Grown Men Monday Talk. How to get that Credit score A+ tips

[$cam-U-Well_Jack$on]

Props.

 

[UncleTomFord15]

I tend to use about 75-80% of my credit and still have a 720+ score.

 

[calixprynce]

Pay your shyt off. Period
Don’t always apply for credit
Don’t let shyt go into collections
Simple

 

[Smokin Rider]

I dont know nothing about credit but I took my brothers advice on how to get good credit which was :

Pay off your debt (I was in default and sued by ITT tech for 4000, I settled on paying 2300 straight up)

And just use a credit card to buy gas and pay it off immediately. I been doing this for 2 years and my score went from 523 to 733.

 

[Dwayne_Taylor]

Dont go by credit karma it's not accurate.
Get copies of all three report's. Pay off any bill. get a secured card and make some purchases, but dont pay it all of at once. Keep a line of credit open

 

[brooklyn_boulevard]

Everyone, please read...

1) I agree with this. Create an free account with a provider that will show your credit history like Credit Karma, Experian or Free Credit Report. The accuracy of the credit scores that free services provide aren't important, nor generally accurate. In your report, it will list all of the activities and any deliquencies that are present, in addition to the holder of the debt and their contact info. Also, some credit card companies(if you have credit cards) like Capital One and Discovery will show you your credit score and report through their website or app.

2)I somewhat disagree with point 2. Only contest if you know that the debt has been paid. Arguing over a debt to be removed, no matter big or small, WILL NOT GET IT REMOVED from your credit report. The days of waiting 7 years to fall off your credit report are OVER! They want their MONEY!!!!

3)You're going to have to organize a way to pay, no matter the amount. Either work OT to pay it off or creative passive income to generate supplemental income.

4)Always pay off the original holder of the debt even if it goes into collections! The original debt holder will be able to get a negative report removed quicker than the third party. Paying a debt collector ensures that you'll have to go through HELL to get it removed from your credit history.

5)Debt consolidation is TRASH, especially is your just going to pay the minimum balance. You're putting yourself deeper in debt!

5)Assuming you finally have all of the delinquencies removed from your credit report, you can now start rebuilding your credit. I'll be honest, the better the income and your bank accounts are, the quicker you'll be able to rebuild your credit. Someone will give you a chance provided you have a decent job that you've held for at least 6-12 months and you have a decent amount of savings. There are 2 ways I'd suggest you rebuild your credit:

• Obtaining a secure credit card(as already mentioned)
• Obtaining a car loan(through a credit union; their rates are more favorable than banks, dealerships either won't finance you or will give you a trash car that won't make it out of the lot.

I chose the second method. I needed a new car and I didn't trust credit cards yet, so I went with a loan. I got approved for a $15,000 car loan with a 400 credit score at 7% interest because I went through a credit union, paid off all my delinquencies(which were removed from my credit report) and I had about $5,000 in my savings account. I drove off a Chevrolet lot with a certified pre-owned 2011 Malibu(with keyless start) instead of the trash that everyone else offered me.

6)After 6 months to 1 year(or whenever you feel comfortable), apply for a credit card(if you chose the auto loan method). Apply through your financial institution(bank or credit union) because you're more likely to get approved. Whether your card will be unsecured or secured will depend on your credit activity since obtaining your car loan or secured card. If you made your payments on time, you should be approved for an unsecured credit card or a car loan.

7)Whether secured or unsecured credit cards, pay your balance IN FULL before the due date. NEVER CARRY OVER A BALANCE INTO THE NEXT BILLING CYCLE!!! I agree with the OP.

8)The most important thing.... Having your credit report pulled costs you credit score points/money. The golden rule is 5/24... Five times within a rolling 24 month period. When rebuilding your credit, you'll have to have your credit pulled more often, but limit it to having it pulled no more than 2-3 times per year. Having it pulled too many times will decrease your score and will get you declined faster than having a bad score.

9)The longer your individual credit lines are open and the amount allowed, the better. Don't close an account unless you either know you'll never need it again or the new credit line is superior(like credit cards that have travel benefits). Closing an credit line will drop your score a couple of points.

Credit Karma isn't the best. Your FICO score is what really matter.

Best way to have a 730+ credit score is

1)Don't borrow more than you can pay

2) Pay your bills on time

3)Keep your credit usage below 30%

Breh. You're giving a lot of slightly bad advice in here. Specifically points 1,2,4,5

1) Credit Karma is cool for people with decent to good credit . But if you're serious about fixing you need to see what people who pull your report actually see. And need to know exactly where you are at. Not with a fake CreditKarma score (FAKO) and half assed tradelines. But the real deal. To do that subscribe to MyFico. You'll get the real deal score and reports that most creditors pull and see. No guesstimations needed. You'll also get the name and contact info of all your debt holders. Credit Karma hides that shyt sometimes or its incomplete. Forcing/enticing you to pay them for a full report.

2) Contest EVERYTHING. PERIOD. Send debt validation letters to all of them. It's the debt holders responsibility to prove that you owe the debt. You'd be surprised by how many can't after the debt has been sold a few times. This is usually a slam dunk with cell phone providers who can never find the signed contract. These are the rules. Play by them.

4) This is not true. ALWAYS confirm a 'Pay for Delete' BEFORE making any payment. GET IT IN WRITING. Whoever is reporting the negative tradeline on your credit report will have the ability to remove it (3rd party or original). Some will. Some won't. Some take convincing.

It's super easy for them. All they have to is literally contact the credit reporting agencies and have them remove the tradeline. That's it. But it usually comes down to policy of that particular company or the deal they made with the original creditor. Usually if you just Google the name of the debt collector along with "Pay for Delete" you can tell which are willing to play ball and which aren't.

If you were dumb enough to pay off the debt without getting a pay for delete in writing you can pretty much forget about that idea. Your next step should be to send a Goodwill letter or email and ask nicely.

Also 9 times out of 10 the original creditor will just point you to the new debt holder anyway and will refuse to accept payment from you. But it's always good to ask both and see if any will put in writing that they will delete BEFORE payment. So again, it doesn't matter who you pay...just get them to agree prior that they'll remove it with payment.

5) Debt consolidation isn't trash. It's just that most services are trash. Debt consolidation stops late payments and fees from stacking up. Also in a lot of cases companies that buy debt want payment in full or a partial settlement lump sum payment that most people can't afford. Debt consolidation will pay that off for you. Allowing you to get things under control. Paying a minimum on one debt consolidation loan is better than not paying at all because you can't afford it.

The key is going with a reputable company. OR going to a credit union and establishing a relationship with them. Especially one attached to a workers union. Go there and open up a small savings account and talk to someone.

7) it's very important to understand that paying in full is for your own good to make sure you don't get in over your head. NOT for the health of your credit. your credit score is representative of your credit usage. if you have no usage being posted to your tradelines than you have no credit. as 99% of credit card companies report 1 time a month. not rolling. So the key is keeping whatever posts to your report to around 10% of total credit limit. Then pay to avoid interest AFTER it's posted.

you could also figure out when your credit card company reports balance (another reason to get myfico) and pay after that. never carry a balance and never let more than 10% of your credit limit post.

Of course the rules are changing everyday. My wife has a nearly perfect 820 and hasn't had a balance post in years.

8) that's not the golden rule. The 5/24 thing is LITERALLY Chase's rule. They made it up. Mostly because they wanted to stop churners aka bonus chasers. People who are getting rejected because of Chase's 5/24 rule are still getting accepted other places.

The key thing to remember about hard pulls on your credit report is if you're going to go on a card application spree, or a mortgage or car application fee....do it all together within 14 days. Inquiries of the same kind will be grouped and won't effect your score. BIG CAVEAT to this rule though. If your application ever requires a manual review the creditors will see all of those hard pulls on there and may question why you were so desperate for credit.

Also I'll just add that if you have a debt thats close to 7 years old. LET IT BURN. DO NOT USE THE ADVICE IN THIS THREAD ON ANY DEBT CLOSE TO 7 YEARS OLD (Even 5 or 6). BECAUSE It will fall off your report. If you contact the creditors and admit to owing the debt you may restart the clock all over again!!!!

How can a breh look through their fico score

 

[cheek100]

Good thread

 

[Heafcliffe]

Everyone, please read...

1) I agree with this. Create an free account with a provider that will show your credit history like Credit Karma, Experian or Free Credit Report. The accuracy of the credit scores that free services provide aren't important, nor generally accurate. In your report, it will list all of the activities and any deliquencies that are present, in addition to the holder of the debt and their contact info. Also, some credit card companies(if you have credit cards) like Capital One and Discovery will show you your credit score and report through their website or app.

2)I somewhat disagree with point 2. Only contest if you know that the debt has been paid. Arguing over a debt to be removed, no matter big or small, WILL NOT GET IT REMOVED from your credit report. The days of waiting 7 years to fall off your credit report are OVER! They want their MONEY!!!!

3)You're going to have to organize a way to pay, no matter the amount. Either work OT to pay it off or creative passive income to generate supplemental income.

4)Always pay off the original holder of the debt even if it goes into collections! The original debt holder will be able to get a negative report removed quicker than the third party. Paying a debt collector ensures that you'll have to go through HELL to get it removed from your credit history.

5)Debt consolidation is TRASH, especially is your just going to pay the minimum balance. You're putting yourself deeper in debt!

5)Assuming you finally have all of the delinquencies removed from your credit report, you can now start rebuilding your credit. I'll be honest, the better the income and your bank accounts are, the quicker you'll be able to rebuild your credit. Someone will give you a chance provided you have a decent job that you've held for at least 6-12 months and you have a decent amount of savings. There are 2 ways I'd suggest you rebuild your credit:

• Obtaining a secure credit card(as already mentioned)
• Obtaining a car loan(through a credit union; their rates are more favorable than banks, dealerships either won't finance you or will give you a trash car that won't make it out of the lot.

I chose the second method. I needed a new car and I didn't trust credit cards yet, so I went with a loan. I got approved for a $15,000 car loan with a 400 credit score at 7% interest because I went through a credit union, paid off all my delinquencies(which were removed from my credit report) and I had about $5,000 in my savings account. I drove off a Chevrolet lot with a certified pre-owned 2011 Malibu(with keyless start) instead of the trash that everyone else offered me.

6)After 6 months to 1 year(or whenever you feel comfortable), apply for a credit card(if you chose the auto loan method). Apply through your financial institution(bank or credit union) because you're more likely to get approved. Whether your card will be unsecured or secured will depend on your credit activity since obtaining your car loan or secured card. If you made your payments on time, you should be approved for an unsecured credit card or a car loan.

7)Whether secured or unsecured credit cards, pay your balance IN FULL before the due date. NEVER CARRY OVER A BALANCE INTO THE NEXT BILLING CYCLE!!! I agree with the OP.

8)The most important thing.... Having your credit report pulled costs you credit score points/money. The golden rule is 5/24... Five times within a rolling 24 month period. When rebuilding your credit, you'll have to have your credit pulled more often, but limit it to having it pulled no more than 2-3 times per year. Having it pulled too many times will decrease your score and will get you declined faster than having a bad score.

9)The longer your individual credit lines are open and the amount allowed, the better. Don't close an account unless you either know you'll never need it again or the new credit line is superior(like credit cards that have travel benefits). Closing an credit line will drop your score a couple of points.

Subs. Will respond when I get off this train.

 

[Ezekiel 25:17]

How can a breh look through their fico score

Not entirely sure, I know Discover gives it for free.
Also not sure if you have Capital 1, but they suck ass when it comes to credit limits and credit increases. Don't waste your time with them. Discover is the shyt, I got a $8300 limit

 

[DrunkenNovice]

My advice would be to master a cash budget, and your impulses, before you even start playing with credit.

We are pretty much bred to be consumers. So a lot of times financially your knowledge doesn't dictate your behavior.

We have a credit card thread where building, rebuilding, and maintaining credit is discussed.

How can a breh look through their fico score

You can get it for free if you have an account that offers it, or pay through Myfico.com

There are different fico scores depending on the transaction you're doing (applying for a credit card, house, car, etc)

I don't think it's worth it to track month to month.

I usually pull mine two times before my planned purchase/application.

The website is also good for research because ppl post their credit scores, what cards/loans they applied for and whether or not they were approved.

 

[skeetsinternal]

Get a chic with good credit to add you to her account and whenever she pay her bill you get credit boost too

 

[Ghostface Trillah]

Dude said commit credit card fraud and people dapped it.

But nikkas try to argue me down when I say nikkas need financial education.

 

[semicko82]

Good thread dap and rep OP

 

[semicko82]

Don't move in with a broke chick, a chick in debt, or one doesn't know how to handle finances

 

[Supercoolmayo]

Dont buy shyt you cant afford

 

[Gold]

This is actually great advice. Im impressed