Info for those re/building credit

By pimppoet - 08-12-2012, 02:52 AM - Boxden > The Money Spot (finance/careers)

1. Check your reports free annually through annualcreditreport.com

2. You can check your reports/scores on a daily/monthly basis free through creditkarma.com or using creditinform which is free if get an secured capitalone credit card.

3. Research banks/credit unions to see what options are avaible. Many offer secured credit cards to re/build your credit and/or offer overdraft lines of credit for emergency situations so your not stuck in payday loan hell.

4. check out the ficoforums.myfico.com Its a good message board for advice and you get to see how others have overcome worse situations than yours.

08-12-2012, 05:33 AM

I would use creditboards.com as well, as they are the biggest Credit Forum on the web. Not to say myfico isn't good, just another alternative to use for people.

12:37 AM

Another few points for both maintaining your credit, and improving it.

Never go above half of your limit on a credit card. If you have to, DO NOT max it out. It looks poorly on your report believe it or not. Use the card, but keep it under half.

You can be late on bills, no more than 30 days late. You can be 10, 15, 29 days late. All you will be[..]essed is a late fee. Companies cannot report a claim that is any less than 30 days old. So even if you have a "grace" period of lets say 10 days, you really have 29. Stretch the dollar to pay off other accounts.

If you go to say buy a car, and you do not get approved. Wait 30 days until another dealership (in this example) runs your credit. It will look bad if youre going all over town trying to get approved. There was a reason the first place didn't approve you.

Learn how to use quickbooks or photoshop. Get those skills up so you can lie to creditors about how much you make. When they request any proof, fake it.

Always give your gross income, never the net.

No one got anywhere in life by telling the whole-hearted truth. A clear conscience doesn't pay the !!in bills.

08-15-2012, 02:18 AM

question when u have a debit on your score is it better to pay it off or does not make a differnce since it will stay on your score for 7 years.

08-15-2012, 11:50 PM

By debit I[..]ume you mean debt. And all credit is debt.

I think what you mean to say is that if you have a late payment. 30 days late is better than 60, etc. etc. You definitely don't want to let an account go belly up without good reason. If you know you cannot make the payment, call the lender and explain the situation. With your previous good credit, 9 times out of 10 they will work with you. Payment plans that will not go on your credit.

08-16-2012, 08:58 AM

Get a high fee low limit subprime card...

500-600 banks

First Premier
orchard bank secured (need 200 down)
Household bank
Creditone

575-600

Cap one

Pay these cards on time and keep your balance low for about a year and watch the results...

08-16-2012, 09:01 AM

Delinquint accounts/Charge offs

1. Dispute with credit bureau even if your a wrong
2. if 1 doesnt work, Google "pay for delete" letter to try to have them removed
3. if 1 or 2 doesnt work, Work on a settlement or just pay in full (will be on credit report until sol clears it)

08-16-2012, 09:05 AM

Utilities and rent normally doesnt show up on credit report unless they were cutoff and sold to a collections agency...so dont stress having those paid in full on time...

Items that show up...

Credit cards
Student loans
Mortgage
Car notes
Anything in collections

08-16-2012, 11:47 AM

Originally Posted by Hand Over Fist

Another few points for both maintaining your credit, and improving it.

Never go above half of your limit on a credit card. If you have to, DO NOT max it out. It looks poorly on your report believe it or not. Use the card, but keep it under half.

30% of your total credit is the best amount to try to limit your max to.

08-16-2012, 08:17 PM

Originally Posted by bigmike123456

question when u have a debit on your score is it better to pay it off or does not make a differnce since it will stay on your score for 7 years.

Just don't pay it. If you aren't going to be sued just let it sit for 7 years. Even if you pay it off its still considered a negative.

Only time its worth paying something off is when its still some what fresh into the 7 years.

08-16-2012, 09:06 PM

Originally Posted by rek0nize

Just don't pay it. If you aren't going to be sued just let it sit for 7 years. Even if you pay it off its still considered a negative.

Only time its worth paying something off is when its still some what fresh into the 7 years.

I respectfully disagree. If you plan to buy a house, it will need to be paid off or at least settled. A car? notsomuch....

08-16-2012, 09:36 PM

Originally Posted by mtva24

Get a high fee low limit subprime card...

500-600 banks

First Premier
orchard bank secured (need 200 down)
Household bank
Creditone

575-600

Cap one

Pay these cards on time and keep your balance low for about a year and watch the results...

[pic] Great advice. Thats what i recently just did. I got an orchard visa with a 300 dollar limit and just kept buying small things and paying the card off every month, then i got a milestone mastercard did the same thing, and just got approved for a best buy rewardzone mastercard two months ago. !!s lovely. just keep it within your means and pay the !! off every month, u straight. Work your way up to the cards with points and airline miles then u golden.

oh and i didnt need 200 down for the orchard, i just paid 59 dollars thats it. i guess they go by how bad ur credit is.

08-16-2012, 11:05 PM

Originally Posted by Daddy Black

[pic] Great advice. Thats what i recently just did. I got an orchard visa with a 300 dollar limit and just kept buying small things and paying the card off every month, then i got a milestone mastercard did the same thing, and just got approved for a best buy rewardzone mastercard two months ago. !!s lovely. just keep it within your means and pay the !! off every month, u straight. Work your way up to the cards with points and airline miles then u golden.

oh and i didnt need 200 down for the orchard, i just paid 59 dollars thats it. i guess they go by how bad ur credit is.

Thread careful on getting too many credit cards my dude.

08-16-2012, 11:12 PM

Originally Posted by Daddy Black

[pic] Great advice. Thats what i recently just did. I got an orchard visa with a 300 dollar limit and just kept buying small things and paying the card off every month, then i got a milestone mastercard did the same thing, and just got approved for a best buy rewardzone mastercard two months ago. !!s lovely. just keep it within your means and pay the !! off every month, u straight. Work your way up to the cards with points and airline miles then u golden.

oh and i didnt need 200 down for the orchard, i just paid 59 dollars thats it. i guess they go by how bad ur credit is.

Yeah I started with first premier after my !! went to !!...got an orchard secured 2 months later...6 months after my first premier they offered me a second cc instead of a credit limit increase (took that)...qualified for a cap one with a 300 limit 5 months later...cap one gave me a CLI to 500 after paying on time for 6 months (step program)...2 months later qualified for a navy federal with a $5000 limit [pic]...since I've been making more money I went on an app spree 2 months ago...got a discover more ($1000), another navy fcu ($2000) and a american express zync (charge card)...

08-16-2012, 11:17 PM

Originally Posted by mtva24

Yeah I started with first premier after my !! went to !!...got an orchard secured 2 months later...6 months after my first premier they offered me a second cc instead of a credit limit increase (took that)...qualified for a cap one with a 300 limit 5 months later...cap one gave me a CLI to 500 after paying on time for 6 months (step program)...2 months later qualified for a navy federal with a $5000 limit [pic]...since I've been making more money I went on an app spree 2 months ago...got a discover more ($1000), another navy fcu ($2000) and a american express zync (charge card)...

Is it health to have that many credit cards? I have chase credit card (15,000) limit and one BOA card with like (2,000) I feel like I shouldn't get another card or should I?

08-16-2012, 11:41 PM

Originally Posted by mtva24

Yeah I started with first premier after my !! went to !!...got an orchard secured 2 months later...6 months after my first premier they offered me a second cc instead of a credit limit increase (took that)...qualified for a cap one with a 300 limit 5 months later...cap one gave me a CLI to 500 after paying on time for 6 months (step program)...2 months later qualified for a navy federal with a $5000 limit [pic]...since I've been making more money I went on an app spree 2 months ago...got a discover more ($1000), another navy fcu ($2000) and a american express zync (charge card)...

[pic] Thats good !!in !! man. Thats where im tryna be at. I was one of those dudes that got credit young and !!ed it off on bull!!. Now that i realize how important it is im tryna get as much avaliable credit as i can. People dont understand the more credit you have the easier it is to get !! at better rates or for practically nothing. Cant buy no house with !! credit, and if u finance a car the rate gonna be sky high with poor credit.

08-16-2012, 11:42 PM

Originally Posted by egotistical

Is it health to have that many credit cards? I have chase credit card (15,000) limit and one BOA card with like (2,000) I feel like I shouldn't get another card or should I?

Doesnt matter how many you have. The more the better. Just pay off what you spend and you good.

08-16-2012, 11:58 PM

Originally Posted by eLLz

30% of your total credit is the best amount to try to limit your max to.

This a good rule of thumb. I personally do not go over 25%. But if I absolutely have to, I never go over 50.

08-17-2012, 06:16 AM

Originally Posted by egotistical

Is it health to have that many credit cards? I have chase credit card (15,000) limit and one BOA card with like (2,000) I feel like I shouldn't get another card or should I?

If you can swing it...but honestly, im about to cancel my orchard bank and 2 first premiers...they served their purpose...plus ill get my $200 back since orchard is a secured card...

09-04-2012, 07:18 PM

Originally Posted by Hand Over Fist

Another few points for both maintaining your credit, and improving it.

Never go above half of your limit on a credit card. If you have to, DO NOT max it out. It looks poorly on your report believe it or not. Use the card, but keep it under half.

You can be late on bills, no more than 30 days late. You can be 10, 15, 29 days late. All you will be[..]essed is a late fee. Companies cannot report a claim that is any less than 30 days old. So even if you have a "grace" period of lets say 10 days, you really have 29. Stretch the dollar to pay off other accounts.

If you go to say buy a car, and you do not get approved. Wait 30 days until another dealership (in this example) runs your credit. It will look bad if youre going all over town trying to get approved. There was a reason the first place didn't approve you.

Learn how to use quickbooks or photoshop. Get those skills up so you can lie to creditors about how much you make. When they request any proof, fake it.

Always give your gross income, never the net.

No one got anywhere in life by telling the whole-hearted truth. A clear conscience doesn't pay the !!in bills.

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