Re: Success Stories and Encouragem
07-23-2007 09:07 AM
I never really bothered about my credit, I knew I was paying bills on time and had only a store card and a gas card. I refinanced my house a couple of years ago and got a very good rate (long history with the company, cut length of mortgage dramatically, got a very low rate). I was a little surprised at how low my credit score was when I did it, so I thought I should get a credit card to have a real CC on my report, and I was turned down for one. This was a little bit of a wake up call, so I went and got a CC from my local Credit Union, and kept paying bills on time. Then last December it seemed as though I might move house, talked to my mortgage company and got pre-approved for a new mortgage and was horrified to find out that after 5 years of perfect payments I still had low credit scores.
I then started doing some of the right things (more by guesswork than good judgment) and started disputing that which was incorrect. Then this board was formed, and suddenly a wealth of information became available to me. I disputed more, discovered the importance of utilization (it was clobbering me despite the fact I PIFfed all the time), discovered that I hated Cingular, found out what cards I could get because I knew what scores they required and which CRs they pulled, and straightened things out
Results – 4 years of perfect payment, EQ FICO goes up about 50 points.
This board opens, and since then – EQ FICO goes up 94 points
December 06 – TU FICO 681
July 07 – TU FICO 803
EX hates me
My version of the secrets of high scores.
1 – fiscal responsibility. If you spend more than you earn you will never get there
2 – learn the rules. They are not always obvious (e.g., high util and PIF is bad, low util and carrying a balance better). Play the game, and if you follow (1) above, it is a game.
3 – watch those inqs, and never get a new cell phone
4 – TIME is your friend
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid