The credit Repair Thread

[HookersandIceCream]

No insurance at all
Got new card and didnt realize auto pay was off
Insurance got cancelled

 

[DrunkenNovice]

30 is fine just dont go over 30%

actually it's 60% or lower breh. If you can keep it at 30-50% you be good

Cracked the da vinci code brehs

So like I said before I look over at myfico a lot to see what they are talking about and what tips they. So I started playing the utilization game to see what works. Carrying util of of 30%-50%, +50%, Maxed it out one month ...just to see the affects it would have on my score.

according to myfico the spot you want to be for your score to reflect the max is <10%. When I brought the util down to 9% my score jumped 25 pts. I'm gonna let 4% report this month and see what the effect is. Supposedly this is the ideal spot to be to see your highest possible score in your current situation.

The algorithm has no memory of your util so you do one month does effect the score in the prior months.

So the companies report your credit card balance on the statement date (some call it cycle date). So what I did was found out my date on the accounts paid them to the target percentage a few days prior to the date, let the statement generate then paid it off to avoid interest. Refresh scores and see what it did.

Does utilization really matter if you pay it off every month ?

So the answer to this is yes it matters for your score, because it fluctuates month to month based on what your utilization is. Higher util = lower score because you look like more of a default risk. flipside is if you're going for a line increase some companies want to see your utilization reporting within a certain range for a few months.


TLDR: Bring your utilization on your cards down to <10% before you apply for new accounts so that your score is at its maximum potential.

 

[Formerly known as...]

Most of the credit agencies have weird algorithms and they only base it on what they think lenders will think....Every lender has a different criteria so for example if you're using 70% of your credit 1 lender may say nah, another will say yeah.

Missed/Late payments and Court judgements are the biggest back breakers because they leave a mark for a few years.

 

[Nephilim_BC]

only CC I have are from walmart and bestbuy

been young and foolish

tips on getting that debt gone? besides not being dumb

 

[beanz]

688 on my transunion as of this morning

i was at 584 when i started monitoring my shyt. 104 points in about a year and a half

 

[Mowgli]

688 on my transunion as of this morning

i was at 584 when i started monitoring my shyt. 104 points in about a year and a half

To slow

 

[DrunkenNovice]

I'm gonna let 4% report this month and see what the effect is. Supposedly this is the ideal spot to be to see your highest possible score in your current situation.

Went down to 4% score went up another 30pts. This is using the CK scores btw. I now the FICO changes wouldn't be as drastic, but I don't wanna pay to monitor my actual fico yet

only CC I have are from walmart and bestbuy

been young and foolish

tips on getting that debt gone? besides not being dumb

Throw all of your extra money at the card with the highest APR, while making min payments on the smaller. Then after you're done with the larger move on the next throwing all of your extra money at it. That's the smart way to go at it mathematically.

Some people say do it the other way around (smallest to largest), because of the positive reinforcement of getting something paid off. I prefer to go with the method that's gonna keep more money in my pocket

Getting rid of debt really just comes down to being disciplined. The more you're willing to sacrifice the faster you can get rid of it.

 

[DeuceZ]

To slow

damn breh at least encourage breh and offer guidance

 

[Nephilim_BC]

Went down to 4% score went up another 30pts. This is using the CK scores btw. I now the FICO changes wouldn't be as drastic, but I don't wanna pay to monitor my actual fico yet


Throw all of your extra money at the card with the highest APR, while making min payments on the smaller. Then after you're done with the larger move on the next throwing all of your extra money at it. That's the smart way to go at it mathematically.

Some people say do it the other way around (smallest to largest), because of the positive reinforcement of getting something paid off. I prefer to go with the method that's gonna keep more money in my pocket

Getting rid of debt really just comes down to being disciplined. The more you're willing to sacrifice the faster you can get rid of it.

yeah but I was reading that there's these cards or methods of transferring debt off of multiple cards to just one. wasnt sure if that applied to b&m credit cards

 

[beanz]

To slow

it took a while but my shyt was terrible and i was also planning a wedding during that time so i couldnt focus all my cash on that

 

[beanz]

damn breh at least encourage breh and offer guidance

2 things i did that helped out huge..

1. we took out a zales credit card in my wifes name (her credit is near perfect) and she put me on it so that we could each have a card. that was actually added to my credit report as well as hers with a $4,000 limit. i bought her ring with it and paid off the minimum payment on time every single month and then when the wedding came i used the gift money to pay off the balance. right now i got $100 on that card so my credit usage is super low on it.

2. i took out a secured credit card with capital one. i had to give them $200 but they gave it to me with a $200 limit which went up to $500 after 6 months when they saw i always stayed well under the limit and payed on time. then after a while i got 2 offers for cards. 1 from capital one and 1 from chase which i have an account with. each with a $2000 limit. i opened them both up and been barely using them but always making sure i pay on time.

 

[Ensoniq]

2 deliquencys on my account from unpaid red light camera parking tickets

went into collections in 2012

theyre garnishing my state income tax to go towards it

what can i do to remove off CR?


also, just financed a vehicle and there's 4 bank inquiries on my CR for the dealership to get me the best interest rate

do the inquiries hurt me?

how can i get them removed?

 

[Jesus]

780

 

[Hiphoplives4eva]

750

we eating...

 

[NatiboyB]

750

we eating...

you rich though...

521 im hurting over here