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Old 02-07-2013, 09:50 PM   #61
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Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

Quote:
Originally Posted by unccrombie View Post
i'm glad this thread exists
me too! definitely something that everybody could learn from.


Quote:
Originally Posted by daveshookme View Post
seriously! I just learned so much, thanks all. Finally got around to caring about my credit score recently, and only just checked it (678, apparently, which isn pretty average yes?). One thing I noticed is there's a credit card in my name from Sept 98, when I was 7 years old. I certainly didn't do that, I should ask my parents about it when I get home from work.

Another question, however hypothetical. I have a CC from Kohl's, (not a MC, Visa, AmEx, Discover, etc..). If I was late on a month's payment, called, and got the late fee waived it'll still impact my score yes?
how late was the payment? i've had a few that were paid a couple days late and i got the late fee on the next bill, but they haven't showed up on my credit report as a late payment. my report says i've never had a late payment. on the credit report, it seems they only care once its a full month late. so if your bill is due on feb 15 and you don't pay it until feb 20, the CC company will charge you the late fee but leave it as that. if its due feb 15 but you don't pay it until march 24th (and you would have gotten the march 15th bill by that point), then they're going to claim it as a late payment which will affect your score.


Quote:
Originally Posted by GSUdawg521 View Post
So, 'nother question then, based on what I've read in here. I have a Wells Fargo credit card, the first one I got, just to start building that history. But it had zero perks to it. So after a few years I got my current Citi Visa and I haven't used the WF card at all, just keep it in my wallet and it has a zero balance.

Should I use that just every once in a while for one purchase or so, and then pay it off?

from what i've read, yes, use the card for small purchases and pay it off every month. i read a thing showing that carrying a balance of 1-10% of the card limit results in a higher score than having a card and never using it. so even if you just use it once a month at burger king, it would be better than not using it at all.

and also never close that account. that card is giving you longer credit history because it was the first one open. if you close it, then your oldest account becomes the one you opened a few years later, which hurts your score.
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  • Old 02-08-2013, 12:36 AM   #62
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    so i've been looking at getting another (2?) credit card(s). i found a few that seem pretty good. these seemed to be the best from my own searching, and most tended to be on "top pick" lists that i've read. so i'm just looking for some input on which of the group would be best.


    the first of the bunch is a regular card, no rewards program.

    CapitalOne Platinum Prestige
    http://www.cardhub.com/d/capital-one...edit-card-81c/

    although it doesn't have a rewards program, its got 0% interest until may 2014, No annual fee, $0 Fraud Liability if the card is lost or stolen, 24-hour travel assistance gives you a replacement card and cash advance, 24-hour roadside assistance (which i didn't even know credit cards offered), and Travel accident insurance if you rent a car and get into an accident. plus you can pick your own card image!

    seems like a nice little security blanket card to have.


    then the others are all rewards cards. i'd like to get one to get something back. i would use it for smaller purchases i know i can pay off every month.

    Chase Amazon.com Rewards card
    https://www.chase.com/online/Credit-Cards/amazon.htm

    $30 Amazon.com credit upon approval.
    3x points shopping at amazon.com, 2x on restaurants and gas, 1x on everything else. 100 points = $1.00. can't find much more information on it.

    Discover It
    https://www.creditkarma.com/creditca...vent=269609231

    0% for 14 months, $0 fraud liability, no annual fee. every quarter a category gets 5% cash back while everything else gets 1%. a review on the card said it basically averages out to 2% over the course of a year. i'd rather everything just stay the same all year than only get extra points for 3 months on certain things. what if i don't do those things at that time? then i'm losing out.


    CapitalOne Cash Rewards
    https://www.creditkarma.com/creditca...vent=269609205

    $100 bonus if you spend $500 in first 3 months. no annual fee. only 1% cash back on all purchases, but apparently they give you a 50% bonus of your total at the end of the year? 0% until feb 2014.


    Chase Freedom
    https://www.creditkarma.com/creditca...vent=269609198

    $100 bonus after spending $500 in first 3 months like the CapitalOne card, which is a plus. 5% rotating categories like the Discover, which is a minus, 1% on everything else. no annual fee, 0% for 15 months, which would cover summer 2014 ticket requests.





    my gut is telling me to go with the two Capital One cards. one to get the rewards, the other to get the security features. agree? disagree? is there something not on this list that would be better?
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    Old 02-08-2013, 05:22 AM   #63
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by GSUdawg521 View Post
    So, 'nother question then, based on what I've read in here. I have a Wells Fargo credit card, the first one I got, just to start building that history. But it had zero perks to it. So after a few years I got my current Citi Visa and I haven't used the WF card at all, just keep it in my wallet and it has a zero balance.

    Should I use that just every once in a while for one purchase or so, and then pay it off?
    You don't really need to. As long as you have activity on one of your cards, you're credit score is climbing. Keep the card open if you don't have lots of credit on the other one, otherwise close it.

    I have roughly 7,000 on one credit card sitting at 0% interest for another 6 months, then I have my card I use monthly which I pay each month. In total I have around 9,000 credit on average with around $120,000 available across several cards. It is likely time for me to close some of those other cards and bring it down to around $80,000 available which is still a fantastic used:avail ratio.

    The only reason I have so many cards is because of offers where I've made a good decision. For example: 1) A card that can be used for advance ticket sales. 2) A card that got me a good offer like $30 gift card for Amazon. 3) A card like the one I shifted my line of credit balance from renovating our bathroom to which was a single 1% fee for 15 months at 0% interest, great deal. Put $14,000 on it for a one time fee of $140 then have 15 cycles to pay it off interest free.

    Card CAN work for YOU! A 1% cash back card with no annual fee is a great thing to have, put your gas, groceries, any other purchases on it, pay as many bills as you can, all the while you're making money as long as you're paying your bill in full every month.
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    Old 02-08-2013, 05:38 AM   #64
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by spoot388 View Post
    how late was the payment? i've had a few that were paid a couple days late and i got the late fee on the next bill, but they haven't showed up on my credit report as a late payment. my report says i've never had a late payment. on the credit report, it seems they only care once its a full month late. so if your bill is due on feb 15 and you don't pay it until feb 20, the CC company will charge you the late fee but leave it as that. if its due feb 15 but you don't pay it until march 24th (and you would have gotten the march 15th bill by that point), then they're going to claim it as a late payment which will affect your score.
    Yeah, that would be (hypothetical, remember?) the case. I would have forgotten I never actually returned the winter jacket I bought until the next month's bill.
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    Old 02-08-2013, 05:43 AM   #65
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    i love this thread
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    Old 02-08-2013, 05:43 AM   #66
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Tid, you need to start a retirement thread!!!!
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    Old 02-08-2013, 06:13 AM   #67
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by spoot388 View Post
    so i've been looking at getting another (2?) credit card(s). i found a few that seem pretty good. these seemed to be the best from my own searching, and most tended to be on "top pick" lists that i've read. so i'm just looking for some input on which of the group would be best.


    the first of the bunch is a regular card, no rewards program.

    CapitalOne Platinum Prestige
    http://www.cardhub.com/d/capital-one...edit-card-81c/

    although it doesn't have a rewards program, its got 0% interest until may 2014, No annual fee, $0 Fraud Liability if the card is lost or stolen, 24-hour travel assistance gives you a replacement card and cash advance, 24-hour roadside assistance (which i didn't even know credit cards offered), and Travel accident insurance if you rent a car and get into an accident. plus you can pick your own card image!

    seems like a nice little security blanket card to have.


    then the others are all rewards cards. i'd like to get one to get something back. i would use it for smaller purchases i know i can pay off every month.

    Chase Amazon.com Rewards card
    https://www.chase.com/online/Credit-Cards/amazon.htm

    $30 Amazon.com credit upon approval.
    3x points shopping at amazon.com, 2x on restaurants and gas, 1x on everything else. 100 points = $1.00. can't find much more information on it.

    Discover It
    https://www.creditkarma.com/creditca...vent=269609231

    0% for 14 months, $0 fraud liability, no annual fee. every quarter a category gets 5% cash back while everything else gets 1%. a review on the card said it basically averages out to 2% over the course of a year. i'd rather everything just stay the same all year than only get extra points for 3 months on certain things. what if i don't do those things at that time? then i'm losing out.


    CapitalOne Cash Rewards
    https://www.creditkarma.com/creditca...vent=269609205

    $100 bonus if you spend $500 in first 3 months. no annual fee. only 1% cash back on all purchases, but apparently they give you a 50% bonus of your total at the end of the year? 0% until feb 2014.


    Chase Freedom
    https://www.creditkarma.com/creditca...vent=269609198

    $100 bonus after spending $500 in first 3 months like the CapitalOne card, which is a plus. 5% rotating categories like the Discover, which is a minus, 1% on everything else. no annual fee, 0% for 15 months, which would cover summer 2014 ticket requests.





    my gut is telling me to go with the two Capital One cards. one to get the rewards, the other to get the security features. agree? disagree? is there something not on this list that would be better?
    american express blue cash.

    edit: 1% everything, 2% gas/departments, 3% groceries + all of AMEX's usual travel benefits (roadside, etc) + concert/sports tickets + extended warranties

    Last edited by unccrombie; 02-08-2013 at 06:16 AM.
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    Old 02-08-2013, 07:05 AM   #68
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by dobyblue View Post
    You don't really need to. As long as you have activity on one of your cards, you're credit score is climbing. Keep the card open if you don't have lots of credit on the other one, otherwise close it.

    I have roughly 7,000 on one credit card sitting at 0% interest for another 6 months, then I have my card I use monthly which I pay each month. In total I have around 9,000 credit on average with around $120,000 available across several cards. It is likely time for me to close some of those other cards and bring it down to around $80,000 available which is still a fantastic used:avail ratio.

    The only reason I have so many cards is because of offers where I've made a good decision. For example: 1) A card that can be used for advance ticket sales. 2) A card that got me a good offer like $30 gift card for Amazon. 3) A card like the one I shifted my line of credit balance from renovating our bathroom to which was a single 1% fee for 15 months at 0% interest, great deal. Put $14,000 on it for a one time fee of $140 then have 15 cycles to pay it off interest free.

    Card CAN work for YOU! A 1% cash back card with no annual fee is a great thing to have, put your gas, groceries, any other purchases on it, pay as many bills as you can, all the while you're making money as long as you're paying your bill in full every month.
    Holy cow, how many cards do you actually have? What's the trick to getting a credit increase on a card as I asked previously?
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    Old 02-08-2013, 07:16 AM   #69
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    I have had zero luck in getting increases on the credit limits on my cards. I have called to ask and they've offered to give me $500 more. Thanks, man. That will help a lot.

    I think it's an industry-wide collusion thing where they want you to just apply for another card.

    I know it has nothing to do with your credit worthiness or your payment history because my limit on the card I asked them to increase was $2,500 and that very day when I was semi-rejected for the limit increase I applied with the same company for a new card and got a $10,000 limit.
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    Old 02-08-2013, 07:53 AM   #70
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    When I got my first card when I was 20, which was a Citi Mastercard, I think it started out at around $2500 or something. Then every 6 months or so for the next 3 years they kept bumping my limit up without me asking. Then probably 4 or 5 years ago they stopped at $10,200 and that's where it's been ever since. I could really use a higher limit on that card for the few occasions where I need to buy something big, but they declined my request. Never once missed a payment and I use it regularly every single month.
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    Old 02-08-2013, 08:44 AM   #71
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    The credit card I used to pay for my home improvements over the last year had a $5,500 limit after being zero (it was the card I did everyday purchases with and paid off every month). After I purchased my furnace and the balance went from zero to over $4,000, my limit got bumped up to $7,500. After some other purchases and a cash advance (pissed I had to do it, but that's a different story for another day), my balance went over $7,000 and my limit was again increased, this time to $9,000. Apparently for me, I just have to keep spending.
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    Old 02-08-2013, 08:47 AM   #72
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by Nick@Night View Post
    The credit card I used to pay for my home improvements over the last year had a $5,500 limit after being zero (it was the card I did everyday purchases with and paid off every month). After I purchased my furnace and the balance went from zero to over $4,000, my limit got bumped up to $7,500. After some other purchases and a cash advance (pissed I had to do it, but that's a different story for another day), my balance went over $7,000 and my limit was again increased, this time to $9,000. Apparently for me, I just have to keep spending.
    That's why they kept bumping mine up too, but it stopped at $10,200 several years ago and hasn't gone up since even though I've come close to maxing it out a few times since.
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    Old 02-08-2013, 08:56 AM   #73
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    I have debated opening a new account that gives me a 0% interest rate for 18 months (have an offer sitting at home as I type this), but I can't be certain I would get an amount that would be worth it if I can't transfer my whole balance over. If I apply and get accepted, but it's a $4,000 limit, I now have a new credit account that is useless and dinged my credit even further.
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    Old 02-08-2013, 09:04 AM   #74
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by Benny003 View Post
    Holy cow, how many cards do you actually have? What's the trick to getting a credit increase on a card as I asked previously?
    My available went up quite quickly after I established good credit and got my $20,000 or so available at the time down to a ratio of $0 used, that's when it shot up and new applications were giving me $10,000 right off the bat.

    I have 7 cards and two lines of credit with banks.

    LOC = $70,000 available credit
    Credit Cards = $60,000 available credit

    So yeah, I have about $130,000 available credit I could blow at any time. Still about $370,000 short of that Panasonic 152" 2160p 3D plasma!
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    Old 02-08-2013, 09:26 AM   #75
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    That's what seems so dumb to me about credit, I get penalized for using it even though I never carry a balance of any kind past due. It would seem to me that they would want me to use more credit since they are able to charge fees to the merchants anyway and I've proven that I'm not a risk for default.
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    Old 02-08-2013, 11:12 AM   #76
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by Tiduwho View Post
    I would say +/- 15 points, but seems to certainly be more positive than your actual score based on what I've heard other people say online. If you want to do a check, order your actual FICO score from myfico.com.

    You would be surprised how much your credit score can swing in a month, all do to your level of CC debt vs amount available. After my Vegas trip last year, I had $3000+ on a $4000 card. My score on Credit Karma was 685. I managed to pay it down to $500 or so, and my score shot up to 743.

    We young people are limited from getting an 800 credit score mainly by two factors:

    1.) Length of time for open credit lines.
    2.) Lack of a mortgage payment.

    The length of open credit I've mentioned before, but those that took out student loans at age 18 will have a much longer average than those who don't start their credit journey until after college (I know I didn't get a credit card until 23).

    The lack of a mortgage payment is because your credit score also looks at the type of debt you've had. You want to have history will all types of debt. So ideally, you've had student loans, a car loan, a few general credit cards, a few store charge cards (a charge card is a card that must be paid in full every month; cannot carry a balance), and most importantly, a mortgage.

    As most 20 somethings don't have a mortgage history, their best credit score is capped at around 760.



    tl;dr: If you have made all your payments in your life at age 25, don't have outstanding credit card debt on your card currently; and have had something on your credit report since age 18? Then yes, a 756 is very possible. If you drop $1000+ on on your $1500 credit card next month, your score will likely drop to 700 or lower.
    So you're saying I basically have a perfect credit score at 764 and being 29?
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    Old 02-08-2013, 12:17 PM   #77
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    ok Tid, got one for you....

    i just called PSECU and raised my credit limit from $2,300 to $20,000


    I guess Vegas wouldn't be a responsible move tonight
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    Old 02-08-2013, 12:22 PM   #78
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by smokew11 View Post
    ok Tid, got one for you....

    i just called PSECU and raised my credit limit from $2,300 to $20,000


    I guess Vegas wouldn't be a responsible move tonight
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    Old 02-08-2013, 02:39 PM   #79
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    haha no I won't

    I was just taking Tid's advice about raising my credit limit. the lady said that $20,000 is their max and I said "go for it"..I was expecting her to come back at like 8-12k, not the full $20k
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    Old 02-08-2013, 02:41 PM   #80
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by smokew11 View Post
    haha no I won't

    I was just taking Tid's advice about raising my credit limit. the lady said that $20,000 is their max and I said "go for it"..I was expecting her to come back at like 8-12k, not the full $20k
    http://youtu.be/1ohYsK5Y8Dc should be you tonight.
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    Old 02-08-2013, 02:44 PM   #81
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    so now here's the question...balance transfers are free and carry a 2.9% rate til 12/31/14

    do I transfer a couple thousand out of my student loans, and try to pay off that couple thousand quicker? my loans are at 5.875...PSECU always has these balance transfer promos...I figure I could do a revolving thing, always moving like a thousand here and there...that way the huge $54,000 loan goes down a little quicker, and it wont be capitalizing interest on quite as much money each month
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    Old 02-08-2013, 02:44 PM   #82
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
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    http://youtu.be/1ohYsK5Y8Dc should be you tonight.
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    Old 02-08-2013, 04:39 PM   #83
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by Benny003 View Post
    My credit score is 700+ (varies with the different agencies, probably around 730 or so). When we refinanced our home we got our credit scores and it explained the things that were holding my score back. One of them was basically that I use too much of it, but I pay my bills in full every single month. I've never carried a balance of any kind on any card past the payment due date (in other words I've never paid any interest on any credit card). My only debt is my mortgage (no student loans, no car payment). I use my credit cards for basically everything because it's just easier than carrying around cash and I buy a lot of things online. I usually have maybe $2000 per month in balances (sometimes less, sometimes a little more) that I pay off in full each month. I use two cards regularly, one I've had for 10 years with a limit of $10,200 and a second that I've had for 4 years with a limit of $7,000. I also have a card that came with my bank account with a limit of $3000 that is 7 years old, but I've never used it.

    So I requested a credit limit increase on my 10 year old card to increase the amount of credit available to me, but the request was turned down. I'd really like a limit on one of my cards of about $18,000 because there are a few times I've needed to make large purchases on single items that have come close to maxing out the card. It's not often of course, but it would be nice to be able to buy larger items if I need to without maxing out the card. Plus, having more credit available should help my score. Is there any way to get my credit limit increased or is it strictly related to income?
    All of the bolds...and the final bold just do not compute. I can't even fathom a reason that someone with THAT much history (10 years), and shown such good credit discipline would be turned down. It somehow had to be tied to income, but your DTI wouldn't be high unless your mortgage payment is a significant part of your monthly paycheck.

    There's just no reason for them to have turned you down if all of those things were true. None. I'm thinking it has to be related to your income and mortgage payment, but even so, I would disagree with their credit decision strongly...
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    Old 02-08-2013, 04:45 PM   #84
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    For those who have been denied on Credit Card applications, there is a thread I believe on Credit Karma that I came across about a year ago. It has phone numbers for direct lines that go directly to higher up credit analysts (my job) for each and every credit card company you can think of. Basically, if you call these back room numbers, you bypass the Automatic Underwriting system that these companies have in place. There are numerous stories in that aforementioned thread about people being denied, then calling one of these numbers, and being approved no problem.

    When I last increased my 5 year card from $7,500 to $12,500 I automatically called this number from the get-go, so I wouldn't even have to think about going through their automated application service.

    ***Applying for Credit Card increases Pro Tip***

    Do NOT go through automated applications online. Since you are an existing customer, you can call them direct. Call the back room numbers and they should approve you 95% of the time*.



    *The one thing this post is missing is the link to the thread with all of these numbers contained in the OP. I know I have the link saved on my work computer, but I am having trouble finding it here at home. I will try to remember to post it monday!
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    Old 02-08-2013, 04:52 PM   #85
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by daveshookme View Post
    seriously! I just learned so much, thanks all. Finally got around to caring about my credit score recently, and only just checked it (678, apparently, which isn pretty average yes?). One thing I noticed is there's a credit card in my name from Sept 98, when I was 7 years old. I certainly didn't do that, I should ask my parents about it when I get home from work.

    Another question, however hypothetical. I have a CC from Kohl's, (not a MC, Visa, AmEx, Discover, etc..). If I was late on a month's payment, called, and got the late fee waived it'll still impact my score yes?
    It will still impact your score. The late fee waive indeed only waives the $$.

    Your credit bureau shows your payment history as follows:

    #times 30 days late
    #times 60 days late
    #times 90 days late

    With a longstanding tally in each section. 35% of your credit score is calculated based on how many times you've made a late payment. 30 days is a hit, 60 days is bad, and 90 days is catastrophic. The reason I use that word is not hyperbole.

    All banks operate on a 90 days past due schedule.


    This is the legal benchmark for when a bank can initiate foreclosure, send your CC to a collections company, and all sorts of bad things.

    NEVER let your payments go 3 months past due, or your credit will be permanently in the crapper for a number of years.
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    Old 02-08-2013, 04:59 PM   #86
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by ricky towel View Post
    sorry if it's been discussed.


    but right out of highschool i got a credit card and ran it up and took forever to pay it off most likely ruining my credit.


    whats a good way you suggest starting to build the credit back up? like a prepaid visa or something?
    First off, see if you've really ruined your credit or not by signing up on www.creditkarma.com. This will give you an entire breakout of your credit history, as well as a very good estimate of your official credit score.

    If you have indeed ruined your credit, your best options are either:

    A.) Apply for a secured credit card. This will usually be $200 or $500 card, in which you actually hand them that dollar amount and they hold it as collateral. You can then start using your card each month, and after 6 to 12 months, they will release the money back to you, and should allow you to keep the card as a regular unsecured CC.

    B.) If you have nice parents, obtain some type of loan or credit in which your parents cosign with you. The deal will get done, you just have to make sure to make all payments, or you will drag your parents' credit down with you.


    Otherwise, apply for a small limit credit card, and start using it for gas or groceries. Just make sure to payoff the balance each month. Over time, you should be able to build your credit higher, and either increase your limit or get an auto loan etc etc. Someday you'll need a mortgage, and you'll need good credit for that. Good luck!
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    Old 02-08-2013, 05:01 PM   #87
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by GSUdawg521 View Post
    So, 'nother question then, based on what I've read in here. I have a Wells Fargo credit card, the first one I got, just to start building that history. But it had zero perks to it. So after a few years I got my current Citi Visa and I haven't used the WF card at all, just keep it in my wallet and it has a zero balance.

    Should I use that just every once in a while for one purchase or so, and then pay it off?
    Yes. If you never use your card at all, it won't have as much activity and your score won't give the card that much credence.

    If you have 3 different credit cards, even if you have a main one, you should still use the other 2 at least once a month.
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    Old 02-08-2013, 05:05 PM   #88
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by spoot388 View Post
    thats awesome. i was not expecting that at all.


    i have a question about the credit karma site. on my credit report card it says "total accounts: 12" with 9 "open" and 3 "closed" accounts. under my student loans section it shows 8 different loans making up the total debt. so i'm assuming its those 8 loans plus my credit card making up the 9 open accounts, but where are those 3 closed accounts coming from? any idea? i've only ever had the one credit card and the student loans.
    Have your student loans transferred ownership at all? In the past year, I used to have 4 separate trade lines for my student loans through FAFSA (for my 4 years of college). However, with almost NO NOTICE, the government suddenly transferred them to Granite State Management Resources.

    Thankfully, this company's website was setup to mirror the Federal Direct Servicing website, so the transition itself was smooth. They just never notified me that it happened. The only reason I knew was because my mint.com accounts all of the sudden couldn't access my loans. I still can't access my loans on mint via gsmr.com, which is really annoying. But I have auto-payments on so things could be worse.

    Other than that...did your CC ever increase? Sometimes a CC company will close out a card and make a new one. Also, if you ever lost your card that is possible. It will have "Card lost or stolen" on your credit report.
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    Old 02-08-2013, 05:09 PM   #89
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    Quote:
    Originally Posted by spoot388 View Post
    me too! definitely something that everybody could learn from.




    how late was the payment? i've had a few that were paid a couple days late and i got the late fee on the next bill, but they haven't showed up on my credit report as a late payment. my report says i've never had a late payment. on the credit report, it seems they only care once its a full month late. so if your bill is due on feb 15 and you don't pay it until feb 20, the CC company will charge you the late fee but leave it as that. if its due feb 15 but you don't pay it until march 24th (and you would have gotten the march 15th bill by that point), then they're going to claim it as a late payment which will affect your score.





    from what i've read, yes, use the card for small purchases and pay it off every month. i read a thing showing that carrying a balance of 1-10% of the card limit results in a higher score than having a card and never using it. so even if you just use it once a month at burger king, it would be better than not using it at all.

    and also never close that account. that card is giving you longer credit history because it was the first one open. if you close it, then your oldest account becomes the one you opened a few years later, which hurts your score.
    Ah, a good point here. Banks choose what they report. I know my bank has bent over backwards to remove items from credit bureaus for customers that called and complained.

    Here's just advice from working at a bank:

    Call and complain. Bitch. Seriously. If you get past the low people that say "I'm sorry sir, we can't help you with that." and to an actual manager, a manager will cave VERY frequently if you make a good case and are a good customer (aka as long as you aren't a customer that the bank wants to get rid of anyway, they will help you out).
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    Old 02-08-2013, 05:10 PM   #90
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    Re: The Credit Thread (help with Credit Cards, Credit Scores, & Applying for LoansC)

    This thread is useful but it also reminds me of how fucked I am when it comes to credit. I'm not in a good situation at all.
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