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Repairing credit
Bionic Monkey
Registered User, ClubPA
Registered User, ClubPA
My wife and I are just about done paying off our credit bills from our college years, and the only big things we have left are the student loans. At this point, I'd like to start repairing my credit, but I'm not especially sure on how to go about this.
What I'm thinking is getting a credit card, which ever one will let me, and just paying a bill a month with it, and then paying off the card, and just keeping this up for a while, never using the card for any actual purchases. Is there a better route to go about this? Something that will improve my score more quickly? Anybody else gone through this that can give me some pointers? I understand applying for a lot of cards will hurt my credit too, so what's the most likely company that will give me a card?
What I'm thinking is getting a credit card, which ever one will let me, and just paying a bill a month with it, and then paying off the card, and just keeping this up for a while, never using the card for any actual purchases. Is there a better route to go about this? Something that will improve my score more quickly? Anybody else gone through this that can give me some pointers? I understand applying for a lot of cards will hurt my credit too, so what's the most likely company that will give me a card?
Bionic Monkey on
Posts
If you just had a lot of credit cards with a big balance, that wouldn't have given you bad credit. I had over $10K in credit card debt a few years ago, and my credit score is very good.
I don't think you can speed up the process that fast
Yes, sorry for not being more clear. We got in over our heads, and a lot of bills went unpaid back in college. Our credit was bad, and now I'd like to start repairing some of that damage now that all our monthly money isn't going out to pay off stuff we bought 8 years ago.
That's also a lot of help by the way. Cars, cell phones(I think) and such.
It's going to be a bit tricky right now, because credit card companies aren't handing credit as they used to, and more to the point, they are liable to actually cancel credit cards if they see you're paying them off every month(seeing as they aren't making any money from you)
Its free 1x per year here... AnnualCreditReport.com
Always a good idea to make sure all the information on there is accurate
Also, you mentioned that you had unpaid debts in your past. Are you current now on all your debts? Make sure you repair any problems from your past before you move forward.
Also, a history of steady predictable payments is your best friend. So, erratic large purchases on your new card followed by large lump sum payments will not look as good. This is why car payments or cell phone payments or mortgage and student loan payments looks so good. That long, steady payment history is a good indicator of your ability to continue making predictable payments.
Wait, what?
So you're saying that they have the 'ability' to just outright cancel you're current credit card if you are paying all your bills on time, making payments and not racking up debt?
The fuck?
Sorry if that sound's sarcastic, but I honestly want to know what the fuck is up, if that is actually true.
I would assume that in the contract you agreed to the bank can cancel it whenever they want, however what noir is saying makes absolutely no sense since banks still make money on every transaction regardless of if you rack up debt or not.
Credit card companies can do pretty much whatever they want, for any reason. The credit card agreement you sign when you open a card puts you on the hook for your debt but gives the card company almost no obligations whatsoever. And yes it is fucked up.
And I have great credit, well I did until I had $8K of credit evaporate, now I just have pretty good credit. They just did it, I assume they were trying to take some liability off their balance sheets; this was about 6 months ago. If you head over to consumerist you'll find all kinds of stories about this kind of thing happening (particularly by Chase and BofA).
If you're carrying a balance they probably won't just cancel the card, but they might reduce the limit to the balance carried or to some ridiculously low amount if you don't carry a balance, and they can also jack the rate on you.
If you ever find your asking yourself, "Can an insurance company do X?", where X is something enormously fucked up, the answer is "yes", yes they can. Not only can they do X, they can legally do X while face-fucking your purty mouth.
#FreeScheck
#FreeSKFM
Paying off your debts before they can charge interest, not going over your limit, or even close to the limit cost them money.
Because basically you're using their services for free. I'm not sure if there's a fast way to build up your credit score, but if you have a credit card, or credit at a business (like for home heating gas/oil) and you're good about it for awhile your credit score will go up.
If faith is just a silent tribute, mine is just a desperate act.
Red'd for false, it's a common misconception. Credit card companies take a 1-3% cut from everything that goes on the card. That is their main revenue stream. They can make more from debt, yes, but it is much more risky. Most people whole max out cards and go bankrupt end up paying them back very little.
Do that for a year and you'll be in good shape.