So Let's Talk About Good Credit And Ways to Restore Bad Credit...Step Inside...

24

Comments

  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    850.............

    Another site told me 990, go figure. But Matt is right, 700 is maginal now...
  • haute
    haute Members Posts: 11,581 ✭✭✭✭✭
    edited March 2010
    990??

    850???


    Umm ok


    Well i'm still straight, big ups to my dad for teaching me about money
  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    O damn its 990?????!!!!

    Check it....

    A maximum score could be 990, according to new model of credit scoring called VantageScore, which was jointly created by the national credit bureaus (Equifax, Experian, and TransUnion). The VantageScore, not developed by Fair Isaac, creator of the popular FICO credit score, ranges from 501 to 990. The higher the number the better. VantageScore's second component is its assignment of "letter grade" for each score band. For example:

    A 901-990 Super Prime
    B 801-900 Prime Plus
    C 701-800 Prime
    D 601-700 Non-Prime
    F 501-600 High Risk

    This new model of credit scoring assigns different percentage values for different areas of credit worthiness. With VantageScore, the factors contributing to the score include, such as

    • 32% payment history
    • 23% utilization of available credit
    • 15% credit balances
    • 13% length and depth of credit history
    • 10% recently opened credit accounts
    • 7% available credit

    Auto finance and mortgage lenders would often make loan decisions based on FICO scores instead of VantageScore, however.
    Source(s):
    * How to Check Your Vantage Score
    >> http://www.mdmproofing.com/iym/weblog/2006/09/how-to-check-your-vantage-score.html

    * New Vantage Credit Score Now Online
    >> http://www.bankrate.com/yho/news/debt/debtmanageguide/vantage-scores2.asp?caret=40
  • freshfromatl
    freshfromatl Members Posts: 559
    edited March 2010
    mike06 wrote: »
    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) If you don't have the money, then you don't have it.....BUT.....Do not agree with them on a settle date if you're not prepared to settle.....again DO NOT AGREE ON A SETTLE DATE WITH THEM IF YOU DON"T HAVE THE MONEY TO SETTLE THE DEBT...when they call just hang up the phone if you're not ready to settle...

    2) To answer your second question, that's the purpose of secured credit cards...its for people with a bad credit history...
  • freshfromatl
    freshfromatl Members Posts: 559
    edited March 2010
    mike06 wrote: »
    also what about some tips on CC's for small business...

    Dude you better have A-1 credit if you trying to fund your business through banks...my brother went through Suntrust to fund his business and I haven't heard him voice any complaints so far...I'll have to ask him specifics on what to look out for though...

    But I can say, Suntrust is pretty good with assisting people in getting their business off the ground...
  • freshfromatl
    freshfromatl Members Posts: 559
    edited March 2010
    People got to realize...if they want to be driving that luxury benz or living in the nice brick house and have the family in a nice community...they better fix and stay on top of that credit score...
  • mike06
    mike06 Members Posts: 2,651 ✭✭✭✭✭
    edited March 2010
    1) If you don't have the money, then you don't have it.....BUT.....Do not agree with them on a settle date if you're not prepared to settle.....again DO NOT AGREE ON A SETTLE DATE WITH THEM IF YOU DON"T HAVE THE MONEY TO SETTLE THE DEBT...when they call just hang up the phone if you're not ready to settle...

    2) To answer your second question, that's the purpose of secured credit cards...its for people with a bad credit history...

    appreciate the help homie.....you too Fundz...what part fo DC you in?...i use to stay out in SE on 29th and Naylor Road back in the day...moved over to PG when they started taxing grocery bags....lmaoooo......j/k
  • Gnawledgeable
    Gnawledgeable Members Posts: 1,768 ✭✭✭
    edited March 2010
    All you have to do is pay the whole amount off. Also don't buy what you can't afford.
  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    mike06 wrote: »
    appreciate the help homie.....you too Fundz...what part fo DC you in?...i use to stay out in SE on 29th and Naylor Road back in the day...moved over to PG when they started taxing grocery bags....lmaoooo......j/k

    No doubt. I'm in N.E. homie, off Minnesota Ave and Nannie Helen Burrough. lol @ that grocery bag ? . They off the chains with that ? . I do all my shopping in VA, ? the D.C. save a bag program! lol!
  • blakfyahking
    blakfyahking Members Posts: 15,785 ✭✭✭✭✭
    edited March 2010
    t/s why not post this thread in the Strictly Business section.....some useful knowledge in here *daps*
  • goat334
    goat334 Members Posts: 3,604 ✭✭
    edited March 2010
    No doubt. I'm in N.E. homie, off Minnesota Ave and Nannie Helen Burrough. lol @ that grocery bag ? . They off the chains with that ? . I do all my shopping in VA, ? the D.C. save a bag program! lol!

    What up Fundz......you in here breaking it down to the youngins......Like a modern day Furious Styles schooling Tre and Rick on good credit....lol
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    edited March 2010
    A lot of misinformation in this thread. 990 is not a new industry standard. The only company that provides industry standard scores is FICO. If you want a truly accurate credit score go to myfico.com and get the free trial. You cannot get an Experian score anymore, but you can get Transunion and Equifax.
  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    goat334 wrote: »
    What up Fundz......you in here breaking it down to the youngins......Like a modern day Furious Styles schooling Tre and Rick on good credit....lol

    lol, what up G. Good lookin' homie. ? , if I don't help the youth, who will? lol!
  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    major pain wrote: »
    A lot of misinformation in this thread. 990 is not a new industry standard. The only company that provides industry standard scores is FICO. If you want a truly accurate credit score go to myfico.com and get the free trial. You cannot get an Experian score anymore, but you can get Transunion and Equifax.

    Ok, that's one thing, the credit score. What else is included in this "a lot of misinformation"? Drop knowledge if things are incorrect homie.
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    edited March 2010
    Ok, that's one thing, the credit score. What else is included in this "a lot of misinformation"? Drop knowledge if things are incorrect homie.

    1)

    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.


    Bolded on 3 is completely not true.
    4. A charge off does not ALWAYS drop off your report after 7 years.

    Settling debt does not improve your score all the time either... Depending on how a collection agency or the original creditor updates your report it can have little to no impact on your actual score.
  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    major pain wrote: »
    Bolded on 3 is completely not true.
    4. A charge off does not ALWAYS drop off your report after 7 years.

    Settling debt does not improve your score all the time either... Depending on how a collection agency or the original creditor updates your report it can have little to no impact on your actual score.

    Respect. I said the same thing about that one. I thought it was 10 years if could stay on. Respect on knowledge dropped.
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    edited March 2010
    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!!!!

    Your credit score is simply a snapshot of your bills when it is pulled. Having a high balance on your cards for 6 months is only going to impact your score until the moment the bureaus show an updated balance and a new report reflecting the updated balance is pulled.
  • Fundz O' Plenty
    Fundz O' Plenty Members Posts: 10,382 ✭✭✭
    edited March 2010
    major pain wrote: »
    Your credit score is simply a snapshot of your bills when it is pulled. Having a high balance on your cards for 6 months is only going to impact your score until the moment the bureaus show an updated balance and a new report reflecting the updated balance is pulled.

    Ok, and I get that. Having the right information is as equally important as having the information. What I appreciate about what was spit in this thread was that it got ? talkin' about, thinkin' about something other than hoes, cars, and other dumb ? . Even if ? get half way right info, they should do the research for themselves to make sure it's correct. But hey, jmo...
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    edited March 2010
    Ok, and I get that. Having the right information is as equally important as having the information. What I appreciate about what was spit in this thread was that it got ? talkin' about, thinkin' about something other than hoes, cars, and other dumb ? . Even if ? get half way right info, they should do the research for themselves to make sure it's correct. But hey, jmo...

    I agree, dont take what I'm saying as gospel, look it up and see for yourself to make sure you aint getting bad information. I stay on top of my credit and have worked very hard to improve it from my younger days.
  • King Erauno
    King Erauno Members Posts: 6,754 ✭✭✭✭✭
    edited March 2010
    you can get a credit report any time u like. ? what they say
    call the automated joint for each bureau...and just choose the option that says you have been denied. they cant say no u havent been denied. they'll mail you your ? for free. i get one from each bureau every 6 months to check ? on there
  • blakfyahking
    blakfyahking Members Posts: 15,785 ✭✭✭✭✭
    edited March 2010
    cats in here putting out wrong info SMH
  • King Erauno
    King Erauno Members Posts: 6,754 ✭✭✭✭✭
    edited March 2010
    Also sometimes bad credit lines or info are directly tied to an address or name on your credit report. Any old addresses, dispute and there is a high chance that a bad credit line (debt) may fall off with it.
    Dispute an old address, a wrong address ( if u lived on 17 bob avenue and they put 17 tom avenue, dispute it), misspelling of your name dispute it. it can clear up your reports
  • freshfromatl
    freshfromatl Members Posts: 559
    edited March 2010
    major pain wrote: »
    A lot of misinformation in this thread. 990 is not a new industry standard. The only company that provides industry standard scores is FICO. If you want a truly accurate credit score go to myfico.com and get the free trial. You cannot get an Experian score anymore, but you can get Transunion and Equifax.

    Bruh I respect your knowledge...but homie everything I put out is correct. My knowledge of this ? goes deeper than just doing a little research....everything I stated is how I took my credit score from a 525 to a 720 bruh...and my ? is continuing to get better...

    Like I said I respect the knowledge, but my ? came from actual implementation
  • lady_c
    lady_c Members Posts: 201
    edited March 2010
    settling old debt isnt necessarily the right way to go, it really depends on each persons individual situation. unless you have gotten it in writing as a pay to remove, paying off a debt can restart the clock on the 7 years that it can be reported to the bureaus. so if the person has already waited years to take care of it, they will essentially tack on a new life to it. also, the longer it has been on your reports, the less positive impact a settlement has, unless of course youve done a pay to remove and have it in writing...
  • King Erauno
    King Erauno Members Posts: 6,754 ✭✭✭✭✭
    edited March 2010
    lady_c wrote: »
    settling old debt isnt necessarily the right way to go, it really depends on each persons individual situation. unless you have gotten it in writing as a pay to remove, paying off a debt can restart the clock on the 7 years that it can be reported to the bureaus. so if the person has already waited years to take care of it, they will essentially tack on a new life to it. also, the longer it has been on your reports, the less positive impact a settlement has, unless of course youve done a pay to remove and have it in writing...

    true...if u have a debt and havent touched it in 2-3 years ride that ? out until it falls off ur report. once you pay on it, you restart the clock on it.