Credit

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...
It may affect your score in some cases since it will now be considered a loan rather than credit card debt. But I don't know that it would be enough to make it a bad decision. In this case, other things such as your debt to income ratio would be relatively the same and therefor should not affect your credit score that much. Companies like Fiona tend to promote themselves as being a great debt consolidation option but I would still recommend doing the research to find out what people who have...Read More...
It depends on which score you're looking at. Every sector has its own algorithm it seems. example: a car loan will pull a different fico vs a home loanRead More...
Last Reply By Moore Income · 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

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...
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...
Make sure you credit usage against available credit is low alsoRead More...
Last Reply By RonnyCollman · 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

Closing unused credit cards

Hi. What is the most responsible way to close out credit lines? Is having only one card the way to go?Read More...
Please don't ever close any line. I went cash only for 9 years and it has taken me 2 years to start over and go from 0 credit cards to 36. My score has gone from 495 to 720 in two years. For 1.5 years, I could not get more than 2 credit cards, and those two credit cards started off as $500 secured. I use a different cc each day, and pay off my purchases as soon as I charge them through my bank bill pay service. I am proof that closing cards hurts you. Before I went cash only, I closed my...Read More...
I would not ever close a card unless it has a yearly fee and you’ve talked to the credit card company or bank and asked if they would wave the yearly fee due to your good history with the card. If you have a hard time with the temptation of using any cards put them in a ziplock baggie and fill another zip lock freezer baggie with water and freeze them. For one you won’t have them on your person when your out shopping & two you would have to think twice before thawing them. Be strong...Read More...
Last Reply By john14six · First Unread Post

Life

I have try to have something but things are not going on well in our place even food to eat there's no wayRead More...
We're in the war area now for some time and we have be indoor no movement in my country Cameroon and life is not going on well in Cameroon if some one can help to do some thing it will be fine for us.Read More...
Life can be tough sometimes, but keep your head up, its not the end of the world. This community is a great place to get helpful knowledge that can assist you in some of life's situations especially when it comes to finances. If you have any specific questions, don't hesitate to ask.Read More...
Last Reply By Orock Michael · First Unread Post

Auto loan credit report

Denise Bergquist
Went to by a car at dealership and was surprised to learn that the credit score they recieved was way diffrent than what I was given when I checked with Experian and trans union. They said they get an auto report which is diffrent from FICO. Is this true and where can I recieve a copy of such a report?Read More...
I don't have any advice for you, but I am sorry to hear about this. Are you able to ask the dealership you are trying to get financing through how you can improve your auto credit score? Are you able to get your past financial company or insurance provider for a letter detailing that your vehicle was in an accident & that is the reason for the issues of the past?Read More...
So sorry everything is very unfair here for the 99%Read More...
Last Reply By Nicole · First Unread Post

Best Secured Card for those who have filed Chapter 13

Barbara Hajduk
Unfortunately I had to file Chapter 13 bankruptcy about a month ago. I need a good secured credit card to use for traveling. We cruise alot and I have to have a credit card to connect to my sea pass for use on board. When you get a drink of any type they automatically charge it to your seapass (room card). Does anyone have any suggestions. I hate to use my debit card for this. Thank you.Read More...
I started off with a secured card with a local credit union. It worked well for me!Read More...
We cruise a lot too. You can actually prepay a certain amount onboard for drinks, etc..Read More...
Last Reply By KellyFromKeene · First Unread Post

Best way to get old delinquent marks off credit report

Hi, I was laid off in 2011 and had some late payments on credit cards. Because of this there are delinquent marks on my credit report. All cards were paid off in full but I had several late payments from 2011-2013. What is the best way to get these removed from my credit report. Thank youRead More...
Not always do the 3 credit bureaus erase late payments from your credit report. And it will be at a cost to you. If you file a dispute of any kind it will effect your credit score. If you have these disputes reflecting while you are trying to buy a house for instance, it will bring your score down. DON’T file a dispute while trying to purchase a home. Give the credit bureaus at least 3 months to resolve their findings. A lot of the outcome of removing the late payments activity is up to the...Read More...
I love Credit Karma, keeps me up to dateRead More...
Last Reply By Any · 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...
I never heard of that. That sounds great!Read More...
I have never heard of that but I have always said how amazing it is that we are not able to include our household bills to establish payment history and credit worthiness! They definitely pull our credit to determine deposit information!!!! Definitely will check this out! Thanks for sharing!Read More...
Last Reply By MsKimberly · 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...
@Frank Reilly throwing them away right away is a great way to avoid the debt trap!Read More...
All mine goes right in the trash. No matter how good their card is. I am trying to get out of debt the old fashioned way by paying everything off.Read More...
Last Reply By Moore Income · First Unread Post

How to repair my credit

Hello. I’m looking to significantly increase my credit score however I no longer wish to pay a company to do what I believe I can do on my own. Question is, how do I actually Repair my credit on my own? How long will it take me to repair my own credit score?Read More...
The Penny Hoarder has written quite a few helpful articles on this topic which I will link to. Hopefully these can help you get started in the right direction! - I Used These Tricks to Repair My Credit After Destroying My FICO score - Here’s How 5 People Added up to 284 Points to Their Poor Credit Scores - She Ditched Her Debt Collectors — and Raised Her Credit Score Nearly 200 Points I think you are right in thinking you can do a lot of what a credit repair company would do on your own. The...Read More...
Last Reply By Moore Income · First Unread Post

Best credit card for travel rewards

Grace Schweizer
Does anybody have a credit card they LOVE for its travel rewards? I'm looking to open a new one soon, and would like to be able to put points toward some upcoming travel I'm planning this year and next.Read More...
I have just recently started exploring more into travel cards as my wife and I plan to do a lot more travel in the near future. I got a Discover Miles card when we went on our honeymoon but the rewards are really bad in my opinion and after putting all our travel on that card, I think we only ended up with about $25 worth of points. My wife recently got an American Airlines card because they were offering a decent sign up bonus. It gives points on purchases and also some perks for flying...Read More...
I’m told by a close friend that CHASE Sapphire Reserve Card is excellent... I’m working on qualifying for it.Read More...
Last Reply By Moore Income · First Unread Post

Close credit card accounts?

Greetings! I got some great advice a while back about not closing credit card accounts that are paid off and didn't close them. What about accounts that have a yearly fee though? Is the impact on my credit score worth $75 a year? Thanks!Read More...
@FreebiePharm that sounds like a good plan!Read More...
GREAT ADVICE! I would be hesitant to keep a card with a yearly fee. My husband actually has one right now that's $35 and he giggles at me because it bothers me so my plan is to pay off one of his other cards $2,500 balance and close that yearly fee card which has a balance of zero to hopefully offset the negative impact closing the one will cause.Read More...
Last Reply By Moore Income · First Unread Post

FICO score by age

FreebiePharm
How many of you know your FICO score? How many of you track it monthly and take steps to raise it? I have spent the last few months focusing on reducing my credit utilization in an effort to raise my score so I could not only secure a home mortgage but also lock in a great low interest rate. I was able to raise my score above 780, highest it has ever been which was a huge success for me considering I still owe over $125,000 in student loan debt. I found this graph that depicts FICO score in...Read More...
@Bonnie Squires a lot of us have been there with lower credit scores so don't be discouraged. From what I'm reading here at PH you are doing great things to get your ducks in a row and the results will be worth it!Read More...
FREEBIEPHARM that is great my scores is 520 some thing @Moore Income that is awesomeRead More...
Last Reply By mintjulep · 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...
@LadyLxD Thank you for sharing with us and i'm glad you came out ok.Read More...
@LadyLxD thanks for sharing your story. It is great to see someone who has been through this journey and come out successful!Read More...
Last Reply By Bonnie Squires · First Unread Post

Always different info and credit scores errr!

Nikki Charlene
I have everything from meant to experience credit works and everything in between I would absolutely love if I could At least find a single app that would update all 3 of my scores whenever anything changed and at least the scores be the same scores the route all the different types of apps because every app present different score raining for me even my American Express when I go to experience when I go to my phycho when I go to any different app they're all different and they all have...Read More...
I haven't come across an app that combines all the features you mentioned although each one is a good idea. As far as combining all 3 credit reports in one dashboard, I am sure that could be done if someone wanted to create a tool like that. As far as them being the same though, that has more to do with the credit reporting bureau. I have been using Status Money recently as a way to track my finances, I have found they provide a lot of helpful information in an easy to understand format.Read More...
Last Reply By Moore Income · First Unread Post

A First Timer's Guide to Credit Cards

ERoberts
Hello, Penny Hoarders! I am 21 years old and have never had a credit card. By default, I have no debt. What is your advice to someone who is very conservative with their money, but is also interested in learning more about cash back rewards/point systems attached to certain cards? I like to keep things simple when it comes to my finances, and I think this has been the biggest mental road block for me when it comes to applying for a cc (when my debit is so easy is manage). Let me know your ...Read More...
I was totally irresponsible when it came to my first credit card. I opened one solely to get a brand new laptop, knowing I wouldn't be able to pay it off immediately. This lead to thousands of dollars in credit debt, a low credit score and just an overwhelming feeling that I won't catch up. BUT IT GOT BETTER. A few things I learned: - Live within (or below) your means. Budget what you spend on the card and pay it off at the end of the month. I pay it off every pay period to keep myself...Read More...
@Moore Income I agree with you about checking credit cards that come in the mail. Some come with a yearly fee any where from $49 to $99 and all so a high interest fee to.Read More...
Last Reply By KhiemKhiemosabiNguyen · First Unread Post

My 100 Year Old Wife

According to my wife's credit report when we got together, she will be turning 100 years old on her next birthday. My step son had late payments to Sears when he was two years old. My friend, Jackie, had a $1 million dollar mortgage balance while her only income source was Social Security. These are just three of many examples of errors that I've uncovered on credit reports since helping family and friends secure and read credit reports over the past fifteen or so years. One of the credit...Read More...
Thanks but how does one go about fixing these mistakes?Read More...
Thanks for sharing this info. This is something I need to pay closer attention to.Read More...
Last Reply By Bonnie Squires · First Unread Post
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