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

[freshfromatl]

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.

 

[Fundz O' Plenty]

 

[Fundz O' Plenty]

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.

 

[freshfromatl]

whays the new max score???

850.............

 

[freshfromatl]

990 .

O damn its 990?????!!!!

 

[Fundz O' Plenty]

850.............

Another site told me 990, go figure. But Matt is right, 700 is maginal now...

 

[haute]

990??

850???

Umm ok

Well i'm still straight, big ups to my dad for teaching me about money

 

[Fundz O' Plenty]

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]

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]

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]

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]

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]

All you have to do is pay the whole amount off. Also don't buy what you can't afford.

 

[Fundz O' Plenty]

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 shit. They off the chains with that shit. I do all my shopping in VA, fuck the D.C. save a bag program! lol!

 

[blakfyahking]

t/s why not post this thread in the Strictly Business section.....some useful knowledge in here *daps*

 

[goat334]

No doubt. I'm in N.E. homie, off Minnesota Ave and Nannie Helen Burrough. lol @ that grocery bag shit. They off the chains with that shit. I do all my shopping in VA, fuck 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]

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]

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. Shit, if I don't help the youth, who will? lol!

 

[Fundz O' Plenty]

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]

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.