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firefly23
Joined: 11 Feb 2009
firefly23's page
Posts: 4
157 Magic Points
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Subject: Credit score questions
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Thu Feb 12, 2009 4:06 am
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Hi. I'm new to the forum, and I have some questions...
I just got my credit score back, and it was kinda crappy, but it could have been worse (683), and I was wondering how much that's going to hurt me. My fiance and I are trying to buy a house in 6 months. Is that going to be a problem? I know expectations are low right now, but are they that low?
On my credit review, it told me that I didn't have my credit in for long enough. I've had some of my cards for 3 years! How long is long enough??
It also said that I have too many inquiries on my account. I only have two inquiries that are actually supposed to affect my score, both of them are for housing. I mean, they happen every year when I move. I have a ton of "pre-approval" inquiries that it said shouldn't affect my score, but I'm not sure I believe it. Can I get them off my account? What do I do? I don't understand why my score is so low, and I'd love some help. Thank you so much!
_________________
Life is not about discovering yourself.
Life is about creating yourself. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Thu Feb 12, 2009 10:06 am
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| Since your credit score is 683, it is not at all difficult to take it up to 720 if you want to. Just try and improve your credit history by making timely payments towards your existing loans and credit card debts. Moreover, do not apply for any new line of credit right now as it may lower your score. This is because whenever you apply for a new line of credit, a hard inquiry is conducted in your credit report, which lowers your credit score. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Thu Feb 12, 2009 10:19 am
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You may have your credit cards for three years, but you are not using those cards for long and so you could not build up a good credit history on these cards. Now to make these cards work for you to build up your score, you need to make regular purchases with these cards and repay them back within the due date. Doing this will help you to build up a credit history on these cards and your credit score will definitely cross the 700 mark within the next 6 months and you will able to get a good deal on your new line of credit.
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All the Best 
Justin |
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Guest
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Thu Feb 12, 2009 6:31 pm
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Well, I'm doing all of those things, so it's good to know I'm doing something right. Would it be a good idea to close some of the cards? I have several in different places, and so want to close some of them, but then I was told not to. I'm talking about cards in stores like New York and Company, which has no balance, has never had a balance, that kind of thing. Should I close those?
Thank you! |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Fri Feb 13, 2009 12:42 pm
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Hi Guest
You should never close existing VISA or Mastercard credit cards if they have a good credit history. This is because length of the credit history accounts to 15% in your credit score. Moreover, if you have a good credit history on your cards, the history gets lost as soon as you close them. However, you can close departmental store cards if they are not VISA or Mastercards.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit
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Fri Feb 13, 2009 4:26 pm
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| I don't know what's on your CR, but, try to pay some 'small' debts off and then check your Credit again. When you actually pay something off, the more you can raise your Credit score. |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Wed Apr 29, 2009 12:30 pm
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Some credit and loan issuing companies only report to certain bureaus which causes different scores among all three.
The other big factor is the fact they use slightly different algorithms for determining your credit. The method they to determine your credit score is based off of the FICO calculation but all of them have their slight quirks in ho w they handle different things.
Usually you shouldnt see of a different of more then around 20 points from buruea to buruea.
Youve got plenty of company. There are more than 30 million people in the United States with credit blemishes severe enough score under 620 to make obtaining loans and credit cards with reasonable terms difficult.Or maybe your credit is OK, but youd like to make it better. After all, the better your credit, the lower the interest rates you can score on mortgages, car loans and credit cards.
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Free Credit Repair|Fast Payday Loans |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Mon May 04, 2009 5:38 am
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| Paying your bills on time and paying down your debt to under 40% of your entire credit limits will help increase your score in the long run. |
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winnable
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Subject: Millennium Secured Credit Card
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Tue May 26, 2009 6:02 pm
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There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.
The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.
It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.
Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money. |
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