alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
How many tradelines do you have/had?
It's easy to have an extremely high credit in the beginning.
Anything around 700 is excellent.
Key to credit rating with regards to credit cards is once you get over 50% debt to limit your rating drops. Often times the temporary hit you get from applying for a new card is offset quickly by the extra credit limit providing you don't use it.
I made the mistake of paying off around 25k of my debt and as I did I closed each account. My score actually dramatically fell. Even though I had several hundred more dollars free I couldn't qualify for cards to replace them. Once I got the remaining debt under that 50% mark my score skyrocketed.
This is actually way worse than I thought.
These morons at Sprint have really fucked me over.
Apparently when I got in on the sick Sprint deal last year (June 2006), these guys had intially messed up when they created my account. When I added the Employee Discount to my account, due to the intial cock-up by Sprint, they had to create a new account, which is the current account I am using.
The 1st account apparently had a $57 charge on it that they billed me for. A bill that I NEVER received. Mind you that the 2nd account that they created has been paid in full on time except for that latest missed billing on my part a couple of months ago - this wasn't the negative thing on my credit report that I initially thought it was.
Sprint have, according to the credit dept CSR, been sending bills to an old address and tried calling my old number (both number that I used when I was in college back in 2001!!!). I guess they didn't have the current address from my '2nd account' to contact me to pay this $57, it remained due. Since it has been more than a year now, it has gone in to collections. The best part of it all - I don't even know what the damn $57 is for.
Trying to fix this is going to take 5 years off my life and that doesn't include the hold times.
highland145
Lifer
- Oct 12, 2009
- 43,973
- 6,338
- 136
AdamK47
Lifer
- Oct 9, 1999
- 15,821
- 3,621
- 136
Sounds legit. I'd like to buy 50 of whatever you're selling.
Last edited by a moderator:
Svnla
Lifer
- Nov 10, 2003
- 17,986
- 1,388
- 126
From FICO, maximum is 850
800 and above - excellent
740 - 799 - very good
670 - 739 - good
580 - 699 - fair
Below 580 - risky
How to get good credit score?
1. Pay on time, always. No exception.
2. Don't owe too much. 30% of your credit line or less.
3. Take time. Can't have good credit score overnight.
4. Have different types of debts (credit card, car loan, etc.).
5. Don't open new account just because you could.
/thread
800 and above - excellent
740 - 799 - very good
670 - 739 - good
580 - 699 - fair
Below 580 - risky
How to get good credit score?
1. Pay on time, always. No exception.
2. Don't owe too much. 30% of your credit line or less.
3. Take time. Can't have good credit score overnight.
4. Have different types of debts (credit card, car loan, etc.).
5. Don't open new account just because you could.
/thread
highland145
Lifer
- Oct 12, 2009
- 43,973
- 6,338
- 136
JulesMaximus
No Lifer
- Jul 3, 2003
- 74,586
- 986
- 126
Creditkarma is free and does a good job explaining your site and how to improve it.
Never ever have a balance left - ever. Always pay in full when the credit card bill is due.
In fact, one of the score metrics is credit utilization rate (amount owed out of amount available), and it can be beneficial to pay off your card more than once per billing cycle to keep utilization low.
Having more credit cards hurts at first (credit check, new account, lower average credit age), but in the long run helps (more credit available).
In my opinion having a really high score does not provide any benefits. When do you really need it besides auto and home loans? Home loan officers look more closely at the history instead of a single number.
One of my college loans said I was 3 months late on a payment (I wasn't, and was going to sue for it), tanking one of my credit scores - right before I applied for my first home mortgage. The loan officer looked over my entire credit history and brushed off the one bad mark before I even had a chance to explain, and gave me the lowest possible rate. For big loans, a single number isn't everything to them.
Never ever have a balance left - ever. Always pay in full when the credit card bill is due.
In fact, one of the score metrics is credit utilization rate (amount owed out of amount available), and it can be beneficial to pay off your card more than once per billing cycle to keep utilization low.
Having more credit cards hurts at first (credit check, new account, lower average credit age), but in the long run helps (more credit available).
In my opinion having a really high score does not provide any benefits. When do you really need it besides auto and home loans? Home loan officers look more closely at the history instead of a single number.
One of my college loans said I was 3 months late on a payment (I wasn't, and was going to sue for it), tanking one of my credit scores - right before I applied for my first home mortgage. The loan officer looked over my entire credit history and brushed off the one bad mark before I even had a chance to explain, and gave me the lowest possible rate. For big loans, a single number isn't everything to them.
:sigh: Quoting the spammer leaves their spam up after the original post gets cleaned. Don't do this.
AdamK47
Lifer
- Oct 9, 1999
- 15,821
- 3,621
- 136
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