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Valued Contributor
Posts: 1,998
Registered: ‎03-31-2008
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I'm In To Deep!

NO JUST KIDDING! lol

 

I remember there was a time i would apply for credit like crazy i can say I'm honestly happy with the 10 credit cards that i was approved for this past year an i can go the next 3 years without applying for anymore cards.. I think the only hard thing to do is to keep up with the due dates which i don't have a big issue with. I be so paranoid about missing a payment i check all my online accounts like 3 times a week.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
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Re: I'm In To Deep!

Congrats on the cards!

 

As far as keeping track of 'em all, here's what I do. (I posted this in another thread a while back).

 

I made up a chart on one sheet of paper several years ago.  On one side of the sheet, I have all of my credit obligations listed, with each account's statement ending date and payment due date.  I  have the current outstanding balance listed under the account's name, and add any purchases to that total when I clean the receipts out of my wallet each night.

 

On the other side of the paper I have my bank accounts listed, along with their available balances.  I add or subtract from these balances as deposits or debits are made.

 

When the statement date comes around for each account, I make the payment and check it off on the chart as paid for that month.  I work my way down the list, and start all over again the next month.  

 

How has this helped me to manage my credit, my time and my money?  I've got a snapshot of my finances readily available to me any time I like, and it's up-to-date and easy to manage.  When a credit card bill or other statement comes in the mail, I open it, check it for errors and then file it away...because it has already been paid, usually online, the day after the statement date (sometimes the day before).  I know what I owe and what I've got for cash and when each payment is due, all in one place.

 

I avoid any technical glitches in getting the payments in on time by focusing on the statement date, rather than the due date.  That way, if something screws up, I've got plenty of time to correct it.    

 

I don't know if this would work for you or anyone else, but it works well for me and gives me piece-of-mind on a daily basis.  And, I only check the accounts online when it's payment time (statement date).  Saves me a lot of time and worry.

 

 

 

Contributor
Posts: 102
Registered: ‎05-10-2009
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Re: I'm In To Deep!

[ Edited ]
 
Valued Contributor
Posts: 1,998
Registered: ‎03-31-2008
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Re: I'm In To Deep!


jhtrico1850 wrote:
I was once like you, being a new college student and wanting to grow up, I applied for AMEX very month and kept getting denied. After 7+ denials??? in my first attempt of credit, about a year later, and a monster $5000 Citi Forward and a cool Discover $1500 card (on top of my year old BoA $1500 and C1 $1250), I became satisfied with my credit Smiley Happy

 

I still don't have any major cards by Citi Chase Or Discover but 3 years from i should have maybe 2 out of the 3 i just named i'm in no rush anymore.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Valued Contributor
Posts: 1,998
Registered: ‎03-31-2008
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Re: I'm In To Deep!


Uborrow-Upay wrote:

Congrats on the cards!

 

As far as keeping track of 'em all, here's what I do. (I posted this in another thread a while back).

 

I made up a chart on one sheet of paper several years ago.  On one side of the sheet, I have all of my credit obligations listed, with each account's statement ending date and payment due date.  I  have the current outstanding balance listed under the account's name, and add any purchases to that total when I clean the receipts out of my wallet each night.

 

On the other side of the paper I have my bank accounts listed, along with their available balances.  I add or subtract from these balances as deposits or debits are made.

 

When the statement date comes around for each account, I make the payment and check it off on the chart as paid for that month.  I work my way down the list, and start all over again the next month.  

 

How has this helped me to manage my credit, my time and my money?  I've got a snapshot of my finances readily available to me any time I like, and it's up-to-date and easy to manage.  When a credit card bill or other statement comes in the mail, I open it, check it for errors and then file it away...because it has already been paid, usually online, the day after the statement date (sometimes the day before).  I know what I owe and what I've got for cash and when each payment is due, all in one place.

 

I avoid any technical glitches in getting the payments in on time by focusing on the statement date, rather than the due date.  That way, if something screws up, I've got plenty of time to correct it.    

 

I don't know if this would work for you or anyone else, but it works well for me and gives me piece-of-mind on a daily basis.  And, I only check the accounts online when it's payment time (statement date).  Saves me a lot of time and worry.

 

 


I might try this out thx so much.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Regular Contributor
Posts: 165
Registered: ‎04-21-2009
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Re: I'm In To Deep!

Uborrow-Upay:

 

If you truely want the BEST FICO scores you can get, you'd pay those credit cards BEFORE the statement date.  Part of your FICO score is based on your utilization (amount of credit available vs amount of credit used) - if you charge your cards up each month, then PIF when the statement cuts, unfortunately, your bureau reports are being updated on or after the statement date, using the balance AS OF your statement date, therefore, you may always appear to be max out on your utilization.

 

Paying them one or two days before the statement date each month could probably boost your FICO considerably! 

 

Just food for thought for a Friday afternoon!

***********************************************************************
800FICOwannabe


10/01/09 - FICO scores: 11/05/09: EQ - 722, TU 637 EQ - 713, TU - 622
07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection)
06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534
New Member
Posts: 3
Registered: ‎07-16-2009
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Re: I'm In To Deep!

I'm new to this forum and find the advice helpful. I have a stupid question since I am learning the lingual here but what does PIF stand for?
Regular Contributor
Posts: 165
Registered: ‎04-21-2009
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Re: I'm In To Deep!

PIF = pay/paid in full Believe me when I say that these are words to live by! I think that like 15% of your overall FICO score somes from your overall utilization. The BEST utilization is below 10% (9$ is the target) - so, if your total available credit (across ALL open accounts) is $10,000, then you should have less than $900 showing at any given time. With your specatular spreadsheet, this should be an easy accomplishment for you - simply find the statement date, and make sure that you PIF (or at least pay as much as possible) BEFORE the statement date. Then, when the statement cuts, and your account info is updated w/the credit bureaus, your balances are next to nothing! Going from 50%-10% util could easy net you 40-50 points in your overall score! *********************************************************************** 800FICOwannabe 07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection) 06/01/09 - FICO scores: EQ - 637, TU - 641 05/04/09 - FICO scores: EQ - 660, TU - 647 04/21/09 - FICO scores: EQ - 711, TU - 642 09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534
***********************************************************************
800FICOwannabe


10/01/09 - FICO scores: 11/05/09: EQ - 722, TU 637 EQ - 713, TU - 622
07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection)
06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: I'm In To Deep!


800FICOwannabe wrote:
PIF = pay/paid in full Believe me when I say that these are words to live by! I think that like 15% of your overall FICO score somes from your overall utilization.

It is actually 30%:

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: I'm In To Deep!


mjbfan79 wrote:

NO JUST KIDDING! lol


Yeah, nice subject line. [NOT!] I would have looked at this thread sooner but I didn't want to be depressed.

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