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how to apply this information in real life?

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james



Joined: 07 Sep 2006
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Posts: 2



175 Magic Points

Subject: how to apply this information in real life?
 
Posted on Thu Sep 07, 2006 5:34 am  

whenever i surfed site regarding credit score improvement. I found ths information on many sites.Can anyone tell how it can be implemented .

* 35% punctuality of payment in the past
* 30% capacity used, i.e., ratio of current revolving debt (e.g. credit card balances) to total available revolving credit (e.g. credit limits)
* 15% length of credit history
* 10% types of credits used (installment, revolving)
* 10% amounts of credits applied for in the recent past

thanks
Richard
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Richard

Joined: 27 Jun 2006
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Posts: 120



26412 Magic Points

 
Posted on Thu Sep 07, 2006 5:37 am  

welcome james


These are some points to apply above information in real life to improve credit score.

1) Always make your payments on time, if you can’t make a payment on time, do NOT take more than 30 days past the due date. Credit reports do not track payments that are less than 30 days late. As you can see, making your payments on time accounts for 35% of your credit score.

2) Do not carry a balance if you can avoid it, keep a low balance otherwise. The closer you get to the limit on your credit cards, the worse the 30% of you score allotted to capacity gets.

3) Play the waiting game. As you can see, 15% of your score is about how long you have had your accounts in place. There is nothing you can do about this 15% except get some credit and make your payments for a while.

4) Try an get some installment credit as well. Creditors see credit cards as dangerous when you apply for credit. I like to call this the ‘run for Mexico’ factor: If you decide to cut all ties and run for Mexico, you can draw out the available balances on all your cards and head for Tijuana. If you have installment credit, all you can do is stop making your payments. If your local bank will make small loans, look at taking out a small personal loan (maybe even offer cash collateral if they consider your credit history to be too new), then just make your payments. If you need a vehicle a small vehicle loan also counts for installment credit.

5) Don’t apply for every offer you get in the mail or at a department store. The more applications for credit you make, the lower your score can get. This once again can be the ‘run for Mexico’ factor: creditors have to wonder if you are applying for a lot of stuff just to build up a wad of cash and try to disappear (or at least more than you can afford, making you look less responsible).

Anyway, to answer your question directly, I would say prompt payment is better than building up a balance on a credit card, but also look at getting a small installment loan (even $500) to help show some installment credit.

Regards
Richard
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Posted on Thu Sep 07, 2006 5:40 am  

Thanks Richard
Your reply is quite useful for many people.
Laura

Laura

Joined: 21 Jun 2007
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36459 Magic Points

 
Posted on Mon Aug 13, 2007 5:30 am  

Hi Brenda,

What are you looking for? May be we can help you.
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Laura.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1916 Magic Points

Subject: credit
 
Posted on Thu Aug 23, 2007 8:57 pm  

That information WAS helpful!!! It kind of gives me a 'insight' on what lenders look at, when they look at my credit. Thanks!!
Laura

Laura

Joined: 21 Jun 2007
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36459 Magic Points

 
Posted on Fri Aug 24, 2007 4:29 am  

Yes and well it tells a lot about how to improve your score as well. You are on a mission right? Very Happy
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Regards,
Laura.
sdchargers_63

sdchargers_63

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1916 Magic Points

Subject: credit
 
Posted on Sat Aug 25, 2007 12:55 am  

Hey, Laura!!...Being in the military, I'm ALWAYS on some kind of mission!! LOL Yep...this info does help. Thanks.
rally
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Subject: preproved gredit cards
 
Posted on Fri Oct 26, 2007 3:45 pm  

hai my question is when i pull my report ,i saw alot gredit request pulled wit out my permission .is this even legal and is it reflegting my gredit score .thanks rally
Laura

Laura

Joined: 21 Jun 2007
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36459 Magic Points

 
Posted on Sat Oct 27, 2007 6:36 am  

Pre approved credit requests are not illegal. They do not affect your credit. Only hard inquiries affect your score which drops five points each inquiry.
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Laura.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1916 Magic Points

Subject: credit
 
Posted on Sun Oct 28, 2007 1:09 am  

EVERY time there is a 'hard' inquiry, your score drops 5 points??!! I din't know that...OMG!! That can really 'add up'.
Laura

Laura

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36459 Magic Points

 
Posted on Mon Oct 29, 2007 6:34 am  

Yes this is true. Hard inquiries affect your score by minimum 5 points. I dont know if it increases with the kind of inquiry.
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Regards,
Laura.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1916 Magic Points

Subject: credit score
 
Posted on Tue Oct 30, 2007 11:08 am  

WOW!! That's ALOT of points, if you have several inquiries. Goodness!! Then...it would take awhile to try and RAISE your credit score again. Thanks.
Laura

Laura

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36459 Magic Points

 
Posted on Thu Nov 01, 2007 7:14 am  

Thats true. That is the reason why we should refrain from applying for too many credits at the same time. Too many hard inquiries follow a realtime dip in the score.
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Regards,
Laura.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Sat Nov 03, 2007 8:33 am  

It seems, sometimes, that's how some individuals will 'judge' others.....by how good or bad your credit is. Just from experience.......if your trying to get your 'life together', and your credit score is low ( however, you're working at it), it just seems no one is willing to help, when 'times are tough'. Make sense?
Laura

Laura

Joined: 21 Jun 2007
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36459 Magic Points

 
Posted on Sat Nov 03, 2007 8:57 am  

I will never expect anyone to help me. I have to be the greatest help ever for myself. If we can take this approach in doing a lot of things, in fact everything we can prove how powerful we are. This forum is for making people knowledgeable so that they can help themselves out of a situation which an unaware individual wont be able to do.
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Regards,
Laura.

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