I have some medical collections to take care of. Any advice?
Improving your Credit and Credit Score
- Thread starter DoingDamage
- Start date
I have to agree with you.
Just call the collection agency and talk to them and ask if they will do a pay for delete. They may even settle for a lesser amount since they buy the debts for cheap. Get the pay for delete first in writing.
But good news is that the credit bureaus are supposed to change their rules for medical debt in which they will automatically delete once paid but they didn't put a timetable of when this will go in effect.
Hi...
Do you still have this guy number? I'm interested
I second that, very intrested
My score is 761.I just got back from the Honda dealership and got a car a 3% interest rate without showing them any proof of income. I know this happens to other people but it's the first time it's happened to me(It was only the second time I financed a car, but still...).
I'm looking to get a gas card. I want 1 that will save me money on gas, like 5% back or .10 a gallon. It will be a business card in my business name.
I also want another personal credit card, which has the best rewards and least monthly/annual cost?
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I also want another personal credit card, which has the best rewards and least monthly/annual cost?
Sent from my SM-G900V using Tapatalk
bankrate.com
I personally still have lots of work to do and haven't done much of the disputing stuff recommended in this thread and other sites. My overall score has improved by a few mechanisms
1) Things have started falling or been on my reports for some time now easily 5-8 years. So either they automatically fall off or they don't hold the weight that they once did before. Honestly are you really going to hold it against a person for defaulting on a $200 JC Penny Card 10 years later vs. they've been current on everything else since that time?
2) Having accounts in great standings. Once i learned more about what a credit score was and how it works. I definitely became more conscious about paying off my debts EARLY and FULLY!
Those two things ONLY allowed me to raise my score and qualify for certain cards that I never qualified for before.
I'm still not where I want to be and I'm pretty sure those few defaulted items are what's causing it. Personally, I'm nervous dealing with the debt collectors. It seems like things can go more their way (taking you to court, restarting the clock on that old debt, informing other creditors that you have money and want to pay stuff off) rather than a pay-for-delete situation. Point being tread carefully.
Oh here's a bonus! Get someone with really strong credit to add you to an account that you wouldn't normally qualify for on your own. For example, American Express!
This stuff takes time...
1) Things have started falling or been on my reports for some time now easily 5-8 years. So either they automatically fall off or they don't hold the weight that they once did before. Honestly are you really going to hold it against a person for defaulting on a $200 JC Penny Card 10 years later vs. they've been current on everything else since that time?
2) Having accounts in great standings. Once i learned more about what a credit score was and how it works. I definitely became more conscious about paying off my debts EARLY and FULLY!
Those two things ONLY allowed me to raise my score and qualify for certain cards that I never qualified for before.
I'm still not where I want to be and I'm pretty sure those few defaulted items are what's causing it. Personally, I'm nervous dealing with the debt collectors. It seems like things can go more their way (taking you to court, restarting the clock on that old debt, informing other creditors that you have money and want to pay stuff off) rather than a pay-for-delete situation. Point being tread carefully.
Oh here's a bonus! Get someone with really strong credit to add you to an account that you wouldn't normally qualify for on your own. For example, American Express!
This stuff takes time...
Good job.
In my opinion discover has the best standard rewards program.
For gas, get a costco card and credit card.
There are many cards out there. There are the cash back cards, the rewards cards, and low interest cards.
I have chase's freedom card. There are no annual fees, it's 5 % cash back on many stores, and no interest for more than a year.
Just noticed this thread and great work DoingDamage. I'm a bankruptcy attorney and these are the same things that I tell my client's when they ask me what must they do to increase their score after bankruptcy. Side note... Bankruptcy DOES NOT reduce your credit score.
The best trick to increase your score when you don't have any credit is to get an extremely low balanced secured credit card. Regions, Bank of America, and Suntrust offer those. Say you get a 100 dollar card. You use the card in a month and pay off the balance in the same month. This will create a positive payment history and slowly increase your score. Also look at your debt to income ratio. Even if you have an amazing score, you could still have credit problems if your debt to income ratio is more debt then income. This is the problem that most of our generation is beginning to see with our student loan debt. Student loan debt is definitely going to be cause of our next financial meltdown. The signs are already there.
The best trick to increase your score when you don't have any credit is to get an extremely low balanced secured credit card. Regions, Bank of America, and Suntrust offer those. Say you get a 100 dollar card. You use the card in a month and pay off the balance in the same month. This will create a positive payment history and slowly increase your score. Also look at your debt to income ratio. Even if you have an amazing score, you could still have credit problems if your debt to income ratio is more debt then income. This is the problem that most of our generation is beginning to see with our student loan debt. Student loan debt is definitely going to be cause of our next financial meltdown. The signs are already there.
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Yes, I know that but he said he wanted one with the best rewards program and I think discover has he best overall program for a free card. Now, for a paid card, Amex platinum wins hands down.
Discover has the best based on what? I want cash back, or maybe travel (air miles). I'm not cool with just 1%, not even 2%
Gotcha on the Costco
I got very little credit, and some late payments on the only credit card I've ever had. It's a secured CC w/ $1,800 limit. I honestly forget I got it. I rarely use it, usually only for renting cars or hotels on vacation, but here lately I've been putting little shit on it. I'ma stay on top of it more regularly.
But I also need more credit lines. Don't know where to go. I'ma try Discover & that Costco gas card.
LOL, then you need to look at a card with a membership fee. No free card will just give you 5% across the board on everything all the time.Discover has the best based on what? I want cash back, or maybe travel (air miles). I'm not cool with just 1%, not even 2%
Gotcha on the Costco
Discover has 5% on certain categories throughout the year and they always have 5% or more discounts on several gift cards and merchants..
As I said above, if you want more than that, then look at Amex. Some cards will even give you $500 in points just to join them.
Free to $2500/yr
My FICO credit score is currently 830
These are a few things that helped me get to my current score. May not apply to everyone...I'm by no means a financial adviser, it's just what worked for me.
1. Take credit seriously
Not until I really began to take credit seriously did my score begin to improve. Educate yourself on how credit works. Sign up for a credit monitoring service, they have plenty of useful tools to guide you. I currently use Myfico.com
2. Use credit for everything
I never carry cash, only time I do is when going to the strip club. Everything goes on the card, I accumulate lots of reward points this way. I also make sure to spend within my means so at the end of the month when the payment is due I'll have no issue paying off 90% of the balance.
3. Pay your bills on time
This goes without saying, late/missed payments kill your credit score. I believe my payment history is the number one reason why I was able to break into the 800s.
4. Never Pay cards in full
I read somewhere that having a 0 balance on a credit card can hurt your score. I always keep a small balance on my cards, between 50 - 150 dollars.
5. Buy used cars
I've seen many people get caught up buying cars they can't afford. I never buy new cars, haven't had a car loan/note in 10 years. I currently own 4 cars and 3 motorcycles all of which I purchased used off craigslist. I do most of the maintenance myself using Google and a model specific service manual for guidance...I've been jonesin for a new car lately but hearing what my friends are paying for their rides quickly snaps me out of it.
6. Be frugal with your money.
For me it was simple, If I can't afford it I don't buy it. If I can't afford to not get it back I don't lend it. I also try to use coupons for everything I buy, Retailmenot.com is a good site to find current coupons.
These are a few things that helped me get to my current score. May not apply to everyone...I'm by no means a financial adviser, it's just what worked for me.
1. Take credit seriously
Not until I really began to take credit seriously did my score begin to improve. Educate yourself on how credit works. Sign up for a credit monitoring service, they have plenty of useful tools to guide you. I currently use Myfico.com
2. Use credit for everything
I never carry cash, only time I do is when going to the strip club. Everything goes on the card, I accumulate lots of reward points this way. I also make sure to spend within my means so at the end of the month when the payment is due I'll have no issue paying off 90% of the balance.
3. Pay your bills on time
This goes without saying, late/missed payments kill your credit score. I believe my payment history is the number one reason why I was able to break into the 800s.
4. Never Pay cards in full
I read somewhere that having a 0 balance on a credit card can hurt your score. I always keep a small balance on my cards, between 50 - 150 dollars.
5. Buy used cars
I've seen many people get caught up buying cars they can't afford. I never buy new cars, haven't had a car loan/note in 10 years. I currently own 4 cars and 3 motorcycles all of which I purchased used off craigslist. I do most of the maintenance myself using Google and a model specific service manual for guidance...I've been jonesin for a new car lately but hearing what my friends are paying for their rides quickly snaps me out of it.
6. Be frugal with your money.
For me it was simple, If I can't afford it I don't buy it. If I can't afford to not get it back I don't lend it. I also try to use coupons for everything I buy, Retailmenot.com is a good site to find current coupons.
4. Never Pay cards in full
I read somewhere that having a 0 balance on a credit card can hurt your score. I always keep a small balance on my cards, between 50 - 150 dollars.
Please don't follow this advice unless you like wasting money on interest.
I read somewhere that having a 0 balance on a credit card can hurt your score. I always keep a small balance on my cards, between 50 - 150 dollars.
Please don't follow this advice unless you like wasting money on interest.
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thanks
It very well could be, it's what I read somewhere while doing my own research. I already stated I'm no expert, I do know that my credit score is in the the 800s...was just sharing what worked for me.
Anything else wrong with what I said???
I have 4 cards, Chase Freedon, Bank of America Cash Rewards ,Cap One Quicksilver Visa and Care Credit. Monthly I let the Bank of America Card report a $2 balance when the statement cuts. The rest I let report a zero balance to the credit bureaus , that's how you maximize your score. I jut pay the $2 balance right after the statement cuts. If you let all of your cards report a zero balance then FICO looks at it as your not using any revolving credit and your score will take a dip. I use all the cards regularly except for the care credit, but I make multiple payments monthly to keep my balances low.
$2 dollars is the smallest balance that Fico will take when factoring in the percentage of revolving credit used.
$2 dollars is the smallest balance that Fico will take when factoring in the percentage of revolving credit used.
Ah ok, so my method of carrying balances is a little extreme...Thanks for the info.
You probably good on how much you carry as long as you don't have a low limit card
Just try to let one card report a balance to maximize that score, but pay that bitch before the due date so you don't waste money on interest.
Chase denied me... It said up to 23% anyway.
by the time the free interest runs out, you're unto your next card anyway.
So I shouldn't finance a truck? 
I ain't never financed nothing in my life, and I'm looking at getting a pickup truck. I got the cash to find one off craigslist like I've bought my last 2 trucks, but I wanna build credit and I figured I could get the truck I want (a newer truck, hybrid, 4x4, sunroof) and finance no more than $20k, maybe even put about 4-5k down.
If not, I'll just keep saving bread and buy a beater truck.
I ain't never financed nothing in my life, and I'm looking at getting a pickup truck. I got the cash to find one off craigslist like I've bought my last 2 trucks, but I wanna build credit and I figured I could get the truck I want (a newer truck, hybrid, 4x4, sunroof) and finance no more than $20k, maybe even put about 4-5k down.
If not, I'll just keep saving bread and buy a beater truck.
Unless they're charging you zero bucks in interest, there's absolutely zero reasons to carry a balance.
Everything else is good advice but paying unnecessary money in the hopes of increasing your credit score is nonsensical. The credit rating bureaus can check your balances at any time. Even if you pay your card off every month it will still show a balance when they check your credit report.
It will show that you had a balance but you need to let a small balance report on the day the card closes for the month, or the credit bureaus will score as if you used no revolving credit and your score will dip.
The closing day/statement are different than the payment due date. As long as you pay by the due date then you will pay no interest. the due date is usually 20 to 25 days after the statement/closing date.
And the bureaus wont check your balances, they use the info that is reported to them from the banks/creditors.
That's incorrect.
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