Tagged With "Credit Scores"

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Re: A First Timer's Guide to Credit Cards

KhiemKhiemosabiNguyen ·
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...
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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 ...
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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?
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Re: What are some really effective ways to boost a credit score?

Men On A Budget ·
Great Question! According to the research that I've done and my experience with helping people remove errors from credit reports, the more you pay and the sooner will reduce your utilization rate the moment it posts (subject to next update of credit reporting) so "all at once" would quicken that for you. The rest of the factors, as you will read in this recap article, are not affected. The sooner you pay the less interest you are paying; however, to avoid needing credit and having to pay...
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Re: What are some really effective ways to boost a credit score?

Drumtrip ·
@Briana It is a balance, you want to keep your credit utilization low, you don't want to have too much credit, and you don't want to have too little If you have too much then closing an account is fine, just don't close the oldest one, that is actually a factor in calculating your score (at least in the older models). I suggest using something like creditwise from Capital One, its free, you don't have to have an account with them and it gives you tips!
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Re: What are some really effective ways to boost a credit score?

Kirsten Cherry ·
I was always told to stay away from credit cards. Even as an adult, I had moved out of the house and lived on my own for 7 years without having a credit card. So what I struggle with is lack of credit. I got my first credit card a year ago and then a few months after that, I bought my first car that required a loan. I have a decent score but hardly any history. I guess I just have to play the waiting game?
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Re: What are some really effective ways to boost a credit score?

FreebiePharm ·
There are also credit score stimulators online which can help you when debating how quickly and how much you want to pay off. For instance, you can plug in reducing your debt by $1,000 v. $5,000 and it will tell you how much your score will go up. Great for planning whether you want your money to go towards debt or emergency funds.
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Re: What are some really effective ways to boost a credit score?

MarieS ·
I have learned that since there are so many ways to help increase your score, focusing on one area and taking baby steps has helped me! Right now, I a focusing on minimizing my utilization of credit. I try to pay more then the minimum payment and then not touch the cards! I have already seen significant increase in my score in a short period of time!
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Re: What are some really effective ways to boost a credit score?

MsKimberly ·
Re: What are some really effective ways to boost a credit score?
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Re: What are some really effective ways to boost a credit score?

Moore Income ·
@MarieS True statement. I have got mine under 10% utilization and that has really helped my score!
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Re: What are some really effective ways to boost a credit score?

Prince_Alarming ·
Another way to help boost your credit is, Experian Boost. I'm not trying to advertise or anything like that, just passing on some good solid info. Experian Boost is free. It uses you electric bill, cell phone/home phone to help boost your score. Just thought I'd pass this on.
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Re: What are some really effective ways to boost a credit score?

MsKimberly ·
I never heard of that. That sounds great!
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Re: What are some really effective ways to boost a credit score?

Jennifer scarlata ·
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 785
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Re: What are some really effective ways to boost a credit score?

Mike Johnson ·
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...
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Re: A First Timer's Guide to Credit Cards

Bonnie Squires ·
Really the only advice I can give is if you get a credit card make sure that you can pay it off. If you spend $100 than when your bill comes in the following month pay the $100 off. All so find ones with low interest or no interest to save money. but make sure you can pay it off.
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Re: A First Timer's Guide to Credit Cards

Moore Income ·
I too was once in the same boat. I had been taught not to get into debt from a very young age. But eventually I gave in to getting a credit card for the sake of building credit. The only problem is, I really wasn't taught well the correct way to manage my money so although I knew better, I began to use the card frivolously. Then unforeseen expenses came up and just made matters worse. I am just now getting to the point of having them close to being paid off. Thankfully I was able to manage...
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Re: A First Timer's Guide to Credit Cards

Bonnie Squires ·
@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.
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Re: What are some really effective ways to boost a credit score?

Deven ·
If you can afford to, all at once ! It stops the bleeding immediately. By bleeding, I mean all the interest that's tacked on each month. If you can't do it all at once, definitely cut off the highest interest one first, by paying the minimum payment required on the lower interest rates and throwing the excess on the highest interest one. Once you've reached zero balance on a card, just leave it at $0. You don't need to use it and you definitely shouldn't close it because closing that account...
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Re: What are some really effective ways to boost a credit score?

Briana ·
@Deven @Adam thank you, thank you! These are great tips. I actually looked into a balance transfer card to cut out the interest for a certain number of months - that way it holds me accountable to actually pay off the card by that time.
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Re: What are some really effective ways to boost a credit score?

Wen Dee ·
I was told to negotiate with the creditor , many debts are sold for pennies on the dollar and the credit company sometimes will settle for a lower amount. Can't hurt to ask, never know what the company will say.
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Re: What are some really effective ways to boost a credit score?

Drumtrip ·
@Briana I used to work for a credit card company! Some of the best ways to quickly boost credit scores. 1) Don't close credit cards, especially your oldest one. Instead you can just shred the card if you never intend to use it. This keeps your credit line open on your credit report. 3) Ensure you have enough credit, this sounds counter intuitive but having the right amount of credit in good standing shows that you can handle it and helps in the algorithm, even if you pay it off every month.
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Re: What are some really effective ways to boost a credit score?

Briana ·
These are all great tips! Thank you so much! I was always questioning whether I should close one of my cards or not, so now I have my answer.
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Re: What are some really effective ways to boost a credit score?

AverageJoe ·
All at once is the best way to go! We did it, and we've never regretted it for a minute. We'd rather have that money going into the bank every month than into interest to another bank for what we borrowed. After the crash, the banks raised everyone's interest rates with promises to lower the rates. This wasn't the case. By taking away that interest payment on what you had borrowed, you're not only showing that you can get out of debt, you're showing your disapproval with the way they lied...
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Re: What are some really effective ways to boost a credit score?

FreebiePharm ·
Some banks are flexible with this such as Discover. Others such as Chase will not lower your APR. I recently negotiated with Discover and they agreed to do a 6 month hardship at 9.99%, which is nearly half my previous APR. It has really helped me zero in on paying off that debt!
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Re: What are some really effective ways to boost a credit score?

Sue sweet ·
Re: What are some really effective ways to boost a credit score?
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Re: What are some really effective ways to boost a credit score?

Adam ·
If you're just establishing credit, a secured credit card might be good. They usually make you pay a deposit to start the card, then after a certain amount of successful payments, they give you the deposit back plus interest and you graduate to a way better credit card with a better APR.
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Re: What are some really effective ways to boost a credit score?

MsKimberly ·
I have not looked at my credit rating lately. This is something I need to make a point to do.
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Re: What are some really effective ways to boost a credit score?

MarieS ·
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!
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Re: What are some really effective ways to boost a credit score?

Moore Income ·
@Prince_Alarming Thanks for sharing this tip. I had come across them before but wasn't sure exactly how it worked. I can see how that can be helpful.
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My 100 Year Old Wife

Men On A Budget ·
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...
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Re: My 100 Year Old Wife

Moore Income ·
Thanks for sharing this info. This is something I need to pay closer attention to.
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Re: My 100 Year Old Wife

Bonnie Squires ·
Thanks but how does one go about fixing these mistakes?
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This week in... The Penny Hoarder Community

Ashlee ·
We’ve survived another week and made it to Friday Penny Hoarders! Anyone else a holiday procrastinator like I am? Thanks to our Daily newsletter, I was reminded that there are only two weeks until Halloween - EEK! I still have no idea what I am dressing up as but want to take a more budget friendly approach with my costume this year. What are you all dressing up as? Do you have any tips for creating a fun costume on a budget? And now for this week’s announcements… Grab your library cards...
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This week in... The Penny Hoarder Community

Ashlee ·
Happy Friday Penny Hoarders! We finally got a taste of fall weather earlier this week here in Florida. It didn’t last long, but made me think of my favorite things about this time of year. What are some of your favorite budget friendly fall activities? Growing up in the Pacific Northwest, I love apple picking and pumpkin patches. And now for this week’s announcements… Thank you again to everyone who participated in our member survey, your feedback is invaluable! Join me in giving a shout out...
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Moore Income ·
Credit cards can really be a tricky business, it is dangerous to become dependent on them. I would definitely caution anyone against using credit cards as a go to for an emergency. The problem is, the money is "credit" so it is not your money so in the case of emergency, if you have to use them, you are putting yourself into even greater a financial bind than before. Credit cards have their place, they can be great for making purchases that earn rewards or for making a larger purchase but...
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Bonnie Squires ·
I so agree with you. I've learned my lesson on this one. Hard way to lean it but I did and I can't wait to get them paid off. Than stay debit free for good. I've all ways used cash for every thing up until my husband got sick and nothing in saving or any thing. But i'm glad I'm working to get out of it my take awhile to get out of this debt but i'm going to do it. I've change so many things in my life from learning from this group and I'm so glad for that. I don't spend money or swiping my...
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Former Member ·
I think it's helpful to have a credit card available in case of emergency, to make the situation of paying an unexpected bill quickly a little easier. But in order for that move to work you have to have money available in checking or savings to pay the bill ASAP!
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Bonnie Squires ·
@Former Member that is true if you have the money to pay it back,but at the time I didn't.
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Makingithappen2019 ·
I will be the dissenting voice, I think credit cards with no interest financing are a great way to purchase large, neccessary items instead of draining your savings. You just need to pay attention to what you need to pay each month to avoid finance charges at the end, or move the balance over to another no interest card if you haven't paid it off. But you have to know your limitations, buy only what you need, not want. Doing this was the easiest way I found to pay off my credit card debt.
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Bonnie Squires ·
@Makingithappen2019 that is exactly what i'm doing now. thank you for your advice
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Nicole ·
Hi Bonnie, I think in your specific situation, you did what was best for your family at the time. Don't be hard on yourself for this, you needed to be with your husband at the hospital. The connection to people is much more important. And as you have stated, you have learned from this experience & have a plan going forward. Awesome Job!
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Re: Credit Cards Good For Emergency Fund YAY or NAY?

Bonnie Squires ·
@Nicole thank you and yes i had to do what i needed. But i did learn my lesson and i've all ready paid 2 credit cards off around $1,500 so far and put $1,000 up than i paid off a bill where i use to live. I was paying $10 a week I paid off $112 on that. So i've got some thing paid off. The $10 a week will go i with the $1,000 i;ve put up and the 2 credit cards i paid off will pay other ones off. I'll keep going till they are all paid off and I'm dept free. Than I'll pay off my house after that.
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Credit Cards Good For Emergency Fund YAY or NAY?

Bonnie Squires ·
Do you think its good to use credit cards for an emergency fund? I my self say no. Save money up for emergency. Here my story. Reason I say no is I'm in 12k credit card debt. Why because I had nothing saved up. I had all most all our kids living with us. Yes they did help out but every thing went into the house for bills food ect. Well last year I wasn't expecting my husband to have a heart attack. Yes I was working and did get a small amount from SSI. But once my husband had his heart...
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Re: This week in... The Penny Hoarder Community

MsKimberly ·
Those look like great books, and I love to read. Unfortunately, I have been so busy I have not had time to read. When I get caught up, those are the ones I want to grab.
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Re: This week in... The Penny Hoarder Community

BeckAtsila ·
When we were kids, my brother went out as Audrey II from Little Shop of Horrors. We made a pot out of a cardboard box, then the plant's body out of a green blanket, and a mouth with red and white poster board. We wrote "Audrey II" on the pot. And it won in the town costume contest. The books sound good--I've read Rich Dad Poor Dad and am not sure what to think of it. Kiyosaki definitely gets the different mentalities right, but he's also bankrupted every business he's ever run and was...
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Re: This week in... The Penny Hoarder Community

AverageJoe ·
@BeckAtsila , Kiyosaki isn't always to be taken at his word. I'm not saying he's a liar, but some investigation needs to be done before following anything he suggests. Motivational speakers earn most of their income from just that...motivational speaking and their ability to sell books or information they've either written themselves or have had a ghostwriter do for them. I don't think in my nearly 60 years of life that I have found ONE of these types that have given the truth about...
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Re: This week in... The Penny Hoarder Community

Ashlee ·
That is awesome you were able to apply what you learned reading about investing and come out on top. Saving $1,000 is no easy feat! Thanks for sharing your two cents. We may need to start a Penny Hoarder Community money book club to discuss all of the great books out there! Happy early Halloween! Love that you want to include your pets in your costume.
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Re: This week in... The Penny Hoarder Community

Alisha James ·
Thanks for the Gift Card! It was an easy survey and I didnt even realize there was a drawing to win anything. 😂 This is a great community and I'm happy to be here!
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Re: This week in... The Penny Hoarder Community

Adam Clark ·
Hi n good bye
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Re: This week in... The Penny Hoarder Community

D Varma ·
Hi
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