:::RHMT::: Real Home Made Turbo
General Category => General Discussion => Topic started by: notfastcrx on April 07, 2009, 06:26:12 PM
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ok so i dont know shit about how credit works so if anyone has any info that can help my ass out its appreciated. i had a personal loan out for 5 grand for the past 3 years or so. i was pretty good about the payments, never missed any or anything and its finally paid off.
my credit should be through the roof but i was a dumbass and didnt pay my credit card. the limit was 500, but now its up to about 900 from the late fees and so on. its been about 2 years since that happened. i'm gonna pay that off in full this week. i'm curious how much my credit will go up after that and is there any chance i'm gonna even be able to get another line of credit to get my credit back up to where i can get a small car loan and eventually a mortgage.
i know most of you nigs are smart and can give me some insight. thanks O0 's
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ok so i dont know shit about how credit works so if anyone has any info that can help my ass out its appreciated. i had a personal loan out for 5 grand for the past 3 years or so. i was pretty good about the payments, never missed any or anything and its finally paid off.
my credit should be through the roof but i was a dumbass and didnt pay my credit card. the limit was 500, but now its up to about 900 from the late fees and so on. its been about 2 years since that happened. i'm gonna pay that off in full this week. i'm curious how much my credit will go up after that and is there any chance i'm gonna even be able to get another line of credit to get my credit back up to where i can get a small car loan and eventually a mortgage.
i know most of you nigs are smart and can give me some insight. thanks O0 's
its not going to go up as soon as you pay it off, it will take a few months, and youll probably have a hard time getting any large amount of money.
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Yeah. It's gonna take about 5-7 years for that to not have an effect on your credit. Pay your shit on time. I fucked up when i was younger and it took forever to fix.
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One good payment + One bad payment is not a wash... the bad credit is weighed much more heavily. It sucks, but you could make 50 years worth of on-time payments but miss 6 months and you're credit would drop pretty quick.
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Heh, credit, what a rediculous thing.
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The day you make the final payment on the credit card, do it over the phone with the bank, and tell them you want to pay it off and close it. They'll ask why, and you tell them your limit isn't high enough to merit having it. Take whatever limit increase they give you, and go apply for 2 more dinky credit cards.
I don't fully understand the rating system, or how they offer what to who, but when I started getting $500 credit cards, it seemed even if I didn't use them I was being offered more of them. Then when I had so many banks willing to give me credit, my bank offers me a 50K line of business credit just because. The more banks that are shown to trust you with any amount, the more willing the next bank will be.
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I don't understand it, but my credit is great. I've probably had a balance on the one since I got it 4 years ago, I have three, and always pay on time and in full (last time I had a balance on any of them that transitioned to the next month was like 3 years ago).
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My credit is fucked up too. Pissed me off when they said I would easily get the home loan I wanted (which I asked for more than I needed), if only my credit score was higher.
Someone recommended this site to me here, it's good: www.creditboards.com (http://)
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well the only thing is the card already went to collections. so i'm pretty sure its gonna take years and years to get it into "good" territory
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well the only thing is the card already went to collections. so i'm pretty sure its gonna take years and years to get it into "good" territory
Look up "pay for deletion sample."
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Mine's turning around, my bankruptcy should be gone this year, and I've been paying my shit before I get a 30 late if I couldnt make the payment on time. Bad credit sucks alot more that you realize.
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Alot of it has to do with the ratio of how much credit you have to how much you use. So if you have 1000 in credit but are using 200 of it you would have a better score then someone with 2000 and using 1800 of it, theoretically.
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Yea, basicly keep current, low balances, and don't borrow more than you can afford to pay back and you will be just fine. Also understand just because your limit increased, don't spend like they just handed you money. I learned the hard way.
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well the only thing is the card already went to collections. so i'm pretty sure its gonna take years and years to get it into "good" territory
Look up "pay for deletion sample."
score. that might be my best bet
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no credit here, best move I ever made!
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check this site to help explination: http://ficoforums.myfico.com/fico/ (http://ficoforums.myfico.com/fico/)
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well the only thing is the card already went to collections. so i'm pretty sure its gonna take years and years to get it into "good" territory
Look up "pay for deletion sample."
Wow.
I have a $600 back debt (still in collections, up to $1600 last time I opened a nasty letter) and one late car payment against my credit and that's it. I imagined something like this was possible but frankly didn't know. I didn't pay the debt at the time on principle, now I'm old enough to know I should have bitched until it went away and am willing to pay to have it gone but didn't want to be out a grand plus and still have a credit stigma.
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yeah exactly my point. i dont wanna pay $1000 to get the cc paid off and find out it wont change my credit a bit
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if you call them and ask for a payoff amoumt it will be lower then you owe now :yes:
just tell then you wanna payoff and cancel the card and they will hook you up
i owed $2400 and paid it off for like $1300
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yeah. they'll usually settle for about 40% of what you owe. they want about 400 of my 900 owed. so i'm gonna settle and get it out of the way
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when you make a settlement it hurts your credit, even though your paying the debt.
found that out the hard way
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My "credit" went from jack shit to fuck in about a year. Not paying parking tickets and paying the hospital for fucking you up worse fucks your shit up. Fuck them though. I"m not planning on taking out anymore student loans. I could buy a house in Flint for 2k right now.
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if you call them and ask for a payoff amoumt it will be lower then you owe now :yes:
just tell then you wanna payoff and cancel the card and they will hook you up
i owed $2400 and paid it off for like $1300
DO NOT DO THIS
Call them and pay, you will get a lower amount but it will BARELY help your credit. Paid collection is not much better than an unpaid collection.
First make them validate the debt. Look up validation letters. Send certified, signature required mail.
If they do validate, do a pay for deletion letter. If they don't, it's off your report.
Keep everything documented, keep records of when and what letters you mailed to them. Pain in the ass but you'll get much better results than paying 40% of your debt and settling, with a whopping 5 points or less on your credit score for hundreds of dollars.
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no credit here, best move I ever made!
****cliffs at bottom!***
how do you assume its the best move you have ever made...im guessing you don't have a mortgage? theoretically speaking having credit is good, having a balance or making a monthly car payment raises your credit as long as your up to date and never late, think of it as a vouche, would you buy something from someone with no vouche? or some one you has 10 people behind saying he's a good seller, same as with credit, banks and financial institution look at the same, thing, can we lend john smith 1000$ and he will be able to pay it back?
also credit banks measure debt as a whole, for example, if you have a 1500$ credit card, and you only charged 200$ on it, they will calculate your total possible debt which is 1500$..
cliffs: credit is good, as long as you pay on time!
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no credit here, best move I ever made!
how do you assume its the best move you have ever made...im guessing you don't have a mortgage? theoretically speaking having credit is good, having a balance or making a monthly car payment raises your credit as long as your up to date and never late, think of it as a vouche, would you buy something from someone with no vouche? or some one you has 10 people behind saying he's a good seller, same as with credit, banks and financial institution look at the same, thing, can we lend john smith 1000$ and he will be able to pay it back?
also credit banks measure debt as a whole, for example, if you have a 1500$ credit card, and you only charged 200$ on it, they will calculate your total possible debt which is 1500$..
cliffs: credit is good, as long as you pay on time!
People should put a thing at the top that says *Cliffs at the bottom* :)
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People should put a thing at the top that says *Cliffs at the bottom* :)
fixed! :P
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There's some good information in the fair credit reporting act. You have the right to request they validate the "debt" and the creditor must prove that it is indeed your debt. If they don't, they have to delete it under the FCRA. You can ask them to verify it as often as you want, and they must respond. Send certified mail so you have proof they received it and you can make legal threats if they don't validate your debt.
Don't do anything over the phone. It's entirely undocumented and they can tell you whatever you want to hear over the phone but there's no record binding them to the agreement.
You don't want to pay them without making the report a pain in the ass for them. After you pay the collection, what leverage do you have to get it removed? You use the money you owe them to attempt to get it cleared off your report. If they can't prove it's your debt, it's removed for free. Otherwise, you can basically tell them that they aren't getting shit unless you receive something in writing stating they'll remove it upon payment.
You won't be successful always, but have a much higher chance. Removing the credit line completely is much better than a paid collection.
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This thread prompted me to check my credit since it's been a couple years. I used Experian's website and it's a pain in the ass to call them (they ask you about 5 times if you're sure you want to cancel your membership).
Anyway, it's worth it to know there's nothing on the report that shouldn't be and so I know where I'm at (724 :noel:)
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yeah it never hurts to check, but not too often twice a year or so
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yeah it never hurts to check, but not too often twice a year or so
Don't edit your shit, faggot. I saw where you said you had a 717.
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I only have high 500s. A lot of small, small collections but did its damage. If I could do it all over again...
Anyway I need to take my own advice and get this shit cleaned up. I've been told if I get it to 620 I'd be approved for the 150k I asked for, and I don't intend on spending more than 120.
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I have this artical bookmarked from a while back that gives some techniques in raise you credit score quickly : http://articles.moneycentral.msn.com/Banking/YourCreditRating/how-to-win-the-credit-score-game.aspx?page=2 (http://articles.moneycentral.msn.com/Banking/YourCreditRating/how-to-win-the-credit-score-game.aspx?page=2)
Hope this helps
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no credit here, best move I ever made!
****cliffs at bottom!***
how do you assume its the best move you have ever made...im guessing you don't have a mortgage? theoretically speaking having credit is good, having a balance or making a monthly car payment raises your credit as long as your up to date and never late, think of it as a vouche, would you buy something from someone with no vouche? or some one you has 10 people behind saying he's a good seller, same as with credit, banks and financial institution look at the same, thing, can we lend john smith 1000$ and he will be able to pay it back?
also credit banks measure debt as a whole, for example, if you have a 1500$ credit card, and you only charged 200$ on it, they will calculate your total possible debt which is 1500$..
cliffs: credit is good, as long as you pay on time!
i think what hes saying is he doesnt need or use credit, he is content on what he has. only real reason to use credit is to buy a house, or perhaps if your starting a buisness. i never use credit. just think about the money your wasting on interest rates instead of waiting. sometimes you got to think like a dirty jew and not like a dirty ballin nigger that you are.
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One thing I'm unclear on - is your score calculated per card or total used/available credit?
IE: Are the following scenarios the same?:
A) 10 cards with $1,000 limits each, spending $100 on each card (10% on each card) = 10% total
B) 10 cards with $1,000 limits each, spending $1,000 on one card (100% on 1, 0% on 9) = 10% total
The reason I ask is because I use one card every month because it gives me cash back (about $250 a year), so I tend to use 50% of the limit each month. However, I have a few other cards that I don't use at all...
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One thing I'm unclear on - is your score calculated per card or total used/available credit?
IE: Are the following scenarios the same?:
A) 10 cards with $1,000 limits each, spending $100 on each card (10% on each card) = 10% total
B) 10 cards with $1,000 limits each, spending $1,000 on one card (100% on 1, 0% on 9) = 10% total
The reason I ask is because I use one card every month because it gives me cash back (about $250 a year), so I tend to use 50% of the limit each month. However, I have a few other cards that I don't use at all...
From what I've heard it's better to use small amounts on multiple cards, because it's not good to have open cards that aren't being used. Would probably be good to cut back on the number of cards you have opened and just use one with a high credit limit, or to just spread out your credit usage load. The creditboards forum would probably have some answers.
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I had my credit pulled last month for my home refi, and my middle score was 782, but my wifes middle score was 713, so our loan is based on hers due to the fact were married and hers is the lower of the two. She has to short of credit history. She had never had a credit card/loan untill about 3 years ago when we got a alaska airlines card and bought our house.
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i think what hes saying is he doesnt need or use credit, he is content on what he has. only real reason to use credit is to buy a house, or perhaps if your starting a buisness. i never use credit. just think about the money your wasting on interest rates instead of waiting. sometimes you got to think like a dirty jew and not like a dirty ballin nigger that you are.
There are 2 reasons I use credit: I don't like carrying cash, and I buy lots of stuff online. I've NEVER purchased more than I could afford that exact minute. You also only pay intrest if you don't pay off your card each month. I think I've only paid $20 total in finance charges (intrest), but I still paid the minimum. Credit cards are good for emergencies, but you have to pay that shit off ASAP if you use it as such.
FYI its not a good idea to get too many cards, at least when the total credit limit adds up to a huge amount. Banks usually see that you could possibly spend way too much and get into a big hole.
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As of a year ago I was 719 and my wife was 703...now we're probably higher with our mortgage on there. :)
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credit adjuster buddy o mine told me what he does and what he tells people to do.
have multiple credit cards. use each every month at least once. pay 50% of the total every month (as long as its over the minimum payment). credit companies and the rating system likes to see continued credit that is being used and being paid on time with multiple accounts. use one for gas, one for groceries, one for a hair cut, shit like that. then just make sure you hit 50% up of each one every month. you're credit will go up quickly. at least 100 points in 6 months. NEVER BE LATE. it fucks you hard.
this is something i did that took my 410 to a 590 within a year, and i still have shit in collections.
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I just checked mine for the 1st time. Although I only got the 'new' numbers, so its somewhere from 720-740 (856 vantage score). Not bad considering I use it just as plastic cash and never had a loan. All I've done is use my cards for virtually everything, and pay it off each month. I was late 3-4 times by a day, which I'm told doesn't count as long as its infrequent. I have 2 'real' cards, some store card w/micro limit, and one hooked to my parents. So just use ur cards and always pay your shit on time - at least always pay the minimum.
I don't think I've ever been over 50%, I couldn't even afford that in a year. School sucks up all the time I could be making $$$. :-[
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I've learned from buying my house that credit is a massive massive scam.
The ONLY way to know what your true credit score is, is through myfico.com. Go read up on there forums for anything and everything about credit. Those people know about everything there is to know about building credit and staying out of debt.
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Contrary to what people think, you can have too much credit.
it's better to have 1-2 cards with higher limits, then a shitload of cards.
Inquiries on your credit Bureau aren't a good thing. Everytime you apply for a card, loan or any kind of credit (even a cell in some cases) it shows up as an inquiry on your Credit bureau. The only items that don't adhere to this rule are Houses and cars. They know you will shop these items, so they are only registered when a purchase is made.
You look bad when you apply for credit all over.
I have 1 CC with a 10K Limit and a line of Credit with a 10K limit. I completley fucked my Credit when i was younger with.....and wait for it....
A library book.. Didn't return it, moved, Library claimed replacement @ $300 and it went to collections.
I am just coming out of a Fiasco with an ex GF that Damaged my credit pretty good. for the last year I haven't bought a fuckin thing unless I have the cash.
Credit isn't repaired quickly. The first thing banks will look at is a Debt Serive ratio. How much you owe vs. How much you make. I forget what % they consider normal, but I beleive it's around the 40-50% range... I had a time 6 years ago when I was making payments on a condo, an M3 and a new Mini Cooper.. debt service ratio was over 100%.. and I was making good money at the time.
take it from someone who has been there... live well within your means, you will be happy later in life that you did.
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Banks wanna see 60% debt to income ratio, at the lowest. Meaning, you should have more at the most 40% debt. If you bring home $100 a month, $40 of that should be to pay BILLS. Bills = utilities (phone/internet, etc) and credit cards/loans. $60 should be in your pocket for the necessities. Everything you have a credit out on will show on your fico report. Utilities included.
I researched the shit out of this stuff while applying for my home loan. Again, that myfico.com website will teach you a lot of shit you will say WTF!!!
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Banks wanna see 60% debt to income ratio, at the lowest. Meaning, you should have more at the most 40% debt. If you bring home $100 a month, $40 of that should be to pay BILLS. Bills = utilities (phone/internet, etc) and credit cards/loans. $60 should be in your pocket for the necessities. Everything you have a credit out on will show on your fico report. Utilities included.
I researched the shit out of this stuff while applying for my home loan. Again, that myfico.com website will teach you a lot of shit you will say WTF!!!
Yeah, 30-40% is about the highest you want to go.
I have maybe 5-10% debt/income depending on how much i use my CC, but my credit score is what's holding me back due to past collections.
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yeah, maybe I worded it bad. 40% debt is a lot of debt, in the eyes of a bank.