Do you mean an authorized user? (A co-signer generally uses his or own good credit to help someone with little or no credit history get a card, while an authorized user is allowed to use an account but has no responsibility for paying it off.) And yes, your poor credit could hurt him. Another way to help him get a credit history would be to get a secured card. Here are a couple of Credit.com resources that may be useful to you:
I’ve had a lot of credit issues I filed for bankruptcy at the age of 21 in 2007 I was irresponsible. I’m back to work and I went and bought a car this year my credit score was over 600 after buying the car my credit went down to 443 and my inquiries are up to 13. I really need some help I’ve paid my bills on time nothing is working it just stays the same. I haven’t applied for anything after my car but I only had 3 inquiries when I bought my car. In my credit report there are things that were paid off still showing negative, from 2005 10 years ago.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
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.
If you continue to pay your bills on time, keep your balances low, and apply for credit judiciously, you will be able to maintain excellent credit scores and get the credit you deserve when you need it, at the best rates available – even though your score isn’t perfect
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Each individual actually has over 60 credit scores for the FICO scoring model because each of three national credit bureaus, Equifax, Experian and TransUnion, has its own database. Data about an individual consumer can vary from bureau to bureau. FICO scores have different names at each of the different credit reporting agencies: Equifax (BEACON), TransUnion (FICO Risk Score, Classic) and Experian (Experian/FICO Risk Model). There are four active generations of FICO scores: 1998 (FICO 98), 2004 (FICO 04), 2008 (FICO 8), and 2014 (FICO 9). Consumers can buy their classic FICO Score 8 for Equifax, TransUnion, and Experian from the FICO website (myFICO), and they will get some free FICO scores in that moment ( FICO Mortgage Score 2 (2004), FICO Auto Score 8, FICO Auto Score 2 (2004), FICO Bankcard Score 8, FICO Bankcard 2 (2004), classic FICO score 9, FICO Auto Score 9, and FICO Bankcard Score 9). Consumers also can buy their classic FICO score for Equifax (version of 2004; named Score Power) in the website of this credit bureau, and their classic FICO Score 8 for Experian in its website. Other types of FICO scores cannot be obtained by individuals, only by lenders. Some credit cards offer a free FICO score several times per year to their cardholders.
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.
In Germany, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company’s existing client base.
If accounts are illegally reaged or if you have disputed them and they don’t get removed you may want to consult a consumer law attorney. You may have a case for credit damage, and in the case of a collection agency it may be a FDCPA violation as well.
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.
There are many different credit scores available to lenders, and they each develop their own credit score range. Why is that important? Because if you get your credit score, you need to know the credit score range you are looking at so you understand where your number fits in. Here are the credit score ranges used by major credit scoring models:
Although banks have been good to Pavelka, he revels in lashing out at them. He mischieviously recalls a time in the 1980s when he couldn’t get his credit card companies to give him actual payoffs, including interest, for his accounts. So he calculated the amounts themselves (he was a math major) and intentionally overpaid by 1 or 2 cents. That forced the companies to continue sending him paper statements and paying for postage so they could show his credit balance.
It doesn’t matter what your credit score is these day . Mine is 715. I think it’s all biased ! I’ve been struggling for 14 years since my husband passed away & on a decent fixed income. I’ve never been late paying any of my utility, rent. or loan obligations needed to survive. I’ve purchased 2 cars, both were payed off a year in advance. I had to recently purchase a used car that turned out to be a lemon because I could not be approved for a new car because of my credit score. What ! They should change the point system. Not everyone wants to get in debt to get out of debt. I surely don’t. So much for freedom of speech & the home of the free. We are living under American communism ruled by capitalist. So how free are we? So much for what the American Flag stands for & what our forefathers came to America for to have a better life !
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Regularly check your score for mistakes, such as payments marked late that you paid on time or negative information that’s too old to report. Credit bureaus are required to respond to credit disputes within 30 business days.
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I dated a girl many years ago that had 3 maxed out cards and over 12k in debt and every month she would get a new card in the mail. At the time I owned a business that had two 50k lines of credit, owned 2 cars, and received a small inheritance. I personally avoided the use of debt and credit. When I went to get a credit card (after years of personally avoiding them) I was completely denied because I didn’t have enough history. That is when I realized the game is about taking more then you are giving and promoting irresponsibility. Bad credit is better then no credit…
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?
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. According to FICO, the median classic FICO score in 2006 was 723 and 711 in 2011. 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.
You can probably get a personal loan, but the interest rate might be 20% or higher, says NerdWallet personal loans writer Amrita Jayakumar. Some lenders — including Avant, OneMain Financial and Ascend — will consider applications from borrowers with 600 scores. Then there’s Peerform, a marketplace lender that matches poor-credit borrowers with investors who fund their loans, and Backed, which gives those with poor credit better terms if they have a co-signer, she says. “Lenders like Upstart consider college grads whose score may be low because of a thin credit file,” she adds.
Basically, if the credit card is from the same company, with a duplicate card with another cc number, you would file your complaint against the credit card company and ask them to remove the ‘duplicate’ account # from your credit reports. The cc company should be able to do this very quickly and easily for you.
Your life experience sounds exactly like mine, and I think you’re spot on with the need for financial literacy education. I learned through my parents’ habits which were…non-ideal. I had a really rough 5-6 years crawling out of the hole from my mistakes. I know better now, but I could have saved a lot of stress (and a lot of interest) had I learned lessons the “easy way” ahead of time.
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
I don’t think that I would add your son as an authorized user. That means that your bankruptcy and foreclosure will become his. He will inherit your negative credit. He can just get a $300 secured credit card and start from there…
He put part of his purchase on his new credit account and paid the rest with Bass Pro gift cards he bought at Giant Eagle (during a double Fuel Perks promotion). He bought the gift cards with his BP Visa credit card, which gives him gas rebates.
Lenders may choose to use non-FICO credit scores to gain additional insight on consumers, especially those with limited traditional credit history who might be difficult to score. These scores may be added to the FICO score if they provide unique insights or used instead of the FICO score if they provide similar predictiveness. Most of these scores are based significantly on data not available through the national credit bureaus, such as rental, utility, and telecom payment data or public record information such as property deeds and mortgages, liens, personal property titles, tax records, and licensing data.
An easier quicker way to raise your score after bankruptcy is to make WEEKLY payoffs on your credit card. I raised my score 30+ points within 3 months by doing that after my bankruptcy. I don’t personally like to pay someone interest…and rarely have in my life….just on cars and homes. I too took out a loan but only paid minimum payments for 3 months…then paid the whole thing off with savings. I didn’t want to pay them tons of months of interest. Only wanted to pay 3 months to raise my score. If you want to get a secured loan, I wouldn’t go as high as $1000. Just do $200 or $250…that way you can raise your score with payments, but not lose much in interest money.
What are your grades for the other factors that make up your score such as mix of credit and inquiries? (You can find out here: get your free credit score). Debt ratio sounds pretty good but if it’s your utilization ratio then bringing it down a bit further might help, depending on the scoring model being used.
We just love to be judged. Who decided the rules? The banks? The credit card companies? Screw all of them and pay with cash. Get in line sheep and baaah for your “credit scores”. After all, we are all just a number.
There are different methods of calculating credit scores. FICO scores, the most widely used type of credit score, is a credit score developed by FICO, previously known as Fair Isaac Corporation. As of 2018, there are currently 29 different versions of FICO scores in use in the United States. Some of these versions are “industry specific” scores, that is, scores produced for particular market segments, including automotive lending and bankcard (credit card) lending. Industry-specific FICO scores produced for automotive lending are formulated differently than FICO scores produced for bankcard lending. Nearly every consumer will have different FICO scores depending upon which type of FICO score is ordered by a lender; for example, a consumer with several paid-in-full car loans but no reported credit card payment history will generally score better on a FICO automotive-enhanced score than on a FICO bankcard-enhanced score. FICO also produces several “general purpose” scores which are not tailored to any particular industry. Industry-specific FICO scores range from 250 to 900, whereas general purpose scores range from 300 to 850.
I was wondering Ive been working on credit repair and have had some things removed from my credit to only show back up a month or two later on credit report and how does medical debt collection affect my score I am 100% service connected disabled had to go to er a while back and the va has yet to pay the medical have requested statments from the collection agencys but say they dont have ist that a verifcation of debt not a letter from them saying I owe them
Carrying debt is a new(ish) idea and the first credit card came out in 1950. Before that began to take hold having debt was a bad thing. Now being irresponsible holding debt and never clearing up seems to get you the best shot at for being qualified for big purchases.
He has a girlfriend, (probably gonna marry) who was going to move in with him. He did not consider her money at all. He got approved and got his loan on his own. He wants to be safe incase they break up. Too many people buy a house that they as a couple can barely afford, what happens if they break 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.
Let’s suppose you want to buy a new car. You find one for $20,000 and choose a four-year loan period. When the financing department of the dealership runs the numbers, they discover you have a credit score of 615. You’re not in the “Bad” category, but still a long ways from “Fair.” That loan will cost you 13.55 percent interest, and over the next four years you pay a total of $6,017 in interest.
A good credit score is actually not necessary. Credit issuers write of millions of dollars of debt yearly you should be able to write it off as well. If you owe 50K in debt and pay 2000 a month in payments just write it off. You now have 2000 dollars more a month to support your family. Make your house and car payments they are to only two things you have to have, the essentials and they cant take them back you are making your payments. Now you don’t need a good credit score because you don’t use credit and have 2000 more money to enjoy life with.
There are many credit algorithms used in practice which is one reason people get conflicting scores. The newest FICO algorithm is FICO 9 but not every credit bureau or bank uses this formula because it is cumbersome to change their business processes.
Credit scores are often used in determining prices for auto and homeowner’s insurance. Starting in the 1990s, the national credit reporting agencies that generate credit scores have also been generating more specialized insurance scores, which insurance companies then use to rate the insurance risk of potential customers. Studies indicate that the majority of those who are insured pay less in insurance through the use of scores. These studies point out that people with higher scores have fewer claims.
10%: recent searches for credit: hard credit inquiries, which occur when consumers apply for a credit card or loan (revolving or otherwise), can hurt scores, especially if done in great numbers. Individuals who are “rate shopping” for a mortgage, auto loan, or student loan over a short period (two weeks or 45 days, depending on the generation of FICO score used) will likely not experience a meaningful decrease in their scores as a result of these types of inquiries, as the FICO scoring model considers all of those types of hard inquiries that occur within 14 or 45 days of each other as only one. Further, mortgage, auto, and student loan inquiries do not count at all in a FICO score if they are less than 30 days old. While all credit inquiries are recorded and displayed on personal credit reports for two years, they have no effect after the first year because FICO’s scoring system ignores them after 12 months. Credit inquiries that were made by the consumer (such as pulling a credit report for personal use), by an employer (for employee verification), or by companies initiating pre-screened offers of credit or insurance do not have any impact on a credit score: these are called “soft inquiries” or “soft pulls”, and do not appear on a credit report used by lenders, only on personal reports. Soft inquires are not considered by credit scoring systems.
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I’m 20 and my score is 770+, I’ve got 6 credit cards and always have utilization under 20%, often under 10%. I never spend money I don’t have, I always pay in full. My lowest line of credit from any issuer is $6K, which I got when I was 17, at 19 I got a no set limit Amex.
That is so true. I am proved to the Credit bureau that a billed is not mind. They still did not changed it. I did what Juanita suggested. I paid off everything then my score came down. Now I save up money and buy the items or use layaway. As I said before Operator head space. (JIJO). Creditors want your credit to be bad so that they can charge you higher interest rates.
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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.