Credit Score (FICO) basics - How to improve credit scores

Joined: 31 Aug 2008 Posts: 82 90 Magic Points

peacockrancher

No need to be so agressive. I assume you had previous negative expirience, but please do not take it out on me.

Regarding whogavemecredit.com. The concept is that people post their applications to different credit products. It is accurate at the certain period of time. Site has been up since 2004, so you can not take data from 2004 and apply it to 2008. I, myself, posted over there my applications.

As Ihave mentioned finannce globe is inaccurate but educational.

Regarding Discover CC. If you post your TU/EX FICO scores, number of inq., lenghth of credit history and possible baddies maybe I'll be able to advise you.

Good Luck

Joined: 07 Sep 2008 Posts: 50 88 Magic Points

1002543
I did not mean to be offensive towards you at all, sometimes when we are typing it is taken in the wrong tone, I apologize if you took it that way, that was not my intention at all, please accept my apology.

I have been reading a bunch of posts on here and did end up in a few pages that were actually all advertisements for wanting to get people there to use there site.

Thank you for your input on this site, I will surely check it out and see what I can get out of it. I went and got a prepaid card and am going to use it until I figure out where I want to go with this.

I hope that you will accept my apology, I would feel terrible if I thought that someone took me as insultive, I did not mean it that way at all.

Joined: 06 Jul 2006 Posts: 686 17396 Magic Points

Yes, the Federal law requires each of the three credit reporting agencies to provide a free credit report once a year, but not a free credit score. You cannot get a credit score absolutely free. However, as Justin said, if you go for some credit counseling services, or have credit cards of certain companies, you can get a fee credit score, but that too, for a limited period. Myfico provides the FICO scores of the three credit bureaus along with the three credit reports for $47.85.

Joined: 31 Aug 2008 Posts: 82 90 Magic Points

peacockrancher

I do understand your frustration and no offense taken.

Let me suggest. Do not waste your time on prepaid card, it is not reported to CRA's and you do not get any benefit for good payment history which is 35% of your credit score. I'll take liberty to advise you to get secured credit card.
Bank of America offers secured card ( min is $300) which is graduated after 9 months of unblemished payment history. Also I am a big fan of credit unions, check out your local CU.
Some times BOA offers 99/500 card. It is partially secured card, which graduates to unsecured too. Secured cards are reported as trade line to CRA's and BOA is good, prime lender.

Mary

The only credit card company which provides free credit score is WAMU. They let you access your monthly TU PFICO score.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

I agree with 1002543 about the prepaid cards, they do not report your activity to the credit reporting agency, they will not help you build or maintain your credit score or rating.

Joined: 07 Sep 2008 Posts: 50 88 Magic Points

I am not real sure what I want to do with this, don't know if next year I will have fertile eggs or not, that is what would dictate what I will do. I do work fulltime so these birds are more or less a hobby of mine that I thought may lead into something that I could at least make pay for itself.

I know the prepaid card will not report to the credit reporting agencies, but it is safe to use for catalog and online purchases and that would satisfy me at this point until I see where I am this time next year.

Thank you for taking the time to answer my questions and make all your great suggestions. I will keep this forum posted on any future developments as I am sure that I will have more questions and you all have been great help.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

When you figure it all out, we are here, in the mean time you can still address other issues that you may have questions on here, we like having you.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

All this credit stuff is really confusing. I never even relized there was a thing such as graduated in the credit card world.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

I think that if you are not sure, stick with what you are doing.

Joined: 07 Sep 2008 Posts: 50 88 Magic Points

That is what I am going to do, as I said on another post I don't even know if my eggs will be fertile, still have my two males and with no separation, they would rather fight than breed, I am waiting for my sister to get a pen built to take one of my males off my hands, hopefully soon.

I did get a paypal business account open and it seems to have all the functions that I would need for now. I am doing a little crafting with the feathers, but just for myself for now. You know how it goes, get a crazy thought in your head and run with it. I did get some real good information about cards here though.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Sounds like you have gotten somewhere since we last spoke. Did you google peacocks and see what came up? In your last post it sounded as if you meant the males would mate. I had to chuckle there. What is all this stuff about separation? It sounds like you are nearly new at this ranching thing. Have you done your resaearch to see if this business will prosper and give back to you finacially?

Joined: 31 Jul 2006 Posts: 516 13571 Magic Points

Hi Peacockrancher
If you want only a $1000 credit limit, I think that you can go for personal credit cards instead of business credit cards. Business credit cards have normally higher interest rates than personal credit cards as they have generally higher credit limits which may range from 50000$ to several hundred thousand dollars. Moreover, with personal credit cards, you can avail zero APR balance transfer facility for upto 12 months and can even get low introductory interest rates, which are not generally available on business cards. Personal credit cards have interest rates from 9% upto 20% while business credit cards have interest rates ranging form 12% to 25%.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

great thorough answer anthony.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Yep sure sounds as if he knows his stuff. I like seeing these people around here. Wonder how far peacock rancher has gotten i n the venture.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

Hard to tell, I am sure that he is around somewhere.

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