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SurReality
PsychAdemic


Registered: 12/21/06
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Loc: Colorado, USA
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credit advice
#21421356 - 03/17/15 03:35 PM (9 years, 2 months ago) |
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This might not be the best place but I figure pubbers know what I'm talking about.
Trying to build credit with secured credit card. I want more credit line. Should I
Deposit more on one card Or Apply for more cards, each card has annual fees btw
Would would be willing to pay more if it significantly increases my rating fast.
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Lophosaurus
suruasohpol


Registered: 08/09/07
Posts: 8,744
Loc: CA
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I don't think more cards will help and I heard if you apply too much that can go against your credit score. Keep buying stuff on credit and paying it off. It takes time
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PrymaLScReam
Talks To Dolphins



Registered: 02/23/10
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Quote:
Lophosaurus said: Keep buying stuff on credit and paying it off. It takes time
This. Don't be reckless and charge things to credit that you're not certain you'll be able to pay off.
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SurReality
PsychAdemic


Registered: 12/21/06
Posts: 11,808
Loc: Colorado, USA
Last seen: 1 year, 10 months
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I only have a two hundred dollar line. I have it just for building credit... Does anyone actually know the answer to my question?
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rxb
n00b-sabot



Registered: 08/24/13
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here is the game.
credit is based on a few factors.
payment history is one.
amount of credit you hold - credit you have used is another
types of loans is another (credit cards, mortgages, lines of credit, etc).
so, first you need a credit monitor, credit karma is free and good.
then you need to do your best to get credit. walmart, target, home depot, lowes, best buy is really good, these places have no annual fees, and LOVE to give credit, they suck because you can only use them one place BUT the upside is you get a lot of accounts. more accounts = more better.
you have to use them and you have to pay them ontime for 6 months.
then on the 7th month look at your credit karma suggestions for cards... it even tells you the best deals.
get the best one. hopefully with a 0% apr intro. use that all the time... for groceries etc... for 6 months. first month, pay the minimum ballance plus half the ballance... keep the rest in your bank. from there out pay it off completely every month so you arent paying interest. you dont have to roll the interest the first month, but you DO need to occasionally roll the interest. this is how they make money so if you NEVER do it, they dont rate you as high.
after you get a new card... go to all of your old cards and ask for a raise to your credit limit (this only works every 6 months and sometimes doesnt work at all).
keep your old cards open. and ocasionally use them for a small purchase and pay it off. this keeps the acct active. and boosts your credit with an ontime payment.
every 6 months, go for a new card with the lowest intro apr. get a credit raise on your old cards, and then use the new card for 6 months.
by the end of the year your score will be good. you'll have two credit cards. i once got up to $150,000 credit this way. it was spread over like 10 cards.
i had a bunch of medical debt and my score went WAAAAAAAAAY down to 520 and using this method i got it back up to 750 in about 10 months.
-------------------- ->$10 FLOW HOOD ALTERNATIVE <- . i cleaned a mold contaminated live culture and saved it. (might have useful applications) [quote]Enlil said: I'd be the guy with thousands of minions doing my bidding and all of the hot women locked in a cage for my use.[/quote]
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Lophosaurus
suruasohpol


Registered: 08/09/07
Posts: 8,744
Loc: CA
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I'm the type of person that pays all my bills on time and I don't buy stuff if I don't have the money and have to make payments. They wouldn't let me get a credit card until I was like 27 and it was for a $500 limit. Meanwhile, my friend had multiple credit cards that were long over due, had multiple cars repossessed, and hardly paid any of his bills on time. He would still get new credit cards and buy new cars all the time, but I couldn't even get $500 of credit.
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jessepinkman
Stranger


Registered: 09/28/14
Posts: 308
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Part of your credit score is your average age of accounts or AAoA. Having more cards when you initially start building credit will hurt you in the short term, as new accounts hurt the score a little. But as the cards age, it will help you tremendously. If you have 1 card for say 10 years, then apply for a new one, then your AAoA drops to 5 years. If you have 9 cards that are 10 years old, then apply for a new one, it would only drop your AAoA to 9 years. If you cannot get unsecured cards, your best bet would be to get secured major cards(not store cards, or predatory cards), as the others don't help so much.
Another little trick to quickly boost your credit score is to have someone with established credit add you as an authorized user to one of their accounts. I just did that for a buddy of mine, and his score rose almost 100 points. They don't even have to give you the card. They can just add you and keep the card if they don't trust you lol.
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rxb
n00b-sabot



Registered: 08/24/13
Posts: 12,897
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yes i forgot about average age of credit.
and yes, only get store cards if they are unsecured. secured store cards do you NO good.
when i was down at 520 walmart gave me $2200 in credit unsecured.
-------------------- ->$10 FLOW HOOD ALTERNATIVE <- . i cleaned a mold contaminated live culture and saved it. (might have useful applications) [quote]Enlil said: I'd be the guy with thousands of minions doing my bidding and all of the hot women locked in a cage for my use.[/quote]
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jessepinkman
Stranger


Registered: 09/28/14
Posts: 308
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What is preventing you from getting unsecured cards? If you have derogatory marks(late payments, collections, etc.), those hurt your score the most and generally make lenders weary about granting you credit. You can often times get those removed if you are persistent.
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rxb
n00b-sabot



Registered: 08/24/13
Posts: 12,897
Loc: FREE PSYCHONAUTICA
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Re: credit advice [Re: rxb]
#21421493 - 03/17/15 03:56 PM (9 years, 2 months ago) |
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also YOUR bank isnt a bad way to get a credit card.
they usually suck, but thats not the point. you need to establish credit.... once that is done, you'll get better offers.
i NEVER use my atm card for the store. i ALWAYS use a credit card and then pay that off from billpay.
i always budget as if i was using my bank acct and i can only afford what is in it. but using the bank card doesnt help your credit.
-------------------- ->$10 FLOW HOOD ALTERNATIVE <- . i cleaned a mold contaminated live culture and saved it. (might have useful applications) [quote]Enlil said: I'd be the guy with thousands of minions doing my bidding and all of the hot women locked in a cage for my use.[/quote]
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LogicaL Chaos
Ascension Energy & Alien UFOs




Registered: 05/12/07
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the best way to increase your credit line is to build a credit history.
Stick with one card, use it to 50% Only and make payments ON TIME CONSISTENCY.
After awhile, u will build a credit history and banks love a GOOD credit history.
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Patlal
You ask too many questions



Registered: 10/09/10
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Building credit is as easy as spending 1$ on your credit card and paying it back on time.
If you have a really shitty credit score under 600 or worse, it'll take a few years but you can pull it off.
Credit scores are a great example of something that takes a very short time to destroy and a very long time to rebuild.
Applying for credit actually lowers your credit score because it suggests that you always have to borrow which means you can't get ahead.
Use your card. Pay it full and on time for a year or two. Your score should gradually go up.
Give a phone call to Equifax and ask how you can make your credit score better, faster. They will give you tips.
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SurReality
PsychAdemic


Registered: 12/21/06
Posts: 11,808
Loc: Colorado, USA
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Quote:
jessepinkman said: What is preventing you from getting unsecured cards? If you have derogatory marks(late payments, collections, etc.), those hurt your score the most and generally make lenders weary about granting you credit. You can often times get those removed if you are persistent.
I have a collections amount. It was due to a bad roommate situation and the statute of limitation in up in two years. The only responsibility I have to it is signing a lease with people I shouldn't trust.
My plan is to wait it out but build what I can in the mean time. Any suggestions on getting it removed? I mean I did stupidly sign a lease with people I didn't know, so I accept the repercussion. But I'll take any advice.
I'll look into unsecured store cards. But what is your suggestion about getting more secured cards versus adding more credit to the same secured card?
I built my credit score nineteen points this past week since I got the card last Monday.
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rxb
n00b-sabot



Registered: 08/24/13
Posts: 12,897
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10. How can I make the best use of a secured card to build my credit rating? Buy a few things and pay off the card every month. "People should not get these cards to carry any balance," Sherry says. While secured cards make sure you never spend more money than you can afford, it's not a good idea to keep one any longer than you have to, experts say. http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-2.aspx#10
Secured cards have annual fees and higher interest rates than regular, unsecured cards. If you have enough discipline to use a secured card responsibly, you have enough to use an unsecured card and set up a better savings program on your own.
"We recommend to people that it should be a stepping stone," Sherry says.
Read more: http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx#ixzz3Uh0EYOl5 Follow us: @Bankrate on Twitter | Bankrate on Facebook
-------------------- ->$10 FLOW HOOD ALTERNATIVE <- . i cleaned a mold contaminated live culture and saved it. (might have useful applications) [quote]Enlil said: I'd be the guy with thousands of minions doing my bidding and all of the hot women locked in a cage for my use.[/quote]
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SurReality
PsychAdemic


Registered: 12/21/06
Posts: 11,808
Loc: Colorado, USA
Last seen: 1 year, 10 months
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Re: credit advice [Re: rxb]
#21422868 - 03/17/15 06:39 PM (9 years, 2 months ago) |
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did you say you used a secured card? i'm sort of perplexed about my score jumping and i only got it friday (i accedentally said monday earlier).
i was sort of worried because i used 75% of my credit, forgot ppl say to only use 30%. check my score on creditkarma, where i found the card i am using, and its increased from 508 to 527. (i paid the amount off in full today, as soon as it would let me. should i have left 30% on??)
so is it actually bad to utilize more than 30 percent??
also can you apply for those store cards on their websites, like walmart.com
thanks for sharing your experience, it really helps me.
-------------------- ProDOPEFiend Diary: (my public diary) PodCast
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SurReality
PsychAdemic


Registered: 12/21/06
Posts: 11,808
Loc: Colorado, USA
Last seen: 1 year, 10 months
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it seems pretty strange the impact i got on my score by basically forgetting all the advice i planned to follow (it took a month to receive the card after applying)
i mean 19 points over the weekend increase, if i can keep that consistent then i should be able to get an unsecured card by next month at least.
-------------------- ProDOPEFiend Diary: (my public diary) PodCast
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jessepinkman
Stranger


Registered: 09/28/14
Posts: 308
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You want to get in with the prime lenders(Bank of America, Wells Fargo, Citi, Chase, etc.) because they are the biggest in the business. If they accept you, others will see you in a better light. Most store cards are backed by banks such as Synchrony or Comenity, which are easier to get credit with, but don't look as good on your file because they will give credit to most anyone.
The main factors for getting a good score are: Credit utilization, payment history, derogatory marks, and average age of accounts. Those are the biggies that determine your credit score. Credit utilization varies from month to month and will swing your credit score from month to month. 1-9% is best, anything more than that drops your score, higher is worse obviously. Your utilization is calculated on the day of your statement posting. Payment history is self explanatory. Anything bad there will hurt you big time. Same with derogatory marks(collections, liens, etc.). Average age of accounts or AAoA, I explained in an earlier post. Bad stuff like missed payments or collections remains on your report for 7.5 years. If you can get them removed, do so.
The best things you could really do short term to see an increase are: Keep utilization low when the account posts(this is not the due date, this is the date that your bill becomes available essentially), get derogatory marks removed off your credit file, or get added as an authorized user on someone elses well established card. That is all you can really do short term.
Long term, you want to just keep your accounts in good standing. Never let anything go late or worse(collections). Get several prime lenders in your pocket.
There are several ways to get things removed from the credit file, although none are guaranteed to work. 1. You could dispute it. You do this by going to the credit reporting agencies(CRA) website. They should have a dispute link there. The creditor(or collection agency, whoever owns your debt) will have to provide proof to the CRA that the debt is valid. If they fail to do so within 30 days, poof! the debt is off the record. Although they can and probably will validate it. 2. You could offer the creditor a pay for delete. You basically send the creditor a letter stating you will pay the debt(or a portion thereof) if they agree to delete it from the CRA. This works a good amount of the time. 3. Send a goodwill letter. If the derogatory is a late payment, sometimes you can just ask the creditor NICELY to remove it, and they sometimes will.
If you have other questions, just PM or ask in this thread. I spend a lot more time on credit forums than i do here. I know a lot when it comes to this type of thing lol.
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Shroomism
Space Travellin



Registered: 02/13/00
Posts: 66,015
Loc: 9th Dimension
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I'm no expert.. but aside from everything already mentioned.. I used to have a bad credit score (after being reckless with credit cards when I first turned 18-20), delinquent accounts going to collections etc.. score was pretty bad. I paid them off and got a new credit card, used it sparingly and paid it off completely every month for a few years. It didn't improve that much.
I noticed after I financed a used car, paid the payments every single month.. by the time I went to sell the car a year or two later my score had DRASTICALLY improved, like over 150 points. Went from sub 600 to 720 or something. Maybe having bills in my name helped, but I think it was the car payment that made the biggest difference.
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rxb
n00b-sabot



Registered: 08/24/13
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i didnt not use secured cards. my understanding is that they dont help much.
wells fargo gives credit cards to a lot of people.
but i would try walmart first i have no idea if you can apply online but i would guess so.
19 points isnt really a lot of shift. i went from 1% utilization to 12% in January and it dropped 40 then came up 20. i suspect it will come up again soon.
what you need is 700 or above. credit karma is free. and will show you your problem areas. and gives you credit card offers and shows you your chance at getting them, if it says chance is poor... WAIT. and do a store card.
https://www.creditkarma.com/
its free. i've used it for several years. its VERY helpful.
-------------------- ->$10 FLOW HOOD ALTERNATIVE <- . i cleaned a mold contaminated live culture and saved it. (might have useful applications) [quote]Enlil said: I'd be the guy with thousands of minions doing my bidding and all of the hot women locked in a cage for my use.[/quote]
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jessepinkman
Stranger


Registered: 09/28/14
Posts: 308
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Quote:
Shroomism said: I'm no expert.. but aside from everything already mentioned.. I used to have a bad credit score (after being reckless with credit cards when I first turned 18-20), delinquent accounts going to collections etc.. score was pretty bad. I paid them off and got a new credit card, used it sparingly and paid it off completely every month for a few years. It didn't improve that much.
I noticed after I financed a used car, paid the payments every single month.. by the time I went to sell the car a year or two later my score had DRASTICALLY improved, like over 150 points. Went from sub 600 to 720 or something. Maybe having bills in my name helped, but I think it was the car payment that made the biggest difference.
I doubt it. You probably had a derogatory fall off the credit report at that time. That is the only thing that would have made a jump that large.
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