The credit Repair Thread

[Deflatedhoopdreams]

That’s my plan as well. I just need to structure it out and execute.

Yeah I don't need the money on the card so it's easy for me to just pay it down to $5 every couple of days from my bank account. I'm just trying to boost my credit with it. Nothing else

 

[phcitywarrior]

Yeah I don't need the money on the card so it's easy for me to just pay it down to $5 every couple of days from my bank account. I'm just trying to boost my credit with it. Nothing else

Why don’t you pay the card all the way down? Why keep $5 on it?

 

[Matt504]

Why don’t you pay the card all the way down? Why keep $5 on it?

If the balance is $0 every time your creditor reports to the bureau it can appear as if you're not using the card. I had a situation last year with capital one not reporting to the credit bureau for a few months because I'd pay my balance in full so now I leave an amount that reflects my utilization as being under 5%

 

[phcitywarrior]

If the balance is $0 every time your creditor reports to the bureau it can appear as if you're not using the card. I had a situation last year with capital one not reporting to the credit bureau for a few months because I'd pay my balance in full so now I leave an amount that reflects my utilization as being under 5%

I swear this credit card companies are some scammers. Penalizing people for good habits.

 

[Matt504]

I swear this credit card companies are some scammers. Penalizing people for good habits.

There's a lot of credit specific game that it's important we be aware of so we can develop better strategies.

Credit Cards - myFICO® Forums

 

[phcitywarrior]

There's a lot of credit specific game that it's important we be aware of so we can develop better strategies.

Credit Cards - myFICO® Forums

I actually like FICO’s new approach of giving scores to people who don’t use traditional ccs. This whole FICO thing is just designed to keep people in debt for the sake of having “good credit”.

Dudes are 120k in the hole but have 780+ scores. To me, that's hustling backwards. Your cash flow essentially goes to servicing debt, not building wealth.

EDIT: Upon reading about this new FICO system I'm a little skeptical. Previously, if you didn't have credit (like I did for a while) you were in the dark. Everything was either cash or debit. This new Super FICO score, as it's been dubbed, has increased monitoring on how you manage your bank balances and such. I'm not quite sure anymore. I'll wait and see. I know plenty of people that do not have a credit score by choice, but it seems this system would still give you one whether you want it or not.

 

[Matt504]

I actually like FICO’s new approach of giving scores to people who don’t use traditional ccs. This whole FICO thing is just designed to keep people in debt for the sake of having “good credit”.

Dudes 120k in the hole but have 780+ scores. To me, that is hustling backwards. Your cash flow essentially goes to servicing debt, not building wealth.

We should discourage each other from trying to obtain high credit scores for this exact reason. It's literally a score that represents your trustworthiness of managing debt. We want to minimize debt. This is also why cc companies are offering rewards now, to keep us indebted to them.

 

[phcitywarrior]

We should discourage each other from trying to obtain high credit scores for this exact reason. It's literally a score that represents your trustworthiness of managing debt. We want to minimize debt. This is also why cc companies are offering rewards now, to keep us indebted to them.

I'm telling you man. All these "points and rewards" are essentially to get you to keep spending more than you need. How can you build actual wealth if 50% of your income is going to CC bills and such? Makes no sense to me.

 

[Rawtid]

I actually like FICO’s new approach of giving scores to people who don’t use traditional ccs. This whole FICO thing is just designed to keep people in debt for the sake of having “good credit”.

Dudes are 120k in the hole but have 780+ scores. To me, that's hustling backwards. Your cash flow essentially goes to servicing debt, not building wealth.

EDIT: Upon reading about this new FICO system I'm a little skeptical. Previously, if you didn't have credit (like I did for a while) you were in the dark. Everything was either cash or debit. This new Super FICO score, as it's been dubbed, has increased monitoring on how you manage your bank balances and such. I'm not quite sure anymore. I'll wait and see. I know plenty of people that do not have a credit score by choice, but it seems this system would still give you one whether you want it or not.

Yeah I had the same concerns. My goal was not to have a credit score at all, but now it doesn't seem like it's possible.

 

[DrunkenNovice]

I think the discussion yall are having is what needs to be taught.

Make good choices, and the game is set up to entice you to go beyond your means.

With a clear understanding of this I don't see why you wouldn't capitalize on the benefits of credit.

 

[phcitywarrior]

I think the discussion yall are having is what needs to be taught.

Make good choices, and the game is set up to entice you to go beyond your means.

With a clear understanding of this I don't see why you wouldn't capitalize on the benefits of credit.

It takes strong discipline to go against billions of dollars worth of market research that get's people to go against common sense. The CC industry is set up to get people to spend well above their means, even for the most disciplined spenders.

Some people know themselves, hence not even applying for credit.

 

[phcitywarrior]

Yeah I had the same concerns. My goal was not to have a credit score at all, but now it doesn't seem like it's possible.

Exactly, once people who chose not to have credit get their score, they'll feel "pressured" to improve their score, thus taking out a line of credit aka taking on the possibility to incur debt. This new Super FICO score is just to increase the credit base in the US.

 

[Skooby]

They're basically just starting to look at the way you handle your checking, savings, and money market accounts too.

Read a few more articles since this AM and they are expecting most people to see a boost.

This is official FICO release

With this new method my score might be 840.

I just checked your sig. Is Flydefinition your site? If so, when you getting more 'Fly Definition Glob Trotter' Hoodies in? It says it's sold out.

 

[DrunkenNovice]

With this new method my score might be 840.

I just checked your sig. Is Flydefinition your site? If so, when you getting more 'Fly Definition Glob Trotter' Hoodies in? It says it's sold out.

It's my friends site, I hit him up to ask.

Edit: @Skooby they are being printed up and he plans to post in the next couple of weeks. They are adding colors as well.

@DeeezNuts not that I know of, I don't see anything besides the announcement on the fico site.

 

[DeeezNuts]

It's my friends site, I hit him up to ask.

Is there a way to simulate what my score would be with this new method?