9 Things Spock Would Say About credit repair | Morganville NJ 07751

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.
Just how much your score is lowered depends on several personal factors, like how late you paid and how often you tend to miss payments. Obviously, if you are a regular offender, your score will suffer more.
There is no secret recipe for building an 850 credit score. But there is indeed a playbook for putting yourself in the best position to achieve the highest possible credit score. It all begins with a credit card, as you’ll learn from the following:
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Most credit scores – including the FICO score and VantageScore 3.0 – operate within the range of 300 to 850, and a score of 700 or above is generally considered to be good. Within that range, there are different categories, from bad to excellent. They generally look like this:
The Government of Canada offers a free publication called Understanding Your Credit Report and Credit Score.[10] This publication provides sample credit report and credit score documents, with explanations of the notations and codes that are used. It also contains general information on how to build or improve credit history, and how to check for signs that identity theft has occurred. The publication is available online at the Financial Consumer Agency of Canada. Paper copies can also be ordered at no charge for residents of Canada.
Another thing you’ll need to know when comparing your number to others is which credit score model is being used to calculate the score, and what credit score range is being used. To reiterate, there are many different credit score models, including versions of VantageScore, FICO scores and even educational credit scores.
Consumers have the right to receive a free copy of all data held by credit bureaus once a year. At present Schufa, the main provider of credit file data, provides scores for about three-quarters of the German population.
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Very similar beginnings you and I. The medical bills ALWAYS GET PAID LAST. Bro, if your at 639 I am sure you have learned enough to stop paying that $100 a month. Here is a trick to boost the score without adding debt and costing WAY less. Join a credit union. Do you own a car? it doesn’t matter… Join the CU and take out 12 month loans of $1500. Once you get the loan put it in the checking account and FORGET IT IS EVEN THERE. Set the payment so it is auto drafted from your account and just make sure you remember to deposit the interest. repeat the following year. If you can get a no fee credit card or maybe a $25 a year CC that you WILL BE ABLE TO PAY IN FULL EVERY MONTH. Use the CC like you would your check book. Balance and DO NOT buy what you do NOT need. Pay in full every month. WAIT! Want a free lunch? lol On that card it is a MUST to leave a small balance. The bank has to get something from you… Take the wife and kid to a fancy restaurant like WENDY’S…lol…. Try to carry a 60-70 dollar balance. Good Luck! my oldest just turned 18. I always worried about raising them, not letting them go.. Peace OUT!
Hope you see this. It has been almost half a year. 6 more months and my equity loan becomes a CAR LOAN. SOME credit unions will accept certified notary papers explaining your predicament and WILL consider such in any decisions concerning loans. You can and SHOULD also have an addendum added to your FICO or credit report. You may need a lawyer for this. It will be a lot faster and cheaper than TRYING to have the ex’s obligations removed. If i were to see your divorce papers i could advise you better but the man stating that you are still responsible could be mistaken. I am NOT an expert in finance. I practice criminal behavior. Any lawyer worth his spit will tell you.. “If you can afford it i can make it happen” Sorry, just trying to make you smile. 616 is not the end of the world and certainly better than MANY AMERICANS TODAY! I HATE CREDIT CARDS. I advise 12 month loans of 1.5-2k from a credit union. Have the loans paid directly out of your checking or savings. To be sure there is NO MISTAKES. Ask for your exact total interest payment. Be certain you add this to the account that will be paying off the loan. Be smart. Make sure there are no other fees or costs.Check on your loan at least once a month. At a decent credit union a loan like $1500 shouldn’t cost you more than $150 for the year and the next one less and less… 616? you may even end up paying way less on a 12 month loan… Anyway, that is how I did it. Or should i say my wife?? Think of this. Every year I have a giant 4th of July party. Every June I take a personal loan of $1500 from my CU. I purchase fireworks wholesale and set up a stand. By the time of my party on the first Saturday AFTER the 4th of July. I have not only financed the entire party but also have all the money to pay back my loan. These loans usually cost me $40. Now imagine I did this with a credit card instead? Let’s say the standard store credit finance charge of 29%. That is making me sick….. So, GOOD LUCK…. let me know how you made out.
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With that in mind, it’s wise to contribute to an emergency fund on a monthly basis as well. With a solid stash of cash backing you up, you will be less susceptible to missing bill payments and incurring credit-score damage if you’re ever met with a significant, unexpected emergency expense. Your goal should be to save about a year’s worth of take-home pay for this purpose, but even a few months’ pay will go a very long way.
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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.
There was a time when banks were reluctant to give home loans to Americans. Thanks to FHA loans, many Americans got the opportunity to buy a house. Buying on credit used to be something you did at your local general store or department store—and you had to build a relationship of trust with the managers of the store before you got that kind of deal. I think our modern generation doesn’t understand why credit is a luxury rather than an entitlement. It’s still a system of trust—-although it has been tainted by the mortgage scandals of the late 2000s. The older generation of Americans saved up their money and bought stuff with one payment. Credit cards didn’t exist. We are very lucky to have access to credit, but it’s not a necessity.
The FICO score was first introduced in 1989 by FICO, then called Fair, Isaac, and Company.[3] The FICO model is used by the vast majority of banks and credit grantors, and is based on consumer credit files of the three national credit bureaus: Experian, Equifax, and TransUnion. Because a consumer’s credit file may contain different information at each of the bureaus, FICO scores can vary depending on which bureau provides the information to FICO to generate the score.
Growing up, my family couldn’t really help me understand how to save money as they were never that great at it. Even in the military most low rank soldiers lived paycheck to paycheck if they had a family. Outside the military I didn’t know ANYONE that didn’t live close to paycheck to paycheck (including business owners) until I started working in IT (after school).
I know some of these score factors can seem very frustrating. First of all, it sounds like you are on the right track in terms of getting your credit together after your divorce. So congratulations for that.
For those interested in going beyond credit-score averages, the following breakdown of where different groups of people fall on the standard 300-to-850 credit-score scale will give you a better understanding of just how much consumers’ financial experiences can vary. These statistics also show a clear divide between people with bad credit and the rest of us, which underscores the importance of using credit responsibly.
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.
Have more than just a credit card. Have specific credit cards. Like lowes. Home depot. Firestone. Best buy. Use them as needed. Dont pay cash or debit. But also control your expenses. I, personally, may have more than 10 different credit cards. If you use the specific credit card from a store, like lowes. You get 5% off, also no interest if paid full in 6 or whatever months. How great is that. You save 5% and also you have no interest on the amount. Meanwhile your regular credit card has interest. Probably over 14% since your credit is not exellent. Apply for loans. But dont use it. Let it expire. Like car loans. Switch cards. From different banks. By that i mean dont alwas use 1 card. If you have 3 CC and u use all 3 of them, you will get 3 reports a month. Do not ever pay of your main credit card. You pay it of, you cc company will stop the reports. A report is the amount you owe and the amount you paid. If You dont owe in your credit, you dont get reported.
If your FICO score is 840, for example, you’re just 10 points shy of the highest score possible, and your credit is “super-prime.” But if you have an 840 VantageScore 2.0, it’s not as spectacular because you’re 150 points away from the highest possible score.
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?
You can see a significant increase in your credit score shortly after you pay down highly utilized credit accounts, Detweiler says. If your credit cards are maxed out and you can’t pay them off quickly, she recommends consolidating your balances with a personal loan from a bank because the so-called credit utilization ratio (total credit balance divided by total credit limit) for those loans isn’t calculated in the same way and doesn’t weigh heavily on your score.
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.
While some people need to repair minor infractions, others have major issues to recover from. According to VantageScore, here are the approximate lengths of time it takes to repair credit based on your actions:
After a little back and forth we settled on a 6 year loan of 30k at 4.25% interest. Sounds great but that interest is front end loaded and guarantees the Union will make about 3k by the time I pay them back. I accept this as the price of doing business. At 10 or 15 years that 3k would increase substantially. I wanted a 7 year loan they countered with 6 hoping I would take the 10. I didn’t need to do the math. I was expecting 5 and i would have taken that. I pretended to take 24hr to think about it. So here I sit with 30k and can’t find a damn decent contractor to do any work!! Oh the irony of life… By my calculations, this loan and my wife’s handling of my Paypal account and 1 credit card should secure me a 750-790 within the next 5 years. I am not one who likes to dwell on financial issues and I thank God every day for my wife and her keeping of our finances. To those of you who are young and just starting out… The best advice I can offer is to live within your means. You do not have to keep up with anyone. A home is a home. If I had millions I still wouldn’t move. Get a credit card that you can pay off monthly or keep a very small balance. SAVE, SAVE, and SAVE. Do not invest in anything! The stock market is going to CRASH BAD within the next 10 years. keep your 401k’s in the lowest safest place they can be. Do not listen to the BS of riding it out for the long run…. I saw people loose fortunes. Lastly and most importantly,—— KNOW your NEEDS from your WANTS…. You will be amazed by what you could live without…. Good Luck
You want the percentage of your debt-to-income ratio to be lower. Otherwise a lender may look at a high number and immediately think you will be unable to successfully make any more monthly payments. You may then be considered a higher credit risk for them.
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]
Credit History and Mix: Credit scores consider the type of debt you have (such as credit cards and loans) along with how long you’ve had it. Using a variety of credit accounts over a long period of time can improve your credit score.
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Honestly i think people who give themselves too much credit should stop and think before gloating or even giving advice. Most of us out there know how to manage money but not everyone has the same advantages as the person next to you. Imagine being poor bringing home $800.00 a month because you have no education and you can’t afford to not work while putting yourself through school. $800.00 doesn’t pay the average rent, utilities, a vehicle to get to work and all the other extra expenses the government chooses to throw on individuals. I understand some of the people on here claim it is helpful advice but poor people are not less intelligent than the rich. Most of us already know how to save but not every situation makes it possible. Should poor people not want to try to have what others do when most of the people with money laugh at them calling them names and ridiculing them? Let us be honest in the world we live in. I know a few people who wished they did not grow up in the families they did because there wasn’t any support at all. Then rich people say well thats why we have support programs, grants and student loan programs to aide them, well this is where the rich need some lessons because 1. Grants require certain guidelines to get approved which usually mostly fathers and mothers only get but a single individual usually gets turned down. 2. Student Loans also have requirements and if the person chose the wrong career path then they might as well not have gone in the first place since their debt to income ratio almost equals the poor. 3. Its awesome that some programs can assist people but for someone extremely dirt poor there are just not enough programs to help them. Let us also mention the fact that we tend to frown anytime someone supposedly “freeloads” which sets the mood to deter people from using the assistance. So this $800.00 income leaves this individual not only starving but eventually homeless. Good for you rich people on here that act as if it is the poor person’s fault to why they couldn’t save.
Disclaimer: This content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This site may be compensated through the affiliate program of the credit card issuers.
I’m seeing a lot of young people with this type of credit. A high score doesn’t always equate to good credit, or even if you have a high score, lenders will not always pick up for a loan. Young people tend to have hyper inflated scores because in reality, they have no credit. 1 year of paying off your card is not good enough. Lenders don’t really start taking you serious until you have had quite a few years under your belt. It took me about 3 years to get a good visa card from my credit union with a limit of $7500, and only then they did it after I had several installment loans that I paid off, and an auto loan. In the same way, not using your credit but having several open accounts is also bad. Lenders will the potential debt you could get into, and if you have 10 cards with $1000 limits each,  you have the potential debt of $10,000 and they actually take that into consideration when they look at your debt to income ratio. The best way is to open maybe 2 cards (major cards not store as they have high interest rates) and use them only occassionally being sure to pay them off in 1 month.
As someone with a 798 credit score, at the top of the population, you could potentially qualify for a no financing auto loan. In other words, you wouldn’t owe any interest at all. And in the event that the lender expects you to pay interest, it will be an extremely low rate averaging around 3.6%. This is true independent of the type of car, used or new, that you’re looking to buy.
That’s really what you want to know, right? The range of scores is 300-850. According to FICO, the higher the score, the lower the risk you pose to a lender. But no score says whether a specific individual will be a “good” or “bad” customer. (See also: What Is A Good Credit Score?)
Although, credit scores can be improved in a few weeks, most improvements take months and some take years. It may take time, but paying on time, every time, and keeping credit balances low will slowly, steadily improve your credit.
You guys are truly all helpful. Would just like to say, thank you. Its too bad that there are so many complicated credit scoring models and too bad that this affects everyone in this country. I used to be one of those people that were afraid to check their credit , but have improved it over the past year. I will recommend applying for a Discover card to get a Free FICO score included in your monthly statement. I would also recommend using credit.com and CK.com to help track your progress , NOT just to simply check your scores. The scores they give you are “guesstimates” but can be close to accurate. I also applied for a secured card and within 6 months, the card became unsecured and credit limit went up from $600 to $1500. I’m assuming it could go up another $1500 if I keep making payments on time, but I would recommend this to anyone with bad credit. My FICO score went from 545 to 684 from 8/2014 to 8/2015. Feels amazing and I know at this point , that you MUST start somewhere! I even paid $80 a month for CreditSaint and/or LexingtonLaw to remove the bigger issues on my credit report. They are both great. If you can afford another $80 a month, help them, help you and cancel when you have a better idea on what to do. You must be responsible and straight forward if you want to move along in life with improving your credit. Use all the free tools to learn and take it from there! Good luck to all and thank you again to all on credit.com and all other blogs contributing to this credit world!

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