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.
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.
Don’t worry if you live in a state with lower credit averages, or if you’re in a high credit state but still have a low score. You can boost your own score by taking a number of basic, strategic steps.
Although logistic (or non-linear) probability modelling is still the most popular means by which to develop scorecards, various other methods offer powerful alternatives, including MARS, CART, CHAID, and random forests.
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.
The score is calculated with information available at that time. Since your information fluctuates each month (balances, age of accounts etc.) your score fluctuates. It sounds like you have an excellent score and those small differences won’t mean anything when it comes to getting the best rates. So I wouldn’t worry about it if I were you.
Most people carry some sort of debt these days, whether it be a mortgage, outstanding credit card balances, or some type of personal loan. But paying down your debt, particularly on high interest balances outside of your mortgage, can go a long way in helping out your credit score.
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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.
Pavelka said he always managed his money well as a bachelor but did occasionally carry a credit card balance. When he got married in 1987, “my wife kind of kicked me in line,” he said. Today, he said his wife still has veto power over his “fun” purchases. He defied her once – when he bought his Harley in 2005. (“To her credit, her concern was more my safety than expense,” he said. “So although I already had my motorcycle endorsement for 20 years, I took Harley’s Rider’s Edge training course.”)
You say that,”our assumption is the arrogant one.” It’s clear that your assumption is, but you’ve used the first person plural, which indicates that you are not alone in your arrogance. Who is with you?
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.
Cleveland credit guru Jay Seaton, president of Consumer Credit Counseling of Northeast Ohio, said it’s possible Pavelka’s near-perfect score was the ultimate alignment of the planets. If someone had checked his score a week later, or today, it might be only 835. Or it could be 849. Credit scores swing slightly on what bill you just paid or what you just charged.
Actually you’re just off the mark in some areas. I have a 8 year history with no loans just 3 credit cards the newest of which is about 4 years old and 1 credit unquiry for a utility recently. My score is is between 780 and 810 (depending upon the credit agency). I would suggest a few things, first get your debt ratio down to about 15% (under 20%) that makes a big difference. Second try not to use all your credit cards, limit the use to one credit card or maybe 2. (this also helps your auto insurance score). Third never let your debit limit per month cross 20% to get top notch scores. I pay off my card mid month if I’ve made some large purchases. With this you should see a good increase in your score in a few months.
First credit scores and the bureau’s are the biggest jokes out there. How come they only look at loans and credit cards. Why not look at everyone’s normal bills like rent or mortgage, gas bills, electric bills and you get the drift. It’s a scam out there. Then if you have bad credit you can find someone with good credit and have them put you on there credit cards without even using it. The credit world is bad and that’s why the big banks are hurting.
average credit score
highest credit score
Pavelka isn’t sure what the other part of the letter means, that his score is “higher than 100 percent of U.S. consumers.” Fair Isaac spokesman Anthony Sprauve said it does not mean he has the absolute highest score in the nation. There are other 848s, and even 849s and 850s out there. But his score is higher than perhaps 99.7 percent of consumers and the disclosure letter simply rounded up.
It is important to have some type of credit history. You can get a small credit limit card, and since you have a low credit score, you might only qualify for one that you have to pay an annual fee for. Start somewhere, keep your balance low, pay off monthly, and in a few years, you will have enough credit and history to be able to get any type of loan you need. On just a 250$ credit limit and 7 years with that one card, I overcame my delinquencies (which happened actually about 4 years ago) and got a score of 697. My score took me a few years to bring up, because I had no idea about keeping utilization low until about 5 months ago. If you follow all the correct advise, your score can be up in mid 600s in about a year. You can do it too. Just be consistent.
Lower your credit utilization ratio – If your credit utilization ratio – the amount you owe compared to your total available credit – is too high, it will negatively impact your credit score. To lower your ratio, you can pay down the amount you owe, or call the credit card issuers to request a higher credit limit.
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.
Cogin, First off, a bankruptcy stays on your Credit Report for 10 yrs. (hit 1) If you went and applied for every credit card offered (hit 2 to many). ..the Interest rates you have on those cards, I’m guessing are not below 15% (hit 3 all your payments go to interest and unless you are paying 3-4 times the minimum amt, you’ll be drowning again in no time). Its never a good idea to close credit cards but I would suggest to you that you either take a finance class or find a CPA or financial counselor that would sit down with you and help figure out what your best course of action would be. Having 18 credit cards doesn’t improve your credit score when you are taking them out right after filing bankruptcy, then it hurts you. Ask that Financial person, if in your case, it might not hurt so much to close some of them. I love to watch and listen to Susie Orman, there are others, just my preference. You can probably get some of her online shows on Youtube..Or just look on Youtube for financial guidance..Listen to several and see what makes the most sense to you. Hang in there, one day, with some work, your score will get back up there. Good Luck.
You should have cleared the debt before the marriage was dissolved. There’s nothing written that will physically force a person to do something. Having anything written into a divorce decree such as former spouse assuming all responsibility of paying the debt are not worth the paper they are written on as you now realize. You had a joint loan and it will always be a joint loan till the debt is payed and the line of credit closed married or not.
Now suppose you want to buy that same car, same loan term, but your credit score is right on track with the national average of 695. Because you have those extra 80 points, your interest rate is 4.547 percent, and over the next four years you pay $1,912 in interest.
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.
Credit management covers a diverse field of credit-related areas, from granting consumer credit requests to managing the credit options of large corporations to collecting delinquent debts. There are a variety of educational and career options in credit management – read on to learn more.
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