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mike, When signed into law by President Obama in 2009, the Credit Card Act – sometimes called the “Credit Card Holder Bill of Rights” – was the most significant federal consumer financial reform in decades. The goal of this legislature was to ensure fairness and transparency for consumers with cards. For full details( use keyword(s) “credit card act” in your preferred search engine.
Hard Inquiries: Hard inquiries appear on your credit report when you apply for new credit and can negatively impact your credit score. (Checking your own credit is a soft inquiry and does not impact your credit score.)
After reading this blog I can see that the average American has no clue as to how credit and credit scores work. If you don’t know how something works it is very hard to fix, or improve, it. No wonder the country is in such a poor financial shape.
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:
In 2018, the regular annual percentage rate (APR) for fair credit ranges from 13.24 percent to 25.24 percent. These rates are variable, which means that the lender may choose to increase or decrease them. Changes in rates are based on the Federal Reserve’s current federal fund rates.
Divorce, bankruptcy two years ago. Car loan four months after at 5.2 percent and paying cash for everything. Double to triple payments on the car. Will never own a house again and proud of it. Have more money in my pocket then ever before. You really don’t need the bank’s so if you can just stay away from the headaches. Life is a lot easier. Just believe in your self.
As far as your credit situation goes, if your credit cards are maxed and you’re having trouble making all of your payments, I would recommend you at least talk with a nonprofit credit counseling agency to see whether they can help you get those credit card payments down see you can make progress and start seeing progress on your credit scores as well. This article discusses that option: Does Credit Counseling Work?
they said my credit score is 548 ive never used my credit since im only what can i do to get a good credit ? im trying get leave home and be independant…..a couple days ago i wnet to sprint to actuvate an account they said i could because i have poor credit score
It’s not easy to just ‘quit living paycheck to paycheck’. Most people that do don’t have a choice because they don’t have the money to do otherwise. Granted, they are unlikely to be a safe bet to loan money to, but that’s the way it is. It is far too easy to talk about people just doing things differently when you don’t live the same way as they do. Paycheck to paycheck is *the* reality for a lot of people.
Keep your old debt on your report. So many people call their credit bureaus the week after they’ve paid off a home or car and try to get the debt removed from their report. But paid debt is actually a form of good debt that will boost your score—not lower it.
If you’re paying them off before they report, it is harming you more than helping.  Be cautious of paying back too often or too quickly.  And don’t forget that your debt to income ratio is a high factor when being considered for loans, mortgages, financing, etc.  If it doesn’t look like you’re pulling more money into an account than you’re spending on your bills each month your dti ratio might keep you from utilizing that good credit score,
Would it hurt my credit score applying for a personal loan at this moment just starting to rebuild my credit, I have a low score because never had credit in my years of life. I am opening a savings account with $1000.00 and use it as collateral to borrow $500.00 and make some credit with a bank. Would this help my credit to boost it up more faster?
You might have heard that borrowing money and repaying it is a good way to build credit, and that’s true. But taking on debt you can’t afford won’t help. If you want to borrow money because you have bills you can’t cover, it’s possible credit counseling or bankruptcy would be better solutions.
The biggest factor in play when it comes to an average credit score and income is the credit utilization. Credit utilization should always remain at under thirty percent to maintain a good average credit score.
Lenders may also apply their own set of ranges when evaluating credit scores. For example, one lender might consider loan approval for anyone with a credit score above 700, while another may limit the best offers to consumers with a score above 750.
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Only apply for credit if you’re relatively confident you’ll be approved. Every application — whether you’re approved or not — can cause a small, temporary drop in your credit score, and those can add up. You don’t want to lose the points without getting the credit.
In Norway, credit scoring services are provided by three credit scoring agencies: Dun & Bradstreet, Experian and Lindorff Decision. Credit scoring is based on publicly available information such as demographic data, tax returns, taxable income and any Betalingsanmerkning (non-payment records) that might be registered on the credit-scored individual. Upon being scored, an individual will receive a notice (written or by e-mail) from the scoring agency stating who performed the credit score as well as any information provided in the score. In addition, many credit institutions use custom scorecards based on any number of parameters. Credit scores range between 300 and 900.
I’m guessing you are lucky enough to have a high-paying job, Ray? I was at one time making six-figures and had a credit score of over 800. When my job was sent overseas, I had to short sell my house and sell everything. I am back on track now but with a much lower-paying job. I pay ALL of my bills on time, sometimes early, and always pay over the minimum payment on my credit card. Yet somehow, I am still only considered average in terms of credit risk because of the short sell due to my job being outsourced – completely out of my control. I still maintain the same financially responsible habits, have for nearly six years since my layoff, yet my score is still only “Fair.” I’m not whining, and I work extremely hard 40 hours a week to make ends meet, so please don’t make the assumption that everybody who has a “fair” credit score is some kind of lazy bum. That is an extremely arrogant assumption.
This happened to millions of people in America back in 08 to 2010. The banks wouldn’t work with people on reworking their payments on their loans because the banks knew they could make more money allowing those mortgages to go into default. They got paid from the insurance on the CDOs and got paid several times over on faulty loans, so many banks were purposefully letting people default. Read the book “greedy bastards”, its a real eye opener on this subject.

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The only time to ever consider carrying a balance month-to-month on a credit card is if you have a card that has an introductory offfer of zero percent APR for a given amount of time (usually 6-18 months). In this case, you can use it as an interest-free loan. For example, you could get a card that has zero APR for 12 months and put $1200 on it, knowing that you can easily afford to pay $100 per month. You diligently pay the $100 each month and, at the end of the year, it’s completely paid off and you’ve paid absolutely no interest on it. This only works if you don’t charge anything else to the card or, if you do, if you pay off whatever you charge in full each month, in addition to paying the $100. This isn’t a good habit to get into, and it certainly isn’t recommended for frivolous purchases, but it is a nice way to beat the banks at their own game.
There are several types of FICO credit score: classic or generic, bankcard, personal finance, mortgage, installment loan, auto loan, and NextGen score. The generic or classic FICO score is between 300 and 850, and 37% of people had between 750 and 850 in 2013, and 56.8% had between 700 and 850 in 2017.[10] According to FICO, the median classic FICO score in 2006 was 723 and 711 in 2011.[11] The FICO bankcard score and FICO auto score are between 250 and 900. The FICO mortgage score is between 300 and 850. Higher scores indicate lower credit risk.[12]
I’m 32 now and my credit is slowly climbing into the “good” territory, but I can definitely attribute the ease in which I made credit mistakes in the past to just not really ever having an opportunity to grasp personal finance until I fell on my face a few times.
Most negative notations on your credit report will cease appearing in your credit history after seven years (although some may take longer). With hard work and determination, you can watch your credit score rise.
1. Pay on time. Payment history is the top factor in most credit scoring models, says Gerri Detweiler, director of consumer education at Credit.com. So payments that are 30 days or more late can quickly drag down your credit score. And one late payment is enough to hurt your score, she says. According to myFICO.com, 96% of consumers with a credit score of 800 pay credit accounts on time; 68% of those with a score of 650 have accounts past due.
My credit score is 548. I have some late charges on my credit and would like to have them removed. First, what do you recommend how to remove charges and second, how to get my credit score back on track.
Credit scores look at your reported credit history to gauge the likelihood that you will repay borrowed money; you can be deep in debt and still have great credit scores if you have paid all your bills on time.
Finally, to ensure that you have the best credit scores possible, you should thoroughly check over the details of your individual credit history to determine if there are any inaccuracies. If you see anything that is not correct, then you should dispute the error.
Never borrow what you can pay back with a unemployment check. And if it’s not a emergency. Save for it. Don’t charge. You might not get your flat panel TV today but when you do it will actually cost you less so you can buy a bigger one. The banks broke your country by manipulating you into to having it now. So let’s break the banks by putting your cash in your pocket instead of thier pockets.

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