credit advice

[soccerballtux]

News to me.

So tell me how to get to 800.

get $70k of credit and never use it. I started when I was 16

actually, that might be false, if you make the payment on the due-day, every month it looks like you're revolving about (in my case) $1300 of credit. They like to see that, because [assuming it was actually revolving], it means you're giving them money. So they give you a higher score in return.

I will be interested to see how long it takes to return to 800 after I get a job and start paying.

edit: come to think of it, for 3 years I was the power bill payer and believe I also had my name ON a lease. between these two that might have changed things. And there was the car loan that I paid off in 6 months

 

[MongGrel]

That isn't happening these days I guess, but have way more than that in 401K's and SEP's etc I guess.

In between paying off the house still etc and a few things beiing high 700's about the best I'll be doing awhile.

Just started a new 401K again, the company I work for now didn't even have one awhile.

It's all good.

:thumbsup::thumbsup:

 

[LegendKiller]

their statistical models lead to 2008.
I am statistically divergent and make it difficult for them to operate.
Their behavior is statistically divergent from what I have come to expect from them and it's making it difficult for me to operate.
See the parallel?
The spread between the two exists because 'they have power'
the 'burden of the unpredictable' shit flows down the power hill.

Some statistical models did. However, most did not. Name a single asset class of loans outside of residential mortgages that saw systemic defaults and losses to investors.

Even the deepest os subprime autos did not realize losses to even the lowest class of investors in securitizations. Fact.

It doesnt matter if you think you are statistically divergent. You shouldn't have put yourself in that situation ignorantly thinking you were a special snowflake. You aren't special and they don't give a shit about it.

 

[LegendKiller]

I've done it before for my last car purchase without a job when 'their model' said not to so that throws the rest of your comment out the window.

Autos can be structured differently. More down, longer term...etc. there you have an f&I guy who puts your loan onto something like Dealer track which shoves it out to two dozen lenders. They can then pick one thst might reject you through auto underwriting but accept you as an exception with his call. 90%+ of auto loans are auto decision models.

That's not even getting into the captives who might approve you to capture the sale. If the see a default the can repo the car easily and send it back out the door for a low loss, or none, or gain, when considering the next sale.

It's a completely different game when talking about secured credit on a non discretionary primary vehicle Vs a unsecured credit card.

 

[Svnla]

does the CA show up to them if it was on another MC/non Amex that they don't see?

I can pay all of this down in a year. From there, how long does it take my credit to return to >800?

also: your sig rule #2 is something I recently learned

I never did the cash advance thing so I can not help you there.

It does not matter where did you get the money. You become a "higher credit risk entity" to AE and possible to other credit providers with your credit usage. I know it is not fair and you do not plan to default but you need to change or your credit score will go even lower if you continue in the same path.

Hard to tell the exact time frame when you will go back up again but you need to stop using the cash advance, go below 30% of your credit line, pay on time, and you score will go up. Time will cure everything in the credit score land.

 

[Tim]

1. Ask for credit help.
2. Get responses that are truthful and intended to help.
3. Come back and post like you know more than the people who are trying to help you on the topic that you asked about.
4. Go find yourself... (don't post again)

 

[Svnla]

Here you go, OP, this could help you.

http://www.msn.com/en-us/money/video/the-3-fastest-ways-to-raise-a-credit-score/vi-BBk5nZ4


and http://www.myfico.com/crediteducation/improveyourscore.aspx