Credit scores

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TwoShoots

Sharpshooter
Special Hen
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It's a cheat. They basically go in there and "dispute" all the negative items so temporarily they'll increase your score - until the creditors supply proof of debt then you're back to where you started. It doesn't pass a mortgage or car loan, but it can make it easier to get credit cards that depend on score only instead of a manual review.
Which is what you don't want if you have bad credit - more debt.
 
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850 score here but I do not use credit much.
I buy groceries and gas on the single card I have.
Pay it off at the end of the month never pay interest.

I have had 2 house loans first one was 25 months.
second was 5 years.
Paid off.
No car on credit ever. I drive cheap junk.

I did have a secured $500 limit credit card as a first card.
Had.
I had a home depot credit card to save a bunch of money on the first purchase with it.
I bought all new windows for my house and this was in 1998 or 1999.

I paid it off after 2 weeks and cut the card up and canceled the account.

OH I recently got an Academy card but I pay it off on the spot at the register with cash.

So why is my credit score 850?
Did not seem like I tried too hard.
 
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Credit scores are based on how you pay what you owe- IE- if you are late a lot- lower score- don't pay- really low score. If you pay on time every time your good. I have a house note at 2.75 interest rate and 2 car payments at 2.9. I could have paid cash for all of it, but my investments average way more than 3% interest - this last year investments close to a 19% return, but there have been some flat years also. All in all it averages about 10% returns. It pays to have a good investment company, and not Edward Jones or one of the jack in the box people. Credit is great if you manage it well. Heck even when home interest rates were 18-20% in the 80's, CD's were paying 10-11-12%. It's a matter of balance and fortunately I have put my money to work and used their money to have a house, car and whatever else made sense. You can improve your score by simply getting a gas card - buy a couple tanks a gas every month and pay the bill early every time. About 6 months of that and your score will go up as long as you keep all other bills in check and on time. Never use one of those credit fixers- if you make up your mind to walk the line and get yourself a good score- just pay everything early every time for a while and it will get there. In contrast to that - FHA will not approve you if you have one late payment in the last 12 months. Paying cash seems to be what a lot of folks like to do, but for me, I use their money and save mine but pay it back on time- every time.
 
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Credit scores are based on how you pay what you owe- IE- if you are late a lot- lower score- don't pay- really low score. If you pay on time every time your good. I have a house note at 2.75 interest rate and 2 car payments at 2.9. I could have paid cash for all of it, but my investments average way more than 3% interest - this last year investments close to a 19% return, but there have been some flat years also. All in all it averages about 10% returns. It pays to have a good investment company, and not Edward Jones or one of the jack in the box people. Credit is great if you manage it well. Heck even when home interest rates were 18-20% in the 80's, CD's were paying 10-11-12%. It's a matter of balance and fortunately I have put my money to work and used their money to have a house, car and whatever else made sense. You can improve your score by simply getting a gas card - buy a couple tanks a gas every month and pay the bill early every time. About 6 months of that and your score will go up as long as you keep all other bills in check and on time. Never use one of those credit fixers- if you make up your mind to walk the line and get yourself a good score- just pay everything early every time for a while and it will get there. In contrast to that - FHA will not approve you if you have one late payment in the last 12 months. Paying cash seems to be what a lot of folks like to do, but for me, I use their money and save mine but pay it back on time.
Thats the key, pay it off every month.

Back pre 2008 I had tons of credit.

BOA - 80K 0% sig loan
Chase -70K 0% sig loan
Citi -60K 0% sig loan

I maxed them out and bought CD's at 5-6%. Made a killing until 2008 when it all fell apart.

Now I jsut use the AMEX card, pile up points, and PAY IT OFF EVERY MONTH. Points are great. When UVA played USC in the LA Coliseum I stayed at the Beverly Hilton's Pool Deck Suite for 4 nights on points.
 
Joined
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Thats the key, pay it off every month.

Back pre 2008 I had tons of credit.

BOA - 80K 0% sig loan
Chase -70K 0% sig loan
Citi -60K 0% sig loan

I maxed them out and bought CD's at 5-6%. Made a killing until 2008 when it all fell apart.

Now I jsut use the AMEX card, pile up points, and PAY IT OFF EVERY MONTH. Points are great. When UVA played USC in the LA Coliseum I stayed at the Beverly Hilton's Pool Deck Suite for 4 nights on points.
I thought I was going a little long there and didn't get to that- I use my credit cards for everything I can, even my church donations go on a credit card- we have a program set up where you can go in and set amounts for the church and other things, like a food bank that I give to - you get points and you can pay for trips and eating out a lot. I only recommend it to those with high discipline though. When I worked for a drug company, my expenses ran 3-4k a month- you got to keep your crap together to manage that. I had enough free flight tickets on Southwest which I used for short trips around Texas, I started donating them to veteran's groups for use on service people who needed help with family death or emergency.
 
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