Credit Scores?

[nightracer]

So.... How much can you possibly raise your credit score in or around a year or two?

[The Ren]

you can raise your acore to a near perfect in 6-8 months if you do it right

[kelly marie]

you can raise it a bunch by paying off any loans you can... i.e. small credit cards and such... pay every bill on time... dont be late on anything...

you can get a loan with any credit score... but usually somewhere in the high 600's or 700's you can get a really good rate... just depends..

[Kevykev]

send me a pm with a fax number And I will fax a page over with some helpful information!

[kelly marie]

:yay: kevykev you are da bomb

[Kevykev]

:yay: kevykev you are da bomb

thanks, you're not to bad yourself. ;)

[kelly marie]

:hot:

[AWD OWNZ U]

Depends on why it's down.

[The Golden Child]

yea das da best way buy small items with credit cards and pay it the same day ..

[Ruiner]

<-- Upper 700s

Just make sure that you make payments on time and that you develop a good credit history.

[Jaimecbr900]

Credit scores are formulated from formulas that noone knows for sure. When working with credit for a while, you can guestimate what makes a difference and what doesn't. There are lots of urban legends about what and what doesn't affect the score.

One very important variable is the ratio of balances to high limit. This is a ratio calculated from all of the outstanding balances vs what your max limits on all accounts are. In other words, if everything is maxed out.....even if you pay everything on time, your score will not be as high as it could be because you are considered "over extended". So, paying off an account and CLOSING it is not always the best course of action if scoring is the priority. That closed account is one LESS account towards that ratio. Paying it off or atleast down below 30% of the high limit but LEAVING IT OPEN will substantially increase your score vs paying it off and CLOSING IT alone.

Another thing that affects score and also ties in with the mentioned above is length of time account is in good standing. New accounts typically drop your score, whereas old accounts help it (as long as of course you pay it on time and keep the balance below 30% of the max). Typically, credit scores drop a little in the couple of months right AFTER you get new credit.

Obviously, how you pay affects the credit score the most. Old collections, past due accounts, bankrupcies, settlements, etc. all stay on for a very long time if not settled in full. They can even "re-up" or re-update the old account every 5-7 years technically making an old account "new" and therefore messing up your credit for yet another 5-7 yrs.

There are many more fallacies about scores. There is no real guarantee as to how much or how quick or exactly how much your making certain choices will make on your scores. The actual formulas are only known to the specific agencies themselves. So, there is no real exact way to know, only guestimates.

[iloveboost]

He summed it up nicely, but it also matters how it was brought down, as AWD OWNZ U said. If you had a repo 2 years ago, and you've only established a good, clean credit history for 6-8 months, that won't be enough basis to lend you money for another car.

Perfect credit in 6-8 months? Yeah right. 6-8 months won't tell creditors if you can make long installment loan type payments. 6-8 months won't tell creditors if you've been late on past payments, or have been consistant with any and all loans.

From my experience, good standing installment loans being paid on time helps greatly, as well as using 30% or less on available lines of credits and paying everything on time.

[RandomGuy]

Credit scores are formulated from formulas that noone knows for sure. When working with credit for a while, you can guestimate what makes a difference and what doesn't. There are lots of urban legends about what and what doesn't affect the score.

One very important variable is the ratio of balances to high limit. This is a ratio calculated from all of the outstanding balances vs what your max limits on all accounts are. In other words, if everything is maxed out.....even if you pay everything on time, your score will not be as high as it could be because you are considered "over extended". So, paying off an account and CLOSING it is not always the best course of action if scoring is the priority. That closed account is one LESS account towards that ratio. Paying it off or atleast down below 30% of the high limit but LEAVING IT OPEN will substantially increase your score vs paying it off and CLOSING IT alone.

Another thing that affects score and also ties in with the mentioned above is length of time account is in good standing. New accounts typically drop your score, whereas old accounts help it (as long as of course you pay it on time and keep the balance below 30% of the max). Typically, credit scores drop a little in the couple of months right AFTER you get new credit.

Obviously, how you pay affects the credit score the most. Old collections, past due accounts, bankrupcies, settlements, etc. all stay on for a very long time if not settled in full. They can even "re-up" or re-update the old account every 5-7 years technically making an old account "new" and therefore messing up your credit for yet another 5-7 yrs.

There are many more fallacies about scores. There is no real guarantee as to how much or how quick or exactly how much your making certain choices will make on your scores. The actual formulas are only known to the specific agencies themselves. So, there is no real exact way to know, only guestimates.
yo were you at mahdavi today? I dropped by i saw a GS with a frontmount

[Jaimecbr900]

yo were you at mahdavi today? I dropped by i saw a GS with a frontmount

I was.

What car were you in?

[1439/2000]

you can raise your acore to a near perfect in 6-8 months if you do it right

No you can't. It takes a while to build and establish good credit. Payment history is very important. Delinquent over 5 days looks horrible too.


I work at MBNA and was hoping to NOT see something about credit cards when I get home from work. :blah:

[1439/2000]

yea das da best way buy small items with credit cards and pay it the same day ..


Not true. You dont look like a profitable customer with the card if you NEVER carry a balance wth a bank. No interest is made off you. The best method I have seen is carry a balnce half the year and pay it off half the year.

And remember if you do a balnce transfer at a lower promotional rate your purchase rate is still at the higher rate and payments are allocated to balances with lower APRs before balances with higher APRs. So keep that in mind when carrying a balance.

[/bank jargon]

[rickgiblin]

i just started getting credit in may and my credit score is already in the 600's

[MSTANGSALEEN]

I tell you I had a beacon of 793! could get what ever I wanted. Then ex wife fucked me over with loands and cc in my name, I went o go buy an r1 and my beacon was 495. Well I got alot of it disputed but one was a cc for 3k and she did a blance ttransfger,,atm and purchaes, so I was getting intrest x3 for 19.99% I paid on it for a year and it droped like $150 so i am saying fuck it let it be a charge off, since I didnt open it and they wont take it off.

[4dmin]

you may want to PM/EMAIL caliwest he gets on here everyonce in a while... he did some work on my credit for me... i had a similar situation w/ a family member. :2up:

[MSTANGSALEEN]

Hmmm, what do you think he could do?

[4dmin]

he did some work for me reversing some stuff on my credit (submitting some shit back to them)... put it this way my score came up over 100+ points in 6 months

[Jaimecbr900]

I tell you I had a beacon of 793! could get what ever I wanted. Then ex wife fucked me over with loands and cc in my name, I went o go buy an r1 and my beacon was 495. Well I got alot of it disputed but one was a cc for 3k and she did a blance ttransfger,,atm and purchaes, so I was getting intrest x3 for 19.99% I paid on it for a year and it droped like $150 so i am saying fuck it let it be a charge off, since I didnt open it and they wont take it off.

Unless you have a divorce decree specifically stating that those accounts are her sole responsability, you are stuck.

Even if you are an authorized person on a credit card, they will turn the tables and come after you if the original person doesn't pay. It's not fair, but it happens.

The best way to resolve your issue is to call the CC company and make a payment arrangement and KEEP that payment arrangement current. As long as you have your arrangement current, they can't put delinquencies on your credit.

Another avenue is to bring the account current, sue your ex in civil court, then payoff the account with the settlement if you win.

Letting the account go into C/O is a bad decision, credit wise. It will follow you for a long long time. You'd be better off settling it one way or another rather than ignoring it and letting it show up as a charge off. Besides, they can not only hurt your credit that way, but if they use a collection agency that reports to the bureaus, they too will show up and now you have 2 bad credit marks from the same 1 account.

[MSTANGSALEEN]

No she opened stuff up in my name that I didnt know about

[Jaimecbr900]

No she opened stuff up in my name that I didnt know about

Even easier then. File a dispute with the credit card company thru all three bureaus. The dispute will be based on fraudulent account. The CC has to have a signature of "yours" somewhere. If it doesn't match, they have to chalk it up to fraud. If they deem fit, they will go after her for fraud. Either way, you're off the hook.

It's not really gonna be that simple, but you get the idea.

[rickgiblin]

good geese jamie, it seems like you know your stuff about credit scores

[Jaimecbr900]

good geese jamie, it seems like you know your stuff about credit scores

I'm good at faking it, huh???? :D