Topic: my credit blows (Read 16671 times)

notfastcrx · « **on:** April 07, 2009, 06:26:12 PM »

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

's

Corey · « **Reply #1 on:** April 07, 2009, 06:29:09 PM »

Quote from: notfastcrx on April 07, 2009, 06:26:12 PM

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 '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.

biscuit · « **Reply #2 on:** April 07, 2009, 06:38:56 PM »

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.

Kenny Rogers · « **Reply #3 on:** April 07, 2009, 06:49:46 PM »

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.

LS1pwNzJ00 · « **Reply #4 on:** April 07, 2009, 07:00:25 PM »

Heh, credit, what a rediculous thing.

Stealthmode · « **Reply #5 on:** April 07, 2009, 07:03:51 PM »

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.

Sinister · « **Reply #6 on:** April 07, 2009, 07:29:08 PM »

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).

Jorsher · « **Reply #7 on:** April 07, 2009, 07:33:00 PM »

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

notfastcrx · « **Reply #8 on:** April 07, 2009, 07:49:08 PM »

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

Jorsher · « **Reply #9 on:** April 07, 2009, 07:52:37 PM »

Quote from: notfastcrx on April 07, 2009, 07:49:08 PM

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."

Conceptz-X · « **Reply #10 on:** April 07, 2009, 08:05:58 PM »

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.

xpert787 · « **Reply #11 on:** April 07, 2009, 08:15:40 PM »

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.

Conceptz-X · « **Reply #12 on:** April 07, 2009, 08:25:25 PM »

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.

notfastcrx · « **Reply #13 on:** April 07, 2009, 10:29:39 PM »

Quote from: Jorsher on April 07, 2009, 07:52:37 PM

Quote from: notfastcrx on April 07, 2009, 07:49:08 PM
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

crttaz · « **Reply #14 on:** April 07, 2009, 10:40:31 PM »

no credit here, best move I ever made!

92CXyD · « **Reply #15 on:** April 07, 2009, 10:47:32 PM »

check this site to help explination: http://ficoforums.myfico.com/fico/

Joseph Davis · « **Reply #16 on:** April 07, 2009, 11:39:19 PM »

Quote from: Jorsher on April 07, 2009, 07:52:37 PM

Quote from: notfastcrx on April 07, 2009, 07:49:08 PM
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.

notfastcrx · « **Reply #17 on:** April 07, 2009, 11:54:35 PM »

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

1slow91hf · « **Reply #18 on:** April 08, 2009, 12:32:54 AM »

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

notfastcrx · « **Reply #19 on:** April 08, 2009, 12:39:22 AM »

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

Corey · « **Reply #20 on:** April 08, 2009, 02:41:57 AM »

when you make a settlement it hurts your credit, even though your paying the debt.

found that out the hard way

bluerex · « **Reply #21 on:** April 08, 2009, 03:08:23 AM »

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.

Jorsher · « **Reply #22 on:** April 08, 2009, 11:07:09 AM »

Quote from: 1slow91hf on April 08, 2009, 12:32:54 AM

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.

bizzy911 · « **Reply #23 on:** April 08, 2009, 11:09:43 AM »

Quote from: crttaz on April 07, 2009, 10:40:31 PM

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!

patsmx5 · « **Reply #24 on:** April 08, 2009, 11:15:03 AM »

Quote from: bizzy911 on April 08, 2009, 11:09:43 AM

Quote from: crttaz on April 07, 2009, 10:40:31 PM
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*

bizzy911 · « **Reply #25 on:** April 08, 2009, 11:22:50 AM »

Quote from: patsmx5 on April 08, 2009, 11:15:03 AM

People should put a thing at the top that says *Cliffs at the bottom*

fixed!

Jorsher · « **Reply #26 on:** April 08, 2009, 11:26:32 AM »

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.

Kenny Rogers · « **Reply #27 on:** April 08, 2009, 01:32:14 PM »

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

)

bizzy911 · « **Reply #28 on:** April 08, 2009, 01:35:39 PM »

yeah it never hurts to check, but not too often twice a year or so

Joseph Davis · « **Reply #29 on:** April 08, 2009, 01:41:08 PM »

Quote from: bizzy911 on April 08, 2009, 01:35:39 PM

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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Author Topic: my credit blows (Read 16671 times)