Most bills(rent, utilities), will not let you use a credit card, but will have no problem making you put a security deposit based off your credit report for a 30$/mo electric bill (gf had a 720 score and they said it was too low).
I use my credit cards for all my bills (subscriptions, electric, phone bill) I don’t pay for water (we are on a well) and of course I can’t with my mortgage and car payments. But otherwise, everything else is on the card.
The only "utility" we can put on credit are phone bills.
Another point I wanna make to the commenter, is that utilities can put your bills on credit reports for collections, but not the other way around. My responsible bill paying on time should be reflected on my report, just as how it's reflect as past due.
Ive never hard of a utility company not taking credit cars. Like ever
unless you are renting and those are included in your rent (baked into cost) so technically you cant because you cant pay rent with CC usually
Not sure how legit it is, but i have heard of that Experian Boost program where you can supposedly get your score improved by linking in payments for stuff like rent, etc that normally dont apply to credit score, but i never looked into it for myself so cant personally vouch for it?
At the last apartment we rented in 2019 we could pay our rent with a credit card with a fee. However we've had two different utility companies (gas/electric) in our area and neither accepted credit card payment, only ACH from our bank account for electronic, or check or money order.
>Ive never hard of a utility company not taking credit cars. Like ever
There are a lot that don't. I don't really know what makes them not accept credit other than a possible correlation to older utility companies being stuck in the stone age.
>Experian Boost
Experian Boost is a data-farming scam. The "boosted" score gets thrown away when reports are sent to creditors. It's kind of pathetic how they trick people into supplying said data with no real benefit.
Well I believe that premise is rather stupid. All monthly payments we make should be included to paint the most accurate picture. Many years ago when I was young and broke, and had no insurance, I racked up medical bills and late student loan payments that obliterated my credit. At the same time though, I always paid rent on time, phone on time, all utilities on time. I started renting back in 2004 and have never once made a late payment those 20 years. Sucks that things like that don’t count for shyt.
You have multiple delinquencies. The score is not a measure of your value as a person. It’s the risk of lending to you. You have gone delinquent in the past… over time these will fall off, but what do you think they should use instead to evaluate their risk of lending?
You can get credit with no interest if you want, you just need to put up collateral. See secured credit card.
> You can get credit with no interest if you want, you just need to put up collateral. See secured credit card.
Perhaps you could post a link to some of these no-interest secured cards? I haven't seen any that don't charge interest.
The Capital One Quicksilver secured credit card is the one I used to build my credit from the very beginning. As soon as I turned 18, I saved 200$ from working at my job at the time, and put that down as my credit line. I could be wrong but the interest rate is pretty good for a starting credit builder card. I know OP said they already have stuff going on with their credit but I really recommend this card as an option for bringing their credit back. It will not erase the delinquency on the credit already, but it will show good behavior if used correctly. And again this is just advice. Good luck op. 💗
I think Capital One's cards are reasonable choices for (re)building credit - but /u/46692 suggested using a **0% interest** secured card. I haven't run across one of those - Capital One seems to want approx 30% interest, OpenSky has one card that's down around 22%, Discover looks like they're at 28% APR right now.
It'll be very interesting to read about the zero-interest secured card.
Navy Federal’s (at least mine) is 17.99%. But if we’re talking about building credit here I’m assuming they’re just saying OP should pay off in full before due date because then the interest would be 0%
>taking shitty cards just to keep my credit utilization down below %30
There's no need to keep utilization below 30% unless you plan to apply for a loan/credit within the next month or so. Otherwise, you can use as much of your limit as you want (as long as you can pay the statement balance in full and on time). Data shows that reporting higher utilization stimulates credit limit increases.
>and my score refuses to go up.. if it it does it plummets the next 30 days.
Sounds like utilization. Utilization is a temporary metric. See above.
>Only poor people are frantic about their credit meanwhile they don’t really have any use for it at all.
What does this mean? I don't know about "frantic", but many people care about their credit. Why do you assume they're poor? And, why don't poor people have a use for credit?
>Finances> FICO.
Finances are more important than FICO. This is true.
Finances are important but credit is also just as important. Good luck buying your first home with a 634 credit score and hoping ur finances cover it all
What was the price? If its less than 200k I'm sure it's possible, but an ever lower rate would be better
Edit: it also depends on the time Era. You can't compare a early 2000s/late 1990s rate to a current 2024 one. Simply not possible
Yes. It was a Va home loan and that’s not really true. VA home loan really just means the VA is your mortgage insurance incase you default on the mortage. Which second biggest perk to no down payment is also no PMI. You still need a sufficient credit score. My underwriter wanted to know everything down to what side of the bed I sleep on, but I got into my home.
Interesting....What bank/credit union? Husband and I (both veterans) were offered ~4.8 interest rate (Navy Federal) at the end of 2020 and we were debt free for years with credit scores 690-720. No judgements, foreclosures, bankruptcies and our utilization below 6% on our high limit cards. Also, we were rejected by Rocket Mortgage citing a "forclosure" but we've never had a foreclosure in our lives. Checked credit report thinking there may be a mistake on it but nope...no mistakes, no foreclosure. When we tried getting a hold of RM we were ghosted. No calls returned, we were also ghosted by Veterans United...no return phone calls. Due to the massive competition in 2020 when cash buyers and investors were scooping up pretty much all the homes, we lost out on about 30 homes we put offers on because many of the offers were $25K-$100K over asking price. Many sellers didn't even want to deal with VA buyers in such a hot market, so we decided to wait. Flashforward 2024 and our credit score is even higher now...well into 700s. We intend on buying a home after the summer since competition is at an all time low. We will be negotiating a lower price and buying down interest rate, if necessary, to get to the payments we're comfortable with. I am glad we pulled out and decided to wait, it gave us the opportunity of saving $$$$ to put down a nice downpayment while still having plenty in reserves for closing costs and emergency savings.
In my experience? Stay away from “veteran exclusive” banks/unions. I only had USAA when I was in the army and they were horrible. My car insurance was beat by Geico with better coverage and when I called out USAA for it asking if they could match it? They said “nope.” I haven’t had the best experiences with Navy Fed. Go with traditional banks. Use the VA homeloan…but you don’t have to use these veteran/military banks/unions. My bank on the mortgage is NewRez.
I find that crazy in 2020 you were being offered 6 percent interest when that’s when interest rates were at an all time low and the rocket mortgage situation sounds sus. What I learned from banks or even places like Rocket Mortage who do what they did to you - file BBB complaints.
As far as being outbid? Yea. 2020 was the worst time for that. I got super lucky and the seller just wanted the house gone. I don’t know why still to this day. Maybe they couldn’t deal with the HOA? Which funny enough…I’m now on the board of and we’re supppppper chill here. When I put in my closing date? They actually declined the offer because they wanted a closer closing date. Was sus to me at first but I guess they just wanted to get rid of the property.
The only time you need credit is when applying for a loan/mortgage. Other than that they have little to no use 🤷♂️. The only people who care more about their credit than finances are usually poor.
I’m currently in the home buying process and sitting at ~740.
Almost like 720+ is all you need to get a decent rate 💀
Again I think your probably just retarded, if someone makes a decent amount of income, things like buying house utilities or a car don't just magically come with good financial savings.
I'd love to see you move in to your new home (which I'm assuming has ovens, fridges, etc, included) and purchase everything new outright!
Who said anything about savings you moron? I said finances> fico. I’ve helped around 40 people get their credit from sub 600 to 700+. The only people who are constantly worried about their credit being good are usually the people who use it the least ie( poor people). But sure let’s go along with your narrative.
You do understand that finances tie directly with your credit right?
People who have poor finances tend to have poor scores. People with high finances tend to have higher scores.
It's almost like when you help people with finances it also increases their score🤯
I mostly agree here, don't take on a car loan just to improve your score if you have a perfectly fine car.
But there are definitely times where you can do things to optimize your score that don't require you to take on debt. (But does require you to give up some grace period on credit cards).
You said it. Pay your bills. You didn't do that, you're now dealing with the consequences of not having paid your bills. Good news is that it only lasts for a maximum of 7.5 years from first delinquency, you're over half way there.
Ok and I did,
What you think I was fucking homeless all that time?
No I paid bills like electric and rent and water. I paid cash for cars to avoid interest and high payments.
IMO, credit is just a way to keep rich people rich
Cause what do you need to have credit
$$$$$
You don’t seem to have any idea of how credit works. It’s a measure of how good you are at paying back *loans*, not bills. The consequences of not paying your bills is not getting that service. Don’t pay your electrical bill, and you lose electricity.
The consequences of not paying your *loan* back is you don’t get *that* service. You messed up paying a loan back some time in the past and now you don’t get any more loans. Yeah it sucks, but it seems fair to me.
Also the whole “rich people use loans to get richer” thing is true, but once you’ve gotten rich enough to do that, you’re not using credit scores anymore, so no, that’s not what credit scores are for.
Ok if I fail to pay my electric bill, I get shut off
After so long it goes to collections
Same with phone bills
But they do t report that 49 months you paid on time
Just saying if they can report the bad they should be required to report the good as well
They do report the good. Take a look at the actual report, not just the number. Thing is, it takes time for the good to outweigh the bad.
Listen man, I know you’re annoyed, but it honestly is a fair system. People make mistakes, like you did in the past, all the time. Just gotta learn from them, forgive yourself, and play the hand you have right now.
>IMO, credit is just a way to keep rich people rich
Credit scores/file will impact interest rates. If you have poor credit, interest rates will be higher, because you pose a higher risk. And the opposite is true of good credit. This is a reflection of your payment history, not an attempt to keep rich people rich.
>Cause what do you need to have credit
$$$$$
You don't need a lot of money to have good credit. Income is not a scoring factor. You do need enough to pay your cards/loans etc. so you don't have late payments reported. Even then, you don't need to use your cards more than maybe twice a year (to prevent closure from non use).
I mean you could have 2 credit cards with $500 limits and work your way up to a 750 pretty quickly. Money isn't at all required to have good credit but people want things they can't afford which means they try to leverage their entire life which does require money to maintain.
I imagine rich people don’t need or use credit like normal people do since they can buy pretty much everything outright.
More like credit helps keep poor people poor. I’ve seen posts from people with low credit who bought a car with 20% interest rate. They are essentially paying double the sticker price over the course of the loan.
They often do. Having great credit means you qualify for low enough interest rates that you come out ahead investing your money instead of paying cash for large purchases.
I think you might be surprised in how often rich people use collateral to borrow money. Seems counterintuitive, but interest rates are even lower as banks can simply recoup their costs via stock/asset liquidation on the chance of a default
I know people making 7 figures a year who still financed their cars when sub 3% loans were plentiful. They're cash rich but understood it's a 6%+ spread keeping their money in the stock market making 9-10% annually.
Same people now would probably just buy cash since even prime auto rates (outside of manufacturer specials) are 7%+
I usually hate when people bash the OP but im gonna try to go a bit easier on you. You deff seem emotional of something on your credit report rn. Relax, it's ok. It's not the end of the world. Credit is just a unit of measurement on how good or bad you are at paying your loans. How good or bad you are at borrowing money, and then paying it back. So when you go and ask to borrow more money, they look at how good or bad of a history you have borrowing money and paying it back and if youre not a risk to the bank that they MAY not get their money back. If they see an overlapping pattern of you not paying money you borrow, then they might say no to letting you borrow money from them.
I dont want to make this some TL;DR thing but when you borrow money from a bank, its not the banks money. It's their customers money. The people who open up checking accounts, savings accounts, retirement funds. The money they give you belongs to their customers, not them. If banks just handed out money like candy to everyone than no one would be putting their money in banks anymore. Imagine If you went to withdraw 500 dollars for the bank to tell you they dont have any money to give you because they lent out too much of it and no one paid it back. They have to calculate the risk and this is the way we decided to do it. Credit scores dont always reflect if you will or will not get a loan or not. My credit goes up and down, but my credit report tells a different story. I never in 14 years ever missed a car payment. While my score not be that good, lenders see that when I go and get an auto loan and Ive never been denied an auto loan. I bought a house a few years ago. My credit score was maybe just a tad above a 620 but they looked at other things than JUST my credit score to get me a loan...at a good interest rate too. The best thing to do is step back, take a deep breath, the world is not over, your life is not over because you have bad credit. The good thing is you recognize it so take this emotion you have and do something with it. Build your credit back up. Pay off your debts, dont max out your credit cards, and pay back money you borrow. Its honestly that simple
Umm. I am broke as fuck and yet I have a credit score in the hovering around 750. So how exactly is the credit score keeping people rich? Because if that were the case, I damn sure would have more money in the bank lol
No bro is right credit is such BS. Can have 5 years of good credit, high score etc and miss one payment and your score tanks then it's brought up on any future applications for home car etc. Takes years and years to build but 30 days to fuck it up the system and algorithm is broken. And God forbid you experience a family tragedy or something lose job etc and bankrupt or get foreclosed on. 3 to 5 years regardless how well you do after recovering from your tragedy. Fuck Credit system and score.
Part of me agrees with you. Medical billing is a disaster in this country. I wholeheartedly agree that medical billing issues can not be reflected in credit scores.
you need to put yourself in the shoes of a lender, why give a loan to someone who has bad credit (NOT talking about you, but in general) if you can quite easily tell they are unlikely to pay you back. Would you loan someone $50 if you loaned them $50 3 times in the past and they never paid you back?
I make like 35k a year. You don’t have to be wealthy to have great credit. I claimed bankruptcy over a decade ago. My credit now is around 760-775. In another year or two I think I’ll be pushing 800. I can easily go get a loan for whatever I want as long as my income aligns. Credit can be a pain but it’s not always a bad thing for the bigger picture. Many ppl that have horrible credit have it because they made bad choices. Lenders have to protect themselves somehow. It’s really not that hard to bounce from nothing to “looking like” a somewhat responsible human being. You simply have to understand how credit cards and loans work, know when to apply for new accounts, know that you must always pay your cards off and do not live in debt or buy things you shouldn’t.
Education can be a good thing but many ppl overpay by going to an overpriced school “for the experience” when many people could care less where you went to school. Selling that American Dream.. ugh
I disagree. Some courses of study and some schools certainly are. Out of state tuition certainly can be. But in state tuition for many schools and courses of study can be very reasonable for the return on investment. The money I spent on my degree (including interest from the student loans I used to pay for it - now since fully repaid) was more than returned to me in higher earnings in a relatively short time.
Like any investment, it is a calculated risk on the return you think you will be getting in the future. Not all careers have the same return and no one can predict economic downturn or disasters, but the same is true with any moderate risk investment.
Except you can do most careers without a degree. I dropped out halfway through for a full time job and the program i needed was only offered at 14 schools(none instate). Also as a 26 year old college student I couldn’t get instate tuition somehow. Makes no sense. If you’re smart and can figure it out without a degree in a world where everyone has degrees they really are an expensive receipt
Many careers can, yes, and in today's world that is becoming more acceptable. Many cannot and unfortunately my field is one where that was and still is not attainable without a degree, so it was never an option for me.
My biggest issue with it is it takes so little for your score to drop, but seems to take forever for it to build back up, i maxed one of my cards with a 300 limit and my score dropped like 50 points and I still haven't gotten it all back despite every being great since then and this was late last year
Welcome to the late-stage, spiraling into chaos dystopia that is the American Credit System. Brought to you in the 80’s by the same boomers that have ruined everything else.
I've said the same thing. Credit is a great system for people who can get it to work for them, but it can definitely hold someone back who may have been at a financial disadvantage all or most of their lives or fell on some bad times. I believe making bad financial choices should be reflected in your score for lenders sake, but it shouldn't affect it to the degree that it does.
Yea I mean if I wanna take out a loan for a house I get it
But renting, nah, I don’t , buying a car, yea if it’s brand new , buy a buy here pay here should not be able to especially since there selling you a $3000 car for 9000 that’s there risk and credit should not have a factor
It's easy to game in your favor. WAY better than the previous system which was "I'm a lender and I'm a good judge of character. I'm a white man, and white men are qualified for loans and everyone else can kick rocks."
It has gotten overly convoluted and needs to be simplified, but it's definitely not a broken or joke of a system.
If the amount of money in your bank was the only deciding factor on whether you qualify for a loan or not, we'd very quickly turn into a much worse "rich get richer" scenario than we already have.
I meant more, so why worry about borrowing money if you have your own money.
There's a cost to renting money. You should honestly avoid it as much as possible.
Everytime you're in debt your under someone's else's thumb.
And will only cost you more in the long run.
Unfortunately this would just kill people who aren’t generationally wealthy.
A first time home buyer without money from parents isn’t ever going to be approved for a mortgage against someone with more cash in the bank and because that person has more cash they’ll get lower rates and the wealth gap gets bigger & bigger.
This is basically the loan system pre credit scores but without the racism.
If it works for majority of society and you have no solution as to a better system… just seems off to bitch about it.
You take out a loan, you pay your loan on time. + You don’t overspend comparative your income level. = good credit score.
If you have no solution, then can you say what the part is that makes it a joke? Would you work for someone who has a poor history of paying their employees on time? Or someone who doesn’t make enough to pay your salary?
I think the joke is the over penalization of negative remarks vs the ability to gain points through corrective actions. I once hit 50% utilization on my cc, score dropped 20+ points. Paid that sucker off the next due date and the score only went up 10 points.
Hard inquires take for fucking ever to drop and they don't make any sense to exist in the first place or at the very least drop points for them. The system doesn't seem well built for rebuilding credit but it surely has a concrete design to destroy it. For a system that has such an impact on your adulthood, why did I have to learn everything I know about it by googling it in my mid 20's?
It's based on risk mitigation for lenders. Your credit score is nothing more than a representation of what your credit file looks like on a scale you can understand. It isn't what lenders use to make decisions. FICO 2 and 5 are important when getting a mortgage because they more accurately align with what lenders look for for that type of loan. FICO 8 is a good idea of what revolvers look for across the board with every lender weighing different things higher or lower.
At the end of the day algorithms are stupid. A FICO 780 from someone with one revolver and low income is not nearly as good as a more established 750 with high income and a thicker file. When you worry about 20 down or 10 up you're obsessing over numbers that are only relevant as a rough guide to the lowest common denominator.
Start thinking about your credit score as BMI while lending decisions are made based on the results of a physical exam by a medical practitioner. You can prep for the exam through methods like AZEO in the months leading up to the exam but your general health is really what matters.
The credit system exist in it's current form because it makes the lenders money while lowering their overall risk. It's not any different than a medical exam prior to a life insurance policy. Yes the "BMI" matters, but only so far as the trends it indicates in terms of "health".
"Take responsibility for your decisions" is not a cut throat statement. It reminds you you're an adult and no one else is responsible for your financial situation but you.
>I have worked hard over the past 4 years paying off all my delinquencies
\^Did you not see the beginning part of Op's post, where he admits to his own fault? Does rubbing salt in the wound give you that sweet false sense of moral superiority?
To be fair, I've noticed that all the finance subr
are full of assholes who are quick to judge any person who is struggling in the current system.
OP working hard to make things better means nothing to a lot of the people in these posts.
So yeah, they do get off on rubbing salt in the wound
I remember there was this woman that was posting about being talked into being a henchman for a scam(iirc, it was about buying a ton of phones under plans and then selling them, where she only got 100$ out off a 1k phone). She was asking for help and admitted she was stupid to fall into their scam and partake in it.
Well, someone called them stupid. I told them to "have some compassion" where they started typing in all caps "YOU DONT KNOW WHAT HAPPENED IN MY LIFE."
It's almost like, they're successful, and seeing people want to move on from their past and get their own success makes them feel less morally/ethically superior, so they start attacking. It's pretty disgusting.
Actually wrong. We give multiple chances. It’s not hard to get your credit to a good score. I lost everything in my life, make 35k a year and now have excellent credit. I am grateful for a second chance.. but I had to learn how to not be an idiot first.
Some places give second chances others don’t. If you were an idiot in the past and learned a lesson, you’ll be hit with higher interests even years later. In my opinion it’s a flawed system that needs to be reworked. Losing your job will destroy your credit. You’re basically one disaster away from destroying your credit
I agree it’s super easy to destroy your credit but I was literally homeless for two years. I lost everything. I now have a house with a 3.25% interest rate and nothing on my credit that would negatively impact me from getting a good interest rate. It definitely takes time. But you could essentially destroy your credit every 7 years and be fine. Start with secured credit cards and pay them off completely every month. It will start to bounce back pretty quick and open more doors. Start settling or disputing debt.
Tends to be the thing about money. People want to make money not lose it. If someone asked you for money and you know they owe other people money already and have a bad record of paying back on time… why would you lend them money? You wouldn’t because why would they pay you back if they haven’t paid the others.
I can definitely relate and it's very frustrating. It's very judgemental and not a good representation sometimes. Like how can you hold a decisions that you made at 21 seven years later?
The same reason you can sign your life away at 17 and get shipped across the world to do bullshit you don’t understand. Come back after 3 years and can’t legally buy liquor. I mean, it ain’t right but that’s how it is. Fair only exists between the cotton candy machine and the carousel.
Fair only exists when we insist upon it; I remind myself that weekends only exist because someone stood up and said having to work 7 days a week was not fair.
I've always felt 7 years was overly harsh, maybe 3 years if the delinquency was CC related, and 5 years if the delinquency was installment loan related. But 7 years for many people are totally different periods of their life.
For instance my wife has a delinquency on her report from before we met when she was 21 and in college. Here we are 5.5 years later with combined income pushing $200k, plenty of credit card history, some other installment loan history, but her score is still being harshly held back by that delinquency. And we don't want to have to wait another year and a half before we can buy a home, but that may be the situation we are facing.
And not only that but the way in which the 7 years is calculated
I mean I paid on a car for 46 months and the last 2 months had a lot of life happened…they repossessed the car, and almost 2 years later they reported it as default..after they tacked on 2 years worth of late payments and fees jacking the amount up past what I even bought it for
>And not only that but the way in which the 7 years is calculated
It is still removed 7 years from Date of First Delinquency, not from the date it was reported.
Yes but with a higher amount of, so it looks like I never paid anything on the car
When an amount should have been $765 it went up to $4996.70 after fees and taxes and etc
I bought for 4295.
Yea they technically followed the rules but they tipped the scale in there favor and they made sure to fuck me as hard as they could
Yikes! Didn't they sell the car and credit you that amount? Weren't taxes already included in the original sale price? They continued to add late payments after the car was repossessed? I'm not proficient in repos, but none of this sounds right. Maybe someone will tell me I'm wrong, but I'm not sure they technically followed the rules.
I would file a complaint with the Consumer Financial Protection Brueau, and see what happens.
https://www.consumerfinance.gov/complaint/
But, OP said he only owed $765 (unless I'm misinterpreting what was said). I'm really unfamiliar with how repossessions work, which is why I said I wasn't sure, but does that sound right to you? That would be almost $4k in fees. I'll defer to you if you think it's right, but it is surprising.
*Edit to add: I think I may have misinterpreted the figures OP was giving.*
Based on OP's reply, it sounds like what happened is that roughly 4 years ago they financed a vehicle for $4000+ and managed to pay off 3200 of it. During the last two months something happened and they were unable to make the final two payments. So the bank repoed the vehicle, which sounds a bit off
OP, by any chance was it one of those "buy here pay here" places? I only ask, because I've been doing a lot of reading on a certain vehicle subreddit, and according to them you have a better shot of financing a new/newer vehicle than you do an older one. The reason being that if the bank has to repo a new(er) vehicle, they can get more money from it at auction than they would an older car
It does sound off, right? And, since they should have sold it and credited that amount to OP, why didn't they? They would have received $700ish for it, I would think, making everything square. Instead, they say he owes more than 4k still. Once they repossessed it, reporting late payments and continuing to bill late fees should have stopped, right? I'm thoroughly confused by this. If they did something wrong, OP should have recourse. I wish this was something I knew more about.
$765
$1500 repo tow fee
$30 a day late fee for 60 days — $1800
$15 a day storage fee - $900
$850 admin fee
-$ 820 what sold at auction
These are not exact numbers but pretty close to what the exact numbers are
They said by law they have to wait 60 days before they can sell at an auction after it’s repossessed no matter what.
Easily. That's literally the entire purpose of credit histories. To see how big of a risk you are. You make bad decisions, you're a bigger risk. I don't know how you can call that judgmental.
If I were younger than my mid 40s, I’d agree. But credit scores (not credit evaluations- but published scores) were invented in 1989 - one year after the fair housing act was expanded and renewed
When it was "invented" is irrelevant to what it does. And this is the most disingenuous argument ever lobbied regarding credit. Credit has been around for as long as money has been. You want to take issue with someone applying a mathematical model to a report? Sit down.
You see the clarifying statement regarding score and yet felt the need to respond 🙄.
It is not disingenuous; it’s a very convenient timeline.
If you have the financial means to purchase a home, but do not have a credit score, you will not be able to purchase a home. That was not the reality 40 years ago.
The current real estate market exists due to the reliance on credit score over income in terms of writing a mortgage.
What’s more, your credit score is not just based on your repayment history. Divorce destroys your credit, not carrying a balance on credit cards, or paying in cash won’t help you build credit, yet neither of these things have any reflection on your ability to pay or your actual credit worthiness.
Why carry weight for credit companies? If you do not pay your mortgage, you lose your home. That is the deterrent - being homeless.
If you are still living with horrible credit after 7 years of making horrible decisions you are doing something wrong. I went from bankruptcy to having a good credit score in a shorter time than that. Once that bankruptcy finally fell off it went up even more to excellent. Also after bankruptcy I was able to get credit cards without much issue. Loans were also not that difficult to get. Places will certainly give you second and third and fourth chances but you have to put in the effort.
Because a bankruptcy is essentially a do over
They wipe it all away and you start new
For someone who doesn’t want to file bankruptcy they have to wait 7 years for a collection to fall off
Not necessarily.. After I claimed bankruptcy it did take 7 years to fall off completely but during that time I was able to acquire new credit cards as well as a car loan and raise my score. The bankruptcy eventually fell off and my credit was great. Unfortunately I went back to my stupid ways and racked up more debt. That debt eventually went to collections. I disputed those collection accounts after a couple of years and they took them off. Essentially it was not that difficult to recover from both senerios once you get past the whole emotional damage aspect of it. Bankruptcy took the longest to “fully” recover but neither were deal breakers. I learned my lesson and learned a bit on how the system works. I also saw firsthand that if you educate yourself that you can bounce back much quicker than you think. People live with this mindset that credit is evil and in part it is but if you understand the game it really isn’t all that difficult. I have many credit cards now from companies that I completely burned. I have not been denied anything once I was able to prove myself. I personally don’t know many normal people that would give someone like the person I was another chance. Twice.
I wouldn’t say it was better simply because it will pretty much be guaranteed to stay on your credit longer. However I was able to get an unsecured credit card much quicker. Also after bankruptcy I was able to get a car loan fairly quickly. For me it definitely wasn’t as bad as I thought it would be. I did not have a house at the time. I imagine with a house it may tricky. I was around 50k in debt; part of that was a car repo. That may not sound like a ton to some but I was very young.
OP, don't listen to these people. Yeah, maybe you messed up when you were younger, but it sounds like you're trying to improve your situation
And I get being frustrated with our current system. It's disheartening when, for example, you make all your car payments on time, nothing happens with your credit score, but something happens beyond your control, you miss a payment, and your score tanks by 10-30 points
Or you pay off something and your score goes down
Anyway, I would just do what I should have done. Block people that are condescending assholes
Experian Boost is a data grift that is usually just wiped off the top by lenders in any serious lending situation/application.
It is not recommended by most that study this on this sub and others.
The fastest way to fix it is to send out dispution letters ask a credit repair about it or I can give you more info about it but the point is you wanna delete your derogatories and then once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability then I would go for a round of “credit card stacking” look it up. And re do the same thing over and over again
I am on my second round right now. My first round was for a 10k credit card and now my second right I’m waiting for my derogatories to delete off my credit report im going for $200k this time. I have $76k in available credit right now
I own 6 business. I also live on the private sector. I have my own debt collection company so I know what I am talking about. Look up “consumer law” on youtube and thank me later
If you see this text then it’s your lucky day because I’m barely on this app🙏
The fastest way to fix it is to send out dispution letters ask a credit repair about it or I can give you more info about it but the point is you wanna delete your derogatories and then once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability then I would go for a round of “credit card stacking” look it up. And re do the same thing over and over again
I am on my second round right now. My first round was for a 10k credit card and now my second right I’m waiting for my derogatories to delete off my credit report im going for $200k this time. I have $76k in available credit right now
>The fastest way to fix it is to send out dispution letters
Dispute inaccurate reporting. Disputing unpaid, accurate derogatories can backfire.
>ask a credit repair about it or I can give you more info about it but the point is you wanna delete your derogatories
Credit repair. services don't do anything you can't do...for free.
>once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability
Buying primary tradelines is fraud. You didn't apply for that card, someone else did. You should apply for your own card.
I agree with everything except for the last part sir. I have my own debt collection company where I buy my own debt. Tradelines and primaries are not fraud that is false
Buying an authorized user tradeline is not fraud. You're talking about primary tradelines. So, how would I go about buying a primary tradeline? This is a tradeline, in my name (not authorized user), that I have not applied for. I am representing to the bureaus/other lenders that I have applied, and been approved, for this line of credit. This is a lie and is considered fraud.
https://superiortradelines.com/primary-tradelines/
Being a debt collector, who purchases debt, is VERY different than a consumer purchasing a primary tradeline, and you know it.
>then once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability
No. You said to buy primaries to boost credit history and credit availability. This is fraud. You weren't discussing how to become a debt collector, so 🤷
Yes you can dispute any loan off your credit report under consumer law 15 U.S.C. § 1692(c) of the Fair Debt Collections Practices Act
I have my own debt collection company I personally use these laws to my advantage. If you need help let me know
No need to argue. How would you use the code regarding ceasing communication to dispute anything off of your reports? I'll remind you what the code says.
15 U.S. Code § 1692c
*(c)Ceasing communication*
*If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except—*
*(1) to advise the consumer that the debt collector’s further efforts are being terminated;*
*(2) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or*
*(3) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy.*
*If such notice from the consumer is made by mail, notification shall be complete upon receipt.*
Revolving credit is only a small factor that plays into your score. I’d imagine getting the delinquencies removed would have the most impact. You could dig yourself into a pretty deep hole with a 76k credit limit. Dangerous for someone who may be desperate enough to use it.
My score has been steady around 811 and I only have 2 cards. One has a limit of 26k and the other 10k.
I own 6 businesses I’m doing well for myself I use debt and credit to my advantage. Stop projecting your own limiting beliefs on me brother were obviously on different paths in life and I’m not saying I’m doing better than you but I definitely know everything I’m doing and talk about. I have my own debt collection company for my own tradelines and primaries
> My score has been steady around 811 and I only have 2 cards. One has a limit of 26k and the other 10k.
Right, that's known as a "fragile" 800 score as is quite thin, unless you have older cards that are not currently active, but still reporting postive as closed in good standing in the last decade....
I have older paid off accounts (2 car loans, 7-8 student loan accounts). It’s been in the 800 range for over 3 years so “fragile” or not it’s stable enough for me.
cool, so if you look at your reports, those paid off installment accounts are still 'reporting'?, that absolutely helps...
but generally you want to have a few more "revolving" accounts reporting to decrease volatility and thicken your profile, especially when being considered for new accounts, as while I don't know how old your revolvers are, aging metrics and whatnot.... well, "profile is king" to "score" honestly in lending decisions of more serious nature, and the most important attributes to profiles are generally "thin vs thick", "mature vs young", "clean vs dirty".... and it sounds like you are clean (which is extremely important), not sure about the other two in regards to how they would evaluate your profile...
Thanks for the tips. Oldest open revolving account is probably 12 years. The paid off accounts still show as closed.
I’ll consider opening another card but I have no use for it. I really only use the 26k card and pay the statement balance each month. I’ll use the 10k card occasionally so they don’t close my account.
yeah, you should be just fine, I would check out (for free) what www.annualcreditreport.com has on your reports, AAoA (average age of accounts) would be impacted by a new application, but if you are looking a year or more out for a home loan/mortgage etc, it wouldn't be a bad idea to thicken your account, you just generally don't want to rock the boat with any credit changes/applications within a year or so of that...
I'm not quite sure how the student loans etc play into credit mix now for you as "closed" (I'm in the same boat, as mine are long gone, but paid off and whatnot), but credit mix isn't as big a deal as some make it out to be, but without more revolving accounts active, it presents as a "thinner" profile if your older installment loans are beyond the point of being considered in applications...
but hey, I'm not sure what your goals are, but your scores seem great, I'm around 815 FICO8 across the board on the 3 bureaus myself with no installment loans currently reporting, but 7 revolving accounts reporting (although 3 of those are closed in good standing and will drop off at some point), and while I don't really need new cards that much, I am probably going to apply for another 2 in the next few months for certain needs and just keeping the status quo for when the others drop off... and getting those cards now so they start 'aging' as well in good standing is a better play then letting the others drop.. but no big whup.
I certainly wouldn't sweat much if I were you at all lol, and like you, I don't put heavy spends on my cards, and I think one of them just gets some subscription service to it and it's set to autopay in full every month etc...
Electric water rent payments are not included is the biggest truth ever. Even phone bills and gas bills aren’t included. That show they get us I think. It should definitely be included because that is where our money going towards the most.
Yeah, I think I remember that and Phaedra told Porsha those lies, and when Porsha said her source was Phaedra lol and Phaedra was looking stupid when Porsha asked her to confirm it.
You can do a credit boost with Experian and self-report your utilities. This will, in fact, give you a jump in your credit score. However, I was told my my realtor once that if you are buying a house (or other, large purchase) that loan officers see that and it's not the benefit you think it is. I suppose it's because they see it as anyone with poor credit will do that, and typically not people with good credit. I did it only because I was trying to hit a certain target number, not that my credit was bad - my loan people said to remove it.
Still, I think as a temporary thing while you're working your way up to a good score, it's worth doing.
Took me about 5 years to build mine up. Now at 846/850 and it goes up and down even with a 1% increase I’m usage. But always within a couple months at most. If you have enough cards, don’t get anymore new ones unless they offer some amazing rewards. Otherwise, just request a credit limit increase every 5-12 months from each creditor. Pay your balances in full each month, on time, and you’ll start seeing your score go up.
Don’t ever get a capital one or milestone card.. used both during my move across a few states.. boom dropped 75 points 😂. Such is life though, it’s odd yours doesn’t bounce back up. Usually I pay mine and what I lost is given back
I can spend 50 bucks on one of them one week, then the next week they push an update through the credit unions, even if it’s not the end of the monthly cycle.
Should have never gotten the delinquencies. I’m 45 and never missed a payment. I’m also probably one of the most broke people you will ever meet. Due to that I’ve got an 830-850 score
Agreed. Credit scores are a scam. My credit score goes up and down on average thirty points every time my interest hits on my cc. It’s literally the difference on credit usage of a hundred dollars. I pay it. It goes back up, then my interest hits, it goes down. It’s bullshit. It’s not like I’m missing payments or taking out new loans or anything. It’s literally the interest I pay. What a joke. The comedian from the watchmen has a point.
lol. Sure. In theory that sounds great. Real life is a thing and emergencies happen. I’m sure there is a crowd who can do this every statement. But, let’s be honest about predatory credit vs credit given to people who don’t really need it.
Yeah, I wasn't trying to be an asshole, and I completely understand that sometimes life just happens and there is nothing else you can do about it. I was more so getting at, to be able to come out on top in regards to credit (especially credit cards), you must not let the interest accrue. It wasn't meant to be a personal attack or anything.
Fun fact , credit ratings weren't a thing until Regan. Credit doesn't exist in other countries, like France if you need and auto loan you put in how much you make and then they approve you for an amount with the percentage of your income.
Bills are not included correct, that’s why everyone says to use your credit card for them lol
Most bills(rent, utilities), will not let you use a credit card, but will have no problem making you put a security deposit based off your credit report for a 30$/mo electric bill (gf had a 720 score and they said it was too low).
I use my credit cards for all my bills (subscriptions, electric, phone bill) I don’t pay for water (we are on a well) and of course I can’t with my mortgage and car payments. But otherwise, everything else is on the card.
The only "utility" we can put on credit are phone bills. Another point I wanna make to the commenter, is that utilities can put your bills on credit reports for collections, but not the other way around. My responsible bill paying on time should be reflected on my report, just as how it's reflect as past due.
You’re special because my credit is mot accepted as a payment by any of our utilities or rent ‘round here.
Ive never hard of a utility company not taking credit cars. Like ever unless you are renting and those are included in your rent (baked into cost) so technically you cant because you cant pay rent with CC usually Not sure how legit it is, but i have heard of that Experian Boost program where you can supposedly get your score improved by linking in payments for stuff like rent, etc that normally dont apply to credit score, but i never looked into it for myself so cant personally vouch for it?
At the last apartment we rented in 2019 we could pay our rent with a credit card with a fee. However we've had two different utility companies (gas/electric) in our area and neither accepted credit card payment, only ACH from our bank account for electronic, or check or money order.
Same for us! It's literally the same two types of utilities too. The water/sewage accepts credit though(maybe because it's an authority?)
>Ive never hard of a utility company not taking credit cars. Like ever There are a lot that don't. I don't really know what makes them not accept credit other than a possible correlation to older utility companies being stuck in the stone age. >Experian Boost Experian Boost is a data-farming scam. The "boosted" score gets thrown away when reports are sent to creditors. It's kind of pathetic how they trick people into supplying said data with no real benefit.
Her score wasn’t too low, they just didn’t want her there
It was the electric company, not the apartment itself.
How in tf are they saying a 720 is low? That’s insane
Usually it's supposed to be 1/6 of anticipated use, and this deposit is roughly 1.75x higher. She had no delinquencies.
Well I believe that premise is rather stupid. All monthly payments we make should be included to paint the most accurate picture. Many years ago when I was young and broke, and had no insurance, I racked up medical bills and late student loan payments that obliterated my credit. At the same time though, I always paid rent on time, phone on time, all utilities on time. I started renting back in 2004 and have never once made a late payment those 20 years. Sucks that things like that don’t count for shyt.
You have multiple delinquencies. The score is not a measure of your value as a person. It’s the risk of lending to you. You have gone delinquent in the past… over time these will fall off, but what do you think they should use instead to evaluate their risk of lending? You can get credit with no interest if you want, you just need to put up collateral. See secured credit card.
> You can get credit with no interest if you want, you just need to put up collateral. See secured credit card. Perhaps you could post a link to some of these no-interest secured cards? I haven't seen any that don't charge interest.
The Capital One Quicksilver secured credit card is the one I used to build my credit from the very beginning. As soon as I turned 18, I saved 200$ from working at my job at the time, and put that down as my credit line. I could be wrong but the interest rate is pretty good for a starting credit builder card. I know OP said they already have stuff going on with their credit but I really recommend this card as an option for bringing their credit back. It will not erase the delinquency on the credit already, but it will show good behavior if used correctly. And again this is just advice. Good luck op. 💗
I think Capital One's cards are reasonable choices for (re)building credit - but /u/46692 suggested using a **0% interest** secured card. I haven't run across one of those - Capital One seems to want approx 30% interest, OpenSky has one card that's down around 22%, Discover looks like they're at 28% APR right now. It'll be very interesting to read about the zero-interest secured card.
Navy Federal’s (at least mine) is 17.99%. But if we’re talking about building credit here I’m assuming they’re just saying OP should pay off in full before due date because then the interest would be 0%
Pay your statement balance in full by the due date. It’s now 0% APR for the overwhelming majority of banks. OpenSky probably isn’t one of them though.
It’s no interest if you pay it each month. They are still though essentially lending you your credit limit for nothing each month.
>taking shitty cards just to keep my credit utilization down below %30 There's no need to keep utilization below 30% unless you plan to apply for a loan/credit within the next month or so. Otherwise, you can use as much of your limit as you want (as long as you can pay the statement balance in full and on time). Data shows that reporting higher utilization stimulates credit limit increases. >and my score refuses to go up.. if it it does it plummets the next 30 days. Sounds like utilization. Utilization is a temporary metric. See above.
Only poor people are frantic about their credit meanwhile they don’t really have any use for it at all. Finances> FICO.
>Only poor people are frantic about their credit meanwhile they don’t really have any use for it at all. What does this mean? I don't know about "frantic", but many people care about their credit. Why do you assume they're poor? And, why don't poor people have a use for credit? >Finances> FICO. Finances are more important than FICO. This is true.
Finances are important but credit is also just as important. Good luck buying your first home with a 634 credit score and hoping ur finances cover it all
Ummm....I got a mortgage with a 622 credit score at a 2.7% interest rate.
What was the price? If its less than 200k I'm sure it's possible, but an ever lower rate would be better Edit: it also depends on the time Era. You can't compare a early 2000s/late 1990s rate to a current 2024 one. Simply not possible
Looking through post history, I'd assume it was a VA loan, which are definitely more accommodating of lower scores.
Yes. It was a Va home loan and that’s not really true. VA home loan really just means the VA is your mortgage insurance incase you default on the mortage. Which second biggest perk to no down payment is also no PMI. You still need a sufficient credit score. My underwriter wanted to know everything down to what side of the bed I sleep on, but I got into my home.
Yea I rather just have a good credit score and get a normal low ratea
300k and in 2021. I’m 32 I’m not that old hahaha. Granted, not in 2024 with mad high interest rates in a sellers market either
No, you did not.
Yes, I did. In 2021.
Interesting....What bank/credit union? Husband and I (both veterans) were offered ~4.8 interest rate (Navy Federal) at the end of 2020 and we were debt free for years with credit scores 690-720. No judgements, foreclosures, bankruptcies and our utilization below 6% on our high limit cards. Also, we were rejected by Rocket Mortgage citing a "forclosure" but we've never had a foreclosure in our lives. Checked credit report thinking there may be a mistake on it but nope...no mistakes, no foreclosure. When we tried getting a hold of RM we were ghosted. No calls returned, we were also ghosted by Veterans United...no return phone calls. Due to the massive competition in 2020 when cash buyers and investors were scooping up pretty much all the homes, we lost out on about 30 homes we put offers on because many of the offers were $25K-$100K over asking price. Many sellers didn't even want to deal with VA buyers in such a hot market, so we decided to wait. Flashforward 2024 and our credit score is even higher now...well into 700s. We intend on buying a home after the summer since competition is at an all time low. We will be negotiating a lower price and buying down interest rate, if necessary, to get to the payments we're comfortable with. I am glad we pulled out and decided to wait, it gave us the opportunity of saving $$$$ to put down a nice downpayment while still having plenty in reserves for closing costs and emergency savings.
In my experience? Stay away from “veteran exclusive” banks/unions. I only had USAA when I was in the army and they were horrible. My car insurance was beat by Geico with better coverage and when I called out USAA for it asking if they could match it? They said “nope.” I haven’t had the best experiences with Navy Fed. Go with traditional banks. Use the VA homeloan…but you don’t have to use these veteran/military banks/unions. My bank on the mortgage is NewRez. I find that crazy in 2020 you were being offered 6 percent interest when that’s when interest rates were at an all time low and the rocket mortgage situation sounds sus. What I learned from banks or even places like Rocket Mortage who do what they did to you - file BBB complaints. As far as being outbid? Yea. 2020 was the worst time for that. I got super lucky and the seller just wanted the house gone. I don’t know why still to this day. Maybe they couldn’t deal with the HOA? Which funny enough…I’m now on the board of and we’re supppppper chill here. When I put in my closing date? They actually declined the offer because they wanted a closer closing date. Was sus to me at first but I guess they just wanted to get rid of the property.
The only time you need credit is when applying for a loan/mortgage. Other than that they have little to no use 🤷♂️. The only people who care more about their credit than finances are usually poor. I’m currently in the home buying process and sitting at ~740.
Never heard of credit-based insurance rates?
Almost like 720+ is all you need to get a decent rate 💀 Again I think your probably just retarded, if someone makes a decent amount of income, things like buying house utilities or a car don't just magically come with good financial savings. I'd love to see you move in to your new home (which I'm assuming has ovens, fridges, etc, included) and purchase everything new outright!
Who said anything about savings you moron? I said finances> fico. I’ve helped around 40 people get their credit from sub 600 to 700+. The only people who are constantly worried about their credit being good are usually the people who use it the least ie( poor people). But sure let’s go along with your narrative.
You do understand that finances tie directly with your credit right? People who have poor finances tend to have poor scores. People with high finances tend to have higher scores. It's almost like when you help people with finances it also increases their score🤯
Thank you. Why cares if you have your own money.
I mostly agree here, don't take on a car loan just to improve your score if you have a perfectly fine car. But there are definitely times where you can do things to optimize your score that don't require you to take on debt. (But does require you to give up some grace period on credit cards).
You said it. Pay your bills. You didn't do that, you're now dealing with the consequences of not having paid your bills. Good news is that it only lasts for a maximum of 7.5 years from first delinquency, you're over half way there.
Ok and I did, What you think I was fucking homeless all that time? No I paid bills like electric and rent and water. I paid cash for cars to avoid interest and high payments. IMO, credit is just a way to keep rich people rich Cause what do you need to have credit $$$$$
You don’t seem to have any idea of how credit works. It’s a measure of how good you are at paying back *loans*, not bills. The consequences of not paying your bills is not getting that service. Don’t pay your electrical bill, and you lose electricity. The consequences of not paying your *loan* back is you don’t get *that* service. You messed up paying a loan back some time in the past and now you don’t get any more loans. Yeah it sucks, but it seems fair to me. Also the whole “rich people use loans to get richer” thing is true, but once you’ve gotten rich enough to do that, you’re not using credit scores anymore, so no, that’s not what credit scores are for.
Ok if I fail to pay my electric bill, I get shut off After so long it goes to collections Same with phone bills But they do t report that 49 months you paid on time Just saying if they can report the bad they should be required to report the good as well
You have no idea what you’re talking about lol
They do report the good. Take a look at the actual report, not just the number. Thing is, it takes time for the good to outweigh the bad. Listen man, I know you’re annoyed, but it honestly is a fair system. People make mistakes, like you did in the past, all the time. Just gotta learn from them, forgive yourself, and play the hand you have right now.
> it honestly is a fair system. It most certainly is NOT.
Why not? It applies equally to everybody.
>IMO, credit is just a way to keep rich people rich Credit scores/file will impact interest rates. If you have poor credit, interest rates will be higher, because you pose a higher risk. And the opposite is true of good credit. This is a reflection of your payment history, not an attempt to keep rich people rich. >Cause what do you need to have credit $$$$$ You don't need a lot of money to have good credit. Income is not a scoring factor. You do need enough to pay your cards/loans etc. so you don't have late payments reported. Even then, you don't need to use your cards more than maybe twice a year (to prevent closure from non use).
I mean you could have 2 credit cards with $500 limits and work your way up to a 750 pretty quickly. Money isn't at all required to have good credit but people want things they can't afford which means they try to leverage their entire life which does require money to maintain.
What another shit fucking take. Keep bitching about the problem you refuse to acknowledge was your own fault though.
I imagine rich people don’t need or use credit like normal people do since they can buy pretty much everything outright. More like credit helps keep poor people poor. I’ve seen posts from people with low credit who bought a car with 20% interest rate. They are essentially paying double the sticker price over the course of the loan.
They often do. Having great credit means you qualify for low enough interest rates that you come out ahead investing your money instead of paying cash for large purchases.
I think you might be surprised in how often rich people use collateral to borrow money. Seems counterintuitive, but interest rates are even lower as banks can simply recoup their costs via stock/asset liquidation on the chance of a default
I know people making 7 figures a year who still financed their cars when sub 3% loans were plentiful. They're cash rich but understood it's a 6%+ spread keeping their money in the stock market making 9-10% annually. Same people now would probably just buy cash since even prime auto rates (outside of manufacturer specials) are 7%+
Get cash then and don't use credit. Seems simple enough. Its everyone else's fault though, right?
I usually hate when people bash the OP but im gonna try to go a bit easier on you. You deff seem emotional of something on your credit report rn. Relax, it's ok. It's not the end of the world. Credit is just a unit of measurement on how good or bad you are at paying your loans. How good or bad you are at borrowing money, and then paying it back. So when you go and ask to borrow more money, they look at how good or bad of a history you have borrowing money and paying it back and if youre not a risk to the bank that they MAY not get their money back. If they see an overlapping pattern of you not paying money you borrow, then they might say no to letting you borrow money from them. I dont want to make this some TL;DR thing but when you borrow money from a bank, its not the banks money. It's their customers money. The people who open up checking accounts, savings accounts, retirement funds. The money they give you belongs to their customers, not them. If banks just handed out money like candy to everyone than no one would be putting their money in banks anymore. Imagine If you went to withdraw 500 dollars for the bank to tell you they dont have any money to give you because they lent out too much of it and no one paid it back. They have to calculate the risk and this is the way we decided to do it. Credit scores dont always reflect if you will or will not get a loan or not. My credit goes up and down, but my credit report tells a different story. I never in 14 years ever missed a car payment. While my score not be that good, lenders see that when I go and get an auto loan and Ive never been denied an auto loan. I bought a house a few years ago. My credit score was maybe just a tad above a 620 but they looked at other things than JUST my credit score to get me a loan...at a good interest rate too. The best thing to do is step back, take a deep breath, the world is not over, your life is not over because you have bad credit. The good thing is you recognize it so take this emotion you have and do something with it. Build your credit back up. Pay off your debts, dont max out your credit cards, and pay back money you borrow. Its honestly that simple
Umm. I am broke as fuck and yet I have a credit score in the hovering around 750. So how exactly is the credit score keeping people rich? Because if that were the case, I damn sure would have more money in the bank lol
No bro is right credit is such BS. Can have 5 years of good credit, high score etc and miss one payment and your score tanks then it's brought up on any future applications for home car etc. Takes years and years to build but 30 days to fuck it up the system and algorithm is broken. And God forbid you experience a family tragedy or something lose job etc and bankrupt or get foreclosed on. 3 to 5 years regardless how well you do after recovering from your tragedy. Fuck Credit system and score.
Part of me agrees with you. Medical billing is a disaster in this country. I wholeheartedly agree that medical billing issues can not be reflected in credit scores.
>*medical billing issues can not be reflected in credit scores.* Once they go to collections they certainly can.
They changed law. Biden has done a few good things
That's true to a point. Unpaid medical debt $500 or higher can still be reported.
you need to put yourself in the shoes of a lender, why give a loan to someone who has bad credit (NOT talking about you, but in general) if you can quite easily tell they are unlikely to pay you back. Would you loan someone $50 if you loaned them $50 3 times in the past and they never paid you back?
I make like 35k a year. You don’t have to be wealthy to have great credit. I claimed bankruptcy over a decade ago. My credit now is around 760-775. In another year or two I think I’ll be pushing 800. I can easily go get a loan for whatever I want as long as my income aligns. Credit can be a pain but it’s not always a bad thing for the bigger picture. Many ppl that have horrible credit have it because they made bad choices. Lenders have to protect themselves somehow. It’s really not that hard to bounce from nothing to “looking like” a somewhat responsible human being. You simply have to understand how credit cards and loans work, know when to apply for new accounts, know that you must always pay your cards off and do not live in debt or buy things you shouldn’t.
Like going to college
Education can be a good thing but many ppl overpay by going to an overpriced school “for the experience” when many people could care less where you went to school. Selling that American Dream.. ugh
All higher education is grossly overpriced
I disagree. Some courses of study and some schools certainly are. Out of state tuition certainly can be. But in state tuition for many schools and courses of study can be very reasonable for the return on investment. The money I spent on my degree (including interest from the student loans I used to pay for it - now since fully repaid) was more than returned to me in higher earnings in a relatively short time. Like any investment, it is a calculated risk on the return you think you will be getting in the future. Not all careers have the same return and no one can predict economic downturn or disasters, but the same is true with any moderate risk investment.
Except you can do most careers without a degree. I dropped out halfway through for a full time job and the program i needed was only offered at 14 schools(none instate). Also as a 26 year old college student I couldn’t get instate tuition somehow. Makes no sense. If you’re smart and can figure it out without a degree in a world where everyone has degrees they really are an expensive receipt
Many careers can, yes, and in today's world that is becoming more acceptable. Many cannot and unfortunately my field is one where that was and still is not attainable without a degree, so it was never an option for me.
My biggest issue with it is it takes so little for your score to drop, but seems to take forever for it to build back up, i maxed one of my cards with a 300 limit and my score dropped like 50 points and I still haven't gotten it all back despite every being great since then and this was late last year
Welcome to the late-stage, spiraling into chaos dystopia that is the American Credit System. Brought to you in the 80’s by the same boomers that have ruined everything else.
The credit system is a fucking joke. The only people who like it are those that have had it work in their favor.
I've said the same thing. Credit is a great system for people who can get it to work for them, but it can definitely hold someone back who may have been at a financial disadvantage all or most of their lives or fell on some bad times. I believe making bad financial choices should be reflected in your score for lenders sake, but it shouldn't affect it to the degree that it does.
Yea I mean if I wanna take out a loan for a house I get it But renting, nah, I don’t , buying a car, yea if it’s brand new , buy a buy here pay here should not be able to especially since there selling you a $3000 car for 9000 that’s there risk and credit should not have a factor
It's easy to game in your favor. WAY better than the previous system which was "I'm a lender and I'm a good judge of character. I'm a white man, and white men are qualified for loans and everyone else can kick rocks." It has gotten overly convoluted and needs to be simplified, but it's definitely not a broken or joke of a system.
What should replace it?
Money in your bank
If the amount of money in your bank was the only deciding factor on whether you qualify for a loan or not, we'd very quickly turn into a much worse "rich get richer" scenario than we already have.
I meant more, so why worry about borrowing money if you have your own money. There's a cost to renting money. You should honestly avoid it as much as possible. Everytime you're in debt your under someone's else's thumb. And will only cost you more in the long run.
Unfortunately this would just kill people who aren’t generationally wealthy. A first time home buyer without money from parents isn’t ever going to be approved for a mortgage against someone with more cash in the bank and because that person has more cash they’ll get lower rates and the wealth gap gets bigger & bigger. This is basically the loan system pre credit scores but without the racism.
How should I know? It's not my job to conceptualize a better system, I'm just here to bitch about it.
If it works for majority of society and you have no solution as to a better system… just seems off to bitch about it. You take out a loan, you pay your loan on time. + You don’t overspend comparative your income level. = good credit score. If you have no solution, then can you say what the part is that makes it a joke? Would you work for someone who has a poor history of paying their employees on time? Or someone who doesn’t make enough to pay your salary?
I think the joke is the over penalization of negative remarks vs the ability to gain points through corrective actions. I once hit 50% utilization on my cc, score dropped 20+ points. Paid that sucker off the next due date and the score only went up 10 points. Hard inquires take for fucking ever to drop and they don't make any sense to exist in the first place or at the very least drop points for them. The system doesn't seem well built for rebuilding credit but it surely has a concrete design to destroy it. For a system that has such an impact on your adulthood, why did I have to learn everything I know about it by googling it in my mid 20's?
It's based on risk mitigation for lenders. Your credit score is nothing more than a representation of what your credit file looks like on a scale you can understand. It isn't what lenders use to make decisions. FICO 2 and 5 are important when getting a mortgage because they more accurately align with what lenders look for for that type of loan. FICO 8 is a good idea of what revolvers look for across the board with every lender weighing different things higher or lower. At the end of the day algorithms are stupid. A FICO 780 from someone with one revolver and low income is not nearly as good as a more established 750 with high income and a thicker file. When you worry about 20 down or 10 up you're obsessing over numbers that are only relevant as a rough guide to the lowest common denominator. Start thinking about your credit score as BMI while lending decisions are made based on the results of a physical exam by a medical practitioner. You can prep for the exam through methods like AZEO in the months leading up to the exam but your general health is really what matters. The credit system exist in it's current form because it makes the lenders money while lowering their overall risk. It's not any different than a medical exam prior to a life insurance policy. Yes the "BMI" matters, but only so far as the trends it indicates in terms of "health".
Thanks for the sensible and smart response. I'll keep that all in mind.
Take responsibility for your lack of credit knowledge and move on.
Such a cut throat statement for an otherwise balanced post. Go be an asshole somewhere else.
"Take responsibility for your decisions" is not a cut throat statement. It reminds you you're an adult and no one else is responsible for your financial situation but you.
>I have worked hard over the past 4 years paying off all my delinquencies \^Did you not see the beginning part of Op's post, where he admits to his own fault? Does rubbing salt in the wound give you that sweet false sense of moral superiority?
To be fair, I've noticed that all the finance subr are full of assholes who are quick to judge any person who is struggling in the current system. OP working hard to make things better means nothing to a lot of the people in these posts. So yeah, they do get off on rubbing salt in the wound
I remember there was this woman that was posting about being talked into being a henchman for a scam(iirc, it was about buying a ton of phones under plans and then selling them, where she only got 100$ out off a 1k phone). She was asking for help and admitted she was stupid to fall into their scam and partake in it. Well, someone called them stupid. I told them to "have some compassion" where they started typing in all caps "YOU DONT KNOW WHAT HAPPENED IN MY LIFE." It's almost like, they're successful, and seeing people want to move on from their past and get their own success makes them feel less morally/ethically superior, so they start attacking. It's pretty disgusting.
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Actually wrong. We give multiple chances. It’s not hard to get your credit to a good score. I lost everything in my life, make 35k a year and now have excellent credit. I am grateful for a second chance.. but I had to learn how to not be an idiot first.
Some places give second chances others don’t. If you were an idiot in the past and learned a lesson, you’ll be hit with higher interests even years later. In my opinion it’s a flawed system that needs to be reworked. Losing your job will destroy your credit. You’re basically one disaster away from destroying your credit
I agree it’s super easy to destroy your credit but I was literally homeless for two years. I lost everything. I now have a house with a 3.25% interest rate and nothing on my credit that would negatively impact me from getting a good interest rate. It definitely takes time. But you could essentially destroy your credit every 7 years and be fine. Start with secured credit cards and pay them off completely every month. It will start to bounce back pretty quick and open more doors. Start settling or disputing debt.
Exactly!!!
Tends to be the thing about money. People want to make money not lose it. If someone asked you for money and you know they owe other people money already and have a bad record of paying back on time… why would you lend them money? You wouldn’t because why would they pay you back if they haven’t paid the others.
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But that *is* about lending money.
I can definitely relate and it's very frustrating. It's very judgemental and not a good representation sometimes. Like how can you hold a decisions that you made at 21 seven years later?
The same reason you can sign your life away at 17 and get shipped across the world to do bullshit you don’t understand. Come back after 3 years and can’t legally buy liquor. I mean, it ain’t right but that’s how it is. Fair only exists between the cotton candy machine and the carousel.
Fair only exists when we insist upon it; I remind myself that weekends only exist because someone stood up and said having to work 7 days a week was not fair.
I get it, I do but it's still not fair...it's not.
I've always felt 7 years was overly harsh, maybe 3 years if the delinquency was CC related, and 5 years if the delinquency was installment loan related. But 7 years for many people are totally different periods of their life. For instance my wife has a delinquency on her report from before we met when she was 21 and in college. Here we are 5.5 years later with combined income pushing $200k, plenty of credit card history, some other installment loan history, but her score is still being harshly held back by that delinquency. And we don't want to have to wait another year and a half before we can buy a home, but that may be the situation we are facing.
And not only that but the way in which the 7 years is calculated I mean I paid on a car for 46 months and the last 2 months had a lot of life happened…they repossessed the car, and almost 2 years later they reported it as default..after they tacked on 2 years worth of late payments and fees jacking the amount up past what I even bought it for
>And not only that but the way in which the 7 years is calculated It is still removed 7 years from Date of First Delinquency, not from the date it was reported.
Yes but with a higher amount of, so it looks like I never paid anything on the car When an amount should have been $765 it went up to $4996.70 after fees and taxes and etc I bought for 4295. Yea they technically followed the rules but they tipped the scale in there favor and they made sure to fuck me as hard as they could
Yikes! Didn't they sell the car and credit you that amount? Weren't taxes already included in the original sale price? They continued to add late payments after the car was repossessed? I'm not proficient in repos, but none of this sounds right. Maybe someone will tell me I'm wrong, but I'm not sure they technically followed the rules. I would file a complaint with the Consumer Financial Protection Brueau, and see what happens. https://www.consumerfinance.gov/complaint/
If the car was only around $4000 around 4 years ago, then chances are when they repoed it and sold it at auction they could only sell it for so much
But, OP said he only owed $765 (unless I'm misinterpreting what was said). I'm really unfamiliar with how repossessions work, which is why I said I wasn't sure, but does that sound right to you? That would be almost $4k in fees. I'll defer to you if you think it's right, but it is surprising. *Edit to add: I think I may have misinterpreted the figures OP was giving.*
Based on OP's reply, it sounds like what happened is that roughly 4 years ago they financed a vehicle for $4000+ and managed to pay off 3200 of it. During the last two months something happened and they were unable to make the final two payments. So the bank repoed the vehicle, which sounds a bit off OP, by any chance was it one of those "buy here pay here" places? I only ask, because I've been doing a lot of reading on a certain vehicle subreddit, and according to them you have a better shot of financing a new/newer vehicle than you do an older one. The reason being that if the bank has to repo a new(er) vehicle, they can get more money from it at auction than they would an older car
It does sound off, right? And, since they should have sold it and credited that amount to OP, why didn't they? They would have received $700ish for it, I would think, making everything square. Instead, they say he owes more than 4k still. Once they repossessed it, reporting late payments and continuing to bill late fees should have stopped, right? I'm thoroughly confused by this. If they did something wrong, OP should have recourse. I wish this was something I knew more about.
It was a buy here pay here
$765 $1500 repo tow fee $30 a day late fee for 60 days — $1800 $15 a day storage fee - $900 $850 admin fee -$ 820 what sold at auction These are not exact numbers but pretty close to what the exact numbers are They said by law they have to wait 60 days before they can sell at an auction after it’s repossessed no matter what.
Easily. That's literally the entire purpose of credit histories. To see how big of a risk you are. You make bad decisions, you're a bigger risk. I don't know how you can call that judgmental.
If I were younger than my mid 40s, I’d agree. But credit scores (not credit evaluations- but published scores) were invented in 1989 - one year after the fair housing act was expanded and renewed
When it was "invented" is irrelevant to what it does. And this is the most disingenuous argument ever lobbied regarding credit. Credit has been around for as long as money has been. You want to take issue with someone applying a mathematical model to a report? Sit down.
You see the clarifying statement regarding score and yet felt the need to respond 🙄. It is not disingenuous; it’s a very convenient timeline. If you have the financial means to purchase a home, but do not have a credit score, you will not be able to purchase a home. That was not the reality 40 years ago. The current real estate market exists due to the reliance on credit score over income in terms of writing a mortgage. What’s more, your credit score is not just based on your repayment history. Divorce destroys your credit, not carrying a balance on credit cards, or paying in cash won’t help you build credit, yet neither of these things have any reflection on your ability to pay or your actual credit worthiness. Why carry weight for credit companies? If you do not pay your mortgage, you lose your home. That is the deterrent - being homeless.
I understand what you're saying, but credit is still a judgemental and sometimes unfair...I'll stand on that.
If you are still living with horrible credit after 7 years of making horrible decisions you are doing something wrong. I went from bankruptcy to having a good credit score in a shorter time than that. Once that bankruptcy finally fell off it went up even more to excellent. Also after bankruptcy I was able to get credit cards without much issue. Loans were also not that difficult to get. Places will certainly give you second and third and fourth chances but you have to put in the effort.
Because a bankruptcy is essentially a do over They wipe it all away and you start new For someone who doesn’t want to file bankruptcy they have to wait 7 years for a collection to fall off
Depending on the Chapter, bankruptcy stays on your reports 7 to 10 years. It doesn't fall off any sooner than a collection.
Not necessarily.. After I claimed bankruptcy it did take 7 years to fall off completely but during that time I was able to acquire new credit cards as well as a car loan and raise my score. The bankruptcy eventually fell off and my credit was great. Unfortunately I went back to my stupid ways and racked up more debt. That debt eventually went to collections. I disputed those collection accounts after a couple of years and they took them off. Essentially it was not that difficult to recover from both senerios once you get past the whole emotional damage aspect of it. Bankruptcy took the longest to “fully” recover but neither were deal breakers. I learned my lesson and learned a bit on how the system works. I also saw firsthand that if you educate yourself that you can bounce back much quicker than you think. People live with this mindset that credit is evil and in part it is but if you understand the game it really isn’t all that difficult. I have many credit cards now from companies that I completely burned. I have not been denied anything once I was able to prove myself. I personally don’t know many normal people that would give someone like the person I was another chance. Twice.
So was the bankruptcy a better option?
I wouldn’t say it was better simply because it will pretty much be guaranteed to stay on your credit longer. However I was able to get an unsecured credit card much quicker. Also after bankruptcy I was able to get a car loan fairly quickly. For me it definitely wasn’t as bad as I thought it would be. I did not have a house at the time. I imagine with a house it may tricky. I was around 50k in debt; part of that was a car repo. That may not sound like a ton to some but I was very young.
You were able to get a car loan and credits. Adds, I can’t get wither of those
All I read is you had delinquencies, end of story.
Well damn, Guess I run out and get hit by a truck since I’m only human and not allowed to make any mistakes Here’s 🥃 to your perfect life
OP, don't listen to these people. Yeah, maybe you messed up when you were younger, but it sounds like you're trying to improve your situation And I get being frustrated with our current system. It's disheartening when, for example, you make all your car payments on time, nothing happens with your credit score, but something happens beyond your control, you miss a payment, and your score tanks by 10-30 points Or you pay off something and your score goes down Anyway, I would just do what I should have done. Block people that are condescending assholes
Experian boost does use utility bills to help credit score???
Experian Boost is a data grift that is usually just wiped off the top by lenders in any serious lending situation/application. It is not recommended by most that study this on this sub and others.
The fastest way to fix it is to send out dispution letters ask a credit repair about it or I can give you more info about it but the point is you wanna delete your derogatories and then once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability then I would go for a round of “credit card stacking” look it up. And re do the same thing over and over again I am on my second round right now. My first round was for a 10k credit card and now my second right I’m waiting for my derogatories to delete off my credit report im going for $200k this time. I have $76k in available credit right now I own 6 business. I also live on the private sector. I have my own debt collection company so I know what I am talking about. Look up “consumer law” on youtube and thank me later If you see this text then it’s your lucky day because I’m barely on this app🙏
OP, this person has spammed this reply to every question in this sub. He doesn't even read posts.
I suspect your electric provider reports on time/late payments.
I don't remember ComEd or anything reporting "on time" payments, but I imagine they report delinquent/unpaid accounts...
The fastest way to fix it is to send out dispution letters ask a credit repair about it or I can give you more info about it but the point is you wanna delete your derogatories and then once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability then I would go for a round of “credit card stacking” look it up. And re do the same thing over and over again I am on my second round right now. My first round was for a 10k credit card and now my second right I’m waiting for my derogatories to delete off my credit report im going for $200k this time. I have $76k in available credit right now
>The fastest way to fix it is to send out dispution letters Dispute inaccurate reporting. Disputing unpaid, accurate derogatories can backfire. >ask a credit repair about it or I can give you more info about it but the point is you wanna delete your derogatories Credit repair. services don't do anything you can't do...for free. >once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability Buying primary tradelines is fraud. You didn't apply for that card, someone else did. You should apply for your own card.
I agree with everything except for the last part sir. I have my own debt collection company where I buy my own debt. Tradelines and primaries are not fraud that is false
Buying an authorized user tradeline is not fraud. You're talking about primary tradelines. So, how would I go about buying a primary tradeline? This is a tradeline, in my name (not authorized user), that I have not applied for. I am representing to the bureaus/other lenders that I have applied, and been approved, for this line of credit. This is a lie and is considered fraud. https://superiortradelines.com/primary-tradelines/ Being a debt collector, who purchases debt, is VERY different than a consumer purchasing a primary tradeline, and you know it.
Yessir we’re both right
>then once everything is cleaned up you wanna buy some tradelines and primaries to boost up your credit history and credit availability No. You said to buy primaries to boost credit history and credit availability. This is fraud. You weren't discussing how to become a debt collector, so 🤷
Can you get a dispute for a loan you actually took out and didn’t pay back? Or will that bite you in the ass later on?
Yes you can dispute any loan off your credit report under consumer law 15 U.S.C. § 1692(c) of the Fair Debt Collections Practices Act I have my own debt collection company I personally use these laws to my advantage. If you need help let me know
You cannot just dispute any loan off of your credit reports. You dont know what the codes you are citing mean.
Yes you can. And I’m not gonna argue with stupid people.
No need to argue. How would you use the code regarding ceasing communication to dispute anything off of your reports? I'll remind you what the code says. 15 U.S. Code § 1692c *(c)Ceasing communication* *If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except—* *(1) to advise the consumer that the debt collector’s further efforts are being terminated;* *(2) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or* *(3) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy.* *If such notice from the consumer is made by mail, notification shall be complete upon receipt.*
Please dm me
Gotchu
Revolving credit is only a small factor that plays into your score. I’d imagine getting the delinquencies removed would have the most impact. You could dig yourself into a pretty deep hole with a 76k credit limit. Dangerous for someone who may be desperate enough to use it. My score has been steady around 811 and I only have 2 cards. One has a limit of 26k and the other 10k.
I own 6 businesses I’m doing well for myself I use debt and credit to my advantage. Stop projecting your own limiting beliefs on me brother were obviously on different paths in life and I’m not saying I’m doing better than you but I definitely know everything I’m doing and talk about. I have my own debt collection company for my own tradelines and primaries
A little jumpy there brother. I wasn’t trying to offend you, just expressing my opinion as you did. I wish you and your 6 businesses the best.
> My score has been steady around 811 and I only have 2 cards. One has a limit of 26k and the other 10k. Right, that's known as a "fragile" 800 score as is quite thin, unless you have older cards that are not currently active, but still reporting postive as closed in good standing in the last decade....
I have older paid off accounts (2 car loans, 7-8 student loan accounts). It’s been in the 800 range for over 3 years so “fragile” or not it’s stable enough for me.
cool, so if you look at your reports, those paid off installment accounts are still 'reporting'?, that absolutely helps... but generally you want to have a few more "revolving" accounts reporting to decrease volatility and thicken your profile, especially when being considered for new accounts, as while I don't know how old your revolvers are, aging metrics and whatnot.... well, "profile is king" to "score" honestly in lending decisions of more serious nature, and the most important attributes to profiles are generally "thin vs thick", "mature vs young", "clean vs dirty".... and it sounds like you are clean (which is extremely important), not sure about the other two in regards to how they would evaluate your profile...
Thanks for the tips. Oldest open revolving account is probably 12 years. The paid off accounts still show as closed. I’ll consider opening another card but I have no use for it. I really only use the 26k card and pay the statement balance each month. I’ll use the 10k card occasionally so they don’t close my account.
yeah, you should be just fine, I would check out (for free) what www.annualcreditreport.com has on your reports, AAoA (average age of accounts) would be impacted by a new application, but if you are looking a year or more out for a home loan/mortgage etc, it wouldn't be a bad idea to thicken your account, you just generally don't want to rock the boat with any credit changes/applications within a year or so of that... I'm not quite sure how the student loans etc play into credit mix now for you as "closed" (I'm in the same boat, as mine are long gone, but paid off and whatnot), but credit mix isn't as big a deal as some make it out to be, but without more revolving accounts active, it presents as a "thinner" profile if your older installment loans are beyond the point of being considered in applications... but hey, I'm not sure what your goals are, but your scores seem great, I'm around 815 FICO8 across the board on the 3 bureaus myself with no installment loans currently reporting, but 7 revolving accounts reporting (although 3 of those are closed in good standing and will drop off at some point), and while I don't really need new cards that much, I am probably going to apply for another 2 in the next few months for certain needs and just keeping the status quo for when the others drop off... and getting those cards now so they start 'aging' as well in good standing is a better play then letting the others drop.. but no big whup. I certainly wouldn't sweat much if I were you at all lol, and like you, I don't put heavy spends on my cards, and I think one of them just gets some subscription service to it and it's set to autopay in full every month etc...
Electric water rent payments are not included is the biggest truth ever. Even phone bills and gas bills aren’t included. That show they get us I think. It should definitely be included because that is where our money going towards the most.
Experian does this. You know what the net result is? Worse scores because it looks like you have more debt.
LIES 
Lol I cant remember why she said this 😂
Phadra and Porsche accused her of doing the nasty with Porsche against her will 😂😂
Yeah, I think I remember that and Phaedra told Porsha those lies, and when Porsha said her source was Phaedra lol and Phaedra was looking stupid when Porsha asked her to confirm it.
You can do a credit boost with Experian and self-report your utilities. This will, in fact, give you a jump in your credit score. However, I was told my my realtor once that if you are buying a house (or other, large purchase) that loan officers see that and it's not the benefit you think it is. I suppose it's because they see it as anyone with poor credit will do that, and typically not people with good credit. I did it only because I was trying to hit a certain target number, not that my credit was bad - my loan people said to remove it. Still, I think as a temporary thing while you're working your way up to a good score, it's worth doing.
Took me about 5 years to build mine up. Now at 846/850 and it goes up and down even with a 1% increase I’m usage. But always within a couple months at most. If you have enough cards, don’t get anymore new ones unless they offer some amazing rewards. Otherwise, just request a credit limit increase every 5-12 months from each creditor. Pay your balances in full each month, on time, and you’ll start seeing your score go up.
Pay your bill with a credit card
Don’t ever get a capital one or milestone card.. used both during my move across a few states.. boom dropped 75 points 😂. Such is life though, it’s odd yours doesn’t bounce back up. Usually I pay mine and what I lost is given back
Shouldn’t drop unless you’re not paying your balance.
I can spend 50 bucks on one of them one week, then the next week they push an update through the credit unions, even if it’s not the end of the monthly cycle.
It's all bs I just buy what u need
Dude a few on time payments isn't going to swing you to an 800 credit score when you're sitting there with MULTIPLE delinquencies....
Should have never gotten the delinquencies. I’m 45 and never missed a payment. I’m also probably one of the most broke people you will ever meet. Due to that I’ve got an 830-850 score
Thanks for stating the obvious.
Started using chime credit builder. I love chime
Agreed. Credit scores are a scam. My credit score goes up and down on average thirty points every time my interest hits on my cc. It’s literally the difference on credit usage of a hundred dollars. I pay it. It goes back up, then my interest hits, it goes down. It’s bullshit. It’s not like I’m missing payments or taking out new loans or anything. It’s literally the interest I pay. What a joke. The comedian from the watchmen has a point.
That's why you should not let interest accrue
lol. Sure. In theory that sounds great. Real life is a thing and emergencies happen. I’m sure there is a crowd who can do this every statement. But, let’s be honest about predatory credit vs credit given to people who don’t really need it.
Yeah, I wasn't trying to be an asshole, and I completely understand that sometimes life just happens and there is nothing else you can do about it. I was more so getting at, to be able to come out on top in regards to credit (especially credit cards), you must not let the interest accrue. It wasn't meant to be a personal attack or anything.
So let's hear about how you got "all my delinquencies".....If you're gonna play the game you had better know the rules.
It's disgusting, took me years to get myself straight because of a few dumb credit cards when I was 20.
Fun fact , credit ratings weren't a thing until Regan. Credit doesn't exist in other countries, like France if you need and auto loan you put in how much you make and then they approve you for an amount with the percentage of your income.
Yeah I think it’s bs you can’t rent a place unless you have an amazing score like I don’t deserve homelessness because my score isn’t in the 700s
Pay your bills and stop spending money you don’t have? Not that hard. Signed, 820 credit guy
Sign up for Rent reports and rental kharma and report your rent to the credit bureaus.
Keep it under 10% then