Hello - help please?

[Anonymous]

Hi everyone,

I'm so glad I found this board. From what I've been reading here so far, I see I'm entitled to one free credit report every 12 months. My question is, can I get one now, see what I still need to fix, etc, (since last year) then get another one to make sure it's better, even if I have to pay for the second one? Also - very important - does it take points off every time I get my credit report? (So in that case I should not get two?) I'm trying so hard to fix this. I had a score of 522 last year which is terrible but I think it must be better by now, I have paid my credit cards and school loan on time.

Thank you very much for your help.

Rocker

[Anonymous]

The free credit reports are nice. But to really track the situation and get a path to improvement, you really need one of the credit bureau's scoring services, like this one.

Sometimes your credit score is truly so cratered that only time will heal it. But once you hit the mid-500s or so, you want to take action to improve it. See about getting a secured credit card so you begin to build positive credit history. Make sure you pay bills on time so you don't get any other baddies on your credit report.

[Anonymous]

Thanks so much, NewWorldMan. You are right on, that's exactly what I'm doing. I just got my Equifax score and it's 589 (46 points higher than last year - probably because I have been super careful and responsible about paying my school loan and credit cards on time). There are a couple baddies on there I think I can take care of. I made some calls, paid one old bill off in full, waiting for some return calls, prepared to beg, etc.

So now I have 3 questions:

1. Once I fix a couple things, should I buy another report - I guess in about 90 days - and see how much it's changed?

2. And what is an "acceptable score", isn't it around 620? (I am at 589 now). 

3. And most IMPORTANT: Will it take points off my score if I get another report?

Thank you again for your help. This site is great, BTW.

[Anonymous]

PS: What is a secured card? I do have 3 credit cards with very small limits, I got them in the past couple of years so I could use them just to pay them off to build my credit. Is that what you mean?

One has a $500 limit, one has $300, and one has $200. And I know it's best to not max them, to keep them at about 35% of the limit. Plus I pay way more than the minimum due, and pay off the balances quickly. Is that what you meant?

[Anonymous]

Hey there:

Your score isn't affected when you pull it nor when you ok a monitoring service to pull on your behalf. It is usually only when it is being pulled to extend you some sort of credit. If you had a monitoring product like  scorewatch at myfico it could alert you of changes to your scores, increases in your balance, etc. You can control the settings. Also, a secured card is one that you may have a savings account as collateral in case you don't pay.  Your credit limit would equal your savings account balance that of course you don't have access to. Definetly don't max your cards FICO doesn't like! Try to keep the cards if you can to under 10% under 30% is good but 10% even better. Use them regularly to keep them active but ensure that you pay it off before the statement cuts so that it is reported at under the 10% util.

Hope this answers most of your questions.

[Tuscani]

BofA has a 99/500 secured card. You deposit $99 and they give you a $500 CL. You have to apply for a normal card and be declined though. When you are declined, they may offer the 99/500. There is no way to directly apply for it.  

[Anonymous]

I applied for a BOA card and got instant approval. A week or so after getting the card, I get this secured card application that says, we're sorry we couldn't approve you for the card you applied for. . .And I'm going, what is the MATTER with you guys, yes you did!

[Tuscani]

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MikeToreno wrote:
I applied for a BOA card and got instant approval. A week or so after getting the card, I get this secured card application that says, we're sorry we couldn't approve you for the card you applied for. . .And I'm going, what is the MATTER with you guys, yes you did!

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It happens. Your score quailfed (hence the auto approval), but something must have been found by an underwriter via a manual review. Did they give specific reasons why you were declined?

[Anonymous]

No, they didn't give specific reasons why I was declined, how could they? I wasn't declined! Not only did I get instant approval, I got the card, and I had the card for a week or two before they sent me that stupid secured card app! A month after getting the card, I asked for a CL increase and got it without them pulling a report! Not as much as I wanted, but no CL increase is ever as much as I want. They just have something wrong in the software that markets that stupid secured card of their. But I consider it an insult to be offered a secured card, and I'm going to get even with them by writing out one of the 0% no fee BT checks they gave me to myself and putting the money in the bank, earning interest on their money. Oh, on an unrelated note, do you know if anyone has ever tried just calling up and asking for another year at 0% when the first year is about up? My wife has a 0% on purchases about to expire, and I feel like having her call them up and telling them, hey, guys, you can either give me another free year, or I pay the balance, your choice.

[Anonymous]

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@Anonymous wrote:

PS: What is a secured card? I do have 3 credit cards with very small limits, I got them in the past couple of years so I could use them just to pay them off to build my credit. Is that what you mean?

One has a $500 limit, one has $300, and one has $200. And I know it's best to not max them, to keep them at about 35% of the limit. Plus I pay way more than the minimum due, and pay off the balances quickly. Is that what you meant?

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Don't even do 35%. 10% is more than enough. Just enough of a balance to get a bill each month. $15 to $20 per card is quite enough.

But those three cards are a breach in the "enemy walls" of bad credit. They alone can help rebuild your credit. It will take time and effort on your part, but you can do it. Those low credit limits will grow with time. Keep your payments on time, and your utilization low (but above zero).

Message Edited by TheNewWorldMan on 05-02-2007 12:00 AM