Improving your Credit and Credit Score
- Thread starter DoingDamage
- Start date
Thanks Damage,good stuff here
great thread
thats some bullshit myth, if you pay off your credit card before you get the statement and a 0 balance is reported at the end of the month you will get the same effect.
Nawl mayne, I did the shit on my own with letting all my cards report a zero balance and between each bureau I lost 15 to 20 points for not "using" revolving credit even though I did, just didn't let a balance report. The next month I made sure to let one card report a small balance and I gained the points back.
Its plenty of post on the creditboards and fico forums detailing the same shit about not letting a small balance report. No myth at all, and its very easy to test if you have fico score credit monitoring.
For optimal scores you should let bet 1% and 10% balance of your revolving credit balance report monthly.
Not at all, unless a lien is placed on you..
Just make payment arrangements and stick to them and you will be OK. Also be sure to increase your withholding on your W4..
Fico wants a small balance to report each month to show that you can manage revolving credit responsibility. If no balance reports then it hurts your score, if you run up a balance to close to the limits then it will hurt your score.
Most banks won't lower your limits unless the economy just gets that bad. If you run up your limits then pay off the balance quickly they will sometimes raise your limits. The banks just report the balances to the credit bureaus.
What's this?
info on how to go at creditors and collection agency that make illegal inquiries on your credit report
Once your credit hit the mid 700's it seems extremely hard to move the needle any further it's like age of credit takes over and it's a waiting game !
It shouldn't affect your score unless they file a lien against you.
What a fucking scam..
On your ficos that shit aint right. You should check for some other change on your reports, because an inquiry and a new account being added to your file should only drop your scores 10 points at the most, which will recover in a few months.
An within a 30 day period morgate and auto inquiries count as one for scoring no matter how many you get while rate shopping
I know that vantagescore bullshit will drop yours scores alot for inquiries but fico will only drop a few points
Those are hard inquires and they do the most damage to credit it's best to keep a few paid and free credit monitoring sites with dispute options for inquires and yeah even if i did it i'd still dispute that shit sometimes you get lucky.
Great information.
damn $49 a month? looks interesting but I don't know.
I'm sure the info is gold but the people that can use the most and need it most can't afford that.
Mayne a hard inquiry will not drop a score that much, they only account for 10 percent of scoring. The most you should lose for a hard inquiry is 5 points. Having a new account added to your reports will drop your score more because the average age of accounts will drop witch will make you lose points, but by 6 monthd you will gain the points back.
The shit that does the most damage to your credit are late payments, collections, charge offs, and liens, they will murder your score the full time they are listed on your reports.
A hard inquiry only is counted on your score for 1 years and is off your reports after 2 years
And good luck disputing a hard inquiry because you authorized whatever lender pulls your report's when you fill out an app for credit or a loan unless you can prove that someone took your identity to open credit in your name
It tells you how to go after people that make unauthorised inquiries on your credit report.
Each unauthorised inquiries is worth $1000.
You can try it for 1week for a dolla.
For those in the business of helping people fix their credit imagine helping them get they shit straight and having this on the back end to help them get cash back in they pockets...minus your fee of course
Yes, these were three authorized inquiries. One with Quicken Loans, one with BOA. I ended up refinancing with quicken loans. The auto inquiry was through leasetrader.com
It's usually less that your real fico . Now that I look at it you are correct my credit karma score is 35 points below my fico.
What a fucking scam..
Of course.
Scored probably dropped that much because of a new account reporting from the refinance, as it drops your average age of accounts, you will get them points back in a few months
Check this scenario out...
Score around the 600 range...able to get a five cards...have a rough time frame...don't pay proper attention to cards result in maxed out...decides to cut cards up....(which is great vs closing accounts)
Months pass trying to figure out a payment plan, then boom tax time.
Use tax refund to take care of all five cards...(maybe $2300)
Credit lines back to initial amount, which is a great thing, when tryin to work the system.
Should this person see some movement within the next month or two...let's say score is near 520...
Cards should at least report a positive balance...
Score around the 600 range...able to get a five cards...have a rough time frame...don't pay proper attention to cards result in maxed out...decides to cut cards up....(which is great vs closing accounts)
Months pass trying to figure out a payment plan, then boom tax time.
Use tax refund to take care of all five cards...(maybe $2300)
Credit lines back to initial amount, which is a great thing, when tryin to work the system.
Should this person see some movement within the next month or two...let's say score is near 520...
Cards should at least report a positive balance...
What else is on their credit report.
Any 30-60day lates, chargeoffs.
Those will stay on for 7 years and hurt very bad.
Score seems really low, and they should see a bounce.
Any 30-60day lates, chargeoffs.
Those will stay on for 7 years and hurt very bad.
Score seems really low, and they should see a bounce.
Yea from what I understand the purpose was to build credit but we all know how easy it is to use money that techinally ain't money at the time...
But I made sure to say it a damn job paying that off if that gonna keep stress off your back...it's good that you got rid of the card and didn't close tr account...
Watch for a few months a change should occur
Get that utilization below 30 percent and it will jump the very next time the cards report...
There are so many ways to monitor your CR's for free nowadays, only a dummy wouldn't take advantage of at least one of them.....
https://www.creditkarma.com/signup
Get a credit card that offers your score for free or see if one of your existing cards has the service.
Similar threads
