Credit: Trending Over Last Week

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...
Unfortunately phone companies do not normally report to the bureaus unless you are late, similar to utility companies etc. Car loans, credit cards etc almost always report monthly. That boost ad about building credit is very typical but very misleading. Probably in the fine print it says you will build your credit at boost only. lol.Read More...
I Am A Boost Customer As Well.Read More...
Last Reply By DipperDave · 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

Payoff Focus

Rick Campbell
I have a question, what should I focus on paying off first, my credit cards or my loans? My credit cards have ZERO interest for at least 12 more months and the balances are not very high. My loans are charging interest and it is possible to pay one or both off in the next 10 months allowing me time to possibly pay off the zero interest credit cards. I am just not sure if I should focus on the credit cards or the loans. My goal is to reduce my monthly payments every month by paying off the...Read More...
I don't think there is a WRONG way to pay off debt, however, I know that I found it far more motivating to pay off the small ones first. Others would say to pay off the higher interest ones first. Its really whatever works for you! Awesome to have a plan to pay off debt in a year!Read More...
Last Reply By KellyFromKeene · First Unread Post

Build credit

How to build up my credit fastRead More...
Credit isn't something you can build 'fast'. One of the factors in your credit score is the age of credit. There are things you can do to start building your credit and there are a few things, depending on your situation, that might make it jump up in points, but building credit is a journey...sometimes a very long journey.Read More...
Hi @Brandon Romano ! I shared some articles from The Penny Hoarder in a thread last month about how to build your credit. Here's the link -- hope this helps get you started! https://community.thepennyhoar...2#517265456996453622Read More...
Last Reply By JeremyM · First Unread Post

How many credit cards do you own?

mintjulep
As I read the Penny Hoarder posts and note the "wins" with credit card perks like cash back and the "losses" if carrying long term credit card debt, I've become curious this morning about how many credit cards PHs have open. I only have 2, but thinking about adding an airline card.Read More...
I have 3 in my name only and 1 joint with my husband. Two of the 4 were opened as balance transfers with no new charges being added and 1 has a zero balance.Read More...
Hi Maria Rose, That sounds like the voice of reason and experience from you! We check our cc transactions at least weekly and have caught some unauthorized charges and can get on them quick. Our debit card is rarely used, maybe for a cash withdrawal at a bank associated with our credit union, but that is about it.Read More...
Last Reply By Brigat · 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

Credit Score Questions

Rick Campbell
I have been working on my credit for a while now. I have Credit Karma and Credit Sesame accounts, I use the credit score features on my credit cards I have, so I monitor it closely. My score is at a point now to where it is getting difficult to see any substantial improvement to it. Most of these sites usually have six criteria they rate and from Best (Green) to okay (Yellow) to needs work (Red). On all of my reports everything is Good or Green except for inquiries and credit age. They are...Read More...
Thank you all very much. Your very quick, honest and helpful. My score currently with about 9%-11% Debt ratio, depending on the credit bureau, is 754 and with paying off my credit cards there is very little improvement and still under 760. I will run the simulator on paying off the person loan, auto loan and both to see what it says. There may not be a huge benefit in my score to paying these off early but having them paid and a smaller percent of my income dedicated to bills or debt, takes...Read More...
The average age is probably whats holding it back as you stated. If you need a quick jump, you can become am authorized signer on someone's cards in which they have a long history at a company which reports for authorized signers. This could help with the age. Other than that, if you have overt 750 you may find that there isn't much benefit to look forward to . Do dont stress over the numbers too much.Read More...
Last Reply By Rick Campbell · First Unread Post

buying a home

Lorna L Julien
I am a single mom with 2 grown sons at home, both with medical issues. I was raised with the belief that if you didn't have the cash, you didn't need it in the first place. So, no credit cards. I had one, years ago, just to see what it was like. NEVER again would I have one. I got into to debt too easy and it was difficult to get out of. I have been renting a house for 20+ years and have the opportunity to buy a house that is within my budget. my credit is not all that great but I have been...Read More...
Not all loan officers are created equal! Is there another loan officer at another bank or a mortgage broker you can talk to? You will likely be charged to pull another credit report by the bank, or you could pull your own thru Experian, Equifax, or TransUnion? You are allowed 1 free credit report every year with each of the "Big 3" and if you are being denied a loan based on the status of your credit report you may pull one for free, as well. If you pull your own report you can hand carry a...Read More...
It appears an FHA loan might be something for you to consider? This link has information about the FHA loan which may not require a credit card and may work for folks with little credit? This is not a recommendation to use the company presenting the info, just for the info itself. https://themortgagereports.com...n-assumable-203k-mipRead More...
Last Reply By mintjulep · 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

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

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

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

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

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

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

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

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

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...
Oh, my! Thanks for sharing. How awful for you. There ought to be a law! I was thinking of trying it too. Now I won't.Read More...
I've had good and bad experiences with Experian Boost. When I initially got Experian Boost, I had a 20 to 25 point increase. Then, about 6 to 7 months down the line, I took a 30+ point drop because of Experian Boost. My anal bank, left me with no choice but to reset my password to my account. This directly affected my Experian Boost and my score. I had to delete the bank account and readd it with new password. To this day I still haven't gotten any score raises due to Experian Boost, despite...Read More...
Last Reply By MsD · 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

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

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

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

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

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

Drastic Score change!

Jerri Ucantstopme Cherry
Hello, we recently bought a house at the beginning 2019...bought a car at the end of 2019. Score was over 700 AFTER car purchase...we were late on our credit card payment (once) and paid the late fee...then I needed to upgrade the car we had; requested credit was given approval for $35k...dealership ran HARD credit...decided it was not a good deal. Now score has dropped almost 200 points!!! OMG, I almost fainted...what the heck happened? We worked so hard to get up there...and the simulator...Read More...
It's all about paying on time... if possible, have automatic payments set up for all your outstanding debt so you won't be late again. Time is your friend, however... the longer you keep making on-time payments, your score will go up. I learned not to trust those simulators, they can be all over the place. Many people are using Experian Boost by tying their utility payments into their credit history so maybe that's something for you to consider. Credit scores will make you crazy- not enough...Read More...
Last Reply By TekkieChikk · 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

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

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

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

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...

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

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

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

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

Credit

Annie Lee McGinnis
Was just wondering how to get my credit score back upRead More...
As @lismox said, and I echo, get a secured credit card. I would also like to suggest look into to a credit builder loan. A credit builder loan works like this, for example, you agree to pay $25.00 a month for 12 months. The loan gets put in a CD, to earn interest(for the company, they have to make their money). At the end of your agreement you get the loan money(in a check and/or direct deposit). I know about this because of articles I have read that were suggested by credit building...Read 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...
Last Reply By Prince_Alarming · 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

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

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

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

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

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

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

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

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

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...
Sign up for Experian Boost. They will view your utility payments and monitor the status of your checking account. If everything is in good standing, that will show on your credit report.Read More...
Last Reply By KerryE · 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
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