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OK , Who has bad Credit?
deerhntr
Member Posts: 1,853 ✭✭✭✭✭
Well, my credit score is around 550 because I screwed up when i was a Kid just starting out with plastic.Now i am looking to boost it to around 750 , does anyone have any experience with straitening out credit problems? My old bills are all Paid and the accounts i have Now are all 100% current, Am i doomed to a life of paying high APR's
because i screwed up as a kid? Any info or experiences would be helpfull..........[?]
because i screwed up as a kid? Any info or experiences would be helpfull..........[?]
Comments
Kids that fish, hunt and trap have never mugged any old ladies!
To Ride, shoot straight,and speak the truth
This was the Ancient law of Youth
Old times are past, old times are done:
But the Law runs true, O little son!
TOOLS
General TOOLS RRG
Don't go blaming the beer. Hank Hill
So much Ice, So much Beer. So little time. Shooter4
I don't have an anger problem. I have an idiot problem. Hank Hill
When I was a child, I thought as a child. But now that I am grown, I just wish I could act like a child and get away with it.
Loan=broke.
To hell with the credit score, get out of debt ASAP and never go back.
boog say credit is bad voodoo.
Them ducks is wary.
Everyone has trouble making a payment on time, for me, it's remembering to get the check out because I get real busy and forget. I got the money,just can't remember.
I solved some of that and have the power bill, water bill,phone bills,gas bills and such taken out and paid automaticly now. No more writing checks and worrying if it's on time.
First off, get a new credit report on yourself from all 3 major repositories CSC, Transunion, Equifax. The information between them can be different.
Make sure they show all of the old bills paid off, an outstanding balance on any bad account will hold your score down. Also, be careful and avoid authorizing your credit to be pulled too often. Numerous credit checks in a limited time, like going to several car lots shopping, will cost you points on your score.
Your credit score is more than an APR on consumer credit. It effects the rate you pay for homeowners insurance, it also has an effect on whether or not you are searched in line at an airport.
It is considered an insight into a pattern of behavior not just whether you pay your bills on time.
Check out this site, I think it is MyFICO.com, it has lots of interesting information. Everyone should check their own credit at least once a year, identity theft is growing daily. Also, for the above reasons you need to make sure your info is reported correctly.
KC
T. Jefferson: "[When doing Constitutional interpretation], let us [go] back to the time when [it] was adopted. [Rather than] invent a meaning [let us] conform to the probable one in which it was passed."
Your best bet? Pay with cash. Cut up the credit cards. Pay with cash until all of your debt is paid off. Start with the little bills and attack each one like there is no tomorrow. Work your way up to the larger bills until they're all gone. Cancel all of your credit accounts so you aren't tempted to get replacement cards after you cut the first ones up. Get completely out of debt before you try to start rebuilding your credit limit by getting another loan. That will help build the discipline that you need to be responsible with the loans that you take out. Once you are out of debt COMPLETELY, go and see a credit counselor to help you rebuild your credit rating wisely. Taking out a 18 - 20% line of credit is plain stupid.
None of us can give you the wisdom that you need without taking into consideration your ENTIRE credit history. You don't want to disclose over the internet everything that any of us would need to give you wise counsel. That can only be done with a skilled credit counselor who can look at the whole picture. The only wise advice that anyone can give you without looking at a detailed record of your entire credit history would be to get out of debt completely before considering another loan. Anyone that tells you to flippantly walk into a rip-off "Joe's Cars" dealership and take out a high interest loan from Vinny in order to build your credit rating is either misinformed or else they own "Joe's Cars".
Here's what they do.
Let's say you want a car loan and you want one at a low APR. You go to a "credit repair" service. They pull up your credit history and "challenge" something in your credit history with the credit bureau. It may be a legitimate piece of your credit history but they can legally "challenge" it just like you can sue just about anyone you want for any frivolous reason you want. It will get shot down in court but you can do it. While the particular item in your credit history is in the "challenge" phase, it is not held against your credit score. Then you run out and try to get your car loan. Of course your "challenge" will be denied but you will get your car loan in the timeframe that it takes to get it denied. That particular flaw in your credit history won't be held against you.
Some people have a dozen flaws in their credit history. They want to buy a car at a low APR so they challenge every flaw in their credit history and then run out and get that loan at the low APR while those flaws are in "limbo" during what I call the "challenge phase". People that do this generally have a poor credit rating and a poor credit history so they are doomed to have that vehicle repossessed eventually.
DON'T BE TEMPTED TO GO TO A CREDIT REPAIR SERVICE. THEY ARE SHEISTERS BECAUSE THEY ARE IN BUSINESS TO HELP PROBLEMATIC BORROWERS GET AROUND THE SYSTEM. They are not actually there to help people. They are merely contributing to the problem by assisting with the heaping of debt upon the heads of people that need to work down their debt.
Don't look for debt, just pay your bills and sooner or later your name will be good as gold.
How you doin'!
sky say boog is smart
To whom much is given, much is expected.
Your credit score holds alot of keys other than access to credit.
It is not uncommon to have your credit checked prior to being offered a new job, or being promoted to a higher postion.
Also your insurance company can base its rate on your credit score.
What I have found:
Mortages- Take a longer term than required, then double & triple up on your payments.
Get rid of the mortage as soon as possible, the intrest is real killers, compared to credit cards and other loans.
Credit Cards - Always keep a small balance, around $300 or so. Always pay at least a third of it off each month. Never make a minimum payment!
Car Loans - If you qualify go for 0 intrest, use their money. If you dont qualify, go for a 5yr note at the max. Again double & triple up on the payments, Never ever pay late. Pay early.
Insurance - Always pay in advance, never let your insurance lapse.
The banker can be your best friend or worse enemy, dont overload yourself in debit!
Keep your needs, seperate from your wants. If you need it get it!,If you want it, it can wait!
Building credit - Open a $1,000 savings account with your local banker. Take out a 12 month note, using the deposit as security.
Make at least 6 monthly payments, on time, then pay the loan off.
Do this at 2 or 3 banks at the same time.
Your credit report will show 2 or 3 loans being paid off & payments being made on time. This should reflect around 20-30 points for each of the loans on your credit report.
A mortage is a key to a good credit report, as it indicates that you can handle long term debit. A mortage is worth at least 200-300 points.
Walte
If you do not believe this, and I do not, then doing what you suggest would not be in keeping with what you believe (obviously) but also dangerous. I even think it is dangerous for most folks, even if they do think "credit is good", because most people don't have the discipline to stick to a plan like that and pay things off when and how they need to.
So bottom line, the two qualifiers I would add to your advice, is to make sure you're ready to "play the game" and that you have some measure of self-discipline.
To whom much is given, much is expected.
Its the keeping the needs & wants seperate, that seperates the men from boys.
But a good credit report, seperates the dead beats, from the creditable honest guy that is trying to make a living. And measures your sucess as being a reliable and honest person.
Again a employer will more than likely go with a new employee who has a credit score of 900, compared to the other who has a credit score of 200.
I agree that "credit scores" are a scam, but if your going to play with the big boys, you have to play by their rules. Otherwise your still left sitting on the bench & out of the game.
As Donald Trump says "Its only business".
Walte
He Dog
check debit card I still like to pay cash when possible. However a
credit card balance carried over at their high interest is a absolute
no-no. If you cant pay off the credit card at the end of the month,
dont buy it. Far too many people get into debt trouble with credit cards. Also, for any old, old guys that kept up their G.I. insurance,
you can borrow on that for I believe a 4 percent rate. With keeping
the dividends in it is now up to $30,000+ I borrowed on this about 15 years ago for a home addition which I paid back. And no, was not a
professional, just one working in the trades. I have other life insurance policies, but the OLD G.I. one is really handy and cheap.
I only hope the Govt. has the same deal for newer warriors in the service like we had as they also deserve it also.
He Dog