The credit Repair Thread

[Yessir_Araphat]

Getting into repairing my credit, and just checked my score 643

up to 704 now

 

[Deflatedhoopdreams]

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

Credit cards are based on the % you use. 5-10% usage looks like you are using it at a responsible rate. YOU DO PAY IT ALL OFF. After the statement states that you use a low percentage of your credit limit. Paying it all off(the 5-10% you left on it) the day the statement comes to your app. I should leave $10-20 on mine this month. My credit gonna be Gucci in 6 months to a year

 

[Deflatedhoopdreams]

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.

Because people are dumb and they make money off the interest. You should not be spending more on a CC that you can't pay back at the end of the month. Keep that 5-10% on until the statement comes and it shows you are using your credit but using it wisely(showing you are responsible).

 

[Deflatedhoopdreams]

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.

That's cool that they know themselves and let's the banks know not to loan them any money.

 

[Deflatedhoopdreams]

Credit is a show me kinda business. Gotta show them you can handle $200 before they can give you a $100,000 loan for a house, where you have to pay the mortgage off in full every month or they take that house back.

Start with a $10,000 car, make every payment for 3 years and get $30,000 car and on and on......

 

[Steel]

Got 3 collections i need off my credit report . Should i just dispute them and request a letter of validation? I know i dispute them through the credit agencies but do i go directly to the collector for the validation letters. Also planning on getting a secured card to boost my score. I also found out i can report my on time rent payments to help boost the score but i really need these collections removed.

 

[R=G]

How to get the perfect credit score?

 

[MJ Truth]

If you have charge offs on your report is there any point in paying them off or do you just go ahead and wait the seven years or whatever until they fall off?

 

[TripleAgent]

Up to around 730 2 years and my last 2 collections fall off

 

[GreenGrass]

When a credit card is fully paid off, what is a good suggestion? I know that keep building your savings is number one. But what do you do with the credit card? And let say that you want to use an online order, what shall you use instead of a credit card?

I been checking out Dave Ramsey videos and I am pumped up. Any other subscriptions I can check out?

 

[TripleAgent]

If you have charge offs on your report is there any point in paying them off or do you just go ahead and wait the seven years or whatever until they fall off?

Only pay them off if they agree, IN WRITING, to do Pay For Delete. Otherwise, you'll pay, but it will stay and drag down your score.

Also, make sure to get a template letter worded that you don't actually admit it's your debt. If you admit the debt, they can use that against you.

 

[hashmander]

When a credit card is fully paid off, what is a good suggestion? I know that keep building your savings is number one. But what do you do with the credit card? And let say that you want to use an online order, what shall you use instead of a credit card?

I been checking out Dave Ramsey videos and I am pumped up. Any other subscriptions I can check out?

use that card once a quarter for a small purchase. don't close it out or allow the credit issuer to close it out for inactivity.

 

[mannyrs13]

Recent large purchases done dropped my score like thirty points.

Need to try and pay most of this card off by the end of January to get back on track.

Plus apparently the early estimates show that I may not be getting a tax refund this year. Hopefully that's just cuz I was putting in a rough estimate online without all my financial documents and not that the calculations are correct. Although I think it's better to keep more thru the year than get a large refund for interest purposes.

 

[NeilCartwright]

How can I raise my credit card limit (for future business purchase and to lower utilization percentage) without getting hit with a hard inquiry?

I was digging online and say Chase always does hard pulls for credit increases. Navy federal just reported a hard pull to one of the credit bureaus but not the other.

 

[Bane]

How can I raise my credit card limit (for future business purchase and to lower utilization percentage) without getting hit with a hard inquiry?

I was digging online and say Chase always does hard pulls for credit increases. Navy federal just reported a hard pull to one of the credit bureaus but not the other.

Capitol one and Amex does soft pulls.