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Old February 13th, 2015, 11:09 AM   #21
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The two cards I kept raise my limit about every six months hoping I will spend more
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Old February 13th, 2015, 11:21 AM   #22
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Pay off 100% each month, don't apply for every credit offer that comes your way.

Total debt load should not be more than 30% of take home pay.

That will build creditworthiness the fastest.

On the average, you should not exceed 30%. So, if you max out one card, then pay it down right away you will be fine.

Since you can pay online whenever you want with most cards, I have used mine more like a payday advance. Mostly I buy my gas on the card, then pay it off the next week. Yes, I can pay cash for the gas, but it helps to repair my credit and the. Capital One card gives me cash back. When that reaches $50, I then use it to reduce the balance.
X2, I have been doing pretty much the same thing for the last two years, it boosts your credit score a ton!!
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Old February 13th, 2015, 12:42 PM   #23
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www.creditkarma.com

It is a tad slow to update your report (a week or so) but I've found it beneficial. When I 1st went for a home lone (2010ish) they laughed me out the door, IIRC my credit score was in the very low 600's. 2 years later in 2012ish I got approved for 3 time what i knew I could afford at 3.75 interest.
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Old February 13th, 2015, 12:49 PM   #24
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we use one credit card, auto pay as many bills as we can on it, use it for day to day purchases, and pay the card off every month. That way we pay no interest and we get as many reward points as possible.
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Old February 13th, 2015, 01:11 PM   #25
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I did this last year. I didnt have any cards. opened a few. bought stuff, paid them off... one I kept a low balance (0% intro). once it started to charge interest I paid it off. brought my score up high enough to get a house with a descent rate.

do not buy a car or any other large credit purchase.

I assumed my credit would jump after paying on my house for a few months (early) I pay a month early. NOPE. my score has actually dropped. lol. whatever. I hate the credit game and all that crap. now that I have my house I am good. I plan to pay it off, and the next one I buy will be with cash...
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Old February 13th, 2015, 02:40 PM   #26
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Since no one else has brought this up, I will.

All a credit score is a rating of how much you like borrowing money.
If you have all debt paid off, a good track record of paying your bills, and a decent down payment, you can get a home loan. Some institutions have monkeys that only look at credit scores, others do "manual lending" which means they will look at your overall credit worthiness instead of your credit score.

Personally, I paid off my mortgage in about 7 years. I haven't borrowed or owed money in 15 years. I have a debit card, no credit card. When I need a car, I save up and pay cash for used. I'm getting through life just fine, thank you. There is never a month goes by I go, "darn, I sure do miss making a loan payment".

And because I don't borrow, I don't have a credit score. I have a credit history like anyone else, but no score.
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Old February 13th, 2015, 02:45 PM   #27
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Since no one else has brought this up, I will.



All a credit score is a rating of how much you like borrowing money.

If you have all debt paid off, a good track record of paying your bills, and a decent down payment, you can get a home loan. Some institutions have monkeys that only look at credit scores, others do "manual lending" which means they will look at your overall credit worthiness instead of your credit score.



Personally, I paid off my mortgage in about 7 years. I haven't borrowed or owed money in 15 years. I have a debit card, no credit card. When I need a car, I save up and pay cash for used. I'm getting through life just fine, thank you. There is never a month goes by I go, "darn, I sure do miss making a loan payment".



And because I don't borrow, I don't have a credit score. I have a credit history like anyone else, but no score.

How do you not have a score??????


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Old February 13th, 2015, 02:47 PM   #28
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Quote:
Originally Posted by rverjeeper View Post
Since no one else has brought this up, I will.

All a credit score is a rating of how much you like borrowing money.
If you have all debt paid off, a good track record of paying your bills, and a decent down payment, you can get a home loan. Some institutions have monkeys that only look at credit scores, others do "manual lending" which means they will look at your overall credit worthiness instead of your credit score.

Personally, I paid off my mortgage in about 7 years. I haven't borrowed or owed money in 15 years. I have a debit card, no credit card. When I need a car, I save up and pay cash for used. I'm getting through life just fine, thank you. There is never a month goes by I go, "darn, I sure do miss making a loan payment".

And because I don't borrow, I don't have a credit score. I have a credit history like anyone else, but no score.
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Old February 13th, 2015, 03:14 PM   #29
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Credit card companies will mess your credit score up for you. Had a 12k limit @ home depot when I remodeled the kitchen then bathroom. Never got over 4k owed, always paid on time, then the economy fell apart and they cut my credit limit to 4k when I owed them 3k. That hits your score....
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Old February 13th, 2015, 03:39 PM   #30
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How do you not have a score??????


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It sounds like he hasn't had any credit reported in his name in quite a while, not having a score/any credit in his case doesn't surprise me.
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Old February 13th, 2015, 06:10 PM   #31
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I just found out Transunion has my file crossed with someone in nevada who only has accounts in collections. The entire credit system is backwards. The only way to get good credit is to be in debt.
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Old February 13th, 2015, 06:11 PM   #32
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Yup
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Old February 15th, 2015, 06:58 PM   #33
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I am trying to up my credit score so I can buy a house next year. Everything I read says, don't exceed 30% of your card utilization. What I can't figure out is what exactly that means? Does It mean if I have a 1,000 credit limit, I should never let my balance get over $300. Or does it mean I should spend whatever I want(under $1000) and just make sure I pay enough to make the balance below $300 before the due date?
Lets say you have 3 credit cards with combined limit of $10K. Just keep the total owed below $3K and you will be fine. A high utilization does have a huge negative impact on ones score. I see people with a great pay history and yet if they are using a large portion of their available credit card limits they will have a very low score.

Credit Karma is a great site to get educated on credit. BTW your credit score has nothing to do with your debt ratio (total debts/gross income=debt to income ratio). As long as your DTI is <=43% you will be fine qualifying for a mortgage. There are also programs available which allow for higher DTI ratios.

Even for people who have no desire in borrowing money, keep in mind nearly all insurance companies base your rates on your credit score.

I have 35+ years in the banking industry and currently a consumer lending underwriter.
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Old February 15th, 2015, 07:11 PM   #34
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For over four years I had no debt. Own everything outright, house payed off, paid off credit card every month....blah blah blah.

This past year I needed to go back to school to the tune of around 20k. I didn't have anywhere near that to my name so I knew I'd need to borrow. I was not eligible for Federal loans so I knew I had to go to the bank. Every one I went to said "well Mr. Kodet you have great credit, but you are high risk because you have no debt load". They all told me the same thing, 30 percent or so on 3-5 cards, unless I wanted to get a home equity loan.

It totally sucked, and still does, but I ended up opening up a couple cards and putting school on them. I was careful to choose ones with the best interest rates and/or rewards programs. Work has been slow but I don't regret it. I'm paying down the cards as fast as I can. By my calculations I'll pay 2-3k in interest by the time it is all done, which in reality is probably cheaper than I would have at a bank anyways.

I didn't want to "risk" the house I own free and clear, so I am in credit card debt for the first time in my life.

Rant over. Basically just chipping in my experience, but basically I yearn for the old days where you knew your banker and 90% of your transaction with him was on a handshake.

Damn I'm getting old.
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Old April 3rd, 2017, 08:23 PM   #35
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2 years ago my score was like 560 after getting a car loan to help my credit not long after I started this. Loan payment always paid ahead of Time, Utilization below 30% all but a few times. Equifax and Transunion are just under 700 now, Experian has something on it the other have dropped, so its lower. Scores only got to like 640 until stuff started falling off. Now I just need to be smart, and not get 19 credit cards, and only get smart loans.

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Old April 3rd, 2017, 08:50 PM   #36
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I am trying to up my credit score so I can buy a house next year. Everything I read says, don't exceed 30% of your card utilization. What I can't figure out is what exactly that means? Does It mean if I have a 1,000 credit limit, I should never let my balance get over $300. Or does it mean I should spend whatever I want(under $1000) and just make sure I pay enough to make the balance below $300 before the due date?
Your balance at the end of month should not exceed 30% of your credit limit. So yes, if you have a credit limit of $1,000 then at the end of the cycle the balance shouldn't be more than $300. Like you said, you can spend whatever you want up to $1,000 as long as you pay it down to $300 or less before the billing cycle is over
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Old April 3rd, 2017, 08:50 PM   #37
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Once your credit is built and mortgage is finalized and signed, the day comes we're you might want to keep one card and stop using the other. I would suggest leaving them both open. Keeping say card you don't want anymore in a drawer or cutting it. Longest line of credit is something that will affect your score. Just because your not using it, doesn't mean it won't still help you keep a good score.


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Old April 4th, 2017, 04:59 AM   #38
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Keep two cards. I had a buddy get a card hacked while on vacation. He was able to cancel it on the spot but continue with his vacation using the other.
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Old April 4th, 2017, 06:15 AM   #39
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Keep two cards. I had a buddy get a card hacked while on vacation. He was able to cancel it on the spot but continue with his vacation using the other.
or when they turn one off a fraud protection. You never figure that out during normal business hours. It always seems to be at a gas station in the middle of nowhere without cell signal.
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Old April 4th, 2017, 08:42 AM   #40
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or when they turn one off a fraud protection. You never figure that out during normal business hours. It always seems to be at a gas station in the middle of nowhere without cell signal.
You mean like last time I was heading to Windrock and it was 2AM and at the only gas station open for miles and Chase decided to shut off my debit card so I couldn't buy gas?

I just carry cash now. I hate debit or credit cards.
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