 HOW can i improve my Credit? |
| I have no credit cards. I have no loans outstanding. I do have a past chapter 13. Paying on al old accounts. So what else can I do to improve my credit..... |
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 I have 16 credit cards.. Is that bad? |
I have 16 credit cards, however, 2 of them are Business Cards (so they aren't even reported to my consume credit report, but instead to a Dunn and Bradstreet credit report?)
I have 14... |
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 When paying off a credit card, is it better to close out the account or keep it open? |
| I got a loan to pay off all my debt and am not planning on using any of the cards ever again. Which looks worse on my credit: keeping the cards open but not using them, or closing them out ... |
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 What happens to an existing car loan if I were to buy another car? |
| I bought a car in 2003 and owe about $8000 on it but am thinking of buying a new one. What will happen to my existing loan if I were to buy a new car? I would still owe that right? Would they just ... |
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 Craigslist Scam? |
| Hey everyone, i sold a phone on Craigslist and a buyer was interested so he sent me an email saying that he would send me a check for $2,500. What i am supposed to do is cash the check, take $200 ... |
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 Can someone give me some suggestions on how to get a collection agency off my back? |
I have a collection agency thats bugging me on paying off my Visa credit card and at the present time, I just don't have the funds or anyway of paying it off...
They keep calling me ... |
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 What is 28% of $200.00? |
| I have a credit card and Iam also trying to figure out how much I will owe If my APR is 28% and my balance is $200.00.... |
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 Credit cards? |
| if i had a credit card, would i be charged interest even if i didn't spend anything on it?... |
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 What is it with all the stuff about paypal? |
have i missed something??
Additional Details
it's doin my head in ... |
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 Are there any credit card companies that will let a 17 year old sign up for? |
Are there any credit card companies that will let a 17 year old sign up for?
If you know of one please leave their website address below.... |
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 I have no credit rating how can i get a credit card? |
| i cant get a card anywhere because i have no credit rating. how can i get a credit rate when nobody will give me credit. what do you have to do!!!... |
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 Aren't credit card companies some of the biggest crooks around? |
| I just went over on my credit card by a few dollars because the company decided to give me a 34 day billing cycle this month. My interest was 181 and I only had 177 available credit. I paid enough ... |
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 How do I pay off $190000 in studen loans? |
| So, when I took out $175,000 in student loans to get through lawschool, pay back didn't seem like it would be a problem. However, I have graduated to a bad market and with substantial health ... |
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 I owe $100,000.00 on 22 credit cards. However, I can't afford to pay them. What legally can they do to me? |
| I know they can sue me in civil court and get a judgement against me for the owed amount plus other fees. I wouldn't even be able to pay the judgements! Will the judgement cause me to have my ... |
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 Are there credit cards for people with bad credit? Where do I get one? |
| My life is more established and I would like to get a credit card. However, I have bad credit, is it possible to get a credit card? Any suggestions...?... |
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 Clearing off credit cards - please help? |
| basically i have a credit card with vanquis bank I have used up my limited of £1000k, i pay off only the interest everymonth of £50, i am planning to pay off £800 the end of this month will my ... |
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| Is a credit score of 551 bad and can i get a car loan with it? |
| is a credit score of 551 bad and can i get a car loan with ... |
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 Do anyone out there think Salute Visa is a Scam??? |
| I applied for this card three months ago and never received any letters of approval or anything, than when I call the customer service reps all tell you something different. I even asked for an ... |
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jeffrey | Why do creditors put so much importance in credit score? |
I mean ok I go to apply for a loan and check my credit score with experian before I leave. Experian says my credit score is a 656. I have no late pays, no over limits on my credit cards or anything of the like, however when I go to the bank the loan officer checks my score with equifax and it comes back as a 565. First of all I know the agency's differ a little but how could this much of a difference be possible I looked at both reports and they have the same information on them. Secondly it pisses me off to no end that a fresh out of college student that had one credit card and a student loan can have over a 700 credit score, when I've had countless numbers of loans, credit cards, furniture store accounts, etc. and I have NEVER in my life been a day late on a payment, and my credit score is a 565 which is seen as "high risk" or "subprime" lending. I mean if they would actually look at my report they would see that I have a good history of fulfilling my obligations........
Additional Details
Yes I have 4 or 5 credit cards that are right at the limit, but I was offered that credit for a reason and I am fulfilling my end of the bargain to the creditor so why is that seen as a bad thing. My question is why do creditors put so much weight on this almight number when they actually should be looking at how people fulfill their obligations to the people that lend them money. I mean with the example i used earlier how is that fresh out of college student more credit worthy than me. I have showed a history of obligation fulfillment and he has not, so what makes him better. |
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Steveo
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Okay, if you want to know what is wrong, I'll tell you. There is absolutely nothing wrong with paying on time. The problem that the credit reports show is that you are overextended. If you were to have an emergency such as being out of work, then you might not be able to meet your obligations.
If you total debt to available credit (outstanding account balances/available credit) is greater than 30%, then one big bill could put you over the edge on your credit.
That is what is lowering your credit score. Check the website below. As you will see, the amount of outstanding debt is 30% of your score. Your payment history is only 35% of your score.
Hey, I'm only the messenger. |
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adsmith50
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It is how they weigh your ability and probability of paying back loans. Also how much money you will be able to pay each month. Also: if you have 4 or 5 maxed credit cards, you haven't kept your agreement by any measure. You messed that up when you got a second one after maxing out the first. After you get those all paid off, you can complain about credit. With having this kind and amount of debt, it tells me that you do not handle your finances very well. |
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CrackBerry Addict
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The reason you score is low is because your cards are near their limit. The debt to credit ratio is the second most important factor in determining your FICO score. When the balances on your cards are high, lenders get the impression you are relying too heavily on the debt. I would recommend not using more than 25% of you available credit spread out across all the cards. So if you have 5 cards with a total of $10,000 available credit, use no more than $2,500 between all 5 cards. |
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Jeff
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Lenders have gotten lazy.
Instead of underwriting loans the old way (actually doing WORK by researching your finances), they just look at your FICO score. |
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Melissa
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A credit score shows someone how desirable they are to a lender, so the higher your credit score is, the more savable rates you are going to get. When you buy a home or car, you're showing with a higher credit score that you are physically responsible and you are going to get a better rate than the person that has a lower credit score, so it is extremely important to monitor and manage that. There are some pretty good sites out there like www.truecredit.com. It is an annual service. It helps people get a handle on their credit rating and obviously helps you prevent identity theft, because it notifies you when something has been added to your credit report. For example, someone who is inquiring about your credit. But a credit score tells you how a lender will feel about lending you money, so the higher the score the better. One thing lenders look for is how many credit cards you have. Some people may have 30 credit cards. Other things a lender looks for: Were you late on a payment? Were you late on your mortgage? If so, your credit card scores go down. You are considered, quite frankly, a greater risk. This debt spiral makes it worse and worse. It does not mean that if you have bad credit, no one will lend to you. It just means that you are going to pay a lot more, perhaps, than the person who has a high credit score. You might be vulnerable to predatory lending because a predatory lender will see that you need the money now, and all of a sudden they are raising their rates. So you have to take it upon yourself as an individual to take control. One thing you want to take control of is how much debt you are using and where your money is going -- inflow and outflow -- because there is always someone out there willing to lend to you, regardless of your credit score. But they are going to charge some high rates and you are going to be trapped in a spiral. So, it's really important to keep track of what your credit score is. Hope this helps! |
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kja63
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That's why we pay cash for everything. Why pay someone else interest? Other than a mortgage, which is for a very high amount of money, there is no reason to be charging up $5,000 (or whatever) and paying someone 18% interest.
People buy $200 items and wind up paying $300 for it and think nothing of it. Y'all are insane! |
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Dont_taze_me_bro
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it evaluates risk |
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inbigtrouble
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it sounds like you are already maxed out on credit with your credit cards and store accounts. I can see why a lender would be weary of giving you money if you already have so much of your income already spent on other lines of credit! |
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Pookie
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You should look at this website: http://www.myfico.com It is from the same group that created the credit system. They give information about how to get/keep a high credit score. |
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wibelle37
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Your credit score is an indicator of *risk* - not of past ability to pay obligations. Statistically, those who have several credit cards that are maxed or near their limit, and/or who have student loans, and/or have multiple credit accounts - those people are the most likely to either default on their accounts or to declare bankruptcy. In addition, someone who has a continual need to apply for loans to pay their bills or to make purchases (credit cards are considered loans for purchasing purposes) may not have a good grasp of how to handle cash flow. Even if you have a good payment history now - you don't know what's going to happen to you in the future. You may lose your job; you may be seriously injured in an accident; or something else may happen which would affect your ability to pay your monthly necessary expenses - rent/mortgage, insurance, car payment, groceries, etc. If that were to happen - not only would you not be able to pay your credit cards bills, but you would also not be able to pay your "needed" bills.
In short - you are in debt, and with a score that low I'd say you're in heavy debt. You have no fall-back plan, and no indication of having one (in case of a catastrophic event that would prevent you from paying your bills). Because of this - your history of paying your bills on time is irrelevant. It's what you *might* do in the future that concerns lenders; not what you've done in the past. |
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achunt
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It doesn't matter... we are all just a number |
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Nubia Q
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goto www.fico.com to learn all about your credit score, and that your score is weighing on your balance to available credit ratio...good is below 50% |
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LeChatNoir
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There is your problem right there, you r cards are right almost at their limits. If you pay them down to at least half each, your score will increase dramatically.
Debt to income ratio is important too. |
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Ted
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You can expect different numbers because each credit bureau uses it's own formula, plus some lenders download the data and apply their own formula.
They don't just make up these numbers and formulas. They are scoring the things that correlate with reliable payers and add points. They are scoring the things that correlate with defaulters and subtract points.
Your history is commendable, but it's only one part. Your current status is important, too. They want to know: "What is your ability to pay?" and "What happens if something goes wrong?" Having a lot of loans means that a lot of your ability to pay is already spoken for. Most people who manage their credit responsibly have a cushion for emergencies. Having your cards at the limit means either (1) you have no cushion and the next emergency like a medical bill or major car repair will send you over the edge into financial trouble, or (2) you have used your cushion because you are already in financial trouble.
A lot of people make their payments on time right up to the point where they go into default and become a write-off. |
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Dancer92
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Its there job. |
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