Credit scores

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those kind of postings are just uncalled for on a public forum...MODERATOR!
 
There are common actions that will have a negative impact on your credit. How many keep a credit card just for emergencies or only use it for Christmas then pay it off? That reduces your score. They see that as “binge spending” and a zero balance is like a “loaded gun” with no proof you can handle it. Carrying a balance of more than 50% of the credit line also dings you. Every single statement you carry 50% or more, you take a hit. For a credit card, the best thing you can do is use it throughout the month, gas, lunch, utility bills, etc, then pay it down to 5% at the end of each month. This establishes a pattern of responsibly using revolving credit.
You can also dispute the negative things on your score, not the incorrect info, I’m saying ALL THE NEGATIVE. Once you dispute they have 10days to provide documentation, and they flat out won’t. I found several fraudulent things, and a few things I took care of but never came off. I disputed everything and it all came off. I started at about 640 in 2011, and I’m currently at 805.
I used MyFico.com. It guides you through everything, auto populates the dispute letters etc.
I STRONGLY suggest it to anyone that wants to improve their score
 
And if you have kids, TEACH THEM ABOUT THIS. My parents were hippies, so I only knew that paycheck to paycheck life..

If you have kids over 18, a subscription to MyFico.com would make a pretty kickass Christmas present
 
JoeSBP said:
There are common actions that will have a negative impact on your credit. How many keep a credit card just for emergencies or only use it for Christmas then pay it off? That reduces your score. They see that as “binge spending” and a zero balance is like a “loaded gun” with no proof you can handle it. Carrying a balance of more than 50% of the credit line also dings you. Every single statement you carry 50% or more, you take a hit. For a credit card, the best thing you can do is use it throughout the month, gas, lunch, utility bills, etc, then pay it down to 5% at the end of each month. This establishes a pattern of responsibly using revolving credit.
You can also dispute the negative things on your score, not the incorrect info, I’m saying ALL THE NEGATIVE. Once you dispute they have 10days to provide documentation, and they flat out won’t. I found several fraudulent things, and a few things I took care of but never came off. I disputed everything and it all came off. I started at about 640 in 2011, and I’m currently at 805.
I used MyFico.com. It guides you through everything, auto populates the dispute letters etc.
I STRONGLY suggest it to anyone that wants to improve their score
Click to expand...
Not quite. Having a high limit, and using the card whenever you want and paying it off entirely every month INCREASES your score over time. They don’t see it as binge spending, they see it as responsible credit usage. I put a sudden $10k on one of my cards to pay for a bathroom remodel to get the points and paid it off the next month. My score went up 35 points 2 months later.

Also, I have a credit score of 843...so I know a thing or two about it.
 
Okay, well what exactly are you disagreeing with? If you carry a small balance month to month and make charges regularly, that’s a positive. If you carry a balance over 50% of the credit line month to month, that is a negative. If you rarely or never use the card, max it out, then pay it off, that is by definition binge spending, that is negative. Your credit score going up 35 points may have other factors than just charging up $10k, then paying it off.
 
Haven’t had any kind of loan for over 5 years. I do occasionally use a credit card. 5% discount at Lowe’s, points at bass pro, or if I’m on a trip. Pay them when the bill come. I borrowed some money for my new truck. $1,000 rebate for using Chrysler credit. No penalty for early payoff, so that will be soon. Score was 819
 
Our country, or economy is based on debt! Debt for most of s, is necessary for a home a farm, a vehicle no doubt. Businesses love the fat most people have how?? many $$$$ on a credit card continually. Sad fact. The govn't uses debt and the $$ press to keep our and our world economy "going".
I like to remember back to the "old days" when there were no credit cards, ye income was low but prices of what were bought were low too! Having a bank loan on your home/farm, and borrowing there to buy a new vehicle did not require a calculator using 6 figures!!
Credit back in the 60's. My mother took me to the local dry goods store every Sept when school started. She had an "account" there. She paid on it every month till it as paid off. Took here 12 months to pay for a new pair of boots (maybe), 2 pair of Levis, and a couple shirts! She worked at the county tag office and kept books for the tax office. I am sure her salary today would be laughed at but that was the 60's. Then I hit 16, got a job on Sat and after school at the local A & P grocery. $1.15/hr. 25 hrs a week generally. We were pooping in tall cotton then, SW Ga. The 60's.
 
Your credit score , debt to income ratio is just a tool upon which someone can reject another . You can be denied a job because of bad credit score . You can be denied a security clearance because of a bad c.s.. You can be denied a mortage for the same reason. BUT, you can get all the credit cards you want . You can even lie on the application and get c.r."s. I worked hard and smart most of my life to be free of debt . Bad move on my part . Went to get a home equity line of credit on my house which I have $300,000 full equity in. They denied me 10% of the value ,( that's $30,00) because of some crazy rules . 10% is a very, very safe investment for the bank but no dice . Moral : Don't own property , don't work hard , max out credit cards , file bandrupcy , don't have insurance , start over .
 
A few years ago I went to purchase something at Sears. The clerk said I would get 15% off if I signed up for their credit card. I was rejected . . . the reason no recent credit activity. I own two properties free and clear, make payments on nothing. Have a nice collection of vintage cars and a nice shop to keep them in. Paid off my mortgage 20 years ago. Have a nice income from Social Security and retirement. Went to my bank to ask how I could improve my Credit Score. They said I could buy some CD's and borrow against them. In effect pay them to improve my Credit Score. Then I thought, with my cash reserve, I could buy anything I need and most things that I want. Last year I bought my house with a 20x40x12 garage shop for cash. The Credit Score system is a racket.
 
Here is another little known fact. The auto/ home/farm insurance co. will charge you a higher premium if your score is not high enough to suit them. They will claim you are a bad risk according to their stats! ha... BS!
If someone is bad credit I understand a problem, but this credit score is a lot of crap!!!!

Back decades ago I had been dealing with a "country" bank on livestock loans which included my horse business. I never was late to make a payment or pay off a note when due. Then one day, the pres. tells me he wants me to pay them out, the board of directors wants nothing to do with any loan associated with a horse in any manner. Well I cussed his *** really good, and took my business to another bank down the road.
About 5- years later I heard of a rural property that first bank had foreclosed on and trying to sell. 6 ac, farmhouse and a really nice shop for like dirt cheap I went in there and bought it, they financed it and for my terms. Made my day!! Ten 5 yrs later I sold it and paid their *** off! Happy again!!
 
We are where we are at with dept because of unequal lending opportunities. You only need to look at the results in history of Fannie Mae and Freddie Mac. And soon to be HARP. Loaning money and approving loans for people that shouldn't be approved for a Big Mac.
 
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