Veni, Vidi, Vinci, Visa or How to Master Your MasterCard

[Anonymous]

We'll have a party for you 700's in September!!

[Anonymous]

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@Anonymous wrote:

It works, folks...you can get back in the saddle again. Just treat your credit cards like the slaves they are, and NEVER use them to revolve a balance for credit to spend money you don't have.

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That quote is just too much! Pure genius!

You hear of so many people being "Slaves" to credit cards, you hit this right on the head TNWM! Your cards are your slaves, and NOT the other way around!!

A very inspiring quote indeed! Thanks!

[Anonymous]

Thanks for the write up and the inspiration.  I'm hoping to have a very nice success story to post here in a few months based off of this info.  I'm passing this down to my soldiers also, helping them to stay ahead of the game before they fall behind.

SGT Stu

[MidnightVoice]

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SGT_Stu wrote:

 I'm passing this down to my soldiers also, helping them to stay ahead of the game before they fall behind.

SGT Stu

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That is the real answer.  Learn the game BEFORE you need to!!

And learn what credit mistakes can do to you later

[MidnightVoice]

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SGT_Stu wrote:

 I'm passing this down to my soldiers also, helping them to stay ahead of the game before they fall behind.

SGT Stu

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That is the real answer.  Learn the game BEFORE you need to!!

And learn what credit mistakes can do to you later in life - and for many years

Message Edited by MidnightVoice on 06-15-2007 07:36 AM

[Anonymous]

Message Edited by SGT_F on 06-17-2007 11:40 AM

[Anonymous]

Hmm I'm new to all this and thanks for the words.

I have been reading about all of this after the fact for me. I recently purchased a home a couple years ago and was thinking of purchasing another one since times are good for me. At the time my bank reported my credit score to me and I was in shock because I was teetering 700 and was in the 720 or so range. But then they reported back to me it dropped to 620 or so. I was like what?!?!!

I immediately signed up for FICO - noticed that there was a CC reporting a negative which was entirely incorrect. They also dinged my report without any advanced notice - it was a brandsmart microwave i payed off in equal payments to avoid any interest - a gimic that most retailers do to hit on the people that never pay off their full amount before the interest hits. I never let that happen but this one I didn't get a bill on the last payment of 45 dollars. I complained and they removed it.

Since then I just payed off my debt. I am in a better position now since I recently got married and have more funds to play with on both of our debts.

My score has reached 800 now with Equifax. However, I just ran a credit report using Experian and TransUnion. Equifax gives me score a 798, TransUnion 731, and Experian 710. What gives? It looks like what's hurting me the most is having a full balance on my line of credit with the 80/20 loan I purchases from my bank. That is considered a revolving account with a high balance (unlike my 80% mortgage loan). Should I work on lowering that balance? I am still unclear as to who Equifax reports so high and Experian so low.

I have read that I should try and keep a minimal balance on each but I haven't been doing that and it's been rising - it tailored up to 810 and then dropped to 798 now. Should I consider that?

I have a car loan thats perfect, and a mortgage as well thats perfect. I have some student loans that are being payed off slowly since well they are the least of my worries with the interest rates on them. The credit cards I have all have 0 balances now. Should I use them or the car loan and mortgage payments enough to keep my score up?

It's interesting - I always took the attitude in the past to just not care since I could never 'figure' it out. I just started paying everything completely off and that's how it went up significantly. Now that I am healthy I don't want it to drop at all - I think I have enough debt still that I don't have to necessarily use my 0 balance cards but let me know otherwise?

Thanks

Message Edited by DC7 on 06-26-2007 09:43 AM

[Anonymous]

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@Anonymous wrote:

However, I just ran a credit report using Experian and TransUnion. Equifax gives me score a 798, TransUnion 731, and Experian 710. What gives? It looks like what's hurting me the most is having a full balance on my line of credit with the 80/20 loan I purchases from my bank. That is considered a revolving account with a high balance (unlike my 80% mortgage loan). Should I work on lowering that balance?

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That high balance is almost certainly what lowered your score.

The good news is that your score is still high...those scores should get you near-prime rates on anything out there that factors in credit scores.

Work on paying the loan balance down, and as that balance drops, your scores will rise.

[bl00dymary]

I just want you to know that this post has been my Fico Bible.  I only started paying attention to my credit last month but I have raised my scores into the mid 600s from the 500s in that time.  Now instead of fearing the responsibility of juggling credit card debt and being afraid to even own them they have become tools that work for me.  

[Anonymous]

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@bl00dymary wrote:

I just want you to know that this post has been my Fico Bible. I only started paying attention to my credit last month but I have raised my scores into the mid 600s from the 500s in that time. Now instead of fearing the responsibility of juggling credit card debt and being afraid to even own them they have become tools that work for me.

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Thanks for the compliment, and kudos to you for taking the credit card "bull" by the horns and making it work for you! Entirely too many people stay away from credit cards completely. What these people fail to realize is the credit cards didn't create their problem, but rather financial indiscipline and lack of money management did. Using credit cards in the manner which I outlines in the OP builds discipline and management skills, rather than avoiding the entire problem and running away from it.