6 Myths About credit repair | Port NJ

This chart is surprising to me. I am 26 and I have a Transunion score of 725, an Equifax score of 738, and my FICO is 720. I only have 4 credit cards and none of them have been open accounts for more than a year. My scores went up 30 and 31 points recently which is drastic at one time, but I keep my utilization below 10% most of the time. The highest amount I have utilized was 22% when I had to fix my car. As soon as the due amounts are posted online, I pay them. Even before the billing cycle. I also don’t use my credit cards for unneccessary purchases or when I don’t have money in my checking account to cover it. It really is simple to establish good credit, you just have to know what you’re doing and don’t let the urge to splurge come over you. I will say though, I have no loans, debt, no car lease, etc so that helps a great deal. Pay attention to the factors that have the highest impact on your scores.
It’s hard for me to say what the first thing you should do is since I don’t know what your challenges are. Have you obtained your free credit report card from Credit.com? It will give you an action plan for your credit. That may be a good place to start…Should You Be Worried About Credit Report Inquiries?
Credit scoring is a way to keep people in debt, in my opinion. To me the entire scoring system is a bunch of malarkey. I pay all my bills on time but can’t get my score above 620, even though I’ve paid off one car and am paying on another. The same explanation keeps occuring, that my ratio to balances are too high even though I’ve paid off one credit card and paid the other two down to less than $100. The entire system is rigged against most low to middle income people. Just my opinion.
Why budget? If you have a budget it is less likely that you will be short on money by the time the bill comes (this bill should be paid in full). You should never buy something that you can’t afford NOW (exception house and maybe car) so at the end of the month it is paid in full. Keep Util rate between 1% and 9% as creditors want to see responsible and controlled usage. Plan ahead means that if you want to buy a house you (this is a big decision) you begin planning stage at least 1 year prior to the search of a home. This gives you time to verify credit scores, fix anything that is not accurate, lower balances should you have any balances not paid in full, pay off loans to decrease Debt-to-Income ratio, in other words, make yourself as attractive as possible to a potential lender.
There is no requirement that says that you have to have a car, but if you do have one you need to be able to maintain it and if you can’t maintain it that means that you cannot afford one. Cars break down when they are not maintained so the money people think they are saving skipping maintenance always comes back to bite them in the end.
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Most people know the importance of having good credit. With low or no credit, your opportunities to take out a loan are severely limited. Even if you are able to get a loan, you will end up paying a higher interest rate than those with good or excellent credit. What most people don’t know, however, is their actual credit score. This number is what lenders will look at when determining the structure of your loan. Have you ever wondered what the average credit score in America is?
While the FICO score calculation doesn’t directly consider age, 15% of the score comes from the length of your credit history—putting younger people at a natural disadvantage. Likewise, 10% of the score is based on the mix of debt you have; it’s better to have a diverse mix—from a mortgage to student debt to car loans—than a single credit card. (And younger consumers are less likely to have a mortgage; the median age of first-time home buyers is 32, a report last year found.)
Actually, we did this for our daughters and son and it has raised their credit scores by 143 points! We also co-signed for a used car for our son, who in a year, traded it in and bought a new one on his own!
We are currently seeing a rise in credit card debt and interest rates as we progress through 2018 so it is important to focus on these credit scores to better understand what we can do to help improve our average credit score.
Hi, I am enjoying reading this, and am so frustrated at my credit scores. Trying to get my cc paid off and get my score back up high, but will be a while before I can accomplish that. My husband recently filed for bankruptcy, what is the best way to rebuild your credit after that?

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Court Judgments: A civil court judgment will be removed from your credit report after seven years from the filing date. When you pay the judgment amount, your credit report will be updated to reflect the status, but the notation of the judgment will remain for the full seven years.
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Ray, Fist let me say I agree with everything you’ve said so far on this blog… hard for many people to hear and maybe even harder for them to even comprehend, but very true, most people live far beyond their means. That being said please look at the process of the securitization of loans which offloaded this risk of loans from banks to an intermediary which are then grouped and sold to investors as MBS (mortgage backed securities) often backed by further layers of securitization. The boom in this practice of offloading risk from banks is the primary cause of the sub-prime mortgage crises.
Are you checking your credit scores regularly? Here’s how to monitor your credit score for free. Thirty percent is the maximum you should put on the cards, but you can get around that by paying early, so that the balance will be low relative to the limit whenever it is reported. Your paid-off student loan should help your credit if the payments were made on time. You could also consider a small “credit builder” loan from a credit union. But checking your free annual credit reports (go to AnnualCreditReport.com) for errors and disputing them, and keeping tabs on your scores, plus making sure you are using credit lightly and paying on time are the very best things you can do.
Gerri Detweiler – high credit scores are so highly sought after that the alternate route of building wealth is nearly inconceivable. I am curious to see if there is an answer to my question…if i maintain payments on my credit card at 10% utilization, how long will it take me to acquire a million dollar net worth??
Although explanations and agreements were sent to the court, along with the fact that the Atty who was to do the work WALKED OUT OF THE FIRM WHEN HE SAW THEIR TREATMENT OF ME, a PARTNER, decided to send a bill 5x higher than was ever quoted (and again, NONE of the work was done.) Although there were documented phone messages left to return the calls, THEY NEVER DID. When a phone message was left for the CEO of the Law firm to return the call, HE NEVER DID. When faxes were sent to their Accounting Division asking for a breakdown on what and where this number came from, they only sent THE AMOUNT DUE WITH NO BREAKDOWN OR EXPLANATION.
Americans are entitled to one free credit report in every 12-month period from each of the three credit bureaus, but are not entitled to receive a free credit score. The three credit bureaus run Annualcreditreport.com, where users can get their free credit reports. Credit scores are available as an add-on feature of the report for a fee. If the consumer disputes an item on a credit report obtained using the free system, under the Fair Credit Reporting Act (FCRA), the credit bureaus have 45 days to investigate, rather than 30 days for reports obtained otherwise.[26]
I raised my score 200 points in 3 years with alot of hard work…got a personal loan and now have 3 credit cards instead of 11….pay before the due date..dont use over 30% of your credit line…pay balance every month..if you dont need it dont buy it!!!!  Maintain your residance…dont keep moving every couple years…lendars look at that though they wont tell you it effects your outcome!!   By the way…my score was 560 41 months ago !!!
Sounds like a good idea but doesn’t work so well. My score is 742 because of lack of credit! I had the income, etc. but thought paying for everything was the smartest thing I could do. Boy was I wrong. I had amex and a couple of cap one cards. Amex is 36 yrs old. Well, I seen how all of the big credit companies wanted people with many credit cards, diverse credit, and high CL’s. So I went out and got a several good cc’s with high limits. Charged them carefully for Christmas and will pay them off in January. The 36 yr history combined with the new cc’s brought my overall cc history down to just under 4 yrs! But I now have a great mix of credit (all but a student loan), many cc’s with high limits (using responsibly), and feel like all I need to to is rotate my cards and pay in full and hope to see a score as close to 850 as I can get. I will try try to always keep a mtg payment, car payment, etc. It seems they want to see us in debt & managing it well. And yes, it appears income does play a role in this as well. But I have seen some students with 18K incomes and very high CL’s & ficos.
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Sweden has a system for credit scoring that aims to find people with a history of neglect to pay bills or, most commonly, taxes. Anyone who does not pay their debts on time, and fails to make payments after a reminder, will have their case forwarded to the Swedish Enforcement Authority which is a national authority for collecting debts. The mere appearance of a company, or government office, as a debtor to this authority will result in a record among private credit bureaus; however, this does not apply to individuals as debtors. This record is called a Betalningsanmärkning (non-payment record) and by law can be stored for three years for an individual and five years for a company.[16] This kind of nonpayment record will make it very difficult to get a loan, rent an apartment, get telephone subscriptions, rent a car or get a job where you handle cash. The banks, also use income and asset figures in connection with loan assessments.[17]
I still don’t really have savings (outside of the 401k I just started and can’t really touch), and don’t really expect to be able to properly invest in a proper emergency fund for about a year. I am pushing to raise my credit now because I’d like to have the ability to actually buy a home. It won’t be easy, but it’s cheaper than renting.
Not many people are aware of the weight that hard inquiries carry on a credit score. Having too many hard inquiries in a relatively short span of time can hinder your credit score, and you will be penalized for multiple hard inquiries on your credit file.
Did you know that according to the FTC, 25% of Americans have mistakes on their credit reports that have the potential to affect their credit scores? At the end of the day, it’s your responsibility to make sure everything on your credit report is complete and accurate.
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Cleveland credit guru Jay Seaton, president of Consumer Credit Counseling of Northeast Ohio, said it’s possible Pavelka’s near-perfect score was the ultimate alignment of the planets. If someone had checked his score a week later, or today, it might be only 835. Or it could be 849. Credit scores swing slightly on what bill you just paid or what you just charged.
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Don’t Get Discouraged: Even if you never reach 850, “merely” having excellent credit is an amazing achievement. It will save you boatloads of money over the course of your life. And it won’t ever stand in your way like a “bad” score. Plus, you may find consolation in the fact that having excellent credit means your score is higher than over 60% of people, according to WalletHub data.
If you find that you have a pretty lengthy history of late and missed payments, then your scores on each scoring model will be negatively impacted by your inability to make payments. When determining your score, each scoring model will take a closer look at how recently you have missed a payment or were late, how many accounts were late, and how many total payments on each account were missing or late.
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Tom Pavelka, an assistant district director at the Department of Labor’s Office of Workers’ Compensation in Cleveland, has no doubt that some of his ability to manage his finances easily stems from the fact that the couple have no children — just Freddie, a cat from a shelter. They can charge a couple of thousand dollars on a credit card and easily pay it off the next month.
I had the same problem! I saw that  my credit score was high so I was thinking hmmm why not go and apply for a credit card, thought I could manage it but then temptation got out of hand. So my credit score is EXTREMELY low, very shortly after opening up the accounts. Its good to know that if I just pay off the balances and keep the balance lower than 30% my credit will shoot back up 🙂
I agree youcan live off if 22k and live good if you always kept your expenses in check and didn’t live above your means. If you don’t have a mortgage payment that’s a big chunk right that you’re not having to spend each month.
If you score is high enough on the GMAT to get into your top-choice graduate school, do you need to take the exam again in an attempt to raise your score further? Likewise, if your credit score is already excellent, what is the benefit of making it perfect and what would be the cost of doing so?
4. Have a lengthy credit history. Those with a credit score of 800 have an average account history of 11 years (with oldest account opened 25 years ago) versus an average account history of seven years (with the oldest account opened 11 years ago) for those with a score of 650, according to myFICO.com. So opening several new accounts at once can shorten the average age of your credit history, Detweiler says. And closing old, inactive accounts also can hurt. This move can increase your credit utilization ratio since closing an account means you no longer have access to that available credit.
im 19, and have a score of 750. on my 18th birthdya i went to my credit union and got a student credit card, and then proceded to pay it off in full every month. i then got a Macys credit card and paid that off in full. three months later i got a nordstrom credit card and that dropped my score by a hundred points almost. i was looking at a 680. so for six moths i balanced the three credit cards making sure my credit utilazatuion was under thirty percent and paying off almost everything. Because i am impulsive i got in way over my head with shopping and found myself spending my whole pay check to cover myt losses. i soon started a budget for my self and stop using both store cards for awhile. my Macys card raised my credit limit, which helped me lover my credit utilaztion score. My nordstrom sis the same and i paid both off and now barely use my one student credit card. i use each only once a month to buy something under thiry bucks from each store to show i have good standing. i have never missed a payment on all three cards. i now i have a score of 750 again since six mothns has passed since i open my nordstom card. all in all, i have learned my lesson, but am still frustrated by how easy it is to swipe without thinking. This has lead me to leaving my cards at home or in my car. i guess for me it was harder than some because i worked in a mall and was surronded by retail. Now im happy with my score and i got a job at a bank, and i now save money while paying off my student loans. i guess what angers me the most is seeing how much i spent with those two cards and realizing i could have paid of my student loans. i hope other people find something to learn from my story
As far as the “age of credit” factor goes, the only thing you could possibly do there is to piggyback on someone else’s card with a long credit history, but even then it’s not certain that you’d see an increase (especially if that person wasn’t a relative at your same address). And that strategy has risks – if they pay late your credit can suffer.

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