Credit

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This week in... The Penny Hoarder Community

Ashlee
Hi Penny Hoarders! This week we want to give our Veterans a special shoutout. We’ve been celebrating you all week long and are so thankful for your service. Here’s your weekly round up of announcements... In the market for a home? Here’s how to qualify for a conventional loan, which could save you thousands. Check out this quick video our team put together explaining everything you need to know. You can also read the entire article here . Have you found a cool way to make money outside of...Read More...
Hello penny hoarders I’m trying to build my credit up and people telling me to get a credit card and make my payment on time but I never had a credit card before and my credit will not let me get one anyway could someone tell me another wayRead More...
Too bad I missed the early bird pricing on the event. Who knew you guys would be hosting an event on my birthday when I will be in the area as my wife and I finish up the driving part of our 50 State tour! I will be in Orlando which isn't too far of a drive from the event so I am going to try to see if I can make it work for sure. I don't drink but it will be great to meet some fellow Penny Hoarders and learn from some successful side hustlers!Read More...
Last Reply By Lola Jones · First Unread Post

This week in... The Penny Hoarder Community

Ashlee
Happy Friday! Whew! Where has this week gone? Here’s your weekly round up of announcements to get you through today and into the weekend... We’ve crowned our November Member of the Month. Join me in congratulating Lisa Acu ñ a (@lismox) for being selected this month’s winner! We all appreciate your help around here, Lisa. Each month we look to crown a new winner. We’re looking for someone who is super helpful and active in the community. Each winner receives a $25 gift...Read More...
Not a problem, @Lesley Michele .Read More...
Thanks Average Joe😁😁😁😁Read More...
Last Reply By AverageJoe · First Unread Post

How to Organize Your Financial Life With a Budget Binder

Ashlee
Having troubling keeping up with everything in your financial life? A budget binder can help. Here's how to make one! Have you tried this approach to budgeting? I would love to hear more about your budget binders.Read More...
@MountainFan , I'm a big fan of TBM. So glad I found her method!Read More...
After reading some of The Budget Mom's posts, I was looking into making something like this for my home. I was so happy to see this article from The Penny Hoarder shortly after, it was uncanny! I like to combine this idea with bullet journaling a little, making my own mash-up version. I love it.Read More...
Last Reply By KellyFromKeene · First Unread Post

Happy November!

Ashlee
We’ve made it to the end of the week and the start of a new month Penny Hoarders! Who here can’t believe it’s already November? 😳 This week I want to know if you’re a planner or a procrastinator… Do you start planning and budgeting now for holiday purchases or wait until the last minute? What about your New Year’s resolutions? And now for this week’s announcements… We just hit a HUGE milestone Penny Hoarders… 10,000 community members! Join us in a celebratory happy dance, then go check out...Read More...
@Susan L. Miller We have used Freecycle off and on for years. We got the foot and headboards for our queen-sized bed through the program. We have seen many items we no longer use go to other homes that would use them and recommend it heartily! We have also used our "Marketplace" here in our area on Facebook to buy and sell things. There are so many ways to go and programs to use! Happy selling...and as one of our mentors says "Think..and grow RICH!"Read More...
I'm not sure how many were here when I joined the Penny Hoarder Community, but I do know that it seems as if we've grown by leaps and bounds. I've met some interesting people and like having information and ideas coming in! May we continue to grow in numbers as well as in wealth.Read More...
Last Reply By AverageJoe · First Unread Post

how to get a loan

Mary Keil
I got a store card and built up my credit and score. Then I got a loan and paid it off in a timely matter. I got another loan 18 months later. I have also been approved for other store credit cards. I have not tried for a regular credit card, because my income is not very good now. But that's how to build your score. My score was 0 and I built it up to 742Read More...
Ms. Andra powell Henderson, Thank you for replying to my dilemma. Would you be so kind to supply more info on the Internet Marketer job you mentioned in your reply. I would like to look into that further. Thank you.Read More...
Before getting a loan, make sure you get your rates from all possible/available lenders. Even minor difference in rate can lead to lot of savings. Also if you apply together as a joint application, you could get better rates if your joint applicant has a good credit historyRead More...
Last Reply By [email protected] · First Unread Post

Hello, everyone! Nice to meet you!

Ashlee
Hey, everyone! I am Ashlee, your new Community Ambassador. I have worked at The Penny Hoarder since the beginning of the year. I am super excited about my new role in the community and spending more time getting to know all of you here! And, in case you were wondering, my top financial goal right now is saving for the long term. So now for my first official announcement... First, some big news! W e've put together a member survey that will help us better help YOU on your way to accomplishing...Read More...
Hey @BeckAtsila , welcome! Glad to see you here.Read More...
Hi @BeckAtsila , it's nice to meet you!Read More...
Last Reply By KellyFromKeene · First Unread Post

Closing a secured credit card

Frugal Loo
My husband and I each opened a secure card over 2 years ago from our bank. We have been with USBank for over 15 years. When we opened our secured cards they required a $300 each. We asked if we could build credit faster if we did $500 each and the banker said yes. He told us that if we make on time payments and paid it off every month for 6 mo to 1 yr that they would automatically change us to unsecured cards with a higher amount of credit. Of course we believed him and he pulled up the...Read More...
I had a similar instance with Discovers secured card. My credit score dropped after closing the secured card because I was able to open a large CL with a well-known bank. I also had a few of those high fee credit cards that I recently closed since I no longer needed to pay a monthly fee to obtain credit. I had 4 and 5 years of PERFECT payments and my credit score tanked. I did not add any new CL's or accounts in tandem. Now I am working on rebuilding my credit score from the "help" of these...Read More...
I would get an appointment with your bank manager and go in there with all of your statements from the cards showing you have paid diligently on them every month and ask them what to do. Then go home with your information in hand and do your own research on what to do then I would find a bank that u trust and move everything to that bank after going in to discuss all that has happened. Something sounds fishy with the bank you took the secured cards out ofRead More...
Last Reply By Leslie Kay · First Unread Post

Closing Credit Card Yes or No

Ana24
Hello everyone, I need some expert advice. I was thinking about closing 2 of my credit card one is secured Capital One and the other one is First Premier unsecured. Thinking of closing them after we get our house. I have both of my cards for almost 10 years now. I was wondering what will be the effect towards my credit score if I did close them? Thank you in advance.Read More...
My husband and I were going through this. We paid off all of our store and other credit cards two years ago. We kept two regular mastercards. We were trying to increase are available credit and decrease our credit usage. We actually were threatened by some cards that if we didn't spend anything on them they would close them anyway. So we decided to spend a little every few months and pay them off quickly. Since we started doing that our credit score actually is on the rise.Read More...
I was considering the same thing. Close the ones that have fees. I am considering talking to a financial advisor first before doing so. It's free if you bank there.Read More...
Last Reply By Mrsmcbride · First Unread Post

Topics

Credit Repair vs Credit Monitoring

Reginald Cole
What must one do get their credit report cleared from negative remarks?Read More...
While not everything can be removed from your credit report, there are different things you can do to remove negative things that may be in error. I do not have a lot of knowledge on this topic but I found this article that details several ways to potentially remove things from your credit report: https://bettercreditblog.org/h...our-credit-report-2/Read More...
Last Reply By Moore Income · First Unread Post

Fed up with Credit Issues!

M Christina Byrd
Ok folks. I'm finally trying to be an adult and fix my credit. I've been paying down debt and have signed up for apps like Digit, Truebill, and Credit Sesame. I have called and made payment arrangements with most of my debtors. I recently got an alert saying "Great! You've paid down your debt! Keep going!" And then, my score dropped 45 points! Grrrr! I paid off another account and it dropped an additonal 28 points! I'm not understanding why this is happening, except for the fact that my...Read More...
My score a year ago was in the 500 low range. I use the site credit karma for looking at score and other stuff. I got myself a secured credit card for $200 and my score dropped. Frustration set in more ever time I paid a bit more of my debt away. I don't even look at it anymore. When using credit cards don't use a lot of its money and always pay back in full. Your score will go upRead More...
When I paid off my car loan my score dropped as well. But dont worry about your score if you are paying interested on debt. Thats the more pressing issue. Congrats on your steps to getting rid of that bad debt though. You are heading in the right direction, regardless of what a credit scoring model says.Read More...
Last Reply By Deborah A Charrette · First Unread Post

Experian Boost

Leslie Kay
Anyone else had any good or bad experiences with adding that Experian Boost to your credit report. It instantly added 37 points to my credit report by adding payment history for my utilities. It only adds accounts with a good solid payment history. I was wary but so far so good.Read More...
It was only able to find one of my accounts when I tried it and it didn't change my score at all. I will see about trying it again once I have regular bills again.Read More...
I signed up but my bank isn't listed so I couldn't do it.Read More...
Last Reply By Moore Income · First Unread Post

What Do You Do With Credit Card Offers In The Mail?

Moore Income
I was just going through some mail we got over the past couple of days and I noticed a credit card offer for my wife for an American Airlines credit card. Since we travel a lot, it did peak my interest a bit, but we don't fly American that often so I don't think the bonuses they are offering are actually worth it. Credit cards are a sticky situation when it comes to finances. On the one hand, they can be helpful and offer nice rewards for using them. On the other, they can be used...Read More...
At least you put the paper to good use @adcf292 Credit card companies can be sneaky and they can quickly become a trap!Read More...
I ignore the offer & recycle the paper! Credit card companies make money on late fees, etc. I try to stay away from traps.Read More...
Last Reply By Moore Income · First Unread Post

Credit card

Floyd F. Mitchell JR.
Well unfortunately, I wanted to boost my credit score by having my wife get me an American Express everyday credit card on her account. I was very naive when I received it not really knowing that she had used 97% usage of $1000 limit, but paying on time every month. Well I have a credit score of 525, and it took it down by 30 points. What shall I do, close the card or just hang on to it, I need help with this. I was just starting to pay off my collection’s and etc. Please someone give me...Read More...
Thank you for the valuable info that you gave! I will follow up, as soon as our situation regarding power shut offs in California improve. We have been shut off 2 times (so far, with another coming in ~12 hrs) due to raging fires. I am fortunate to live along the Pacific Coast and away from any current fires, but PG&E are being extra cautious for now. MerrieRead More...
I would recommend getting a copy of your credit report, which you can get free each year through Experian, where you don't have to enter a credit card # to get it. This way you can see if there are any errors and get them fixed. I also recommend Credit Sesame, which I use - it shows you top actions to increase your score, your credit analysis with info on what affects your score, and more. I don't suggest closing the card, because that can negatively affect your payment history if you made...Read More...
Last Reply By Merrie Hammond · First Unread Post

Raise credit score

Jacqueline Miller
I have had recommendations to get credit cards to help build my credit but each time I try to reply, per credit sesame recommended companies, I am denied due to my score. How do I correct this?Read More...
I am disabled, (have been since 2000.) I am am on SSDI and make too much money to get help with Medicare premiums. I pay over few hundreds a month to cover Medicare and am no longer eligible for Medicaid. I cannot pay my bills and still have money for food. I live in the state of Ohio and did make over 1200$ a month before Jobs and Family service cut all aid to me. I am lost and hopeless. Please, I need help.Read More...
SS does do this. As you know, you have to comply with all sorts of paperwork and reviews, and they have deadlines and notice dates. My suggestion is to do what it looks like you were doing- go to the SS office and find out what happened, why, and what you need to do to get back on. Do you have a re-payee? Send them if you need to. Do you have 211 for assistance or information in your area? Call it. Do it soon, because this is a process. There is no quick answer that I know of.Read More...
Last Reply By Tourette Tic · First Unread Post

What are some really effective ways to boost a credit score?

Briana
It's been a long journey of boosting my credit score - I'm currently signed up with Credit Sesame and get tons of helpful tips from them on how I can do this more effectively. But my question is - is it better to pay off credit cards slowly or all at once?Read More...
These are some steps to get faster results: 1. Find out when your issuer reports payment history There’s something called a “credit utilization ratio.” This is the amount of credit you’ve used compared to the amount of credit you have available. You have a ratio for your overall credit card use as well as for each credit card. It’s best to have a ratio — overall and on individual cards — of less than 30%. But here’s an insider tip: To boost your score even quicker, keep your credit...Read More...
Effective ways to boost a credit score 1. Deletion of negatives 2. Clear your debts 3. A maximum of 10% credit utilization 4. Maximum of 3-4 credit cards more than that causes more harm 5. Dispute any errors or items in your credit report 6. If you ever get confuse contact an expert but be very careful 7. Use a reputable credit repair company This should help you http://creditstreamers.com/info/ I started building my score a few months ago and currently have a FICO score of 785Read More...
Last Reply By Mike Johnson · First Unread Post

Why is my credit score not rising?

Wen Dee
I am confused, I took out a secured credit card and paid off my debt, however, my credit score is tanking instead of rising. What am I doing wrong? I only use 20-30% of my credit card limit and pay it off monthly. Any suggestions would be greatly appreciated! ThanksRead More...
I believe you are doing it right but there must be something wrong. Just focus on minimizing your credit utilization to a 10% instead of 30% for a few months and avoid closing any open credit cards. I have a credit score of 785 and only two credit cards but it took sometime before I was able to achieve this.Read More...
I am not familiar with this but now that I know I will research. Meanwhile, could it be because you froze your report and might be preventing it from updating?Read More...
Last Reply By Jennifer scarlata · First Unread Post

Credit wiped out by Equifax breach

Vicki R Kemp
Can any one help me or lead me in the right direction, PLEASE. After diligently working on my credit score for quite some time(I had it to the 620 range and was so proud), my score just simply vanished into thin air. No explanations, no admittance of error or faulty programming glitches, and certainly no willingness to resolve or correct the problem was offered(freely or upon request) by any of the 3 major scoring entities. Just by pre lick I stumbled recently upon the beach info regarding...Read More...
Thank you. I've tried several including Lincoln Law. Nothing. I had several car purchases, two homes, furniture and the array of things someone in their 50s would have. I wouldn't think so, however, they were breached and I was rendered a zeroRead More...
Not sure what happened. But most rent and utilities dont get put on your credit report and won't reflect in most credit score models. The equifax breach wouldn't have made your score disappear. Try credit karma or another site to track your score.Read More...
Last Reply By Vicki R Kemp · First Unread Post

Were you affected by the Equifax Data Breach?

Moore Income
I remember hearing about the Equifax data breach, but it wasn't until just today that I checked on this website and found out that I was affected by the breach. I didn't even know, but it does worry me a bit because you wonder if/when they might actually try using my data. Because a settlement was reached recently in this case, I was able to file a claim to receive 10 years of credit monitoring or $125 since my data was part of the compromised data. Has anyone else done this or have...Read More...
I was breached. My credit scores were also completely erased as if they never existed and im still desperately trying to get them back as I wasnt to purchase a home. Since then, no matter what I do, I still have no score. Looking for answers to resolve yours as at age 58, no score is beyond bad creditRead More...
Everyone in my house was breached. I won't take the credit monitoring service. I kinda feel it's like asking the chicken to guard the hen house. I mean, if their security protocols were so great in the first place, none of us would be having this conversation.Read More...
Last Reply By Vicki R Kemp · First Unread Post

Using Fiona to pay off credit card debt

Will using this hurt my credit score. Credit cards will be paid off, however, how do the credit companies look at this? Thanks for any input.Read More...
I think that the best solution is to work more, or get a part-time jo b. From my experience, people seem to be able to visualize being debt-free more effectively, when they are working.Read More...
Avalanche method. I was also curious about using a service like Fiona. And from what I learned, it won't do a hard pull on your credit, so it shouldn't hurt your score just to use the service. Fiona just gets you rates for a few loans, as far as I understand it. If you decide to open a loan for consolidation, it will probably drop your score a little. I thought this review was pretty useful for Fiona: Here . Although I haven't found many first account reviews so far. Since I have a couple...Read More...
Last Reply By Mary Grubbs · First Unread Post
Right now I have too many credit cards to manage every month. But I have a great credit ratio of 1%. I want to let some of my cards be dormant which will eventually cause them to be closed. How can I maintain my great ratio, which is a factor in my 800+ credit score, if my amount of credit goes down? Should I try to increase my credit limit on the cards that I use often? Are there any other options? What ratio can I go up to without it negatively affecting my credit score? Here's a blog post...Read More...

How effective is Credit Shield 360?

Brodie Leap
My wife has been working very hard at boosting her credit and pays everything on time, uses her credit cards responsibly, and usually only for revenue producing items for her business. Irresponsibility of an ex-husband still lingers on a credit report like an anchor and it seems like her score will not budge. Question: How effective is credit shield for $9.48 a month? Should we just suck it up and go with one of the $79+ per month companies? Thanks in advance!Read More...
We actually wrote a story about a woman who had a lot of success with Credit Shield 360: https://www.thepennyhoarder.co...llection-shield-360/ But I'm also curious to see if any of our members have had their own experiences!Read More...
Last Reply By Briana · First Unread Post

Paying off all your debt and not having any open accounts

MoneyMartin
I recently just paid off all my debt and have no credit card accounts open. Does this mean my credit score will start anew or start where I left off once I open a new account/get a loan/etc.? Credit score sites currently say N/A regarding my current score with no elaboration which is ambiguous in my opinion. If someone could share their personal experience or their expertise it would be greatly appreciated. Thank you in advance!Read More...
@MoneyMartin , Congrats on being debt free! That is really weird that the credit bureaus report you as N/A. As I understand debts on credit reports, I was told that they can stay on your report for up to 7 years from when they were first reported. Not having any line of credit or a thin credit file isn't a good thing. Lenders will reject you for credit, mortgage loan, a reg loan, etc. As @AnnieB suggested a secured credit card is a good choice. I recommend you research the secured credit...Read More...
I too am debt free. My score now is around 810. We paid off our house a couple years ago. I do use a credit card occasionally for rental cars or plane flights. But I pay everything off every month. If you never use credit again, your score will eventually go to Zero. Dave Ramsey says that's a worthwhile goal. I'm not so sure about that. I'll stay where I'm at.Read More...
Last Reply By Prince_Alarming · First Unread Post

Credit score stuck

Kathryn Stempel
I have been working on my credit score for years but I seem to have peaked at around 740. I know it's a decent score but I would really like to try for excellent! I don't carry more than 30% on my credit cards. I just purchased a home 2 years ago and have made no late payments on anything in years. How can I get my score to go up?Read More...
I don't know your entire situation(like how may cards you have, mortgage, loans, etc.). The suggestions I have are, either get added to one of your husband's cards that has a couple years of being open or apply for another card. The second suggestion is, consider a credit builder loan. A credit builder loan works like this, you agree to pay a certain amount for x amount of months. At the end of the agreement you get the money that you paid into it.(example: you agree to pay $48 a month for...Read More...
Getting added to a card with an already established history would improve your score. Average age could increase and it adds another history of good payments. However, not all companies report authorized users to the bureaus. Opening a new card wouldnt do that and would just decrease your score for awhile.Read More...
Last Reply By Prince_Alarming · First Unread Post

Credit Score Question

Tiffany Diamond Lebowitz
Does it make a difference in your credit score if you pay off credit card debt on one that is charging interest vs. one that is currently not? I am going through a divorce and have the means to pay off debt but the one with interest is in my name, that my ex will be responsible for...which one should I be paying??? And does the amount in which you pay off cc debt per month make a difference in your score?Read More...
Pay the one with interest off first. The reason I say that is the company that's charging interest, that company will nickle and dime you to death with interest and two, the company is making more money by the interest they charge, in essence you wind up paying more than you originally paid.Read More...
Re: Credit Score QuestionRead More...
Last Reply By Prince_Alarming · First Unread Post

Lower ARP on Credit Card

Can anyone provide any tips on lowering your ARP (interest) on a credit card?Read More...
Calling the credit card company would be my first suggestion. If you are a good customer and they don't want to lose your business, they might be willing to work with you. Like they say... It never hurts to ask!Read More...
This article should be pretty helpful! https://www.thepennyhoarder.co...card-interest-rates/Read More...
Last Reply By Moore Income · First Unread Post

App that pays bills

S.s. Russell
Does anyone know the name of the app that pays your credit card bills from your checking account automatically to help you pay them off ?Read More...
Digit app does that! You can read more about it here: https://www.thepennyhoarder.co...it-credit-card-debt/ You can also try looking into Tally: https://www.meettally.comRead More...
Last Reply By Briana · First Unread Post

Breach

Ida Willett Reynolds
I signed up for the credit breach and learned that I had 7 more breaches and one was government site so what should I do ? Also I thought they are supposed to contact you if there is a breach?Read More...
Some good information in the second half of the article. Good luck with it all! https://finance.yahoo.com/news...-hack-185336088.htmlRead More...
Last Reply By KellyFromKeene · First Unread Post

REBUILDING CREDIT AFTER BANKRUPTCY

Sue sweet
Kindly share your experiences with successful rebuilding. Any tips or suggestions appreciated. Bankruptcy from mortgages that had variable rates and banks that would not negotiate. Thanks for any tips.Read More...
This thread is asking people for experiences after bankruptcy. While lawyers are helpful, they're not free and advice from them comes at a cost that not all can afford--especially after bankruptcy. I appreciate hearing from actual people who've experienced bankruptcy to get a realistic view of what happens next and what worked for them.Read More...
First I took legal advice at Cohen & Mizrahi, here's their site https://cmcreditlawyers.com/ . And then we started working on the solution. It's better to ask lawyers for help, not people on forums.Read More...
Last Reply By LadyLxD · First Unread Post

savings account

I inherited a small amount of money. I used half of it to pay credit card debt. The remainder I want to put in a CD or money market. I this best idea concerning taxes? thank you for any advice.Read More...
Most savings and even CD's are going to give you very little (especially with the recent drop in interest rates). By the time you factor in the rate of inflation, you may find you actually come out on the losing end. Having you considered putting it into a REIT or another low risk investment?Read More...
Last Reply By Moore Income · First Unread Post

Effective Methods to Get The Best Credit Rating

Adam Mhrez
According to current research, 68+ million people suffer from Bad credit in the United States. If you also one of them, then these may help you to get a good credit rating. 1. Pay Bills on time. Always 2. Improve your credit usage proportion 3. Consistently screen your financial assessments for mistakes 4. Be careful with debts and closing accounts 5. Consider your credit blendRead More...
These are some ways I boosted my credit cast after bankruptcy. I got a revolving credit card from Beall during a promotion for $150. I'm a coupon shopper and the deal was free ten dollars and thirty percent off first purchase. I acquired things on clearance I could resell. I paid the minimum as soon as I got the bill and paid the minimum on the assigned statement day. Paying a payment immediately was impressive. I had already sold my purchases for … more than. In a couple of months I now...Read More...
Don't forget that this way you reduce your credit score...I learned to live within my means and pay my bills, and took advantage of the convenience of credit cards, on which I never carry a balance. My advice contact to https://www.boostcredit101.com/ I might have exaggerated a little here and there about my income, when applying for credit cards (they never check), which raised my spending limit, which I think positively impacts credit score by giving me a low usage ratio..Read More...
Last Reply By Reverend Gale Daniel · First Unread Post

My Credit Dropped 85 points....Why?

Wen Dee
I use Credit Sesame and Credit Karma both say my score dropped 85 points for paying off my secured credit card on time and using less than 30% of my card limit. I'm confused why would doing something positive have a negative effect on my credit score? Thanks Based on Transunion data Credit changes Current score 489 Jul 6 574 489 85 pts We found 1 change to your Transunion credit report. Balance Decrease CAPITAL BANK + Balance Decreased by $10 5% Excellent 0% Excellent Credit Card Utilization...Read More...
I paid it prior to the bill being owed. I paid the full balance, did not close the card. I have a $200 secured credit card and still have a $200 balance.Read More...
I’m not an expert by any means but when in the 30 day cycle did you pay down this card? Maybe, you new available credit isn’t reflected in your credit score.Read More...
Last Reply By Wen Dee · First Unread Post

The 7 years an account is on credit report

Sophie Claire
so I am trying to understand the 7year rule. What if you have an account that was originally opened over 7 years ago, but then the debt is sold to collections, does that 7 years start over? Is it valid for collectors to collect debt if the account in question was originally opened over 7 years, or is it something that should be disputed? What do you do if you’re being hounded by collectors for accounts that are over the 7 years since original opening of said account?Read More...
I'm a huge fan of Greenpath. They are a not-for-profit agency that provides free credit counseling. I used them myself years ago and they were a life changer, really. They are the only agency like that, that I will refer people to. Many other businesses that market credit counseling or debt reduction are businesses, and the main goal is to make a profit.Read More...
I would do a Google search for the Fair Debt Collections Practices Act. (FDCPA) It states specifically what collectors can and cannot do. Also, your question has a couple of answers. If you are asking a question as to the LEGALITY of debt collection, refer to the FDCPA and your state statutes of limitations. If you are asking the question from a MORAL standpoint, then if the debt is yours, you are responsible to pay it. (That doesn't mean that I wouldn't talk to the collection agency to cut...Read More...
Last Reply By KellyFromKeene · First Unread Post

Age of Credit

Stephanie C
I understand that age of credit is a big part of whether or not you have a good credit score, however for the life of me I can't figure out how it's calculated. When I look at the age of my credit it says 23 years. But here's the thing: I'm only 30, which means that theoretically my credit started when I was 7 years old (spoiler alert: I definitely didn't have a credit card back then, not to mention any type of loan!). Can someone please explain how this gets calculated??Read More...
Could be an error on your report, but if it is, it is definitely not a bad one!Read More...
Hey, Stephanie! Your credit age determines 15% of your FICO score and is calculated by averaging how long all your accounts have been open. So if you’ve had a credit card for 5 years, a student loan for 4 years and a car loan for 3 years, your credit age would be 4 years. So yes, it’s definitely odd that you’d have an average credit age of 23 years at 30 years old! One possible explanation: If a parent or grandparent added you as an authorized user on an account with a long history when you...Read More...
Last Reply By Moore Income · First Unread Post
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