The South has the worst credit, on average (657), whereas the Midwest has the best (680). In fact, four of the five states with the highest average credit scores are in the Midwest. With that being said, every region has at least one state whose residents boast good credit, on average.
I have children fifty years old that have yet to learn what you did in a few short years. You are an perfect example of one who uses their head for something besides growing hair.My congratulations to you and whoever raised you.
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.
To become eligible for the very best credit cards, loans, and mortgages, you’ll need a credit score of 740 or above. That’s right at the top of the “good” category, just ten points shy of “excellent.” So how can you do it? Here are a few simple tips.
I have been working on repairing my credit for years. Finally I get a good score working on excellent. Then, I get a letter from an old credit card debit that I started 14 years and thought that I had satisfied the debit until I get a letter claiming I still owe $2,000 offering a selllement of $1,000. I asked who the were and to prove that I still owe them. Nobody has contacted me in 7 years about this debit. They gave me 30 days to resolve it. What can they really do with an 7 years of old debit that nobody has contacted me for so long?
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Scores by VantageScore are also types of credit scores that are commonly used by lenders. The VantageScore was developed by the 3 major credit bureaus including Experian, Equifax, and TransUnion. The latest VantageScore 3.0 model uses a range between 300 and 850. A VantageScore above 700 is generally considered to be good, while above 750 is considered to be excellent.
For consumers who still need help getting that number up closer to the national average, a respected credit repair company can be a good resource in getting outdated and incorrect items removed from your credit report.
The problem here is buying everything on cash. Cas has no money trail, and therefor leaves you with no credit history. It would be wise to get a small credit card, and use under 30% of your limit, paying it off monthly with your cash. This leaves a money trail, eg., your credit history.
You’re seriously overlooking the whole point of what banks are doing. Your statement proved exactly why you are considered high risk. You had a high paying job, and bought a home and car that reflected that HIGH PAYING JOB income. Then you lost your high paying job. AND HAD NO WAY TO KEEP THE SAME LIFESTYLE. Aka you didn’t prepare for what the future could potentially bring. That by definition is A RISK to a bank. I just got a six figure job. Does that mean I go buy an even more expensive house right now? HELL NO. Because guess how much trouble I’m in when I potentially lose that job? It would spiral downward exponentially faster. Guess when you can go get that even more expensive house? When you have enough backup money saved up for any amount of long term you could potentially be “out of work” while achieving another position of equal value.
Good for you Retired . I made it to 55 1/2 …. They needed me on the project I was on . Who the heck wants too work till they die . If you know any ” tax loopholes ” for the average guy let me know Can’t afford a lobbyist …
These percentages are based on the importance of the five categories for the general population. For particular groups — for example, people who have not been using credit long — the relative importance of these categories may be different.
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Although it’s nice to have a perfect or near-perfect score, it means very little, other than having a badge of honor that less than 1% of the population could achieve. Once your score gets and remains above 780, lenders see you as a low credit risk. You’ll get the best interest rates and are pretty much guaranteed a “yes” to any loan you apply for that appropriately fits your income level.
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.
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
I’m 32 now and my credit is slowly climbing into the “good” territory, but I can definitely attribute the ease in which I made credit mistakes in the past to just not really ever having an opportunity to grasp personal finance until I fell on my face a few times.
When you get married, your credit scores (or reports) won’t merge with your spouse’s. Joint accounts you share may appear on both of your credit reports, but your credit history will remain independent.
FICO scores are used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. For most mortgages originated in the United States, three credit scores are obtained on a consumer: a Beacon 5.0 score (Beacon is a trademark of FICO) which is calculated from the consumer’s Equifax credit history, a FICO Model II score, which is calculated from the consumer’s Experian credit history, and a Classic04 score, which is calculated from the consumer’s Trans Union history.
We are currently seeing a rise in credit card debt and interest rates as we progress through 2018 so it is important to focus on these credit scores to better understand what we can do to help improve our average credit score.
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.
Credit scoring is used throughout the credit industry in South Africa, with the likes of banks, micro-lenders, clothing retailers, furniture retailers, specialized lenders and insurers all using credit scores. Currently all four retail credit bureau offer credit bureau scores. The data stored by the credit bureaus include both positive and negative data, increasing the predictive power of the individual scores. TransUnion (formerly ITC) offer the Empirica Score which is, as of mid-2010, in its 4th generation. The Empirica score is segmented into two suites: the account origination (AO) and account management (AM). Experian South Africa likewise has a Delphi credit score with their fourth generation about to be released (late 2010). In 2011, Compuscan released Compuscore ABC, a scoring suite which predicts the probability of customer default throughout the credit life cycle. Six years later, Compuscan introduced Compuscore PSY, a 3-digit psychometric-based credit bureau score used by lenders to make informed lending decisions on thin files or marginal declines.
That’s because credit scores are a snapshot in time, and can change with regular financial behaviors such as opening new credit lines or loans, paying off loans, taking on debt, and making on-time payments (or missing them) as time goes on. Those who have a high credit score will probably see their credit score change slightly if they apply for new credit, for example, when an issuer makes a hard inquiry on their credit report to check their creditworthiness. But take heart – when you have a high credit score, you’re more likely to be approved for that application anyway.
It is not the same. The point is that you are paying interest on the secured loan, whereas with the secured credit card you are not, provided of course that you pay off the balance in full each month. Once you build some credit by making payments on time each month (and in full, to avoid interest charges), you can then apply for an unsecured credit card and, once approved, you can cancel the secured card and get your money back, just as you would have with the loan – with the advantage being that you won’t have paid any interest at all to the bankers. Again, the point is to avoid paying interest.
For example, if you have no credit history, it will take a minimum of six months to establish a credit score. Credit score formulas require an active credit account to be present for at least six months before a score is generated.
There’s no quick fix. Improving your credit health takes time, but the most important behaviors can be summed up as this: Pay your bills on time (and if possible, in full) and reduce the amount you owe. It also helps to check your credit reports regularly and dispute any errors you see, such as a collections account that hasn’t been removed from your reports after seven years from the original delinquency date.
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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.