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Thanks for the free info. I have been working on that particular detail for a very long time.
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Use your credit card like a debt card and pay it off the entire balance weekly.
I also have a home mortgage loan which I pay double the payment amount on every month. My score is over 800pts and i'm 31.
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well, i usually set myself a limit of about $65-75 per month on my cc, my limit is $2500. and i pay it in full plus $5 more...so far, my score keeps jumping up. try not to keep a balance each month...if you can't afford it, don't put it on a cc. can't say it any other way...that's how cc debt builds up and your score almost always takes a hit.
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i currently have a wells fargo cc with a $2500 credit limit...i pay off my balance each month and am very satistifed with it (i learned my lesson with credit cards). i'm thinking of getting a discover card later in the year once my score gets higher...do you think a discover card is a good choice? i don't plan on getting anymore cc's after that.
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They say the trick is to always have a balance. Example spend $50 and only pay back 40 then the next month always leave a unpaid balance of $10 and make minimum payments on time I have been using this method and has done wonders to my credit score
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I just see on our credit report our DTI is 100! It does not show any income, which we have income. How do we change this? We are currently looking for a home, we do not need these reports to trip us up. We are retired, but we have income. Any thoughts?
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Income is not really a component of your credit score.
Your debt-to-income (DTI) is typically calculated by the income reported by the consumer. If you are using Turbo, the income figure is factored into that matrix.
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What impact does closing credit cards have on credit scores?
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@Sajee wrote:
What impact does closing credit cards have on credit scores?
Closing credit card accounts can lower your credit score.
See https://www.nerdwallet.com/blog/finance/does-closing-a-credit-card-hurt-credit-score/
However, the actual impact depends upon your credit history, including other open accounts and debt utilization.
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I have been able to raise my score by asking my current credit card lenders to increase my limit periodically. I still keep the balances at zero each month.
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Very true. I had excellent credit but on a whim, I decided to get two credit cards that help improve scores. Unfortunately, I hit a rough patch financially, and started adding onto those cards until I maxed out. Now, that is where my refund is going, but I will continue using them for help instead of a crutch after this. My score plummeted down to very low. I have a lot of work to do and learned my lesson about budgeting and priorities.
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My credit score took a big dip last month because it now only shows 15 years of credit history. I have over 30 years. Why would it drop 15 years of history? Does anyone know who I should talk to about that?