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Yea someone mentioned it a page or two ago
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
- Start date
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You should look into getting a secured credit card.719 ... i haven't had any credit cards or student loans though...just a couple of car notes and such...
my fiancee on the other hand though...her mom put her name on a whole bunch of stuff when she was growing up...her credit is terrible...but she brings in more money than i do...
we are looking for a house before we get married but we aren't getting pre approved for a lot of money...looking into getting a credit card through my credit union for her but they won't except her until we are married...sucky situation...
Secured CC doesn't matter how bad your credit is.
The basic premise is: You put $ on your card first, then use it as a CC. Build credit.
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In case anybody needed clarification:
To elaborate you secure the card with an amount that the bank holds.
Say you want a $500 secured card you have to pay the bank/cc company $500.
Your limit will be $500 but you still have to pay your balance off each month. The $500 is not applied to your balance.
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Sometimes even if you pay off some negatives/derogatory items the creditor will just mark it as paid but it stays on your report. Paying it doesn't change the fact it went to collections. Check out the below link.
https://www.credit.com/credit-reports/removing-collection-accounts-from-your-credit-reports/
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Question, I paid off my credit or so I thought yesterday. I had rewards points and elected to use them as a statement credit in the process. But now I check my balance and the rewards never applied, but the funds from my bank did. Why is that or does it take two days to reflect?
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Rewards can take a few days to a week to be reflected. You should be good give it a few days
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HOU$TON
formerly convertibleburt
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506 & 486 according to credit karma, I'm fried lol
Open to any advice
Open to any advice
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Amex finally came through with my credit limit 3x increase. I don't know what took so long, had the card for a year denied 2x with mid 700 credit score. Moh well. Up to 9k, I was persistent because it is by far my favorite card, pulled 2 off the card alone.
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ogmcmxcii
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Same [emoji]128531[/emoji]
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yup im in that same low score boat. figured paying off old debts then looking at secured credit cards would be a solid start.
al audi
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Besides a car and home.......(find a woman with good credit and makes more than you also
)I mean just fix it with time..........those 2 things credit is big deal.
Unless somebody wants to dispute that.....
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lightweight champion
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I just took part in a credit building seminar on Wednesday. If you're credit needs repairing the first thing you need to do is sit down with a pen and paper and budget.
What do you make in net pay for the month?
Subtract your monthly bills
- Rent
- Groceries
- Electricity
- Water
- Garbage
- Phone
- TV
- Internet
- Car
- Gas
- Etc.
The remaining is what you should stash to your savings account. Eventually what you want to do is create a secured credit card or secured loan. The beauty about these is that because they are secured as opposed to unsecured loans and credit cards, your credit DOES NOT need to be pulled.
When you manage to save $1,000 split the savings into two parts of $500 each. One for a $500 secured credit card and attach your recurring bills to it, your phone, tv, Internet. You're killing two birds with one stone. You're paying for your services and building your credit at the same time.
The other $500 should be used to create a secured loan. Where I work the interest rate is minimum 2% plus whatever your interest rate in your savings or time deposit is. So probably .05% bringing your total interest rate to 2.05% Ober a 12-month payment plan the interest paid is close to $50. Not bad if you're rebuilding credit if you ask me.
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Should also add that a lot of the companies that offer secured cards will graduate you to a regular card after a certain period (usually 1-2 years) After you 'graduate' your deposit will be refunded and you will be enrolled into a regular cc.
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This is pretty good advice but if you have scores in the 5-600s, chances are you have negatives on your credit report. And if you guys with low scores want to raise your score you should definitely remove those. If you have late payments on your report, try to contact the credit agency or whoever and get a goodwill deletion, if you have collections on your report negotiate pay for deletes with the creditors or dispute the collections accounts if they are not your accounts or are inaccurate. Good luck fellas, I was in the same boat like a year and a half ago and my scores are now in the 720s-740s
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Credit Karma is just an estimate and is usually far from accurate when it comes to scores
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Scores that low are sounding like a ton of collections and a ton of late payments and not much credit to show
HOU$TON
formerly convertibleburt
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Have 2 things in collections, 6 late payments from student loans, and yeah not much credit to show for. The collections are from sprint and T-Mobile so I'll start with those first. Appreciate all of the advice [emoji]128175[/emoji]
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What student loan companies are those late payments from. Those are a hassle to deal with and goodwill to get back to being good. If any are from Navient let me know and I can PM a good agent who helped me get my closed account in perfect standing
Yeah but get on those collections asap
HOU$TON
formerly convertibleburt
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They're all from nelnet would it be the same process?
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You can dispute with the CRAs directly on their websites.
Myfico forums has a lot of good info on credit
Myfico forums has a lot of good info on credit
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Yeah do what
damysteryman
said and go on myfico but as far as the lates if you were late disputing them isnt going to help you. Going to have to goodwill and pray and hope they understand and update them good.
HOU$TON
formerly convertibleburt
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Appreciate that I'm going to look into that to pass my day at work
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I had an unpaid medical bill hit collections. Paid it off then disputed it and the negatives were removed from my credit report
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Speaking from experience, my credit once dipped to 565. No collections just a handful of missed payments and lack of credit history. It was what motivated me to search out resources like this thread right here.
Researched and got a feel for what I needed to do to rehabilitate my credit. Figured I'd get another credit card that would help with my utilization rate and to show I could handle credit responsibly.
Applied for 5 cards and got 5 denial letters. The pulls ended up droping my score to
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