 Are the creditors going to come after me for credit debt? |
| I studied abroad for a year in England, and had a credit card issued from a British bank. I had 1 pound in balance on my card (that's like $2.00 USD). I've been back in the States for a ... |
|
 Has anyone been through credit card identity fraud?!? |
| I just got notified that there has been a $10,000 cheque withdrawal out of my mastercard that I never made!!! Luckily the bank stopped it. I just want to know how I can protect myself in the ... |
|
 Where's the best place to check your credit score? |
I know a lot of websites offer this service, but isn't there a free website where the govt. allows you to check your score once a year?
Is this safe, or could a computer hacker get in ... |
|
 Am I in position to get new car without going overboard? |
| I owe 2975 on mazda 2002. in bad cosmetic condition, first car, no late payment, no repo, credit score 561. monthly income 1911.00, I want a new car, looking but scared to make wrong decision. should ... |
|
 How can i raise my credit score?? |
| Im 21, i've been working since i was 16 at the same place. I've applied for bank accounts but because i have no credit they wont let me open an account - i have my wages paid into my ... |
|
 If you had a friend or family member with Bad Credit? |
| Would you let them use your Social Security number to buy a car, get a cellphone, get credit cards, or take out a loan? Even if they told you they would pay you back?. People do this a lot because ... |
|
 What can we do about debt? |
| We have alot of debt...around $6 or $7000 dollars worth...We want to eliminate some of that debt but how? what can we do? My husband is military and was wondering if we could get like a VA loan or ... |
|
 Ebay purchase and paypal payment? |
| I purchased an item on ebay on friday evening through paypal and i received confirmation to my email, on my paypal account it reads TRANSACTION COMPLETE & PAYMENT STATUS complete. Another e-mail ... |
|
 Understanding my first credit card?!?!? |
| I currently have my first credit card,and i'm still a bit confused. I have 1,000 of available credit.After i pay my first months payment,or minimum payment does my credit get renewed and go back ... |
|
 Bill Collectors Stop!? |
ok i just want to know how do i stop bill collectors from calling my job??
Additional Details
umm i know that much people this was actually an apartment that i broke my lease cause the ... |
|
 Help repairing credit, what do I do now? |
| I am 23-yrs. old and I am desperately trying to repair my credit. I have paid down all my collection accounts except for two medical bills totaling $1800.00. These two accounts are 4-years old. H... |
|
| What is the best way to build up my credit? |
| I'm 20 and of course I pay my phone bill and rent as well as electric and other utilities. But these obviously aren't helping my credit enough to even be able to consider buying a home. I ... |
|
 Does anyone know if it negatively affects your credit score to apply to too many companies for credit? |
| I have once applied to several different companies in a short period of time but I do not do that consistantly. I have heard though that it CAN affect it because of this reason. What do you think? I ... |
|
|  |
vwbug008 | Building my Credit Score and how the points add up.? |
I am 18 years old and just refinanced my beetle. Now, my mom had to Co-Sign but she has been a loan officer for 10yrs. She pulled some strings and got me a 7.9% interest rate. Now, that is also in my name, so is that going to slow me down on building my score (I have no credit history). Since she is a co signer is that going to lessen my chances of it climbing faster up the credit score ladder? And does anybody know how many points it will go up a month if paid on time and in full?
thanks!! :) |
 |
 
AB
 |
Being a cosigner will help you as much as being alone on the debt. The way that the credit score is calculated, it does not increase each time you make an on time payment. Make sure that you make your payments on time and your credit score will improve. After about a year of paying the loan, you will have a very respectable credit score. |
|
McCain08
|
Credit is built by doing positive and negative things that involve credit.
But don't worry about your credit score just yet.
Your credit score is made up primarily of your payment history, the balance on your accounts, the age of your accounts, the amount of utilized credit on those accounts.
Just pay on time as you go. That is the best way to build credit. Make sure you payments are on time EVERY time. |
|
lnbjameson
 |
There is quite a bit of bad information here. For starters, your credit score is used for more reasons that you being able to get a credit card or a loan. Insurance companies use your score as well to help determine your risk category and, thus, the amount of premium you will pay.
The maximum FICO score is 850, not 900 as mentioned in one answer. The Fair Isaac Company (FICO) developed the algorithm that assigns a "credit RISK score" to an individual. The score represents you ability and willingness to repay loans and make payments on time.
35% of your score is based on how you pay your bills. 30% is based on a ratio of how much you owe versus how much credit has been extended to you. Other factors include the types of credit you have, the length of your credit history and any new credit you have received or applied for.
There are three major reporting companies: Experian, Equifax and TransUnion. Some creditors report to all three; some do not. Each of these companies use a FICO variation based on the information they have about you. Since not all of them may have the exact same information "recorded correctly," your scores may vary from company to company.
There are also specialized credit scores used by various industries. Mortgage companies have a specialized score used for granting home loans, for instance.
My wife co-signed for our son to purchase a car. He made every payment on time until the car was paid off. His excellent payment history was reported in my wife's name and the loan did not even appear on his credit report.
Credit Score Movement: About 25% of credit scores move more than 20 points in a 90-day period.
Starting out, as you are, you need to develop a plan of paying your bills on time every month. That's the best thing you can do to build a good score. |
|
spraynwalls
 |
pay your bills and loans on time. pay off your loans, get a credit card and keep the most you use on it less than 1/3 of the credit limit.
check your credit report once a year for errors. even on co-signed loans. keep out of hock but stay on the radar. |
|
bdancer222
|
The car loan will report on both you and your mother's credit report. Be sure that you aways make every payment on time. If you are late, you will hurt your mother's credit. Paying on the car loan will build a good payment history.
This site explains everything you need to know about credit scores: http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx |
|
Bart W
 |
The best answer to your questions, unfortunately for some, is patience. The total length of time you have proven capable of handling credit is the single most important part of your credit score. If you are interested in building your score, you simply have to take the plunge and start proving you can handle it. Each time you receive credit, you'll take a hit, but steady payments raises the score back up and beyond relatively quickly. For an education, I'd suggest myfico.com. This is the only place on the internet that you'll be able to determine your true credit score, and they'll give advice for raising your score. (you'll have to pay for it, look for discounts at www.creditboards.com)Another component that helps raise your score is a diversity of credit, i.e. mortage, car payment, credit cards, etc. If you're responsible, and I know you think you are, I'd recommend applying for a credit card. Easy way to increase your score, but also an easy way of getting in a lot of trouble. Get a card, use it only for gas and other minor purchases, pay it off each and every month, and you'll see your score increase (again, you'll take a hit initially). |
|
jungleempress
|
your mother's help will help you in the future try to keep your bills paid on time if you can. |
|
Becca R
|
all good answers here. but you questions if your mom co singes if it would be bad. and no it not's it will help you with your credit. but dont let good credit get to your head. just keep track of paying bills on time. and dont ever go over your head. always pay on time. even if its a little |
|
JOHN K
 |
On time payment for one purchase will build your credit up .They will monitor your payment and after 6 month to one years will decide about your score .Every payment on time is a point for your credit history. |
|
Sharon T
 |
You are falling into the Credit Score trap. Forget your credit score. Worry about your financial well-being.
Pay this loan on time or early every month like clockwork. Save part of every paycheck. Don't rush out and get other credit. You need financial stability far more than you need a high credit score. Just don't do anything to damage your credit record.
Order your credit report at annualcreditreport.com once a year to make sure there are no incorrect entries.
|
|
zealot144
|
The truth is, everyone starts with a perfect credit score. ALL scores are expressed for a reason to be less than perfect. The scores begin at 900. When you borrow, this is indication that you have no money and need to get some, so your score goes down. As you repay, your score goes up. The faster you repay, the faster your score goes up. Double your payments on a loan, and your score will rise rapidly.
Any failure to pay any owed amount is an indication that you don't have the money or you don't care, and that brings your score down.
No history either way means you have no score.
as it turns out, credit score is only part of the puzzle (as it should be). Income (how much), employment stability, residence stability are all factors when borrowing. Three good credit cards, used then paid quickly, will give you a good score. But, they may not get you a car loan at a good rate.
I recommend that you pay down the Beetle loan as fast as possible. Also, get a small credit card, use it, and then pay it off. You will get more cards. Use them (for small purchases), and then pay them off. I have seen nineteen year olds with 700 plus scores. They can do what they want, as long as their income supports the loan.
Ask your mom. I'm sure she will agree. |
|
It's Me!!!
 |
it helps to have a credit card.... it does go up every time you make a payment in full...
I got my first credit card in January (a month after my 18th bday) and before that, I also had no prior credit history, either, but every month, I charge what I can on the card... this month was like $140.. but usually it's right around 30... every month I make a payment in full it goes up 50 or 100 points.... my current score is about 700, and I just checked it, too!
before setting up a credit card account, it'd be a good idea to set up some free checking account (I have one at a credit union, I think those are better than banks (because banks have really high interest rates and credit unions don't)) and a job if you don't have those two already... |
|
heybulldog
|
Building credit is the biggest joke of the 21st century.
Yea, the bankers and credit card/ fico score worshipers want you to believe that you need to Build credit to make it in todays world. It's a total load of crap!
If you pay as you go. If you live on less money than you make. You will not have any payments. You will have money and you will not have to worship the great fico. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 27 minutes(s) ago
| | | |
5 | 1 hour(s) ago
| | | |
13 | 2 hour(s) ago
| | | |
13 | 7 hour(s) ago
| | | |
13 | 9 hour(s) ago
| | | |
13 | 11 hour(s) ago
| | | |
13 | 1 day(s) ago
| | | |
13 | 5 day(s) ago
| | | |
13 | 1 week(s) ago
| | | |
12 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
