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Establishing and Building Good Credit

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 Establishing and Building Good Credit
Unread 4 years agoclass of '06 - away - #101
davon4204 6 heat pts space
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I think the good credit bad credit system is sad. Basically people, credit is given to you to do one thing and that is get yourself indebted for life.

Then once your in debt the interest rate is crazy ridiculous especially if you have credit cards that you can't pay your way out.
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Unread 3 years agoclass of '04 - away - #102
Mista Mizatti 4 heat pts space
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Mista Mizatti said:
Okay I've been trying to establish my credit for a second now but I get turned down for loans and all that. Is there an easy surefire way to get it done?
Damn that was a while ago

Since then I've gotten a couple credit cards, my credit score is good not great because I made THEEEE biggest mistake of giving someone a card in my name (Lesson learned, can't even trust family with that). Its funny going from not being able to get a credit card to getting one and seeing your limit go from 500 to 700 to 2500. Thats the lowest limit I have on one of my credit cards.

Right now I have
Macys
Belk
Kohls
Discover
Capital One

Only the Belk and Discover card have a balance and that Belk balance will be gone soon. I owe 1500 on the Discover but I'm not worried about that one, can't wait to get rid of that balance though. I'm just doing what I can to make sure my credit can continue to climb.
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Unread 3 years agoclass of '10 - away - #103
ARosary 38 heat pts38 space
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'Preciate the post! A shame they dont have this as a requirement to be taught in high school...yet they wanna push these fabricated bullsh*t useless classes & wonder why so many fail with their 1st introductions into the "real world"
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Unread 2 years agoclass of '06 - on now - #104
LocDaPusherman 34 heat pts34 space
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hello i finally checked my credit report for the first time ever using anuual credit report. i have a credit score of 592. all i have open in collections on my report is a at&t account with a balance of $131. and a closed/paid account from the dfs gov of $1500. the dfs gov account was paid in full in 2008. two are the only two things in the negatives section. i have 3 accounts in the good standing section. 2 loans payed off and a car loan from ally that i have never missed a payment on. i recently applied for 4 or 5 different credit cards in one day not know that it shows up on my credit report. i was denied all five cards. i need help on helping fix my situation. i need all the help i can get. thanks!
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Unread 2 years agoclass of '12 - away - #105
BlackRepub85 8 heat pts space
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sportyloc107 said:
hello i finally checked my credit report for the first time ever using anuual credit report. i have a credit score of 592. all i have open in collections on my report is a at&t account with a balance of $131. and a closed/paid account from the dfs gov of $1500. the dfs gov account was paid in full in 2008. two are the only two things in the negatives section. i have 3 accounts in the good standing section. 2 loans payed off and a car loan from ally that i have never missed a payment on. i recently applied for 4 or 5 different credit cards in one day not know that it shows up on my credit report. i was denied all five cards. i need help on helping fix my situation. i need all the help i can get. thanks!
First of all, stop applying for those damn cards. All that is gonna show is that you getting denied for credit which hurts your score especially in such a short period of time.

Second put in disputes to get the two collections off your report. Normally, I believe they don't come off until 7 years after they have been paid off, but many times companies either don't pay attention or don't care and don't respond to the request by the bureaus and you could get it taken off. Don't do it for an account that has only been paid off a year or two ago, they'll probably answer backoff principal.

Third, what types of cards are you going for? Find out what type of credit rating you need to get those card (Try CreditKarma.com, they usually have reviews and ratins on almost every card I've seen. What type of cards are you applying for , because if you have a 592 and still applying for cards that require an excellent credit score, you're going to keep getting denied and hurting yourself. If you're gonna apply for a card, apply for one you are likely to get and don't apply for mutiple ones at one time. It makes you look desperate for credit and ends up hurting you. They'll see those creidt hits. Are you trying to the get the cards for a reason? To buy something big? I would say for you to get a credit building card to start your credit on the right track.

Also, when you got your credit report back, did you any inaccuracies with your credit or your reporting?
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Unread 2 years agoclass of '04 - away - #106
Venom 29 heat pts29 space
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sportyloc107 said:
hello i finally checked my credit report for the first time ever using anuual credit report. i have a credit score of 592. all i have open in collections on my report is a at&t account with a balance of $131. and a closed/paid account from the dfs gov of $1500. the dfs gov account was paid in full in 2008. two are the only two things in the negatives section. i have 3 accounts in the good standing section. 2 loans payed off and a car loan from ally that i have never missed a payment on. i recently applied for 4 or 5 different credit cards in one day not know that it shows up on my credit report. i was denied all five cards. i need help on helping fix my situation. i need all the help i can get. thanks!
OMG

last thing you need to be doing is applying for 4-5 credit card in the same year let alone the same day. do you realize how many red flags that raise. Each application requires a credit inquiry which will negatively impact a credit score so applying for 4-5 cards in the same day will fu*k your sh*t up.

Last edited by Venom; 06-24-2013 at 10:25 PM..
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Unread 2 years agoclass of '13 - away - #107
R0ZAY 12 heat pts12 space
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my credit score was 692 before I bought my whip on February... after i'm done paying it off in 2 years it will be at 723ish if i remember correctly.

what should be my next credit purchase after i pay it off to boost my credit more?
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Unread 4 months agoclass of '04 - away - #108
Kadroan 3 heat pts space
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TheMagicMan said:
Feel Free To Add on information and tips or correct any mistakes I may have made.

What is Credit?
Credit is money granted by a creditor or lender to a debtor or borrower(you), who defers payment of the debt. In exchange for the credit, the lender gets back the money, usually paid on a monthly basis, plus interest. The debtor gets the use of the money to pay for and take possession of things today and the creditor gets back more money than s/he loaned out. Modern society is dependent upon credit to generate sales; it enables people to have the things they want and need, but can't afford to pay for right away. By establishing good credit, you are seen as a trustworthy consumer who will pay back the money that was "loaned" to them in a timely fashion.

What Exactly Is A Credit Report?

A consumer credit report is a document that contains a factual record of an individual's credit payment history. Credit grantors are permitted by law to review your credit report to objectively determine whether to grant you credit. There are 190 million credit active people in the United States who have a charge account, car loan, student loan, or home mortgage. As those people pay their bills, most lenders report credit payment information to credit bureaus. So most of the information in your consumer credit report comes directly from the companies you do business with.


What Information Does A Credit Report Contain?

A consumer credit report contains four types of information: identifying information, credit information, public record information, and inquiries.

Identifying information includes:

* Your name.
* Your current and previous addresses.
* Your Social Security number.
* Your year of birth.
* Your current and previous employers.
* If you're married, your spouse's name.
* Credit information includes credit accounts or loans
* you have with:
* Banks.
* Retailers.
* Credit card issuers.
* Other lenders.

Most information, whether positive or negative, remains on your credit report for 7 years from the date it is first reported, and then cycles off automatically. If there is inaccurate information in your credit report, you have the right to dispute it and have it removed.

Public record information includes any information that's contained in state and county court records, like:

* Bankruptcies.
* Tax liens.
* Monetary judgments.

Bankruptcies can remain on your credit report for up to 10 years. Other public record information can remain for up to 7 years.

Inquiries indicate to other credit grantors that you have applied for new credit that could result in additional debt. Potential lenders view multiple recent inquiries on your credit report as a sign that you are overextending yourself. Most inquiries stay on your credit report for up to two years.

(A credit risk score may also be included when your report is provided to a credit grantor, although it is not included on consumer review reports. The ways to calculate and use a credit score vary widely, so a score has little meaning outside of the context of a particular lender's unique guidelines for use. Therefore, it is not included on consumer review reports.)

What Is A Credit Bureau?

A credit bureau or credit reporting agency is in the business of gathering, maintaining, and selling information about consumers' credit histories. It collects information about consumers' payment habits from credit grantors like banks, savings and loans, credit unions, finance companies, and retailers. The credit bureau stores this information in a computer database and sells it to credit grantors in the form of credit reports. When you apply for a new credit card or loan, the credit grantor orders your credit report from at least one credit bureau and analyzes the information to decide whether to grant you credit. The credit bureau charges the credit grantor a fee for every credit report sold.

Although credit reporting agencies provide your credit report to lenders when you apply for credit, they do not make actual lending decisions. It is up to the lender to evaluate your credit report and any other factors they consider important and then decide whether or not to offer you credit.

Tips in Esablishing Good Credit

In order to establish good credit, you need a good credit history. But to have a good credit history, you need to establish good credit.

In order to build your credit history, it is important to always pay your bills on time and to never borrow or spend more than you can afford. You will damage your credit history by paying bills late or not at all.

If you are a young adult, a college student or a new immigrant, you can begin to establish credit in many ways. In fact, you may already be building a credit history. For example, if you own a cellular phone or a pager, you have already begun to build your credit. From here forward, as you continue to pay bills on time and responsibly handle creditors, you will begin to build positive references on your credit report.

If you already have a credit card, you are well on your way to building your credit history. In fact, personal finance expert Gerri Detweiler advises that a major credit card, issued by a bank or other financial institution, that is paid on time over a period of time, is one of the strongest credit references on a credit report. However, a credit card may not be appropriate for everyone. Before obtaining a credit card, you should learn everything you can about your obligations as well as the terms and conditions a.ssociated with using the card.

If you have never borrowed money from a financial institution or made bill payments in your name, then you probably do not have a credit history. Nevertheless, many card issuers offer cards designed specifically for those with little or no credit history. For example, secured cards may be an appropriate first step, or you may consider using a co-signer on your credit card application. Again, it is important to understand as much as you can about the responsible use of any financial tool before applying for and accepting a payment product.

Who May Check My Credit Report?

Federal Law carefully regulates how credit reports can be used and by whom. Individuals have the right to obtain their own reports, and businesses must meet the following requirements before they can access credit information:

* A background Proof of a permissible purpose under federal law
* check and on-site inspection of the business
* A current business license
* A signed contract requiring the business to use the data properly
Information gathered from various websites
If you're over your credit line and can't afford to pay the total balance, is it better to pay the minimum balance due or just pay enough just to get below your credit line?
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Unread 4 months agoclass of '07 - away - #109
jwindigo2k4 30 heat pts30 space
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My old debt went Away and now I'm worth 723. I never checked or applied for cards other than the one I have had for 4 years.

I still get calls from collectors and almost made a payment but I checked my report and said I have nothing outstanding any more. So those collectors are gonna get blocked and hopefully they didn't reopen the account



Bank account almost healthy enough for a down payment on a house
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Unread 4 months agoclass of '13 - away - #110
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Kadroan said:
If you're over your credit line and can't afford to pay the total balance, is it better to pay the minimum balance due or just pay enough just to get below your credit line?
Never pay the minimum balance if you can afford it. Many times you'll end up getting charged more in interest than what you payment is.

The bigger issue here is why you are over your credit limit.
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Unread 4 months agoclass of '04 - away - #111
Kadroan 3 heat pts space
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Unoriginal said:
Never pay the minimum balance if you can afford it. Many times you'll end up getting charged more in interest than what you payment is.

The bigger issue here is why you are over your credit limit.
Okay. Learned something new.
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Unread 4 months agoclass of '10 - away - #112
eightytyson06 38 heat pts38 space
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i tried to setup credit karma a few minutes ago and each of the verification questions were all information i was unfamiliar with. one set was about car loans which i have but none of the companies i use and second set were asking about a mortgage for a house i dont have


how do i go about getting a credit summary eslewhere? imma be bugging the rest of the weekend now that they wont let me use their site.
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Unread 3 months agoclass of '05 - on now - #113
Quddus 6 heat pts space
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Looking to fix some things on mine. I found 3 medical bills that I did not even know was on there. Should I just go ahead and pay the collections off. They are all about $500 total for all 3 medical bills.

It says they are open collections I did not even know I was charged I rarely even go to the doctor. I was wondering should I just pay them off? I hear paying collections on report has no real value.
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Unread 3 months agoclass of '05 - away - #114
specialk103185 70 heat pts70 space
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im shocked this thread is still goin strong after 10 years
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Unread 3 months agoclass of '05 - away - #115
specialk103185 70 heat pts70 space
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Quddus said:
Looking to fix some things on mine. I found 3 medical bills that I did not even know was on there. Should I just go ahead and pay the collections off. They are all about $500 total for all 3 medical bills.

It says they are open collections I did not even know I was charged I rarely even go to the doctor. I was wondering should I just pay them off? I hear paying collections on report has no real value.
do you recognize them at all? Are they your collections? also, how old are they?
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Unread 3 months agoclass of '05 - on now - #116
Quddus 6 heat pts space
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specialk103185 said:
do you recognize them at all? Are they your collections? also, how old are they?

Well I moved from MI to KC so i got billed some excess charges that my insurance did not pay. I was not aware of it was 3 different bills for 160,170, and 190.

They all from 2012
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Unread 3 months agoclass of '05 - away - #117
specialk103185 70 heat pts70 space
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Quddus said:
Well I moved from MI to KC so i got billed some excess charges that my insurance did not pay. I was not aware of it was 3 different bills for 160,170, and 190.

They all from 2012
They are still fairly recent. Medical Collections stay on your report for 7 years so they are still having a bit of an impact on your scores. I would do the following in the order below

1.) Call the creditors and do not admit to the debt, in fact--tell them that you don't believe it's yours BUT ask if they will remove it if you pay them. If they say yes, have them send you something in writing before paying. If they say "no" get off of the phone and move to the next step.

2.) Dispute the charges with the credit reporting agency. The creditors will have 30 days to reply to confirm that it is indeed your debt. A lot of times they drop the ball on this and it is removed by default. IMPORTANT: Only dispute the charge on the credit reports it shows up on. Don't send a dispute letter to Transunion if it's only showing up on Equifax, etc.

3.) If all else fails, pay it. It will then show as PAID on your credit report and restart the 7 years that it will stay there but at least it's over with. Once you pay it, I would still send dispute letters every 6 months to get it removed. After a while, they no longer care about confirming the debt because you paid them already and a lot of these debt collection companies go out of business and don't respond after a while.

That's just my 2 cents tho. It worked for me in the past. 6 years ago (after college) I had a 515 credit score. Most of it was BS, stupid medical collections like yours that i didn't know about and a couple of lates on some credit cards. Now I have somwhere around an 800. If you're just consistent and stay on top of the disputes and negative items, and gradually add new positive credit lines, eventually your score will increase and be harder to take down with low $$ amount collections.
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Unread 3 months agoclass of '05 - on now - #118
Quddus 6 heat pts space
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specialk103185 said:
They are still fairly recent. Medical Collections stay on your report for 7 years so they are still having a bit of an impact on your scores. I would do the following in the order below

1.) Call the creditors and do not admit to the debt, in fact--tell them that you don't believe it's yours BUT ask if they will remove it if you pay them. If they say yes, have them send you something in writing before paying. If they say "no" get off of the phone and move to the next step.

2.) Dispute the charges with the credit reporting agency. The creditors will have 30 days to reply to confirm that it is indeed your debt. A lot of times they drop the ball on this and it is removed by default. IMPORTANT: Only dispute the charge on the credit reports it shows up on. Don't send a dispute letter to Transunion if it's only showing up on Equifax, etc.

3.) If all else fails, pay it. It will then show as PAID on your credit report and restart the 7 years that it will stay there but at least it's over with. Once you pay it, I would still send dispute letters every 6 months to get it removed. After a while, they no longer care about confirming the debt because you paid them already and a lot of these debt collection companies go out of business and don't respond after a while.

That's just my 2 cents tho. It worked for me in the past. 6 years ago (after college) I had a 515 credit score. Most of it was BS, stupid medical collections like yours that i didn't know about and a couple of lates on some credit cards. Now I have somwhere around an 800. If you're just consistent and stay on top of the disputes and negative items, and gradually add new positive credit lines, eventually your score will increase and be harder to take down with low $$ amount collections.
Thanks I called the company I did not admit to nothing but they had me verify my identity and told me I can pay this amount. I guess if they refuse to remove it. I could pay and then dispute it I am sure they would never respond after a 6 months of being paid. I got 610 right now and need to get into the 7's.

I plan on paying down CC bills this month and getting that balance down. I pay all my bills on time just have some negatives on there that are little stuff and hurting my score.
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Unread 2 months agoclass of '14 - away - #119
PhillyC123 3 heat pts space
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Go fill out a police report, send it to the companies and credit bureas instantly deleted
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