 My cousin has been trying to get a credit card for the past few months, only to get rejected....? |
| She has no credit history, so its not bad credit nor is it good credit. What is the best way she can obtain a credit card, where can build on her credit? I remember when I was in college, they had ... |
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 I am in debt, should I ignore those creditor and collection calls; file bankruptcy; or try to repay the debt? |
| I am a 24 year old in California that is currently unemployed. I am a full-time student and have less than $1,000 coming in every month. I have around $15-$20k in unsecured credit card debts that I ... |
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 What is the best company/solution to consolidate my credit card debt with? |
| If I do not have a perfect credit score and I am past due in some credit cards what is the best company to consolidate debt with so I can make one payment?... |
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 How good does your credit score have to be...? |
| to get a $30,000 unsecured credit cosolidation loan with a decent interest rate? I dont want to start applying for loans if I dont have a chance.... |
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 What other things might stop me from obtaining a credit card? |
I'm both upset and confused.
My credit score isn't bad.
I've not lost a days work in 8 years.
I'm pensioned from the military.
I own my own home.
I can... |
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 My friend just turned 18 and wants to know how to get her own credit. how can she get her own credit? |
she wants to know how to get her own credit so she can get a new/used car and credit cards and such.
Additional Details
besides just getting a job ... |
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 Can Creditor remove derogatory information from credit report if you make a deal with them to pay the balance? |
| I have an old balance not payed on an acount listed on my credit report. I'm willing to pay it only if the creditor will totally remove the derogatory information from my report. Is this even ... |
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 How can i build up credit? can i get a credit card? |
| i started my credit with my cellphone but i've only had it for 6 months now and me and my husband are looking forward to buy a house but no one won't even rent us an apartment i was ... |
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 I have no credit and want a credit card but don't want to have to prepay for one. Know of one who'll accept me |
| I've tried capital one and they didn't approve me. I tried orchard bank and they wanted me to prepay for one. I don't want to do that. Know of one that will approve me and is actually ... |
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 How do I stop my mom from giving me bad credit? |
| She's been using my ssn to open accounts, and I don't think she's been paying any of the bills! I just got a letter from Sprint(in my name) and I remember we had Sprint a while back, ... |
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 Should i get my daughter a a visa card? |
| my daughter receives an allowance of ten dollars every 15 days and she either cant keep track of it or spends it as soon as she gets it. this happened with my other daughter so i got her a visa card ... |
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 What decision do I do with a money decision? |
| I am getting a good deal of money soon and I want to put it on a credit card bill and get rid of that bill and it would illiminate a 50 charge of interest a month. My fiancee' wants me to pay ... |
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 Is a walmart credit card a good stepping stone to getting a regular credit card? |
Hi, My husband are trying to build our credit score, we've always paid all of our bills on time and he has a good paying job (three years) we have no debts and 4,000 in savings
and we were ... |
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| A friend of mine unfairly denied sale. who is at fault? |
| my friend went to buy something from a shop. He then handed over his credit card for payment. The cashier questioned him that the card isn't signed in the back, so he cannot accept credit card. ... |
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 What do you do when someone stole my social security number and used it to get loan in my name? |
How do I go about in getting that off my credit record and not having to pay for that loan.
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Well this happen like 5 years back I just noticed it on my record... does ... |
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. | Could some please explain a little about establishing good credit? |
I really don't understand credit scores --- I don't have a credit card or anything -- could some please explain a little about establishing good credit -- what's a good credit score and all that stuff -- thanks
Additional Details
the only type of card I own is an Instant Cash Card but I haven't activated it yet... |
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gtofinancial.tomvoli
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I wrote 2 articles on how to evaluate your score and how to establish good credit.
Hope this helps: |
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Me, Myself & I
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It's good to establish credit but don't overdo. Open up one major credit card like Visa, American Express or MasterCard and make sure you pay the entire balance as soon as you can by making the minimum payments on time each month. You need credit when you travel to hold a hotel, rent a car, etc. One credit card is good to have in an emergency like car repair, etc. |
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madkins007
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Your credit score is a number that is made up by the various credit reporting agencies. it is largely subjective and based on guesses and patterns.
The idea is that they can look at your credit history and change it to a score that other people in the business of offering credit can read and understand.
Every time you borrow money in any way, you have obtained credit. The credit score is largely a guess at how well you'll pay it back.
Pay a decent amount ON TIME every month- not the minimum, but not totally paid off and you'll get a good score. Every month you keep this up, the score will improve.
Get a lump sum of cash from somewhere and pay a bigger loan off? The score will drop a bit because so many people who do this go on to get in credit trouble later (the classic lottery winner who then looses everything and goes into bankruptcy is an extreme example.) A lot of odd events hurt your score- taking out a credit card without using it, for example. Asking about several loans without taking any out and so on can as well.
Late payments hurt the score badly, but the numbers come back every month it is back on track. Rouhgly 6 months later, the late payment is forgotten if the others were on time.
While it is easy to hurt your credit score, there is really only one thing you can do to help it- take out a loan and pay it off in a timely fashion.
We can use this to help build our own credit by getting a small bank loan and paying it off over time (ideally being able to pay it back in full at any time.) Using store credit for something you can pay for out of pocket will help also.
(Just be careful of the 'no interest' trap. If they say '1 year pay no interest', the interest starts collecting the day you buy it- and if you pay it off in that year, you owe no interest. At 1 year and 1 day, however, ALL of the accumulated interest is now due!)
Credit cards do not help you in any special way, and can hurt you in a lot of ways. Go ahead and use them if you must, but do some research on the 'smart ways' to use them. |
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Shelly B
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Credit score is the system in which creditors use to determine if your a credit risk or not...the lower the score...the less chance you have of getting a loan or buying a house..etc. establishing a good credit rating (over 700) will help you get better interest rates when you purchase a house or a vehicle or anything you buy on credit. I would suggest you start small...Apply for a credit card from your local back. Make small charges, and pay the balance off monthly. This will begin to establish your credit score. When your credit becomes established, you'll probably start receiving credit card offers in the mail....WATCH THE FINE PRINT! Some of them will charge high interest rates, some will even charge an activation fee, a monthly fee in addition to interest, or an annual fee.....check out the daveramsey website the other answer listed....your credit score is established by making payments on time! so, don't be late!! |
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Kevin K
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Go out to myFico.com and take a look at "Understanding your FICO score".The process of looking at credit has basically been boiled down into a number, which decides if you are a good risk or not.
http://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf |
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peedeesuave
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http://www.daveramsey.com
This guy is GOOD!
You can find the station in your area or listen online.
He wants you to win! |
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mortgageadvisorpa.com
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The most widely used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. (and they're named after their inventor!). Your FICO score is between 350 (high risk) and 850 (low risk).
Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount, or demographic factors like gender, race, nationality or marital status. In fact, the fact they don't consider demographic factors is why they were invented in the first place. "Profiling" was as dirty a word when FICO scores were invented as it is now. Credit scoring was developed as a way to consider only what was relevant to somebody's willingness to repay a loan.
Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or reestablishing a good track record of making payments on time will raise your score.
Different portions of your credit history are given different weights. Thirty-five percent of your FICO score is based on your specific payment history. Thirty percent is your current level of indebtedness. Fifteen percent each is the time your open credit has been in use (ten year old accounts are good, six month old ones aren't as good) and types of credit available to you (installment loans such as student loans, car loans, etc. versus revolving and debit accounts like credit cards). Finally, five percent is pursuit of new credit -- credit scores requested.
Your credit report must contain at least one account which has been open for six months or more, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score.
You can also read my article on the subject of Credit Scoring & Credit Repair. http://users.search-o-rama.com/Article106293.htm |
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Martha
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A credit score is basically a measure of how much debt you actually have vs. how much debt "they" think you're capable of sustaining (where "they" is whoever calculates these things).
To put it into more concrete terms, if you have three credit cards with a total credit limit of $2500 but you only have a balance of $10, then you have $2490 in credit available. If you owe the same $10 but only have one credit card, with a credit limit of $100, then your available credit is $90. Obviously, the former situation will result in a higher credit rating.
Calculating credit scores is actually a lot more complicated than that, and I'm not sure if all parts are even made public. But to get a good credit score, basically you need to show that you're capable of sustaining more debt than you actually have. |
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GabesMommy
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Basically, credit scores work this way. The more debt you have compared to your credit line, the lower your score. Let's say you have a credit card with a $5,000 limit. You have $4,999 on your card. Your credit score will be lower than someone who has the same credit line with $100 on the card. Other things factor in too, like whether you overdraw your checking account regularly, if you've ever been reported to a collection agency for payment of bill, things like that. In order to get a good credit rating, make sure you pay down your credit lines as much you can. Double payments are useful for getting back on track. |
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