Aren’t You Worried About credit repair? | Oceanport New Jersey 07757 NJ

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Payment history is the most heavily weighted factor in many credit scoring models. Typically, it can account for more than a third of your credit score. Paying all your bills on time per your agreement with the lender shows potential lenders that you are responsible about paying what you owe.
Because a significant portion of the FICO score is determined by the ratio of credit used to credit available on credit card accounts, one way to increase the score is to increase the credit limits on one’s credit card accounts.[25]
Don’t Rush Things: Credit-scoring models compare the types of accounts on your credit reports to those of people your age or folks with a similar financial profile. This reflects how well-rounded of a borrower you are and the extent to which your financial responsibility has been tested. But while demonstrating financial versatility is necessary to achieving a perfect credit score, rushing things is a recipe for disaster. So wait to get a car loan, mortgage, etc., until you’re truly ready.
I have a 669 credit score from Equifax, never can get thru to them & has been going down & was sent to me by my insurance co. USAA in Feb. but will not show up very well even though I make all payments. They do show some mistakes, bad ones that I never had anything to do with but is next to impossible to get thru to. Been going down for about 6 yrs. In the Natural gas industry & spot price of gas is at about a 20 yr. low plus had to sell some expensive , paid for luxury property because housing bust hit at the same time along with expenses going up & doubling of property taxes.. Grew up with excellent credit but sinking. Plus drilled 2 dry holes, just trying to keep my income at a good healthy level. At the same time of everything else.Not much hope. I’m 68 now & the ups * downs have been going on for many years.
Actually you have no clue why you are down ! I am retired have my house paid for 12 years now. Buy new cars every 10-12 years weather I need one or not. I have 4 credit cards all for different purpose that I pay off every month fully.. My score is 817 and my better half is 827. Hers is higher because she is a female! BTW I have not had any credit in 12 years other then my credit cards !!!
By increasing your credit score, you will have access to better financial opportunities, such as lower interest rates and better credit card offers. To see what credit card offers are available to you, check out our CardMatch tool or review or list of fair credit cards and cards for those with no credit history.
Getting approved for a car loan typically requires a score in the low- to mid-600s, although it’s not unheard of for someone in the mid-500s to get approved. It depends on the lender and of course, the lower your credit score, the higher your interest rate will be.
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??
Paying on time is the No. 1 thing you can do to help your credit score. The second is keeping debt levels low. Ideally, that means keeping the balances on your credit cards at less than 10% of your credit limit. (Thirty percent should be as high as they EVER get.) If yours are higher, you could lower them one of two ways. You could ask the creditor for a higher limit (no guarantees this will work, but it sometimes does) or you could pay the cards down until you are paying off the balance each month. You can read more here:
I have a score between 690 and 720 depending on the reporting agency. Seems to be no problem getting a CC but was turned down by 5 out of 6 banks for a car loan. Their reason was a prior bankruptcy and not enough credit. Seems that the credit score ultimately has little importance. I am retired with pretty good income and paid for home and cash in the bank. What’s the point of a good credit score if I get turned down anyway?
Ray the banks set people up to fail by making unreasonable often times high interest rates that are purpotrated on the poor or middle class. If a poor person was given a low interest rate and reasonable payments like the rich often get then I guarantee you they wouldn’t be struggling or failing in paying back loans. In addition the whole system is rigged. There are numerous articles out you can find online that talk about how banks want people to fail on their loans. The reason being is they actually make money on bank loan defaults and foreclosures. That is why they won’t work with people on better monthly terms to salvage people who are struggling in payments due to unexpected economic downturns or losses. You can even read about this in the book called “Greedy Bastards” by Dylan Ratigan who talks about this. It is called “extractionism”. What they did that helped cause the crash of 08 was take their “risky loans” and bundle them up with Triple A rated loans and sell them off to unsuspecting people who were investing in the market. They bought insurance on the faulty loans because they knew they would be loans that would default so that not only did they get money selling them, they got money on the insurance default of those loans. They got paid billions on all those bad loans. They set it up that way on purpose and use the excuse that people who are poor are higher risk, which in fact is not always true. Many people in the US have bought into this crap about “well they are higher risk therefore we charge them more”. Just like people bought into the “trickle down” economics.
But that doesn’t mean you should apply for every line of credit you’re offered. Multiple inquiries from lenders for your credit reports in a short period can trim your score, especially if you don’t have many credit accounts or you have a short credit history. Be especially careful when car shopping because Detweiler has heard lots of complaints from consumers whose scores dropped when they had several dealers pulling their reports for financing options. Rather than let a dealer shop your credit, choose a lender you like beforehand and get pre-approved for a loan.
So hopefully people may read this and get some hope. Unfortunately over the last 2 decades I have had to file bankrupt not once but twice. Both times been loss of really good paying jobs and the economy shifting to overseas slave labor. So really partly my fault living for the times not looking too far ahead. However both times I was not only able to still buy a brand new car “3 months after bankrupt” I was able to thrive financially. In fact just 6 years ago was my last file and I now have a new house new car and about 7 low interest credit cards. I started out the 2nd time slow with a high interest $300 credit card and a high interest local finance loan. Paid perfect for a year then went to my credit union got a low interest loan to pay both off. Credit unions are a great place to get you back up after only a year or 2 of being credit broke. Most banks wont even look at your app as soon as they see chapt 7 or 11 your app is trashed. Building a good re-poor with your local credit union you have a much better chance. Direct deposit to them is always a plus in there consideration. Sure you are going to eat 25-31% interest for year or 2 until you can flip it over. Your Fico score is extremely important if your looking for a home loan. You can look it up but basically is your middle score of the three major credit reporting agencies. So by the time we were ready buy a new house my credit cards were actually dragging my score down over 40pts. Carrying high balances is really bad for your credit health. After much reading I found paying them all down to less than 30% usage got my score where I needed it. Over all when I started the process of buying a new house my Fico was 589 I needed a 640 to get my VA backed loan. There was a few things in my report that were wrong 2 things I got removed and paying the credit cards down in 6 weeks I went to a 646. DONT ever be afraid to challenge a credit agency and dont ever stop disputing an item if you feel its incorrect remember thats you they are broadcasting about and all the lenders care about is that score. Forgot to add the first house we got 20 years ago almost now. I was turned down over 22 times by lenders. The 23rd call I got financed be very persistent and dont take no for an answer. They will tell you that hard credit hits in a short time is bad actually thats not true. The credit agencies will compensate hits as long as its in a short time window and for the same type of credit ask. So basically you can shop around to several banks for a home loan but not a home loan credit card and car loan. Good luck hope you all find any of my ventures useful.
Credit cards and loans can affect your credit differently. Credit cards are revolving accounts whereas most loans are installment accounts. A mix of different types of accounts can be useful. Do you have any credit cards or loans now?
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When my ex left, she just left. She didn’t care about the credit cards, hardly asked about her daughter, and I had to change bank accounts just to stop her from taking money from me. I had no choice but to take all the debt on for both of us, as she wasn’t working on any of it (as far as I could tell).
They take a higher risk because they charge such outrageous interest that they are setting up the lendee to fail. They increase their own risk. It is not fair nor smart business. It is an easy way to gouge people and then foreclose and recoup a large percentage of the loan and write the rest off and recoup the rest in tax write offs. Win win for the lender either way. Has nothing to do with risk and everything to do with gouging those who can least afford it.
The good news is that you don’t need to have a perfect credit score in order to qualify for the best rates. Most companies set thresholds for determining the minimum credit score needed to qualify for their most competitive offers. As long as your credit score is above that threshold, you will qualify for the best terms available. Learn more about credit score ranges.
That’s because you’re penalized for owing too much money compared to the amount of credit you have access to, which is measured by your credit utilization ratio. Plus, by paying off credit cards and high interest loans early, you’ll save yourself countless dollars in interest payments.
Yes, I know. I started with them but now have prime cards with good rewards. I did want to say that my score has never gone over 750 with just the mtg, car payment & cap one card. I have good cash in the bank. But only use my cards for what I would normally pay for with my debit cards. Now I get rewards with these cards. I did do well for Xmas. Still collecting rewards!!! I hope the new cards & car payment will get my score over 800 & as close to 850 as possible. Thank you for all of your help.
For others, the best way to establish credit may be to work with your bank or credit union to open an account with a small credit limit to get you started. Opening a secured credit card is another way to get started building your credit. Then, with time and good account management, a good credit history (and scores) will be within your reach.
I had a car dealer apply for a loan thru 2 different banks. I got approved with both but went with the lower interest one. after about 3 months with my new car, I started receiving letters from the bank I didn’t have a loan with telling me I was late on my payments. I called them and told them I didn’t have a loan with them which they said yes you do. I ended up having to get a lawyer and I still could not get it removed from my Credit report. I disputed it and everything. Unreal. Come to find out the lawyer I hired played golf with the car dealer.. They were both worthless..
Cut all mine in half 20 years ago, paid them all off. Never went back. Married, 2 kids, 4 cars and a decent mortgage rate. Live on cash and savings and lay away plans. In 20 years I have learned one thing, credit cards are GARBAGE. Live within your means even if its poor and making balogna sandwiches for lunch and telling people at the office “Nope, packed my lunch.” and driving a beat up car. Trust me. Never went back, have more left on my paycheck to save and put away and best thing I ever did. I still can buy a car and house juuust fine. The offers come in the mail, I rip then in 1/2 and throw them in the trash without a second thought.
Thanks for the link! that explains that. I should of just went for the full HELOC that I qualified for, and only borrowed what I needed. BTW The loan went into a garage and new roofing which gave me additional equity as well!
The Fair Isaac Corporation is who has come up with FICO credit scores and subsequently, these scores are used by over 90% of lenders when it comes to providing you with a loan and when they grant the interest rates, terms, and whether you are approved or not.
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In 2009, TransUnion representatives testified before the Connecticut legislature about their practice of marketing credit score reports to employers for use in the hiring process. Legislators in at least twelve states introduced bills, and three states have passed laws, to limit the use of credit check during the hiring process.[24]
And we, the taxpayers, bailed them out. That’s the icing on the cake. And Congress, the REAL bastards who were supposed to be on our side, didn’t force these banks to renegotiate the loans so Americans could keep their houses. These politicians smile in your face, shake your hand, and claim to feel your pain—in reality: they have NO IDEA what it’s like to struggle to pay their bills because we, the people, pay their bills every month.
The NextGen Score is a scoring model designed by the FICO company for assessing consumer credit risk. This score was introduced in 2001, and in 2003 the second generation of NextGen was released.[13] In 2004, FICO research showed a 4.4% increase in the number of accounts above cutoff while simultaneously showing a decrease in the number of bad, charge-off and Bankrupt accounts when compared to FICO traditional.[14] FICO NextGen score is between 150 and 950.

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