Any tips on cleaning up credit?
- Thread starter humble Hermit
- Start date
pay off all your old debt
have about 15%-25% revolving debt and ALWAYS pay on time. Pay a bit more than your minimum so your line of credit continues to go up. Apply for credit increases every 6-8 months and it will likely increase. Don't like spending much? Charge your utility bills and other garbage with the card and pay most of it off within your grace period to minimize interest. The credit card companies don't care what you spend your credit on.
Will only take about 18 months to see a big improvement. In fact one of my cards just lowered their interest rate for me...got $150 back and did nothing. I logged in the other day and was like...
Then I was like
when I saw all the adjustments made. I got an iPad 2 a couple of years ago for free with all the "points" I earned just paying my bills and spending almost every dollar I wanted to spend on the card...then massive payments on the due date to keep that about 80% clear.
have about 15%-25% revolving debt and ALWAYS pay on time. Pay a bit more than your minimum so your line of credit continues to go up. Apply for credit increases every 6-8 months and it will likely increase. Don't like spending much? Charge your utility bills and other garbage with the card and pay most of it off within your grace period to minimize interest. The credit card companies don't care what you spend your credit on.
Will only take about 18 months to see a big improvement. In fact one of my cards just lowered their interest rate for me...got $150 back and did nothing. I logged in the other day and was like...
Then I was like
when I saw all the adjustments made. I got an iPad 2 a couple of years ago for free with all the "points" I earned just paying my bills and spending almost every dollar I wanted to spend on the card...then massive payments on the due date to keep that about 80% clear.
Brown_Pride
All Star
120k in medical bills?
Yeah it sucks. For a while when creditors would call me and be like, "it'll effect your credit score" i used to say, "what you gonna take me from 550 to 540? gtfoh"
Yeah it sucks. For a while when creditors would call me and be like, "it'll effect your credit score" i used to say, "what you gonna take me from 550 to 540? gtfoh"
Damn breh should move to canada
Sent from royalty using Tapatalk breh
Brown_Pride
All Star
you know what's sad, is that because of this i've had to learn to work on a "cash" basis and to be honest I love it.
Field Marshall Bradley
Veteran
This what I've been doing all this time, thinking it would help me.
Don't get it twisted, you have the right idea and you should pay your balance in full to avoid interest fees. Its good business sense...
However, if you're trying to boost your score, I think creditors like to see 5-30% of your available credit being utilized monthly. I think the actual term is called utilization rate...
If your credit is solid then by all means pay them sharks off in full monthly and treat it like a 30 day interest free loan.....
NZA
LOL
brehs, my parents got underwater on the house. they are short selling it for $455k bank approved and they owed $580k
what will happen to the difference? will it be forgiven? i heard about that being taxable income
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
if it's a primary residence or the debt was done away with during a bankruptcy, they dont have to report the difference as income, breh
Alex Standt
Rookie
The thing that worked for me was disputing all of my negative items. I straight up challenged the 3 major credit bureaus. I was able to get better than half of these items removed. Very helpful!
NormanConnors
Detroit/MSU Spartan Life
what are the best banks in your opinion, as far as securing loans and whatnot, i deal wih Chase on the day to day, and have another savings account with HSBC, no problems to note, but what about BOA makes them bad compared to others? drop the knowledge breh
I don't think you should ever pay shyt off. maybe pay student loans. figure out other ways and wait the time. Do not speak to collection agencies. I used to answer then put the phone on mute and go about my day.
my score improved... but now I don't really own credit cards or get shyt on credit.. loans and things like that are demonic and basically against my religion - so I just pay for everything in cash. Buying things is easier, gets you better deals, and allows you to not be a slave.
my score improved... but now I don't really own credit cards or get shyt on credit.. loans and things like that are demonic and basically against my religion - so I just pay for everything in cash. Buying things is easier, gets you better deals, and allows you to not be a slave.
it depends on what you are trying to achieve, wanna get credit cards, business loans, auto loans, or a simple mortage
the only way to have good credit is to add positive things to your credit
you can pay off all your old debt, its not going to post your score, even though it show as paid it will also show
all the delinquents you use to have
I foreclosed on 500,000k mortage when I was 22
filed bankruptcy and started over
only way to repair your credit is to ADD positive tradelines to your credit
no matter how fukk up your shyt is, if you continue to add positive tradelines eventually the good will out weight the bad and people lend to you
in order to accomplish this, it TAKES PATIENCE, there's no quick fix people will just try to scam you
Only way you can get a shortcut is by adding AU's to your credit which stand for Authorize User
If u know somebody who has Open Credit Card accounts that are good standing, you can have them add you to an account as an authorize user
just tell them you don't need the card, they can throw it away, you just want to be on the account
You do a rapid rescore this will show up on your credit in two days
they key is too get at least 5 of these and the bigger the available balance is the higher your score will be
Fico Score i driving off of debt to income ratio just like anything else in the financial world
If I have 80,000 in debt and don't want to wait for it come off
you need to add at least 80,000 in positive credit for to offset it
Put to be a real its a waste of time
Start a Corporation you get a TAX ID number and use that has your social
Business Credit operates on a entirely different system called D&B Duns and Brad Street
You need to get an 80 paydex score than you can flex
I use to get three range rovers no money down in the business name only a few years ago
credit markets done change, but there's always people willing to lend
Start a business, go to office max, and staples, and get a card, use it to buy supplies
by the card down make sure it stays open but under 50%
Any credit card business or personal who effect you score negatively if the balance is 50% or Over
so make you keep it under 50%
Add cards like this to your business name, at least 5, keep paying for 6 months, go get a small auto loan in your business name
in a year you will be cooking
the only way to have good credit is to add positive things to your credit
you can pay off all your old debt, its not going to post your score, even though it show as paid it will also show
all the delinquents you use to have
I foreclosed on 500,000k mortage when I was 22
filed bankruptcy and started over
only way to repair your credit is to ADD positive tradelines to your credit
no matter how fukk up your shyt is, if you continue to add positive tradelines eventually the good will out weight the bad and people lend to you
in order to accomplish this, it TAKES PATIENCE, there's no quick fix people will just try to scam you
Only way you can get a shortcut is by adding AU's to your credit which stand for Authorize User
If u know somebody who has Open Credit Card accounts that are good standing, you can have them add you to an account as an authorize user
just tell them you don't need the card, they can throw it away, you just want to be on the account
You do a rapid rescore this will show up on your credit in two days
they key is too get at least 5 of these and the bigger the available balance is the higher your score will be
Fico Score i driving off of debt to income ratio just like anything else in the financial world
If I have 80,000 in debt and don't want to wait for it come off
you need to add at least 80,000 in positive credit for to offset it
Put to be a real its a waste of time
Start a Corporation you get a TAX ID number and use that has your social
Business Credit operates on a entirely different system called D&B Duns and Brad Street
You need to get an 80 paydex score than you can flex
I use to get three range rovers no money down in the business name only a few years ago
credit markets done change, but there's always people willing to lend
Start a business, go to office max, and staples, and get a card, use it to buy supplies
by the card down make sure it stays open but under 50%
Any credit card business or personal who effect you score negatively if the balance is 50% or Over
so make you keep it under 50%
Add cards like this to your business name, at least 5, keep paying for 6 months, go get a small auto loan in your business name
in a year you will be cooking
beenz
Rap Guerilla
this is the correct answer. the threadstarter could file bankruptcy for like 2 stacks, and that would discharge all his debts other than the student loans. cuz you CANNOT shake those at all. after you do a chapter 7, you just gotta wait like 2 years while having good credit and you can qualify for a mortgage. it will take even less time to qualify for a car loan. if you did it today, you would easily be good by the time u are 30, given you don't fukk up again with your finances.
beenz
Rap Guerilla
brehs, my parents got underwater on the house. they are short selling it for $455k bank approved and they owed $580k
what will happen to the difference? will it be forgiven? i heard about that being taxable income
that short sale is gonna effect their credit. if they don't need any credit for other stuff, then I believe they will be OK. but when you shortsale a crib for less than the amount owed, they can tax you on the difference as the IRS will see that difference as income.
beenz
Rap Guerilla
btw, if you are planning on filing a chapter 7, there is no point in paying any debts you have other than student loans or a car if you plan to keep it. everything else, toss it in the bushes as it will get discharged in the bankruptcy. If you have property that you're upside down on, you are best off going into bankruptcy so the IRS can't get you after the foreclosure difference and what you owe on the mortgage.