Credit

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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

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...
As Robin Hartill mentioned, I would go directly to the bank to close those secured cards. Unfortunately, there is so much fine print in legal agreements that there may even be penalties or other surprises besides a small hit on your credit score for closing these cards out. Don't forget the shenanigans Wells Fargo served to their "valued customers" for which they basically just received a slap on the back of their fraudulent hands! I am always a bit shocked when reading the terms included...Read More...
@Frugal Loo What you're doing is the right path. I echo what @Robin A Neumann says. It was good sound advice by the Lender, kudos to him/her!Read More...
Last Reply By mintjulep · 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

reporting to credit beauros

Grandma C
I, not my spouse, had to file bankruptcy a few years back due to medical bills and my score is "fair", not quite 650. My spouse does not have a credit rating because everything was in my name, therefore she cannot get a credit card or loan. We have apartment rent, checking accounts and utility bills, all of which have been in excellent standing for a couple of years now. So, are rental companies, banks and utility companies required to report to the credit bureaus? If not is there a way for...Read More...

BUILDING CREDIT FINANCING A PHONE

lori wulff
I am a Boost mobile customer and I recieved a email one day from them about building up my credit by financing a new phone with them. To make a long story short, I did upgrade and I financed a Samsung S9. I have made 8 payments of $33.00 so far. 10 left to go. Is this true? Will my payments get reported to the credit bureau?? I would love to hear any responses.Read More...
My understanding with cell phone companies is that they only do soft credit pulls that don't really show up on your credit history since it isn't a hard pull. So making payments on time is really just to establish a good payment history with that cell phone company. It won't really hit your credit report unless you go delinquent on your account and then it goes to collections.Read More...
I would think so, the best way to improve your credit score is to establish it with a responsible credit history by making payments on time.Read More...
Last Reply By Edgar Huertas · First Unread Post

Want to buy a used car with fair credit

T'Ianna Moore
Okay, my credit is fair and I need to buy a car, like three months ago. I have a significant amount saved up to go towards a down payment or purchase. How do I go about finding a good deal and not get stuck with a lemon? Any and all suggestions are welcome! :)Read More...
Okay everyone, car shopping is hard. So, I had a few vehicles in mind, but they have been shot down due to high mileage and old age. What is a good amount of mileage and a good age for a used car, as well as price?Read More...
Hello all! thanks for all the suggestions! I will make good use of them and have also solicited the help of my grandfather who is knowledgeable about everything and is walking me through this. I will keep you all updated on my progress.Read More...
Last Reply By T'Ianna Moore · First Unread Post

Pay off credit card monthly

Grandma C
When I pay my credit card in full each month do the credit bureaus acknowledge this and up my credit score? I have been told I need to have a balance carried over to the next month and then pay it off along with the interest in order for it to show up on my credit report. It seems to me that paying interest on a credit card defeats the whole purpose of trying to up my credit rating.Read More...
Paying the cc off monthly eliminates interest, which on many is sky high. It is the way to go.Read More...
I pay off my card every month and having it has helped my credit rating.Read More...
Last Reply By redcatcec · First Unread Post

Airline points cc

Is there a thread analysis of CC with the best Airline points? Anyone know how soon one could use the card once approved (have to wait for the actual card in mail?). Thanks!Read More...
Thanks for recommendation of wise bread.im not so find of need wallet. They seem to be more in the promoting cc co businesst they were years back.Read More...
I would think you would have to wait until the card arrives before you can use it. You can check reviews of credit cards on sites like Nerd Wallet - www.nerdwallet.com . Another site that I like with credit card reviews is Wise Bread - www.wisebread.com .Read More...
Last Reply By Kumba · First Unread Post

Amazon Prime Rewards credit card

Sierra
Looking for advice about the Amazon Prime Rewards Visa Signature credit card. It tends to have AMAZING reviews from credit card websites (because of the 5% cash back on amazon and whole food purchases) but it has trash reviews from the majority of users. It's something I know I would need to pay off in full every month, but other than that, it looks like most people have a problem with Chase Bank screwing up their credit when they use the card. I'm asking for advice from people who know much...Read More...
I have this card--it's the only credit card I have, in fact--and honestly? I'd only recommend keeping the card if you do a lot of shopping on Amazon and are able to pay the balance off every month. I unfortunately ended up deep in debt with mine (because it's a dangerously easy thing to do) and while I've been working at paying mine off, I may have to look into closing the account just to make any headway. As others have said, the interest rate is pretty high.Read More...
I have had the Amazon rewards credit card since 2012 and I have never noticed any credit score problems. I agree that it's absolutely imperative that you pay it off every month, because missing a payment or carrying a high balance from month to month really adds the interest up (for comparison, I don't have really have this problem with my Discover credit card). My strategy is to use this card for recurring things (Netflix, Language subscriptions, etc) occasionally gas if I happen to grab...Read More...
Last Reply By Patricia Jernigan · First Unread Post

Amazon Prime Chase Credit Card

Karen Kosmoski
I have had this card for several years and recommended to those who purchase a lot from Amazon. I tried to pay my balance off every month, if I have a large bill or purchase that I would normally use my debit card for, I put it on this card and then pay it right off. I have had no problems with Chase on this card, and it gives me a free credit score every month. I wouldn't hesitate to use this card.Read More...

Differences in Credit Score

Why is it that when I check my credit score I see 700+ and when my mortgage company checks it the tell me it is in the low 600s?Read More...
Wow, that is really unfair. This seems just another example of how stupid a credit score is, when they can't even narrow it down to one reliable source. I would open wherever you are checking your score to get the 700 and show it to someone at your mortgage company and make them explain why there is such a difference.Read More...
Last Reply By KerryE · First Unread Post

Building Credit Score

ChefSue
Hello! I found out the hard way that the credit bureaus will close your accounts for non-activity and it's all legit. This week alone, I had 12 Dept. of Education student loans closed on me by Experian. When I called, they started arguing with me. Then, they drop your score because you show a "thin" credit file. What can we do about this?Read More...
As E Allen stated, the credit bureaus absolutely cannot "close an account" they only report what is given to them. If you had several student loans that are inactive/paid off or other inactive/paid off accounts, they will eventually drop off your credit report. The score dropping because you show less accounts than you did before is a part of their credit score algorithms that have been in place since FICO and other credit scores were developed. If you want to increase your credit score...Read More...
Not sure what is happening here. But credit bureaus cant close your account. Only Your creditors can.Read More...
Last Reply By DipperDave · First Unread Post

FICO Score

John Donaldson
So I thought I was making a positive move regarding my FICO score and paid off my credit card balance before the statement date. My FICO score went DOWN because, they said I wasn’t showing proper use of my available credit. Their suggestion, take out a loan or open another credit card! Exactly what I don’t need. I left a small balance on the card this month and my score went back up. Go figure!!Read More...
Must be why I have never had that issue. I use credit every month. However, my credit score did fall when I paid my car off. They say the higher your score, the more little things like that affect it. So I worry less about the number as long as its over whatever the minimum is to get the best service or productRead More...
I don't plan on ever borrowing money again, so if my score goes up or down, I really don't care. I own my house and car outright so hopefully I'll never again need to purchase either one.(Plus I just turned 60 so that may be coloring my attitude). I want my debts paid off for my own peace of mind. The credit score can pound sand for all I care.Read More...
Last Reply By E Allen · 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...
My bank doesn't show on Experian. I called and they said "we're working on it".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...
Last Reply By Chuck Malo · First Unread Post

Credit

Annie Lee McGinnis
Was just wondering how to get my credit score back upRead More...
Depends on your situation. But general guidelines are keep utilization below 30%, keep longest card or account open, pay all bills on time.Read More...
Applying for a secured or prepaid credit card may help with your score. I also check Credit Sesame and Credit Karma regularly to review my score, but I would look into applying for a secured or prepaid card and making small purchases monthly and then paying off those charges. I don't know too much about it, but you may also want to look into Experian Boost. Good luck!Read More...
Last Reply By E Allen · First Unread Post

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

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...

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...

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

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...
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