10-15-2012 01:38 PM - edited 10-15-2012 02:21 PM
Very Best Management Tip, one that I got when I first came here....
READ READ READ ! ! ! ! Read this board, up one side and down the other. Read the pinned/sticky messages. Do searches for topics that are of interest. Once you've read to your heart's content, take that which is important to you and apply it to your financial situation. Others here have given great advice.
KNOWLEDGE IS POWER!
And trust me...it DOES GET BETTER!
10-15-2012 03:41 PM
I agree wholeheartedly. I will even add to number one about overspending. Although circumstances can happen, try to never charge more than your available cash that you have to spend at any given time. Like if you have $5000 savings, then never charge over that amount. That way there is really nothing that the credit card company can do to you. If they try balance chasing you, CLDing or any of the like, you have the ability to pay them off and move on with minimal damage. That doesn't mean you can never carry a balance if you like. It just means that you always have the ability not to carry it at any given time. Paying in full each month also solves that problem.
1. Don't overspend
2. Pay on time
3. Never, ever be late
10-15-2012 03:59 PM
Think of everything as your debit card. you don't want an od fee if you dont have the money right? thats how i see my cc.
i was always against credit but came to fact without it i would never be able to buy a house/condo/ car unless i paid cash upfront.
how many people have 600k lying around?
So charge what you can pay.
pay in full.
check your accounts!
since i was 19 i managed 3 cards and never once missed a payment.
now 21 with 10 accounts still low util and no missed payments.
the only thing hurting me is aaoa obviously.
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000
10-15-2012 05:15 PM
Currently I dont buy anything with my card that i dont have the cash for. Unless its a major emergency I put the cash in the bank and send it in with my next payment. I might carry a small balance over, but never more than $100.
Planned larger expenses will go on the card but i've usually figured out a budget to pay it off if I cant pay it all off in one shot, but again, i try to refrain from that until i absolutely need to.
10-16-2012 06:02 AM
Another big one:
Always communicate with your creditors when tough situations happen.
It happens to all of us at some point in life - unexpected layoff, huge medical bill, etc. - some unforeseen event that suddenly makes paying the month's credit bills tough.
There is a natural human tendency to sort of "go turtle" when this happens. You just want to hide and hope the threat will go away. Or maybe you feel ashamed of being laid off, or maybe talking to someone about being unable to meet your obligations makes you uncomfortable.
However, the truth is that the vast majority of creditors are not going to shame you or guilt-trip you when you call in with a situation like this. Most will be happy to work with you to establish a payment plan, give you a temporary emergency grace period, or in some other way help you get over that obstacle and back in the black.
It's win-win for everyone involved, because an extended late period, chargeoff, or bankruptcy is just going to cost you and them a significant amount of money. They don't want that any more than you do.
So please, even though it goes against your every natural instinct, talk to your creditors in tough situations. Cooperate with them to make sure things don't get any worse than they have to.
As someone who once did the exact opposite of this advice when he got laid off, I have the scars to prove that this is the better path. Don't do what TheConductor did!
10-16-2012 08:06 AM
Great thread! anyone else...anything else...now that I've boosted my score i want to continue to protect all that hard work.
10-16-2012 02:45 PM - edited 10-16-2012 02:46 PM
Max out my Cards.
Take all cash advance and spend them all in strip club.
Dont paid bills for three months.
Ask for credit limit increase.
Thread to closed my account if they don't give it to me. Lmao...jk....
06-24-2013 07:32 PM
06-24-2013 09:01 PM
The best thing that I can recommend is having a plan. Especially if you are making a larger purchase, like a computer, tv, or something. As you're browsing the web for the best item you want, also come up with a plan to pay it off. How many payments will it take for you to pay that item off in 3, 6, or 12 months (especially, if you have 0% interest for a certain time). I treat every 0% interest card like I'll be charged interest retroactively. It lights a fire under me to make sure it gets paid off before the deadline set by the CC company.
If you can make a CC payment every paycheck. This will help you get it paid off faster. Set up reminders for due dates in your online banking or on the calendar of your phone.
And of course paying more than the min. amount due.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.