If you have something on your credit bureau that is 30 years old, it has to come off. It is quite easy to do these days. Just contact the Consumer Financial Protection Bureau (CFPB) and file a report against the company holding your credit hostage (if the credit bureaus are the one’s refusing to remove it, then file the complaint against them. If the debtor company is refusing to remove it, then file the complaint against them…or both).
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).
Even working as a defense contractor isn’t a guarantee. I am working in that realm now, but my credit score moved from 400 to 750 in the first few years after my divorce, then plummeted back down to 450 due to college being rough financially. My wife doesn’t have the ability to work due to disability, and I have 3 kids. I was only able to afford school because I’m a disabled veteran who had a couple of low paying jobs, had to get food stamps, and I used my credit cards a lot during the tough months. (Breaks between semesters don’t pay out at all, including Winter Break.) Even with summer classes, I was scrambling for at least 4 months out of the year.
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As shown in WalletHub’s 800 Credit Score analysis, 14.5% of people have a credit score of 800 or higher. This credit score qualifies as perfect, since improving your score further is unlikely to save you money on loans, lines of credit, or car insurance – you can qualify for pretty much any credit card or loan you want. A credit score of 800 or higher means that you’ve been using loans, credit cards and other lines of credit responsibly for several years, paying your monthly bills on time and keeping your credit report clear of negative information. Hope this helps!
Wow. That is a huge difference. Are the scores you are looking at all calculated on the same scale? Credit scores are calculated from information in your credit reports. You might try checking your free annual credit reports to see if the information is accurate, and whether your payments are being reported to all three credit reporting agencies. Here’s how to get your free annual credit reports.
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The accumulation of wealth and experience over time is the most likely explanation for this. As people age, they also tend to grow more financially responsible and secure, qualities that lend themselves to credit improvement. And the more time you have, the more opportunity there is to recover from mistakes. Another reason is the way credit scores are calculated. The length of your credit history accounts for a significant portion of your score (around 15%), for one thing.
I’m a big advocate for personal responsibilty — so nothing I’m about to say is shedding any fault away from myself, but I didn’t grow up in a family that was…remotely…responsible when it came to paying bills on time or spending within their means. When they were poor, only the most threatening bill was paid first. When they were making over $300k a year, they spent $.99 out of every dollar.
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.
I assume your asking if getting more credit cards lower your scores–is that correct? The answer is “it depends,” A new account will affect your scores but usually it levels out after a few months. But that doesn’t mean you want to load up on a wallet full of cards in a short period of time.
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.
That’s not to say you shouldn’t aim high. If you’re thinking about reaching a certain number, you’re either looking to improve your credit behaviors (which is a good thing) or already maintaining a high credit score (which is also a good thing).
And be aware that, like weight, scores fluctuate. A score is a snapshot, and the number can vary each time you check it. As long as you keep it in a healthy range, those variations won’t have an impact on your financial well-being.
Never Miss a Payment: If there’s one thing you can control when it comes to credit building, it’s payment history. Payment history accounts for at least 35% of most credit scores. And you can avoid forgetting to pay your bill by setting up automatic monthly payments from a bank account. You just need to make sure there’s enough cash available in the account every month to cover the payments.
But even these aren’t set in stone. Again, that’s because lenders all have their own definitions of what is a good credit score. One lender that is looking to approve more borrowers might approve applicants with credit scores of 680 or higher. Another might be more selective and only approve those with scores of 750 or higher. Or both lenders might offer credit to anyone with a score of at least 650, but charge consumers with scores below 700 a higher interest rate!
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?
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 you follow all the advice and information as outlined in this article, you will have a solid foundation of knowledge to build from when it comes to obtaining and maintaining a good credit score and securing a healthy financial future.
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.
Many credit managers have an educational background in financial management or accounting. Degrees specifically in credit management are rare, although there are a few community colleges that offer associate degree programs with a specialization in this field. There are bachelor’s and master’s programs in financial management or accounting that offer coursework in credit management or credit risk management. There are also certificate programs in credit management, credit risk management and corporate credit management. Coursework in credit management can include investment principles, credit regulations, business law and money management.
You can begin rebuilding your credit by ensuring all the information on your credit report is accurate. If any information is inaccurate, you may file a dispute. If negative information is accurate, you won’t be able to have it removed from your credit report until it cycles off. Meanwhile, you can take actions to improve any poor credit habits that caused the negative information to appear on your report in the first place.
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.
We are a results-oriented debt collection service company with a history built upon superior customer service, a high level of operations expertise and recovery rates that surpass industry standards. We offer collections expertise to a wide variety of clients, including healthcare service providers, municipalities, government agencies, utility companies and commercial customers and have a successful track record of recovering accounts for clients of all sizes throughout the United States.
Keeping you informed of activity on the account assigned, with periodic status reports, is another feature of the collection process. In the event the account is in litigation, you will be informed of any meaningful activity. Status reports on specific accounts are always available upon request.
Credit scores reflect the information in your credit report. To get good scores, you must take care of your credit report. Instead of focusing on the number, work to maintain a good credit history. You will probably never get a perfect credit score, but that shouldn’t be your goal.
It is very likely a debt buyer that bought this debt and hopes you’ll pay. But if the statute of limitations has expired you can tell them to stop contacting you and by law they must. In addition, a debt that old likely should not be on your credit reports. Please read: a href=”http://blog.credit.com/2012/12/does-your-old-debt-have-an-expiration-date/”>Does Your Old Debt Have an Expiration Date?
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 🙂
1 Your CreditXpert® Scores™ are provided by CreditXpert Inc. Although these scores are not used by lenders to evaluate your credit, they are intended to reflect common credit scoring practices and are designed to help you understand your credit. Your scores are based on information from the files at the three major credit reporting agencies. Your scores may not be identical or similar to scores you receive directly from those agencies or from other sources.
Palvelka realizes his spending may increase a bit in two months, when he retires from the nearly-90-person office he helps run. His wife, a hematology supervisor who is 58, has several more years before retirement, so she won’t be around to keep tabs on his hunting hobby and car-buying.
Here is my problem. Our credit history only dates back 1 year 10 months…We got 2 bad credit, credit cards when we started out. They have low lines of credit at $600 and $700. They charge us $75 a year for them. We now have good credit and way better cards and would like to drop the first two. They are only about 3 months older than our better cards. They hold us hostage with those fees because we are afraid to close them and drop our credit. We had a Kohls card for 3 months and decided to close it because we just didn’t use it and it dropped our credit by 15 points! How much will it drop if we close these 2 cards then?