So Let's Talk About Good Credit And Ways to Restore Bad Credit...Step Inside...
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freshfromatl
Members Posts: 559 ✭
So in a matter of months a nicca basically went from terrible credit to pretty good credit...Steps a nicca took included...
*Settling Debts......I settle everyone of my debts for 1/4th of what they originally were
*Secured Credit Cards...You must build good credit on top of bad...the easiest way to do this is get a secured credit card where you basically suplly the credit line...lets say you drop $300 on the card and that is your credit line (most companies allow you to add to your credit line in $100 increments)...Basically use that ? to pay your phone bill every month and pay the card off completely monthly...
In a matter of 6-8 months...you'll be back in the game restoring good credit...
Now spit your knowledge on restoring good credit....
*Settling Debts......I settle everyone of my debts for 1/4th of what they originally were
*Secured Credit Cards...You must build good credit on top of bad...the easiest way to do this is get a secured credit card where you basically suplly the credit line...lets say you drop $300 on the card and that is your credit line (most companies allow you to add to your credit line in $100 increments)...Basically use that ? to pay your phone bill every month and pay the card off completely monthly...
In a matter of 6-8 months...you'll be back in the game restoring good credit...
Now spit your knowledge on restoring good credit....
Comments
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Also if you walking around with less than $3000 of unsolved debt...you one lazy mafucka...
I know cause I was once one of these people...credit score straight ? over $2300 of debt Smh... -
Real ? thread... *props*
Most people don't realize that carrying a high balance for months on end of over 30% of your card limit ? YOUR SCORE UP!!!!
If you have a card with $1,000 limit, DO NOT let $600 worth of charges just sit there. Pay the ? off. The most you SHOULD carry, if you have to carry anything (for a $1,000 limit card) is $300 (30% of the $1,000)
You're all welcome. -
don't cancel your credit card, regardless of the debt.
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Fundz O' Plenty wrote: »Real ? thread... *props*
Most people don't realize that carrying a high balance for months on end of over 30% of your card limit ? YOUR SCORE UP!!!!
If you have a card with $1,000 limit, DO NOT let $600 worth of charges just sit there. Pay the ? off. The most you SHOULD carry, if you have to carry anything (for a $1,000 limit card) is $300 (30% of the $1,000)
You're all welcome.
*Daps* whats good bruh....
This thread deserves to do numbers, but probably won't smh... -
don't cancel your credit card, regardless of the debt.
Exactly...A lot of people don't understand this concept...everyone needs a open line of credit...even if you ain't doing nothing but purchasing gas on the credit card... -
freshfromatl wrote: »*Daps* whats good bruh....
This thread deserves to do numbers, but probably won't smh...
Ain't nothin' homie. This a real one you got here mayne... Most these cats don't understand how interest works or nothing nor do they really care. Sad ? . But I'mma hold it down cause that's what real ? do.
I'm actually ridin' with you advice on the secure credit card move. In this world, you need credit if you don't have cash. I tried to aviod the game but you have to play it to an extent. Again, good lookin'... -
do jewelry cards count as credit? how much does paying offa a car and paying rent on apartments help? after 7 years does the debt go off ur report? (cuz I owed 1200 for a card) and 7 yrs has passed and I did a dispute and they supposedly took it off my report
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now i gotta question.....what if we dont have the money to Settle the debts.....a CC card called me the other day lookin for $680 out my pocket to settle.....i politetly told hold on lemme get my checkbook and hung up the phone....lmao.....also can i apply for a secured CC even with my previous CC debt issues?....im tryin to get a house this year(and ASAP cuz my girl's preggo).
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plus they raised the max score, so if you had a 700 a few years ago you were straight, but now a 700 is barely gets a C grade
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also what about some tips on CC's for small business...
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What's the impact of bills such as cell phone, electricity, cable, etc on your credit? Do they affect your credit score moreso than credit card debt and loans?
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do jewelry cards count as credit? how much does paying offa a car and paying rent on apartments help? after 7 years does the debt go off ur report? (cuz I owed 1200 for a card) and 7 yrs has passed and I did a dispute and they supposedly took it off my report
1. Yes, jewelry cards count (REVOLVING DEBT)
2. Paying off a car(INSTALLMENT DEBT), huge. (Debt to income ratio) The less money going out, the more you can stand to borrow.
3. Apartment, no.
4. I believe it can be as long as 10 years now. But double check. -
plus they raised the max score, so if you had a 700 a few years ago you were straight, but now a 700 is barely gets a C grade
whays the new max score??? -
You can make a payment plan to pay it off......you gonna have to pay it to get the housenow i gotta question.....what if we dont have the money to Settle the debts.....a CC card called me the other day lookin for $680 out my pocket to settle.....i politetly told hold on lemme get my checkbook and hung up the phone....lmao.....also can i apply for a secured CC even with my previous CC debt issues?....im tryin to get a house this year(and ASAP cuz my girl's preggo). -
now i gotta question.....what if we dont have the money to Settle the debts.....a CC card called me the other day lookin for $680 out my pocket to settle.....i politetly told hold on lemme get my checkbook and hung up the phone....lmao.....also can i apply for a secured CC even with my previous CC debt issues?....im tryin to get a house this year(and ASAP cuz my girl's preggo).
1. How much was the orginal debt? $680 is the settlement? You CAN'T settle it with no money, no such thing. Bargain down as low as you can. See if you can break the $680 into installments, most give you like 4 installments.
You HAVE TO SETTLE THIS. It will not just go away.
2. Yes, you can apply for a secured because you are using your money, hence, the "secured" part. -
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Those accounts usually show up when they are in collection......but having utilities in your name is a way to start credit, but you gonna need more than that.....quietaskept wrote: »What's the impact of bills such as cell phone, electricity, cable, etc on your credit? Do they affect your credit score moreso than credit card debt and loans? -
quietaskept wrote: »What's the impact of bills such as cell phone, electricity, cable, etc on your credit? Do they affect your credit score moreso than credit card debt and loans?
All of these can report to the credit bureas. If you don't pay, if affect your score like anything else. Unpaid debt is just that and it will affect your score the same. -
<<<has had good credit for years
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also what about some tips on CC's for small business...
If you're just starting out, they use your information to "qualify" you for a "company" card because as a business you have no credit history. -
do jewelry cards count as credit? how much does paying offa a car and paying rent on apartments help? after 7 years does the debt go off ur report? (cuz I owed 1200 for a card) and 7 yrs has passed and I did a dispute and they supposedly took it off my report
1) Jewelry cards, such as a Kay Jewelers Credit Card does count as credit and it is reported on your credit report monthly.
2) No, paying rent on time do not improve your credit score. Generally your landlord will not report your payment to any credit bureau so it will not increase your credit score to pay rent early and on time.
3) No, paying off a car loan does not help your credit. But it can hurt your credit score...The FICO model looks for lots of credit (both installment and revolving), low utilization of revolving, on-time payments, and long credit history, among other things. When you pay off your loan early, you are closing an installment account, which means you have less credit extended to you and are making fewer on-time payments.
4) After 7 years, that charge will go off of your credit report. -
LisaSimpson wrote: »<<<hashad good credit for years
Cookie? This is for ppl that want help...
FOH.... -
freshfromatl wrote: »1) Jewelry cards, such as a Kay Jewelers Credit Card does count as credit and it is reported on your credit report monthly.
2) No, paying rent on time do not improve your credit score. Generally your landlord will not report your payment to any credit bureau so it will not increase your credit score to pay rent early and on time.
3) No, paying off a car loan does not help your credit. But it can hurt your credit score...The FICO model looks for lots of credit (both installment and revolving), low utilization of revolving, on-time payments, and long credit history, among other things. When you pay off your loan early, you are closing an installment account, which means you have less credit extended to you and are making fewer on-time payments.
4) After 7 years, that charge will go off of your credit report.
Agreed. Did you see my comments on it lowering your debt-to-income ratio? That's important too. -
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Fundz O' Plenty wrote: »990 .
O damn its 990?????!!!!
