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New Member
sjrosswog327
Posts: 2
Registered: ‎03-25-2007

I just signed up recently, this being my first post, but...

[ Edited ]
I just signed up recently, this being my first post, but i wanted to say Brammys post is exactly how i feel. I was never taught the importance of paying bills on time, and how to manage money. My dad always told me "pay your bills on time" but never went into any detail as to how important it was. I'm at a point now where this score is dictating everything, from buying a home,to utilities, to anything else you can name. I think a big problem is people, especially parents, don't like to discuss financial issues with their children, or with anyone for that matter. It's always a big secret. At least thats been my experience. As for signing up for this, i'm trying to rebuild my credit, so i can buy a home for my family. I know its gonna take time, and its discouraging to see a low score and tons of debt, but i believe i can do it.

Message Edited by sjrosswog327 on 03-27-2007 08:38 PM
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

I agree. Financial education should be improved in this c...



sjrosswog327 wrote:
I just signed up recently, this being my first post, but i wanted to say Brammys post is exactly how i feel. I was never taught the importance of paying bills on time, and how to manage money. My dad always told me "pay your bills on time" but never went into any detail as to how important it was. I'm at a point now where this score is dictating everything, from buying a home,to utilities, to anything else you can name. I think a big problem is people, especially parents, don't like to discuss financial issues with their children, or with anyone for that matter. It's always a big secret. At least thats been my experience. As for signing up for this, i'm trying to rebuild my credit, so i can buy a home for my family. I know its gonna take time, and its discouraging to see a low score and tons of debt, but i believe i can do it.

Message Edited by sjrosswog327 on 03-27-2007 08:38 PM




I agree. Financial education should be improved in this country, and kids taught not to buy things on credit. The "buy now, pay later" mentality has to change.

As far as rebuilding your credit, all I can say is good luck. Hopefully you're young. Because you're going to be fighting a scoring system that is designed to magnify and make permanent any financial mis-step you have ever made, while brushing aside and ignoring any attempt you make to improve yourself. To put it plain and simple, expect credit improvement to be a thankless job.

If you really want to leave your credit problems behind and start a new life, remember there IS a rest of the planet outside the United States that isn't as obssessed (for the most part) with divvying up the human race into "haves" and "have-nots" while keeping the latter down as much as possible.
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in a credit-scoring postnuclear Stone Age...
Regular Contributor
Skiffy
Posts: 252
Registered: ‎03-16-2007

Probably the biggest FICO-killing piece of misinformation...

Probably the biggest FICO-killing piece of misinformation I was taught:

Only get the credit you'll actually use.

Don't ever want to spend more than $500/month on a credit card? Never have a limit above $500.

Man, if only I'd known that ages ago, I'd have handled things so differently.
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Actually, it does help FICO to have high credit limits. T...



Skiffy wrote:
Probably the biggest FICO-killing piece of misinformation I was taught:

Only get the credit you'll actually use.

Don't ever want to spend more than $500/month on a credit card? Never have a limit above $500.

Man, if only I'd known that ages ago, I'd have handled things so differently.




Actually, it does help FICO to have high credit limits. The key is not to actually USE these high limits. Charge just enough to get a bill. I have a CapOne card with a $300 credit limit, and my balance has never been over $54. And the only reason it went that high was the annual fee. It's down around $20, and that's where it's going to remain. Nevertheless, I will bug them this summer for an increase to $500. Not that I'll use it.

One caveat: the only reason I might max out the CapOne card is because CapitalOne doesn't report the actual limit--it uses the maximum amount charged as the credit limit. So I might have to max the card out for a month until that high balance is reported, but then I'm going to pay it right back down to the $20-30 range. Then there will be a $500 credit card with a $30 balance...that's what, about 8% utilization? Less filling, tastes great...

The problem in your case wasn't high limits. It was self-control. (Not judging...I was young and just starting out once, and I screwed up that way too. $35 here, $76 there, $33 here...didn't seem like much, but add it all up...)
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in a credit-scoring postnuclear Stone Age...
New Visitor
WildRide
Posts: 1
Registered: ‎04-17-2007

Re: Can I really go up 70 points in one month?

Yes, without question, it can.

 

Take a look at mine, these are copied, with the hyperlinks removed, directly off of the MyFico score alerts that I use. Look from the bottom up, starting 9/21/2006 to 4/2/2007. Notice the jump on 9/30/2006, it is 53 points. Then, look at 1/13/2007, my score jumped 91 points. This shows a score increase of 172 points in four months. I use the MyFico and pay by the year. I have used them for the last two years and keep a close watch on my score. I made a mistake last summer in my finances, but rebounded quickly. The derogatory remarks are still there, but the score is back. I'll clear the remarks sometime in the next year or so, or at least that is my goal. Good luck with yours!

4/2/2007                703         Score Watch™ alert: Your score has dropped.

3/30/2007              704         Score Watch™ alert: Your score is unchanged

2/4/2007                704      Score Watch™ alert: Your score is unchanged.

1/19/2007              704         Score Watch™ alert: Your score increased past your target of 702.

1/13/2007              701         Score Watch™ alert: Your score increased past your target of 620.

1/7/2007                610         Score Watch™ alert: Your score increased past your target of 600.

12/12/2006           599         Score Watch™ alert: Possible higher rate on a new mortgage.

12/8/2006              601         Score Watch™ alert: Your score increased past your target of 600.

11/6/2006              592         Score Watch™ alert: Your score has dropped.

10/28/2006           599         Score Watch™ alert: Your score is unchanged.

10/25/2006           599         Score Watch™ alert: Your score is unchanged.

10/19/2006           599         Score Watch™ alert: Your score is unchanged.

10/5/2006              599         Score Watch™ alert: Your score increased past your target of 586.

9/30/2006              585         Score Watch™ alert: Your score increased past your target of 533.

9/21/2006              532         Score Watch™ alert: Your score is unchanged.

 

 

Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007

Re: Can I really go up 70 points in one month?

[ Edited ]
My Equifax shot up 25 points since February 8, 2007.  Here are my score watch scores:
 
  Date FICO score Details Credit alert on same day?  
4/14/2007 663 Score Power report: Your score is unchanged.   More info
4/11/2007 663 Score Watch™ alert: Your score is unchanged. Yes More info
4/8/2007 663 Score Power report: Your score is unchanged.   More info
4/2/2007 663 Score Power report: Your score is unchanged.   More info
3/22/2007 663 Score Watch™ alert: Possible lower rate on a new mortgage. Yes More info 3/16/2007 656 Score Watch™ alert: Your score is unchanged. Yes More info
3/13/2007 656 Score Power report: Your score has dropped.   More info
3/8/2007 663 Score Watch™ alert: Your score is unchanged. Yes More info
3/4/2007 663 Score Power report: Your score is unchanged.   More info
2/28/2007 663 Score Watch™ alert: Possible lower rate on a new mortgage.   More info 2/14/2007 638 Score Watch™ alert: Your score is unchanged. Yes More info
 2/8/2007 638 Score Watch™ alert: Possible higher rate on a new mortgage.


Message Edited by antredd67 on 04-18-2007 05:39 PM
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: Can I really go up 70 points in one month?

Mine would probably go up if not for old creditors (2 to 5 years old) endlessly re-re-RE-reporting old charge-offs and collections.

The Feds should really step in and put an end to that. An item should only be reportable once, period.
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007

Re: I think...

The SOL doesn't have anything to do with how long accounts stay on your credit report and so it doesn't affect your score.  It's a defense you can use in court if a creditor sues you on an old debt.
 
Some tax liens (federal; I don't know about NY) stay on your report forever if they are unpaid.  Paid tax liens drop off credit reports 7 years from date of payment.
 
Hope your score goes up for whatever reason!
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Established Member
BBOP
Posts: 13
Registered: ‎04-19-2007

Re: Can I really go up 70 points in one month?

WildRide-
This is an impressive jump in your score. What actions did you take to get it there?
 
I was using this company that pushed my score up 80 points in 2 months but the charged me $1,000 to do it.. Please share...:smileywink:
 
BBOP
Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007

Re: Can I really go up 70 points in one month?Mine shot up 36 points since Feb

[ Edited ]
My Transunion shot up 36 points since February. 
FICO Score Report Date View Until TransUnion
672 4/19/2007 2/4/2008 View
662 4/14/2007 2/4/2008 View
 662 4/8/2007 2/4/2008 View
666 4/2/2007 2/4/2008 View
666 3/4/2007 2/4/2008 View
636 2/4/2007 2/4/2008 View


Message Edited by antredd67 on 04-21-2007 10:07 PM

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