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Establishing and Building Good Credit

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 Establishing and Building Good Credit
Unread 03-11-2011, 08:41 AMJoined Jun 2006 - on now - #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 03-19-2012, 08:10 AMJoined Mar 2004 - away - #102
Mista Mizatti 4 heat pts space
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Originally Posted by Mista Mizatti
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 03-19-2012, 12:40 PMJoined Jan 2010 - on now - #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 05-07-2013, 11:44 PMJoined Feb 2006 - away - #104
Loc Da Pusherman 21 heat pts21 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 05-29-2013, 12:19 PMJoined Oct 2012 - away - #105
BlackRepub85 8 heat pts space
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Originally Posted by sportyloc107
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 06-24-2013, 10:22 PMJoined Jul 2004 - away - #106
Venom 29 heat pts29 space
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Originally Posted by sportyloc107
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 06-25-2013, 01:44 AMJoined May 2013 - away - #107
R0ZAY 8 heat pts 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 02-27-2015, 11:15 AMJoined Jul 2004 - away - #108
Kadroan 3 heat pts space
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Originally Posted by TheMagicMan
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 03-02-2015, 05:15 PMJoined Feb 2007 - on now - #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 03-15-2015, 01:38 PMJoined Dec 2013 - away - #110
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Originally Posted by Kadroan
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 03-15-2015, 08:50 PMJoined Jul 2004 - away - #111
Kadroan 3 heat pts space
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Originally Posted by Unoriginal
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 03-21-2015, 08:51 PMJoined Oct 2010 - away - #112
eightytyson06 37 heat pts37 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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