credit score

Wednesday, August 5, 2009

Will my credit score go up when I pay off my car?

Also I have paid off some deliquent charges from more than 4 yrs ago...when will these come off my credit score? It%26#039;s hindering me from increasing my credit limits. I have 1,000 available credit on 3 different cards....and no, that%26#039;s not the reason why I had deliquent charges (medical bills, phone bill, ect...)

Will my credit score go up when I pay off my car?

1) Do not spend more than 1/3 of your limit. That%26#039;s a rule. Say you have $500 credit limit. So do not spend more than $150 with your credit.

2) Do not pay your existing credit balance in full every month. Pay more than minimum payment but do not pay full. Say your minimum due is $10. I suggest you to pay like $50-$70 each month. Yes you should pay some interest but that%26#039;s a price to improve your credit.

3) There are lots of articles here which you can find useful to boost your credit.

http://www.howtoestablishgoodcredit.com/...

Will my credit score go up when I pay off my car?

no, it will not make any difference, better to keep paying on time and maybe pay upfront two to three months, your itnerest will go down and your credit will rise.

Will my credit score go up when I pay off my car?

Bad credit info stays on your credit reports for 7 years from date of last payment/activity

Will my credit score go up when I pay off my car?

yes it will always go up if you pay off a credit line but my credit score skyrocketed when I paid off all my debt and the next month it went down 20 points because I didnt USE my credit cards. I didnt owe a thing and had tons of open credit. so beware...it goes up temporarily.

Will my credit score go up when I pay off my car?

First, Collection Agency (CA) trade lines fall off your credit Report after 7 years, BUT the clock does not start ticking until 180 days AFTER you first became delinquent with the original creditor (OC). If one CA sells the same debt to another CA, the clock does NOT reset (if it does, you have a case for illegally re-aging the account) and the clock keeps running. That is, the 7-year clock starts ticking at the time the OC charges off the delinquent account. Chapter 13 bankruptcy drops off after 7 years; Chapter 7 bankruptcy drops off after 10 years, and tax liens (which involve winning a court judgment against you) drop off after 10 or more years.

You wrote, %26quot;I have 1,000 available credit on 3 different cards%26quot;. This is where you might find the most hindrance to raising your credit limits. That is, here%26#039;s where you might get the biggest point gain.

30% of your FICO credit score is based on your behavior with revolving accounts: what percentage of your credit limit are you using: that is, your balance is what percentage of your limit? They score each individual cc balance and limit. They also score the sum of your balances as a percentage of the sum of your limits. Whether individual or sum, your FICO credit score will be hurt if the balance is more than 30% of your limit.

So you can improve your FICO credit score if your credit limits sum to a total of more than $1428.57, which is exactly the total limit figure that has $1000 as the available 70% of its limit. If you have $1000 available on EACH of 3 cards, you can improve your credit score by paying down the balance on any of the cards that has a credit limit of $1428.57 or more.

By the way, if you pay any credit card down to zero, do NOT close it. Closing a card cannot improve your score. Closing a card can hurt your score, especially if it has a zero balance (30% of your score is credit utilization, explained above), is the oldest open card you%26#039;ve had (15% of your FICO score is age of oldest accounts, that is, the longer the open credit history, the better), or is the only card of its credit type (10% of your FICO score is credit mix: Mortgage, secured auto loan, major cc - MC, V, AmEx, Disc, and department store card are all good types. Payday loans, overdraft loans and personal finance lines of cash advance credit are all bad). Ideally you%26#039;ll have one line of each good type. Close off the only account of a type, and you%26#039;ll lose the mix points. I would only hurry to pay off the auto loan if its APR is the highest APR you%26#039;re subject to. Otherwise, pay your spare funds to the highest utilization, highest interest rate revolving cc%26#039;s.

Please vote: Did this help?

Typical credit score to get a platinum card?

What%26#039;s the typical credit score a person has to have to qualify for a platinum card for most banks? I know it depends on which issuer, but what I%26#039;m wondering about are the cards that are not entry level, as in, not just %26quot;for starters%26quot; credit cards with low limits and high APR.

The issuers I%26#039;m most interested about are First National Bank of Omaha, Bank of America, and Chase.

Typical credit score to get a platinum card?

I have seen it at varying scores. 680, 700, and 720 are the standards. For most places 700 will get you platinum status. Watch out for BofA, they have been known to adjust interests rate without reason and without notifying the customer properly.

Typical credit score to get a platinum card?

B of A and Chase sound fine. It is all a question of %26#039;credit scoring%26#039; and it is %26#039;machine-decided.%26#039; Should this fail, appeal. The appeal will be handled by a human being! (An Underwriter.)

How fast does a credit score improve?

Let%26#039;s say my credit score is 580, and the only thing wrong with it is too much %26quot;credit utilization%26quot;, i.e. my total credit limit is 5000 and I am using up 5000 (100%), but all accounts are current and I haven%26#039;t missed a payment for over two years. If I paid the entire 5000 today, will my credit score be much improved by tomorrow? Next week? Next month? How soon will I see significant changes?

How fast does a credit score improve?

Paying off all of your debts immediately does not help you with improving your credit. Because you should show lenders that you are a good BORROWER. Your existing report shows lender that you pay your payments in full once you have money and you don閳ユ獩 when you are financially in trouble. Therefore you are not a good borrower to a lender (you are risky and they don閳ユ獩 make money out of you). So here some stuffs I suggest to do to polish your credit report and improve your credit:

1) Do not spend more than 1/3 of your limit. That%26#039;s a rule. Say you have $500 credit limit. So do not spend more than $150 with your credit.

3) There are lots of articles here which you can find useful to boost your credit.

http://www.howtoestablishgoodcredit.com/...

How fast does a credit score improve?

You will see an improvement when the credit card company reports the monthly updated information to your credit reports.

For example - you pay today and your credit card company reports on the 5th, your scores will reflect the change on the 5th. If you pay today but your credit card company doesn%26#039;t report until the 25th, your scores will not reflect the change until the 25th.

How fast does a credit score improve?

Improvement in credit card rating can be seen on monthly basis.

How fast does a credit score improve?

It will improve as soon as the credti card company reports it to the credit report agency. Ussualy that is around 2 times a month but it can vary from card to card.

I would say the max time from when you pay it, until its shown on your credit score would be 1 month.

What credit score and other qualifications do i need for VHA to give me a loan in TX?

on the phone they give you the run around and i just want to know if there is a set score they start qualifiying you with. i already know that your credit must be almost spotless. i just want to know the score and any other valuable info.

What credit score and other qualifications do i need for VHA to give me a loan in TX?

VHA is pretty easy. Last I heard it was 520 + with nothing currently past due.

What credit score and other qualifications do i need for VHA to give me a loan in TX?

Ask the bank first of all if you need credit score to get a vha loan in texas tell your situation to the bank agents they will tell you everything .

Negative equity, credit score 544, paying $300/month, 25% interest, 96 saturn sc1?

Any way out of this? This car and these payments are holding me back from moving to Arizona with my family. The brakes are shot, the alternator is done, and I have two bad tires, so I cannot take it on a road trip all the way to AZ. I don%26#039;t have to money to get the car fixed. The issue is that the dealership TOLD me to come back in a year and a half, after which my credit will have improved enough to come and get a NEWER car and the payments would be LESS. I did not get this in writing however. A year and a half later, I go back and they say %26quot;Not right now. You need to get this and this and this off your credit.%26quot; Nothing new is on my credit, except things I PAID and the IMPROVED score. But the agreement was not sealed with any written contract, only contract I got is the finance stuff. I am upside down badly in a car that is unsafe, its time to go get another one but they won%26#039;t let me, and with these payments, I can%26#039;t get out of Michigan. Please...

Negative equity, credit score 544, paying $300/month, 25% interest, 96 saturn sc1?

fil bankruptcy and start fresh

Negative equity, credit score 544, paying $300/month, 25% interest, 96 saturn sc1?

You are stuck! In general dealers like these rely on the fact that they repo the car before the loan is up. They will repo it at the drop of a hat. I would pull my credit score to see if they are even reporting you as paid. Yes creditors need to report you paid if not nothing happens. Unfourtanly you cant just sell it because you most likely you paid way too much for it.

My suggestion is to go to the librairy and get a chiltons repair manual and do the repair your self. Brakes are easy. Or you could try to find a private mechanic and ask them if you can make payments on the repair.

Negative equity, credit score 544, paying $300/month, 25% interest, 96 saturn sc1?

This is a suggestion: I always look for a car that has the most incentives on it. Example: Currently a 2007 Ford Focus has about $2500 total rebates. Since the model year is almost up, many dealers will sell the car at invoice. So say that%26#039;s about $1000 in mark up. Now you have a total of $3500 in down payment to make up the negative equity. If your car is worth $2000 and your payoff is $6000, that leaves you with $4000 that you need to get for a down payment. So really all you need is $500 cuz there%26#039;s $3500 the dealer has ready to go.

Now about that credit score, 544 could get you a new Focus, but barely. You know, it all depends on how much the dealer actually gives a crap about you. Sometimes you%26#039;ll find dealers who only want to make as much money as possible. Sometimes you%26#039;ll find one to help get people into cars. Dealers also rely on sales numbers. They need to show Ford they sold so many cars. Sometimes the best time to buy a car is 1 or 2 days before the month is up. They like to show what they sold for the month. It helps them in the long run getting preferred treatment in inventory for the next month. You are not screwed. Maybe boned, but all hope is not lost. Fixing credit is all about time, not money. Do not pay to have someone %26quot;fix%26quot; your credit score. It%26#039;s not possible. Also, spend a little money on getting those brakes %26amp; tires taken care of. It reflects in the trade in value. Dealers don%26#039;t want a piece of crap to deal with. If you drop $200 on the car, it will probably translate to another $750 in value on the trade. If the car looks like crap, then to them, it is. Wash it, vaccum it, clean out the glove box, %26amp; trunk too. When you can show a dealer you are ready for business (they see this stuff), they will treat you as a serious customer. G%26#039;luck my friend.

Thursday, June 25, 2009

What is your CREDIT SCORE? Is your credit score important to you?

What is your credit score. Be honest! Is your credit standing important to you?!?

What is your CREDIT SCORE? Is your credit score important to you?

both my wife and i maintain 825+ on all three bureaus, your credit score is very important, and the benefits we get are fantastic, we have a fixed rate mortgage at 4.99%, have bought 2 new cars in the last 5 years one is at 1.9% and the other is .9%, walked out of the dealership with car in hand and didn%26#039;t give them a dime on a weekend, bank sent them a check the following monday, both cars are now paid for in less time than the loan allowed,. we are constantly getting all kind of offers from the credit card companies, like 5% on all gas refunds just got 250.00 check from chase, wife loves the rebates with citi card and uses her rebates for gift cards for christmas, she got over 1,000 in gift cards this year for free. we never exceed our budget and pay off all cards as they come in each month no matter what the balance, and there have been months where we ran up a 4,000 balance. it goes on the card for the points but we could have paid cash. we have never paid a finance charge or a late fee, no we are not rich, just middle class, but learned how to play the credit game years ago, have just flipped a house, nothing out of pocket, financed all repairs on the house on credit cards, and a home equity loan, sold it in 30 days and paid everyone off immediately, made enough so i dont have to work this next year, so YES ITS IMPORTANT AND PLAYING THE GAME PROPERLY CAN MAKE YOU MONEY.

What is your CREDIT SCORE? Is your credit score important to you?

Your credit score is a mathmatical formula that is used to predict your ability and willingness to repay debt. It is only important if you want to borrow or buy on credit. Since I don%26#039;t want to do that it is of no importance. It can change daily.

What is your CREDIT SCORE? Is your credit score important to you?

My credit score is very important to me. but i must say it didn%26#039;t become important until i got into my 20s. When i graduated from high school and ready to enter college i was getting all kind of offers from creditors and like a immature child i applied and was granted a card. However, not thinking that when i went off to school i was going to need a job to pay my bills. I didn%26#039;t work my first two years in college and accrue a debt of 10,000 in credit cards and now I%26#039;m still paying them off plus i have 25,000 in loans so I have stressed out about my debt for the past 2 years..... I had friends that also had credit cards but they had parents to help them. I didn%26#039;t.... so I hate i signed up for any card until i graduate from college. Don%26#039;t make the same mistake i did. O yeah my score is below 610. I bought a brand new car in 2005 and I had to have a cosigner. My car is a 2005 and I have never been late. This is my only big payment and if i try to get anthing they want let me because while i was in college my debt went unpaid. i heard it will take 3 to 7 years to get it strait. I%26quot;m so saddened.

What is your CREDIT SCORE? Is your credit score important to you?

if you want to buy a car or home someday that credit score will help you.

What is your CREDIT SCORE? Is your credit score important to you?

Yes. It should be important to you too. You can%26#039;t get credit if your score is bad. Mine is 803. I have no problem at any store. Also if someone tries to open accounts in my name the Credit Bureau calls me first to see if I%26#039;ll ok it.

What is your CREDIT SCORE? Is your credit score important to you?

my credit score right now is 614...its important to me because i now know that without a good credit history, i will have a hard time acquiring things i want, such as a home. im 29, but when i was a teenager, i was like who cares about a credit score, when you can pay cash, well, if you dont have the cash, then what...especially if you want a car or something like that. im not the type of person who has 10k on hand.

What is your CREDIT SCORE? Is your credit score important to you?

I have absolutely no idea of what my credit score is right now. Doesn%26#039;t really make any difference to me. My credit record is much more important. I have a long, long, long history of on time payment and very little outstanding debt.

Never had any problem getting a car loan or a mortgage.

What is your CREDIT SCORE? Is your credit score important to you?

My score is 750 or 719, depending on which credit agency you look at. Is it important? It%26#039;s like life. If you credit score is healthy, then you don%26#039;t think much about it, like your health. You kind of take it for granted. If your credit score is not healthy, then you are a bit compulsive about it.

I love my credit score because next month will make it 9 years since I declared a chapter 7.

I love my score. Does that answer your question?

What is your CREDIT SCORE? Is your credit score important to you?

my credit score is 680, my credit is very important to me for the same reason that you said.

Is your credit score lowered when you cancel a credit card?

My daughter is in college and opened a low interest Citibank VISA for college students not realizing that the interest rate went up very high after 6 months. We are making more than minimum payments however I was wondering if we closed the account and contine to make the payments would this damage or lower her credit rating or credit score without the account being paid off prior to closing it?