I paid off my debt. Own my car and boat. Make 6 figures and have $8,000 in the bank. No loan history, but I shouldn’t have a bad credit score. And why did it drop 20 points, couldn’t get a loan for my boat until my credit union finally approved a lower amount, for 5 years at 13%. That’s fine, I’ll pay that off and establish my loan history.
I pay my credit cards off every month. No change on my score I owe about $80,000 less than the average person my age. I tried to get an error on my credit report fixed years ago. The man that kept saying don’t worry about the nasty letters from the main branch, he was fired!!! We were making payments and didn’t miss. One month when the loan was reissued it says we were 120 days late, what? Explain how we never had a 90 day, 60 day and 30 days late? Just one month it’s reported we were 120 days late. I’m trying to work with a new person, but this was six years ago. I’m firing the bank, because of two other issues in addition to this one. But if you change credit cards, pay things off, want to get rid of credit cards you don’t use, it’s a kick on your score. If you’re a bank, you are in charge, and they still are in the 80’s in their thinking.
I do have one bad mark that is deserved. We were scammed out of a good amount of money. My fault, I didn’t trust these creeps and I should have stood my ground. So yes, I have a bankruptcy. It said on my credit report that it was supposed to be taken off on 11/2019. It has not come off. Called and was told it would be on till 2022?
Lost my husband and moved closer to family. House is paid off. I keep getting nasty remarks, on the report that I don’t have long enough credit history. Had to cancel a couple of cards because of thief. I wanted a new card issued with only $1,000 because of traveling to Mexico and didn’t want a $5,000 card that could be ran up by crooks getting an easy card to do it on. So it’s the same credit union, just a simple change in the amounts. And they run a credit report, that doesn’t help. I no longer, even if you will save 90% on your purchase, file for a credit card. I’ve tried to explain why I don’t want a new card, I get a look of amazement, how could you be so stupid? Never mind.
What can I do to get my score raised? Ideas please?
have you tried contacting the 3 credit bureaus and disputing any errors that are still on your credit report? and this bank/credit union that made this error: tell them if they don't fix it, you'll report them to the atty. general of your state ;). that's what got wells fargo in hot water, people went both to the better business bureau and the atty. generals of their states. seems like a simple error that was a molehill made into a mountain.
if you don't have a credit card, try one of these, these cards are secured and low limit cards. once you get 1, only spend a SMALL amt. each month and pay it in full. you should see your score go up quite a bit. https://www.creditcards.com/no-credit/
hi so is it true if you pay off your credit card its bad it wont show signs of trust instead paying half of it off then half the other month is better ?
also i updated my income and i see suggestions for a new credit card , i was wondering if i should apply and get a high credit line ?
If you have to many cards or credit , that can affect you or if the cards are maxed out or higher then 40 % . You need to have a good mixture of credit ( 2 credit cards , maybe one loan . I've noticed cars dont build your credit very fast. It's best to pay off your cards right away and not keep a balance. Even not using them at all can build your credit faster. Never close an account, because that will ding your credit. The more money you have available on the card , the more the creditors see you are responsible and your credit will improve much faster. Dont become a slave to debt . If you cant pay it off at the end of the month, it's best not to have them. It's very easy to put money on the card , but very hard to pay off due to the interest. It's best to pay off your lowest card first and then add that money to the next until they are paid down and keep adding those payments to the next. Never pay the minimum always try to double or triple .
When the bank calls and alerts me to the fact that someone else has used my credit card, I tell them O.K. then void the credit card, and send me a new one which they did quickly. Now that new card makes my credit score go down. I can't see why my credit worthiness is lower. As a matter of fact, I have a rather high net worth and I am living way beneath my means so that I can leave enough for my kids retirements, new, houses, or their children's education. I was also dinged because I signed a co-borrower mortgage for my son's fiancee's new house. If she should fall seriously ill or whatever, I will just pay off the mortgage and have them pay whatever rent to me that they can afford. I don't think all of this merits a mediocre credit score, but it really doesn't matter because I can not conceive of any reason that I will have to borrow money for anything during the rest of my life.
I paid off my house. 4 months later I start seeing negative comments about my credit history for not having any experience with a mortgage and I lost points because of it! Just goes to show you exactly how asinine this whole FICO SCORE crap is. I am very close to being completely debt free. Never again. Not one red cent will I EVER go into debt. You do NOT need a "credit score" to thrive. Once my remaining two credit cards are paid off, you can bet, my "score" will tank for lack of activity. So be it. I refuse to be a slave on the plantation of debt.
I have found that keeping your utilization low is the key to keeping your credit increasing. I recently opened a new card with a $7K limit just to boost my available credit. It dropped my credit utilization down toward 10%. I initially took a hit on my report, but it went up higher than it was a few months later. I couldn't believe my credit took a hit when I paid off my truck because having a loan that is close to the end is actually good for your credit. Paying off early then makes your credit utilization rise and credit fall. From now on I'm going to pay the loan way down and then make minimum payments until it's paid off. My credit also took a hit from completely paying off a credit card (credit card not used was the reason) so now I pay it down to like $50 and make sure I have small things like Hulu or Netflix go to that card every month. Paying on the card does more for your credit than paying off and not using it.
I'll share what I've done. You might agree or disagree, and that is fine. I'm not going to defend it, just present the facts and tell you where it has taken me.
About three years ago, I recognized I was so far in debt with credit cards, a mortgage, and a bank loan that I was never going to be free. The interest was killing me. I had, and still have, a very well paying job. But this debt was killing me.
I reviewed a debt relief agency and called them. The strategy was to immediately stop paying all my debts other than my mortgage. We waited. When my debtors started clamoring, we began to negotiate. We just finished negotiating with the final debtor. Four of the debtors settled for 50% of the debt. One settled for 30%.
In seven months, I will be debt free other than my mortgage. At some point early in the process, all my debtors stopped charging interest. They froze my account. I needed help to do this. Some will say I could have done it on my own. That may be true, but clearly, I am not good with money. The help was welcome, and I have been happy to pay for it.
My credit score is improving little by little. I will clean up what I can. I think this was better for me than bankruptcy. Most of my credit will show up on my credit report as paid in full. I understand that some will show up as an agreed settlement.
So I see this as a realistic place for me. With these debts gone, my income is enabling me to save at an incredible rate. All that money is going into my account rather than up in interest smoke. Do I feel guilty for not paying in full? No, I don't. I gave those companies so much money in interest, they didn't need any more. It was my turn to put my foot down.
When I say I put my foot down, I mean two things. I told my creditors I was finished playing this game. Settle or get nothing. Secondly, I put my foot down on myself. No matter the circumstances, control spending. Say no to credit. Work with cash. I'm doing it now. I haven't needed or tried to borrow since I started this program. I have purchased two used vehicles with cash. I will build my retirement home with cash.
So there's my story. It hasn't been easy. Some may want to criticize the debt relief agency I used, but the process has been seamless. They walked me through every step.
This is one way to raise your credit score.