union, Experian, and Equifax.) So if you pay off your balance within a month your credit score will not vary by much or might not even be reported. Usually having late payments, too many inquires by financial institutions, and too much revolving debt (credit cards balances) in relation to your available credit is what will affect your credit score the most negatively.
The answer is yes, it will affect your score. However, once you pay it off, your score will rebound right back. It%26#039;s not permanent damage.
So if you won%26#039;t be applying for new credit between the time you charge up your card and pay it off, it won%26#039;t matter one bit. You should allow one month for the paid-off amount to be reported before applying for new credit.
In the last year or so, ads touting the vital importance of your %26quot;credit score%26quot; sprouted all over the TV. Why is this thing so important now, but not before?
Because the credit score was not released before and only the lenders know your credit score.
Equifax was first to release its FICO score; service began 3/19/2001. TransUnion followed in around 2002 and Experian in 2003.
Since then, FICO score has been an important information that individuals can see for themselves and these credit companies can make more money out of selling access to these scores
It has always been important. But the increased advertising you are seeing is just a way for these online sights like freecreditreport.com to simply make more money. One thing that you can say is that online fraud and indetity theft has gotten worse, so in that sense looking at your credit report/score can be vital.
I has always been important but in the past few years a lot more people have been filing for bankruptcies and with the new bankruptcy law everything is suddenly in the limelight.
CREDIT SCORES have always been important. What you are seeing is a round of FREE GIVE AWAYS. Many of the ads about credit scores want you to respond so that you can be sold something. This is a way to get traffic to what is being sold, I GIVE YOU WHAT IS ALREADY YOURS FREE. And you don%26#039;t have to buy from me.
This is the nature of Selling in the Market place.
I have 2 bad marks on my credit history. Next year, they should be gone; it%26#039;ll be 7 years. Will my score get better after they%26#039;re gone, or will it stay the same until I make improvements?
After these bad records are gone from your credit your score will go up automatically (because they won%26#039;t be there to bring it down). There are some websites that have credit score tools that you can select actions and it will tell you what will happen to your credit score. For instance sometimes opening a credit card with a $10,000 will raise your score and opening one with a $1000 limit will lower it. I think the one I used was ScorePower, unfortunatly I don%26#039;t know of any free ones.
I am in a similar situation. Not everything drops off after seven years. There are specific guidelines: what negative items remain and for how long. For example, general credit inquiries last for 2 years and %26quot;fall off%26quot; the next month after a full 2 years. Closed accounts without negative history remain for 10 years. And there are a lot more. I have gotten my credit score up 120 points in six months because I dug into the issue using all three credit reporting agencies, filing disputes and talking to creditors. The government allows you one free credit report from the 3 reporting agencies a year: Experian, Equifax, and TransUnion.
It first thing you need to know is, the older the item is, the less impact it is currently having on your score. By the time negative information %26#039;drops off%26#039; your report, it probably isn%26#039;t having a noticeable effect on your score. Once the information is removed, the next time someone views your score, it will be calculated without that account.
It may increase, however, not significantly. If they have been on for over 6 years, the impact they have on your account is very little. The longer an account is on your credit history, the less of an impact it makes.
First of all, I think the statue of limitations is now 10 years.
Sometimes you have to work with the credit reporting agencies to remove bad credit history. Sometimes they come off automatically, but others stay until you contest them.
no!
In the world of credit scores the answer is yes. Time is a huge factor in the world of credit. The further away from negatives is best and by law those blemishes will disappear.
Need info on how to improve my credit score
if you have a credit card keep it no more then half in debt and time but theres others ways if you have the cash rcacredit.com very interesting and also creditsecretesbible.com
35% - how well you pay your bills
* start paying on time.
* a single incident five months ago still counts... a single incident five years ago no longer matters
* a pattern of late payments could lower your score 50 or 60 points
30% - %26quot;balance and burden%26quot; (how much credit you have available to you and how much of that credit you%26#039;re using.
* you%26#039;re in the best shape if you%26#039;re using 20 to 30 percent of the credit available to you
* do NOT cancel and cut up your credit cards...
* do not cancel cards right before applying for a mortgage, auto loan, or other big loan. instead, lock your cards away where you won%26#039;t be tempted to touch them
* don%26#039;t worry that paying of your balances every month is a bad thing -- it isn%26#039;t. by the time you receive your bill, write your check and mail it in, and it%26#039;s cashed, posted and reported to the credit bureaus, you%26#039;ve already gotten the bill for the next month... in other words, if you%26#039;re making frequent use of your card, you never show a zero balance to the bureaus
10% - search for new credit
* when searching for the best deal on a mortgage or auto loan, it wouldn%26#039;t be unusual for 10 or 15 different credit institutions to check a credit score
* auto- or mortgage-related inquiries (resulting in a score being pulled by the auto or mortgage lender) that occur within 14 days of each other simply says to the credit bureau that you%26#039;re shopping for a car or a house, and they%26#039;re counted as one inquiry
* any inquiries older than 12 months don%26#039;t count at all
* a single application for a single card isn%26#039;t a sign of trouble, but multiple card inquiries are a sign that you need money
* multiple inquiries, particularly if you%26#039;ve had credit for only a few years, can mean a loss of 50 to 100 points on your score
* if a salesclerk suggests you sign up for a store credit card for a discount, don%26#039;t do it... some clerks will advise you to simply close the account if you don%26#039;t want it after you get home. Closing the account, however, won%26#039;t stop the inquiry from damaging your credit rating.
* save the 10% off offer for when you%26#039;re buying a $2,700 couch, not a $27 handbag
10% - financial composition of your file
* what percentage is bank-card debt and what percentage is installment debt?
* the ratio of 60-70% bank-card debt to 30-40% installment debt is ideal rather than too much of one or the other
* this is the hardest element to control and represents a relatively small portion of your score
15% - length of credit relationships
* if and when you decide to cancel your credit cards, try not to cancel the ones you%26#039;ve had the longest
* it%26#039;s a good idea to have at least one card in your wallet that%26#039;s more than 2 years old
* once you%26#039;ve had a card for 15 to 20 years, it won%26#039;t send your score any higher
Creditboards.com and From Credit Repair to Credit Millionaire by Donna Fox are both good resources.
A big portion of the score is your debt to income ratio %26gt;
Debt / Income so either
lower your debt or
increase your income.
And never pay any bills late.
to raise my credit score?
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
4. I was told by an underwriter that having just two cards, a major credit card (VISA, MC) and a consumer card (Sears, best buy, etc...) is the best mix for revolving credit.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
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http://www.bestcreditrates.net
Married for just 3 weeks and wife totaled her car. now we are car shopping. my credit score is not so good but hers is very high. will i hurt her in the rate we get or with hers being high will i just cancel it out more or less?
Your credit score shouldn%26#039;t have anything to do with your wife%26#039;s score. If her score is good, there is no reason to have you co-sign, especially if your score is worse than her%26#039;s. As long as she is purchasing the car herself, your credit rating shouldn%26#039;t have anything to do with her interest rates. If the both of you are buying the car, the best thing would be YOU purchase the car under your name, and have her co-sign. You really couldn%26#039;t be a co-signer with a bad credit score.
You won%26#039;t cancel it out. No matter how high a score she has, adding a cosigner with a lower score DOES up the rate.
Just have her get it with her own credit and keep the rate low.
Your low score will increase the rate you pay if you apply for joint credit. Why don%26#039;t you just let your wife purchase the car since it%26#039;s for her anyway? That way the rate will be the best she qualifies for.
if u are on the less together yes, but if she gets it by herself no. and then u can just give her the money to help with the bill.
Most banks score off the first person. The dealership will know how to structure the deal. They will either put your wife first on the loan or leave you off completely. They%26#039;ll know what banks want and how to bamboozle them to get the best rate. Just be up front with the dealership and tell them your situation.
I didn%26#039;t think your score would matter much, but after reading these other answers, I%26#039;m not so sure. My husband doesn%26#039;t have very good good (at least he didn%26#039;t when we got together) and no mentioned anything about his credit score hurting the rate we got. There were cases when they put my name first so we could get a lower interest rate and by setting it jointly, he%26#039;s gone from the low 600%26#039;s to high 600%26#039;s.
Talk to the car dealers and the banks and see what they have to say. If you%26#039;re going for an older car (like we did), it may not make much of a difference, if any.
I have a couple of cards: Capital One, Bank of America, Best Buy Store Card, Best Buy Mastercard, and a Guitar Center Card. Of them all after I pay the balance, I%26#039;d like to get rid of my Capital One card (hate it and at 22.80% interest) and the Best Buy MasterCard. All the others I wish to keep. Will this have a huge impact on my credit score ? I%26#039;ve had my capital one card for nearly 2 years now and I%26#039;ve have my Best Buy Master Card for about 3 months and I%26#039;m almost done with payments on the Best Buy card.
YES, I was just told yesterday by a credit person to NOT cancel my cards, just pay them off and let them sit, you dont want to lose the good credit you had
Don%26#039;t cancel the cards. Just pay em off and cut em up. Closing accounts does negatively affect your credit.
Closing accounts positively affects your credit score. The more cards you have, the more your potential debt. Even if you have a zero balance on a card, it still counts as potential debt in the amount of the card%26#039;s limit.
it will impact your score because your amount of available credit will be reduced. and for the cards you do keep and use, your ratio of debt to credit will be higher because you have less available. just keep the cards and dont use them. the longer your credit history the better. i wouldnt suggest getting any more though, just increasing your credit limit on the ones you have. as long as you pay the balance every month, the interest rate wont affect you anyway.
Yes, it will even though it%26#039;s stupid, it%26#039;s true. I closed several accounts and it damaged my credit. Just don%26#039;t use the card.
Yes. Credit cards are viewed as available and immediate credit. We should live in a one credit card world. Store cards typically cost you more in the long run. MC, VISA, DISC, etc. or major credit cards provide the best value. However, slow to pay or missed payment is going to cost you big time! Either a demand for immediate pay-off or you get socked with a very high interest rate.
It%26#039;ll have an impact, not a huge one, but an impact. Having open credit card accounts (with constantly paid-off balances) is not bad; the paid-off balance each month enhances your score. Having fewer cards won%26#039;t hurt though.
NO.Actually the less credit u have out provides a less higher risk factor for a credit/loan company to evaluate and approve you.Consult with a loan specialist and they%26#039;ll tell you the same thing,credit score is based on being on time,building over an amount of time,and paying off approved status.
yes...you don%26#039;t want to cancel it...just zero out the balance and leave it alone. cut up the card itself if you have too
I would not close any of the accounts you have. Your credit reports should reflect at least 3 trade accounts. If you are going to close some then please close the accounts that were last obtained and keep the old ones that you have paid on and gotten a good rating from.
It will temporaily hurt you to cancel an account but you should rebound rather quickly.
It%26#039;s true that closing credit card accounts will impact your credit score. However, your score will quickly rebound.
If that Capital One card is your oldest, you may want to keep that one open and just not use it, provided there%26#039;s no annual fee. Closing the account also removes the credit history.
My personal advicse is to keep the oldest and one other major card. Close the rest. Keeping all those credit cards is just asking for problems.
I have quite a few blemishes on my credit report.Most are due to come off within the next 2 years.I have nothing good on there now.If I can at least get up several up to date accounts with timely payments will it improve my credit score even though there will still be a couple of bad reports left on there even after the two years when most will be off?I%26#039;m on a two year plan to improve my credit though I know it still won%26#039;t be perfect.It would at least be nice to start getting lower interest rates again.Possible mortgage within the next 3 years I am hoping.Suggestions as well as a direct answer to my question would be appreciated.
If these are Collection accounts, you won%26#039;t be able to open up any decent credit with those on there. You might be able to get a secured card, but getting an unsecured card would be unlikely. You can try places like Orchard Bank to apply for a secured card.
Also, two tenths gave you a partial answer. Yes you are allowed(and should) to dispute any incorrect information on your report. If they do not verify the record within 30 days they have to remove it. However, if it comes back verified at a later date it can be put right back on there. The other thing you have to be careful about is that if you dispute everything and the credit agency determines the disputes to be frivolous. If this happens they then are no longer under any obligation to research your dispute under the same rules and time limits.
If you wait until they fall off, you will basically have no credit. You would still have to probably start off with a secured card, but you then also might qualify for some Department store credit cards that have lower qualification guidelines, but higher interest rates. You probably want to look at getting something like auto or personal loans as well as the credit cards to improve your report. For the mortgage, most lenders want to see at least 2 years of history, and a good mix of the loans and credit cards will help.
If you get your accounts current it will increase your credit score. You might also apply for some %26quot;generic%26quot; credit cards; IE Target and Wal Mart, if you buy something small and pay off the account each month your credit score will continue to rise. You might also want to call you creditors and try to %26quot;settle%26quot; your account, they will usually settle for far less than you owe.
You should start paying credit card bills on time and not paying the minimum amopunt pay twice the minimum and do it constantly once a month at the same dates. Also do not get more credit cards have no more than 3.
I think you should dispute your all negative accounts... I mean.. are you sure they are yours? There are more errors in peoples credit report than you might think.. and not only that.. it is not immoral or illegal to dispute anything on your credit report.. and under the Federal Trade Regulations the Credit Bureaus must investigate the dispute and tell you in writing if it is verified or if they couldn%26#039;t find anything... and if they dont tell you within 30 days.. they can be sued for not taking it off.
(do some research now - and find out what your rights are.. you will be surprised)
Go to this website.. look around and learn... you will probably also want to check out the forums... there is a ton of information and people who want to help!
http://www.creditinfocenter.com/repair/
(note - look at the sample letters)
You can improve your credit starting immediately. First, you should get a copy of your credit report from one bureau and look at it. See if there%26#039;s anything wrong and if so dispute it. You can also get your credit score from one agency -- it%26#039;s free for the first month, just remember to cancel the service before they start charging you. That will let you know where you stand. Yes, if you can get a credit card and make timely payments, it will improve your score within three months. However, you need to exercise good judgement and not go crazy with spending. Only spend what you can afford to pay each month. Search for a good card with a low APR if you%26#039;re going to carry debt. Start reading about credit: I recommend googling Dave Peters credit and read some of his military column articles, which apply to anyone. Good luck!
First of all there are alot of mistakes in the answer I%26#039;ve read. Fix your delinquent accts. first!!! First of all the don%26#039;t
%26quot;come-off%26quot; as some people report. It depends on what credit reporting agency you%26#039;re using. If they have filed a %26quot;charge-off%26quot; on you they can keep refiling after it%26#039;s near to expiration. You will not get a new card with as many problems as you%26#039;re hinting at. A secured card is worthless, and very expensive. pay off your mistakes and then go from there.
http://creditcard.creditinspector.info has excellent info related to dealing with credit cards. Check it out!
Good idea to clean your credit.
I did the same, without any agency or loan, because in my situation.
But chances are that you%26#039;ll need to pay back some old debts.
Find a copy of your crdit report, and look at things needed to be removed.
For the first months, do not pay old debts. Keep your lifestyle cheap, keep some money in savings and always pay your bills on time.
The important thing to catch : you need some money to make money and be able to pay for emergencies so you don%26#039;t go back in a debt problem. So try to save on everything you can, it will let you accumulate more money.
Think about good settlements to make to pay these debts.
Order a credit report once a year and make sure that things needed to be removed will be.
One to two years is a good target for an improvement.
Good luck !
Is this true? I read in a book yesterday that there are hiring managers who base a candidate閳ユ獨 probability of getting a cash-handling job, such as cashier, by their credit score. The book stated that it is unlikely that someone would be placed in that position, with a drawer full of 20%26#039;s let say, who had a lot of bills. I couldn%26#039;t believe this when I read it. Is this true?
Yep, many companies won%26#039;t hire someone with a bad credit score for any position that handles valuables. (Jewelry, cash, checks, whatever!)
Yes it is true. Your credit score is based in part on how well you have paid the bills you have. If you have gone into arrears and messed up your credit, the reasoning is that embezzlement or stealing money is a greater temptation. If you HAVE paid your bills on time, you can have debt and still have an OK credit score. A lot of people have car notes and student loans. That is not a bad thing.
It may seem like discrimination, but if you have a bad credit rating you have already proven that you can%26#039;t handle your money. A business is not going to take a risk on losing theirs. So look for a job where cash-handling is not a part of the deal. There are lots.
Not where I am from if thats the case then some don%26#039;t need to be managers. For a general cashier position I think they just go by criminal background well at least they should who are they to say you are going to steal the money and how do they know u are not getting the job to clear up your credit.
Yes it is true, for many reasons. Any type of job dealing with money or credit, you have to have good credit. And that%26#039;s not all. Just about everybody is checking credit now a days for any kind of job. I had one person call and ask me if I was going to pay all the bills on my bad credit report. I told her yes if you give me a job. She asked why had I not payed them. Well lets see, BECAUSE I NEED A JOB. She still said no that she could not hire me. They look at it as a character reference. To see if your honest and hard working. Now how they can tell all that from a credit report that they know nothing about, I%26#039;ll never know. They don%26#039;t know why you credit is bad and it should be none of their business.
Of course it%26#039;s true. And if you have had a problem with drugs, they won%26#039;t hire you in a pharmacy either. An alcoholic probably shouldn%26#039;t be a bar tender...and the list goes on and on...
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons...
if it helps kindly remember me in your voting!.. cheers!
What specific things impact your credit score, and how long does it take after making financial changes to improve your score. (ie. paying off credit card balances and closing accounts)
paying bills on time, getting rid of any collections u may have, having lower balances and less credit cards. if you do this depending on ur current status but i would say about 3 months to see nice results..
pay down your outstanding debt and then get rid of some of the credit you don%26#039;t need. If you own your own home, get a home equity line (which is generally considered to be good debt) and use it to pay off consumer debt (which is considered bad).
the best thing to do is any thing bad on your credit call them up make a deal with them they usaly take the deal and pay it off then your score is better even though you had bit of trouble with them buts that how my mom got hers so she could buy a home and she good a good intrest loan on it to
