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Good place to check credit report?

hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
 
I can't wait until March 1st for my state to be active in annualcreditreport.com. Just got a used car and the loan officer said I was 760 and my wife was 740. I want to know how the used car affected that.
Originally posted by: armatron
hmm my fico is 610...
Click to expand...
That's pretty bad. Lets see what Anandtech would do. Personally I'd do these:

1) If you have fewer than 3 credit cards, get one or two more. This will be a short term hit to your credit score (inquiries and even shorter average credit history). But long term it is a good thing as it will drop your % of available credit used.

2) Call your CC companies and see if they'll increase your credit limit (assuming you have had the CC for about a year+ and without an increase). That will have a dramatic impact on lowering your % of available credit used.

3) Stop wasting all of that money leaving $5 balance. It doesn't help you one bit (as seen by the low score) and just costs you a ton of money.

4) Keep paying on time and just sit and wait.
 
Originally posted by: armatron
hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
Click to expand...
You need to go a couple of months without using your cards or pay off the balance before the statement date so the high balance doesn't get reported to the CRAs.

Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.

The key is keeping utilization below 15%.

Also, having a short credit history is only a short-term problem. In a few more years you'll be sitting pretty as long as you never pay anything late.
 
Originally posted by: conjur
Originally posted by: armatron
hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
Click to expand...
You need to go a couple of months without using your cards or pay off the balance before the statement date so the high balance doesn't get reported to the CRAs.

Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.

The key is keeping utilization below 15%.

Also, having a short credit history is only a short-term problem. In a few more years you'll be sitting pretty as long as you never pay anything late.
Click to expand...

grr... yeah it said a positive was always on time payments.

ok. should I just charge like $5 a month on each card? I have two, a capital one with $500, and a chase with $300. I called chase and they said during this time of the year they don't increase credit limits. wtfever that means.


 
Originally posted by: conjur
Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.
Click to expand...
I think you are incorrect. As far as I know, they report the average daily balance for the last couple of months. So if you pay off in full on day 1, then charge $10 a day until day 30, you'll have an ending balance of $300. But your average daily balance would be (10 + 20 +30 +... + 280 + 290 +300)/30 = $150. So your reported utilization is 50% on a $300 limit credit card even though it is maxed out each month.
 
Originally posted by: armatron
Originally posted by: conjur
Originally posted by: armatron
hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
Click to expand...
You need to go a couple of months without using your cards or pay off the balance before the statement date so the high balance doesn't get reported to the CRAs.

Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.

The key is keeping utilization below 15%.

Also, having a short credit history is only a short-term problem. In a few more years you'll be sitting pretty as long as you never pay anything late.
Click to expand...
grr... yeah it said a positive was always on time payments.

ok. should I just charge like $5 a month on each card? I have two, a capital one with $500, and a chase with $300. I called chase and they said during this time of the year they don't increase credit limits. wtfever that means.
Click to expand...
With low CLs like that, I'd keep a $0 balance and only use them in emergencies. And, if you're looking to buy something like a car or a house, definitely keep a $0 balance at least two months prior to purchase.

The credit card companies and the CRAs can have up to 2 months' delay in reporting. I have a Household Bank card and a Target Guest card and my Trans Union report shows it was last reporting in October. No November or December info from either card has made it to my TU report as of today.
 
Originally posted by: dullard
Originally posted by: conjur
Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.
Click to expand...
I think you are incorrect. As far as I know, they report the average daily balance for the last couple of months. So if you pay off in full on day 1, then charge $10 a day until day 30, you'll have an ending balance of $300. But your average daily balance would be (0 + 10 + 20 +30 +... + 280 + 290 +300)/30 = $150. So your reported utilization is 50% on a $300 limit credit card even though it is maxed out each month.
Click to expand...
Nope, they report your balance when they generate your statement.

My Target Guest card was about 80% utilization and I maxed it out a week ago. The statement was just generated and now my EX and EQ are reporting 100% utilization and my EQ FICO score dropped 22 points. I made a payment on Friday but that won't post until today but, even then, it won't report to the CRAs until next month. Heck, my TU report still doesn't show Nov/Dec for my Target card.
 
Originally posted by: conjur
Originally posted by: armatron
Originally posted by: conjur
Originally posted by: armatron
hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
Click to expand...
You need to go a couple of months without using your cards or pay off the balance before the statement date so the high balance doesn't get reported to the CRAs.

Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.

The key is keeping utilization below 15%.

Also, having a short credit history is only a short-term problem. In a few more years you'll be sitting pretty as long as you never pay anything late.
Click to expand...
grr... yeah it said a positive was always on time payments.

ok. should I just charge like $5 a month on each card? I have two, a capital one with $500, and a chase with $300. I called chase and they said during this time of the year they don't increase credit limits. wtfever that means.
Click to expand...
With low CLs like that, I'd keep a $0 balance and only use them in emergencies. And, if you're looking to buy something like a car or a house, definitely keep a $0 balance at least two months prior to purchase.

The credit card companies and the CRAs can have up to 2 months' delay in reporting. I have a Household Bank card and a Target Guest card and my Trans Union report shows it was last reporting in October. No November or December info from either card has made it to my TU report as of today.
Click to expand...

I thought I HAD to use the cards to build credit?
 
Originally posted by: armatron
Originally posted by: conjur
Originally posted by: armatron
Originally posted by: conjur
Originally posted by: armatron
hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
Click to expand...
You need to go a couple of months without using your cards or pay off the balance before the statement date so the high balance doesn't get reported to the CRAs.

Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.

The key is keeping utilization below 15%.

Also, having a short credit history is only a short-term problem. In a few more years you'll be sitting pretty as long as you never pay anything late.
Click to expand...
grr... yeah it said a positive was always on time payments.

ok. should I just charge like $5 a month on each card? I have two, a capital one with $500, and a chase with $300. I called chase and they said during this time of the year they don't increase credit limits. wtfever that means.
Click to expand...
With low CLs like that, I'd keep a $0 balance and only use them in emergencies. And, if you're looking to buy something like a car or a house, definitely keep a $0 balance at least two months prior to purchase.

The credit card companies and the CRAs can have up to 2 months' delay in reporting. I have a Household Bank card and a Target Guest card and my Trans Union report shows it was last reporting in October. No November or December info from either card has made it to my TU report as of today.
Click to expand...
I thought I HAD to use the cards to build credit?
Click to expand...
You can use them but having the utilization below 15% is what you want to do. But, why give the credit card companies extra money in the form of interest? Having open lines with higher credit limits that have been open for several years is what gives you better scores.
 
Originally posted by: conjur
Originally posted by: armatron
Originally posted by: conjur
Originally posted by: armatron
Originally posted by: conjur
Originally posted by: armatron
hmm my fico is 610... says that I have too high revolving balance (I should have no revolving balance.. or maybe $10 a month at most.. in relation to my total credit. I think it's because I max out all my cars every month (but pay it all off.. or all but $5) and it says I my credit history is short
Click to expand...
You need to go a couple of months without using your cards or pay off the balance before the statement date so the high balance doesn't get reported to the CRAs.

Let's say you have 3 cards each with a credit limit of $500. That means you have $1,500 available credit. If you charge them all up to the limit, your utilitization is obviously 100% and that gets reported to the CRAs by the credit card companies when they generate your bill. You pay your balance in full but that doesn't get reported until the next statement date. If you've charged them up again, you'll forever be showing high utilization.

The key is keeping utilization below 15%.

Also, having a short credit history is only a short-term problem. In a few more years you'll be sitting pretty as long as you never pay anything late.
Click to expand...
grr... yeah it said a positive was always on time payments.

ok. should I just charge like $5 a month on each card? I have two, a capital one with $500, and a chase with $300. I called chase and they said during this time of the year they don't increase credit limits. wtfever that means.
Click to expand...
With low CLs like that, I'd keep a $0 balance and only use them in emergencies. And, if you're looking to buy something like a car or a house, definitely keep a $0 balance at least two months prior to purchase.

The credit card companies and the CRAs can have up to 2 months' delay in reporting. I have a Household Bank card and a Target Guest card and my Trans Union report shows it was last reporting in October. No November or December info from either card has made it to my TU report as of today.
Click to expand...
I thought I HAD to use the cards to build credit?
Click to expand...
You can use them but having the utilization below 15% is what you want to do. But, why give the credit card companies extra money in the form of interest? Having open lines with higher credit limits that have been open for several years is what gives you better scores.
Click to expand...

Using the cards only helps with THAT card, that specific company is more likely to increase your credit line, but it has no effect on your credit report. Wether there was a balance or not, it will show as on time payment.
 
I love using my cash-back CC (no annual fee)...
paying the balance within the month...
requesting my cash-back checks be sent...
:laugh:

Life Is Good!
 
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