Follow the FICO formula so you can grow your credit score

[levitate]

802

 

[UberEatsDriver]

Def good advice, but you want that credit card usage below 10% of available credit fam. Trust. All my shyts are 820 or higher.

Yea I only use my credit card for gas. My total gas for the month is below 10% of my $5,900 credit limit.

I also have a another card with $1,800 on it. Need to find something small to put on it so I don’t get it closed for lack of activity

 

[Rekkapryde]

Yea I only use my credit card for gas. My total gas for the month is below 10% of my $5,900 credit limit.

I also have a another card with $1,800 on it. Need to find something small to put on it so I don’t get it closed for lack of activity

Fam, I have an AMEX Blue just chillin and open for the last 10 plus years with no activity and they haven't closed it.

I have a Delta Amex Reserve I use for my personal credit card, but my wife and I pay it off monthly.

Unfortunately my job went to a corp AMEX 2 years ago so I can't put all my travel costs on my personal AMEX like I used to, but I still get enough activity on it to justify the annual fee.

 

[BaldingSoHard]

OP is giving good advice.

Credit score 833 last I checked.

 

[UberEatsDriver]

Fam, I have an AMEX Blue just chillin and open for the last 10 plus years with no activity and they haven't closed it.

I have a Delta Amex Reserve I use for my personal credit card, but my wife and I pay it off monthly.

Unfortunately my job went to a corp AMEX 2 years ago so I can't put all my travel costs on my personal AMEX like I used to, but I still get enough activity on it to justify the annual fee.

Wow. Every credit report I check for my clients their cards are always closed by the grantor because of empty balances for a long time lol.

Well I haven’t used my J Crew charge card in two years and it’s open and I called their company yesterday to make sure it remains open.

 

[UberEatsDriver]

Just checked mines it jumped up from 717 to 730. Lovely! Most likely will jump again after next month.

 

[filial_piety]

802

You in the 800 club

 

[CreepyMcCreeperson]

I got a Fingerhut a few years ago because it was easy to get approved. I bought a silverware set for $49 (every single thing on that site is double priced) and paid it off. Now, every two years they sent me an email saying if I don’t use it, they will close it. So I buy something really cheap, and pay it off.

I have no use for it, and my credit is good now, but I don’t want it to close.

Don’t get sucked into those bad credit cards like Credit One, First Premier, Orchard bank, because the APR is ridiculous, they have annual fees, and usually some other kind of fees.

Stick with Capital One, one store card, and if you need an approval, Fingerhut.

There is something called a shopping cart trick to get pre-approvals for the Comenity retail cards. Google it. Sign up for an account with the site. Add your info. Make sure your pop up blocker is off, add a few items to your cart, then go to checkout. Sometimes, a pre-approval will pop up. Take it, but don’t buy anything.

 

[UberEatsDriver]

What is your advice on medical debt on your credit that can’t be disputed?

In my experience a lot of debt collectors have wiped off medical debts off collections simply because they could not prove the debt was the consumers debt.

debt verification letters.

for the record medical debt being placed wrong is a common thing

 

[Orange cream shake]

In my experience a lot of debt collectors have wiped off medical debts off collections simply because they could not prove the debt was the consumers debt.

debt verification letters.

for the record medical debt being placed wrong is a common thing

I know happened to my husband. Mine is legit. I disputed through CK and didn’t budge. It’s like 1700 worth and while I know I can pay it I don’t want to. The only thing keeping me from 800 I’m sure. So are you saying if I do the certified verification letter, they will come off?

 

[Mr. Negative]

I was SO CLOSE to 800

 

[UberEatsDriver]

I know happened to my husband. Mine is legit. I disputed through CK and didn’t budge. It’s like 1700 worth and while I know I can pay it I don’t want to. The only thing keeping me from 800 I’m sure. So are you saying if I do the certified verification letter, they will come off?

If it’s in collections it will be wiped off if they can’t prove it after you send the letter out. PM me your email and I will send you a debt verification letter template

 

[Orange cream shake]

If it’s in collections it will be wiped off if they can’t prove it after you send the letter out. PM me your email and I will send you a debt verification letter template

I got one. Thanks. Wish me luck.

 

[Axum Ezana]

After charge offs, disputes and collections are cleared you need to follow this formula to build your credit

35-30-15-10-10

35% - Credit Payment
Pay all your debts on time

30% - Utilization Rate
Keep all balances below 30% of credit limit.
When issues a credit card know what the credit limit is and do the math to see what the number is. For example if your credit limit on a credit card is $1,000 then you should not be having a balance on that card that exceeds $300.

15% - Credit History
Keep accounts active and follow the 35-30 rules and this will continue to help your score grow

10% - New Credit
Only to apply to Credit cards that you know you will use and do not constantly apply to credit cards or personal loans especially if you know your credit score will disqualify you from being accepted.

10% - Credit Mix
Having a diverse set of credit which involves revolving retail cards, credit cards and Installment debt (personal loans, student loans, Cars etc).


Extra Notes:
**Do not get retail cards for stores you do not use. Women do this all the time. You will hurt your score because the creditor will close your retail card because of no activity and that will be a hit on your credit.

So if you shop at Best Buy a lot then please by all means get a Best Buy card but do not go to J Crew once every three years and accept a card from them.

idk I just closed out a retail store card. hope my shyt dont drop to much.

 

[Doctor Wily]

 

[calixprynce]

My shyt is at an all time high. Im thinking about buying a crib or a condo