Improving your Credit and Credit Score

[meilmarc]

That's incorrect.

How?

Letting a small balance report and carrying a balance are 2 different things.

I tried it myself. I used all my cards for the month and paid all them off before the statement cut. I lost 15 to 20 on each bureau because I did not have a card report a balance. The next month I made sure to let one card report a small balance and the points were gained back so which info is incorrect?

The credit bureaus will not go and check any balances. They put the info on credit reports that is reported to them.

Statement/closing date will be the info that reports monthly.

payment due date is the day that you need to pay off the balance before interest kicks in.

This same info is available on the creditboards and fico forums in many threads.

Now there are some cards that will report mid cycle if you push your balance too close to the limit but that is not a regular occurrence.

 

[M3MD]

Great thread

 

[OFF-BALANCED]

This info is right on time cause I dropped to a 635 or some dumb shit, in the past few years. Gotta start buying these rental properties soon, but my credit is a burden

 

[jagu]

Alright guys, it's not that difficult.

First, don't sweat the small stuff about having a balance or not. There is no need to carry a balance when you don't have to.

Second, just use common sense and use your credit card for everything. Hell, I use it to buy a stick of gum at the gas station. If you own a business, try to find vendors who take credit cards . It will help you accumulate lots of points and you don't have to provide a 1099s for them.

Try to go with free cards until you get good at it and then go for the fee cards that have lots of benefits. I am going to Vegas next week for 5 days for free, courtesy of Amex points.

Never pay your bill late.

It doesn't matter how many cards you have. I don't even know how many I have but it has not been a detriment to me in any way.

 

[J.E.T.S]

Alright guys, it's not that difficult.

First, don't sweat the small stuff about having a balance or not. There is no need to carry a balance when you don't have to.

Second, just use common sense and use your credit card for everything. Hell, I use it to buy a stick of gum at the gas station. If you own a business, try to find vendors who take credit cards . It will help you accumulate lots of points and you don't have to provide a 1099s for them.

Try to go with free cards until you get good at it and then go for the fee cards that have lots of benefits. I am going to Vegas next week for 5 days for free, courtesy of Amex points.

Never pay your bill late.

It doesn't matter how many cards you have. I don't even know how many I have but it has not been a detriment to me in any way.

Yep. I've been buying every little thing on credit and paying it all off as soon as it's due.

I've had the same $20 bill in my car for months. I've been living without using actual cash.

Sent from my SM-N900T using Tapatalk

 

[jagu]

Yep. I've been buying every little thing on credit and paying it all off as soon as it's due.

I've had the same $20 bill in my car for months. I've been living without using actual cash.

Sent from my SM-N900T using Tapatalk

LOL, that's just like me. I never have more than $15 cash on me. Whenever I have $100 on me, I feel like I have to go deposit it immediately.

 

[Non-StopJFK2TAB]

Yep. I've been buying every little thing on credit and paying it all off as soon as it's due.

I've had the same $20 bill in my car for months. I've been living without using actual cash.

Sent from my SM-N900T using Tapatalk

When your money is sorta making money for you, it's sorta addicting.

My new high is trying for credit limit increases. Ultimately, I will like to parse through some of these accounts. Over the next few months I'm hoping to half my stash. Maybe get rid of a couple store cards.

 

[Pworld297]

Damn I can definitely use this, my credit got fucked up years ago from medical bills.

 

[Stonez]

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 would say keep doing what you're doing, there are other ways to build credit that have already been posted.

If you know how to turn a wrench and have basic knowledge about cars, craigslist is the way to go. There are gems on CL that you can get for extremely cheap if you negotiate correctly.

LOL, that's just like me. I never have more than $15 cash on me. Whenever I have $100 on me, I feel like I have to go deposit it immediately.

This is what did it for me. Once I put away the cash and started using credit only, my card limits and scores began to climb...It takes time and diligence but the end result is well worth it.

It's a liberating feeling to be able to walk into a bank/dealership with confidence knowing that they can't bullshit you.

 

[jagu]

I would say keep doing what you're doing, there are other ways to build credit that have already been posted.

If you know how to turn a wrench and have basic knowledge about cars, craigslist is the way to go. There are gems on CL that you can get for extremely cheap if you negotiate correctly.




This is what did it for me. Once I put away the cash and started using credit only, my card limits and scores began to climb...It takes time and diligence but the end result is well worth it.

It's a liberating feeling to be able to walk into a bank/dealership with confidence knowing that they can't bullshit you.

Yes, but you still have to do your homework because they sometimes make more money on people with good credit and make them feel good while fucking them. They are able to buy good interest rate for them at a very cheap rate and then sell it at market rate, making you think you got a good deal. When I buy or lease cars, I always ask for the buy rate and demand to see it on paper or verify it otherwise. They can make money on the origination fees, etc. but not on my rate. White loan officers/finance managers end up hating me after I'm done with them.

 

[TooTrilla]

If you pay a credit card bill late, isn't it only reported to credit bureau if it's over 30 days late??

 

[dHustla]

If you pay a credit card bill late, isn't it only reported to credit bureau if it's over 30 days late??

I think so.

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[simonmarcel]

If you pay a credit card bill late, isn't it only reported to credit bureau if it's over 30 days late??

2 years ago I made a mistake and put a $9 charge on a card I don't use. I immediately went to the website to set up the payment so I wouldn't forget. It wouldn't let me schedule a payment since the charge hadn't posted. I wound up forgetting about it and didn't find out until they sent me a notice in the mail 3 months later(now $39). It's the only time I've ever been late in 13 years of having credit. I'd heard capital one might give you a good-faith deletion of a late payment but they wouldn't do it. Now if that happens I schedule the payment through my bank.

 

[gamersfuel]

quick question for the credit gurus.. I have 2 collection items on my report. small amounts that i should have payed already. once i pay them off, at what point will they come off my report? and at what point will it begin to positively affect my score instead of negatively?

 

[Non-StopJFK2TAB]

quick question for the credit gurus.. I have 2 collection items on my report. small amounts that i should have payed already. once i pay them off, at what point will they come off my report? and at what point will it begin to positively affect my score instead of negatively?

They drop off 7 years and month after it was sent to collections.

 

[meilmarc]

quick question for the credit gurus.. I have 2 collection items on my report. small amounts that i should have payed already. once i pay them off, at what point will they come off my report? and at what point will it begin to positively affect my score instead of negatively?

Find the Date of First Delinquency or DOFD. That's the day that the 7 year clock starts. If it was collected from something like a charge off then it should match the date from the DOFD from the charge off, the DOFD is the date that it first became late and never came current.

For a medical collection the DOFD will be the date of medical service that starts the 7 year clock.

And Paying a collection will not restart the clock.

The date that it went to collection will not matter, DOFD is all you need.

A collection will be negative as long as it is on the report.

When my last collection was deleted off my reports I gained from 75 to 60 points on all bureaus.

Transunion will delete those 6 monts early. Experian 3 to 4 months early, and if you get luck Equifax will maybe do 2 months, 1 month for sure. Just dispute as obsolete or too old to report.

 

[gamersfuel]

thx to you both for the reply. just disputed the one thats 2 months from being 7 years..hope that shit comes off. i went ahead and disputed other shit thats payed off but just sitting there on the report. hope i didnt fuck up anything lol...

 

[playahaitian]

subscribed

 

[jroc007]

I am in the process of paying my collections off...I want to get a house this year...any good credit repair company?

 

[meilmarc]

I am in the process of paying my collections off...I want to get a house this year...any good credit repair company?

Save your money, read this thread, and read info on the creditboards and fico forums

 

[outlaw_shawn]

Thanxxx

 

[Non-StopJFK2TAB]

Save your money, read this thread, and read info on the creditboards and fico forums

You can't get a mortgage until all your negative accounts are brought to the positive/settled side.

 

[meilmarc]

You can't get a mortgage until all your negative accounts are brought to the positive/settled side.

I was telling him to save his money about paying a credit repair company to do what he can do for free with some research. Correct most mortgages want collections and charge off settled before they will approve a loan.

 

[jagu]

What is the highest FICO score available?

 

[4 Dimensional]

Thanks for the info

 

[neoafrican]

What is the highest FICO score available?

850 is the highest.

300 - 850 range, with new credit (no derogatories) starting out in the 620 - 680 range.

 

[simonmarcel]

Ironically, 850credit hasn't posted in here yet.

 

[jagu]

850 is the highest.

300 - 850 range, with new credit (no derogatories) starting out in the 620 - 680 range.

Thanks. So which one has 890 or 900? The one that citibank uses is showing 900 as the highest.

 

[jagu]

Ironically, 850credit hasn't posted in here yet.

I think he said he finally got into the 800s already.

 

[Stonez]

Thanks. So which one has 890 or 900? The one that citibank uses is showing 900 as the highest.

That's the FICO Bankcard score 8

It has a range of 250-900

 

[BDR]

Thanks. So which one has 890 or 900? The one that citibank uses is showing 900 as the highest.

Jagu your score like 980 man, get out of this thread

 

[meilmarc]

Thanks. So which one has 890 or 900? The one that citibank uses is showing 900 as the highest.

Auto enhanced Ficos and Bankcard ficos go from 250 to 900.

 

[jagu]

That's the FICO Bankcard score 8

It has a range of 250-900

Auto enhanced Ficos and Bankcard ficos go from 250 to 900.

Thanks, Gentlemen

Jagu your score like 980 man, get out of this thread

Not quite



But close

 

[Rudey]

How do you get an item remove if a collection company try to sue you but they never show up to court and the case get dismiss without prejudice?

 

[jagu]

How do you get an item remove if a collection company try to sue you but they never show up to court and the case get dismiss without prejudice?

Well, the fact that it went to collections is different from them obtaining a judgment. If you were in fact late and it went to collection,then they can report it like that. I suggest that you negotiate a settlement with an greenest for them to delete it from your credit report.