What the World Would Be Like If credit repair Didn’t Exist | Matawan NJ

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!
People want to blame others for not understanding how the stock market works, but the truth is not many people have enough knowledge to safe-guard their money on the stock markets. I have seen well-educated people make mistakes that is common even among those with little to no knowledge of stocks. If you can afford it, get life insurance and put money away that is invested in a regular savings account or your mattress (fire proof) or just put it in the bank safe in incraments of $100 bills.
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.
If you still qualify for the loan buy your score falls below that number, you’ll need to put down 10% of the loan price at the time of closing. For conventional loans, lenders usually require a minimum score of 660. So if your credit score is close to the average American’s, your mortgage prospects look promising.
But your credit reports don’t reflect whether you can afford to repay the credit you are applying for. That’s why your income and other debts play a key factor in some lending decisions, as lenders consider what you owe alongside what you earn and assets you have accumulated. Lenders use a debt-to-income ratio calculation to evaluate whether you can repay a loan.
If you have fair credit, you will typically pay higher interest rates on loans than if you had good to excellent credit. The amount of interest, though, depends on the type of loan and the amount you are borrowing. For example:
Good article. I guess the metrics can vary between different scoring models… The metric’s on FICO’s website is little bit different then what you’ve posted. They have poor credit listed between 350 – 599, fair credit as 600 – 659, good credit at 660 – 719, and excellent credit at 720 – 850.
Well then you clearly have a high salary and don’t have to worry. And, by the way, you missed my whole point. People sometimes find themselves in financial predicaments through no fault of their own – job loss, illness, divorce, etc. – that can make life less than perfect and certainly not as neat and tidy as you seem to think it will always be. Life has a way of tossing serious curveballs at people. And if you live in a place like the Bay Area, that can knock you off course pretty harshly and very fast even if you think you’re ‘prepared.’
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* They eat out frequently at nice restaurants and take pride in their collection of vintage red wine, but their frequent vacation spots are Columbus, Chicago, Pittsburgh and Niagara Falls (Pittsburgh’s “very eclectic Mattress Factory Art Museum is must-do,” he said.)
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You have a FICO Credit Score for each of the three credit bureaus: Equifax, Experian, and Transunion. Each of these scores is based on different information that each of the bureaus has for you, and as mentioned above, this available information may very well differ from bureau to bureau.
I am frustrated with my vantage score 3.0. It dropped over 50 points in a week after I used a credit card to make a deposit. I only had the deposit held on there for three days, and it was only 2800 on a card with a 10000 limit. I have no mortgage and no car payment since I own everything. Why the drastic jump off one purchase?
You forgot one simple thing in your practice. each new credit account splits your credit age average. So taking on that many accounts at once is what hurts your score. But good news is more account less of a split and the faster year lenght of credit goes up. Most people don’t realize there is several factors to a heathy credit report. Also having to many types of the same line of credits will hurt you in the lenders eyes. Good example 1 visa,1 master card, 2 store cards, 1 personal loan. 1 morgage. If all your credits are loans it shows you got less borrowing potential, if all is revolving credit it shows you can max every thing out to fast. just few things to consider for a healthy porfolio
All the information contained in consumer credit reports is then compared to find patterns, and the resulting FICO credit score is solely determined by what is found on a person’s individual credit file. This information is what will then help estimate the level of future risk there may be if a lender extends to you the offer of a loan or any other credit.
A perfect credit score isn’t necessary to get the best possible lending terms but it’s an impressive benchmark that few people meet. Two wizards of credit give tips on how they got the highest possible credit score.
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:
Um, not exactly true. I am over 50, have not had a car loan in a decade and all of my homes have been paid in full for almost 10 years. I literally have zero debt except for using credit cards. I use credit cards, paid off each month, instead of carrying much cash and my FICO score, as of today, is 840.
Have you looked at your score since you got the secured card? (Here’s how to monitor your credit score for free.) You’re not far from having a score that is considered “fair” (650-699) rather than poor, and that will give you more options for credit cards. And yes, a higher limit could help, because part of your credit score is related to how much of your available credit you are actually using. (Try to keep is below 30%; below 10% is even better.) But paying on time, which you are already doing, is the very best thing you can do for your credit. You’ll find other tips here:
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It sure seems that way! Looks like the new way of doing business. As long as we don’t owe anyone any money on those cc’s, we’re okay. And if you get any of the new ones out there, you can get some great rewards.
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. 
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]
Excellent advice, and should be the most obvious too many, but often is not! There are some moronic credit forums out there with participants that have delusional state of supremacy about having as many trade lines with the highest possible limits. Morons with a capital “MO”. The FICO forums are on top of the list with “credit gardening fairies”. They are surreal entertainment, but boring after a while. Establish no more trade lines than you truly need, and don’t carry balances. Banks/credit card companies are to make money, there is nothing friendly about them. Never charge a debt you can not satisfactorily service EVER. Keep your friends close, and your enemies closer. Keep the upper hand and do not give it. Debt is indeed a slave. Stay out of debt, and truly live free!
30%: debt burden: This category considers a number of debt specific measurements. According to FICO there are six different metrics in the debt category including the debt to limit ratio, number of accounts with balances, amount owed across different types of accounts, and the amount paid down on installment loans.[6]
Yeah, yeah, everybody’s a winner…we know. But seriously, what good is having your FICO score if you don’t know what the number means on the overall reporting scale? Maybe you have a 740 FICO score. If the maximum score is 750, you’re pretty much a credit genius. If the max is over 1,000 you’re sporting a “C” average – not really all that impressive.
If you want a credit card, consider an alternative: “Consumers with poor credit scores — less than 630 — are generally best off with a secured credit card,” says NerdWallet credit card expert Sean McQuay. These cards require you to make an upfront deposit that serves as collateral in case you don’t pay, and they generally have an annual fee. A retail card is another possibility; some discount stores, in particular, might have lower credit score requirements than banks do.
Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Digital finance companies such as online lenders also use alternative data sources to calculate the creditworthiness of borrowers. Credit scoring also has much overlap with data mining, which uses many similar techniques. These techniques combine thousands of factors but are similar or identical.
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 !
Don’t Get Discouraged: Even if you never reach 850, “merely” having excellent credit is an amazing achievement. It will save you boatloads of money over the course of your life. And it won’t ever stand in your way like a “bad” score. Plus, you may find consolation in the fact that having excellent credit means your score is higher than over 60% of people, according to WalletHub data.
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Georgia, along with several other southern states, ranks lowest in the nation for credit with an average score of just 636. In fact, based on the ranges above, that is considered poor credit. States with lower credit scores also tend to have higher debt balances and delinquency rates. That makes sense because both of those factors contribute to lower credit scores.
It’s a new environment for me; being surrounded by people who aren’t doing poorly. I won’t be doing as well as those whose spouses can work as well as themselves, but my family will build back up, and be stronger for it.
Pride cometh before a fall, my dear. I know. I was like you at one time and never ever would I’ve thought my credit would sink to what it is today. Today, I am a more humble person as I work to re-build my credit.
Talk with a consumer law attorney. You may have a case for credit damage and their actions may violate debt collection laws too. California in particular has a strong state law – the Rosenthal Act – in addition to the federal Fair Credit Reporting Act.
Start of the day was callings patients and reviewing their medical claims for collection or to resolve any issues. Management was okay. My co-workers were great. The hardest part of my job was lack of respect from Management.
My daughter has been paying ccs on time for the past 16 months, after a period of being irresponsible. Only 1 company reduced her exorbitant interest rate though ALL stated they’d do that if she paid on time for 6 months. She’s been at her job for 6 years & just got a new car (she traded in her older car to the same company, so they ‘ignored’ her ‘average’ FICO). [Also, it’s a smaller car, so smaller monthly payment.] I’d love her to get a
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.
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.
Gerri Detweiler – high credit scores are so highly sought after that the alternate route of building wealth is nearly inconceivable. I am curious to see if there is an answer to my question…if i maintain payments on my credit card at 10% utilization, how long will it take me to acquire a million dollar net worth??

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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.
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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