How to use these cards

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

What doesn't look good to lenders is someone trying to get sooo much credit.

Start small with credit you can handle.  No need to obsessed or  stupid.  No need to keep pulling your credit profile or scores. They change often, Evertime a payment is reported, a limit is increased or decreased, an application is filed, etc.  Too many cards can hurt too. If you have too much credit at your disposal (high limits on several cards) lenders see you as a credit risk because they see you have the chance for you to get in over your head should you decide to max out all the credit cards.

Start small or with what you already have, and pay on time.

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True. But that's more regarding too many cards, not "too much credit" in terms of credit limits.

Let's say that about six months from now, Bella decides to try for a house, okay? What scenario do you think will enable them to lend her the money for a mortgage more?

Bella has three cards (for the sake of the illustration), each with a CL of about $1-2K each. Obviously, that means somebody trusted her with that much money/credit, right?

Now let's say that all Bella's got is three cards with $300 limits on each. Lenders might very well decide that if the CCCs can't trust her more than a smidgen, why should they.

Do you see what I mean?

My opinion's moot. It's fairly well established that FICO scores you higher and lenders like you better if you have higher credit limits.

Personally, I think that's probably why all the Mods tend to have gardened their credit to reflect higher scores and why they're usually all for higher limits.

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And many of us still have mini-cards that we're not quite sure what to do with; but, for me personally my big 'push' was to end up getting the best mortgage rate possible.  The rest of credit stuff was just the berries on top.  I took out not one, but two ARMs, because I had such crappy credit for so many years.  I did most of the repairing before I found the fora, but the rebuilding really happened once I got here.

A big warm hug for all the people who helped along the way!

[Anonymous]

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@Anonymous wrote:

Bella,

I was kidding with the cleaner.  Try and stay away from using the Jewelry cards.  Whatever you use don't go crazy.  Stay within your means and pay on time.  You don't need alot of credit to get scores.

Just pay on time so that each month the creditor has some positive reporting to submit to the bureaus.

I'm reading all of these messages and it seems alot of people are really obsessed with scores.

Your scores change often. If you have a balance on a card at the time your credit is run, that balance will be factored into the score.  Even if you pay your credit card balances off every month, if when your credit is run and that payment you made to reflect a zero balance has not yet been reported, the balance showing at that time will be factored in. Some credit card companies don't report every month. They should but don't.  Don't get crazy with fico's.  Even the people who have no derogatory marks on their credit reports sometimes have low scores and don't know why.  Too many accounts with balances.  They say they pay off card every month, but when the credit and score are run the balances are not reporting as zeros. And the scores are low. It's a catch 22.

I hope this helps.

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Well, yeah, we do. A lot of us are in the rebuilding/repairing phase ... some might be in the market to buy a home, and some might just be out for a better APR or higher CL on their CCs.

Since FICOs do change a little bit (unless something major happens, they shouldn't fluctuate the way you seem to be implying), it pays to keep tabs on your actual score if you have any major purchase plans or credit needs in the near future.

Also, keeping tabs on your score/reports keeps you from being a victim in cases of mistaken identity (happens more than you think), ID theft, billing mistakes with lenders/creditors, etc.

Personally, I think credit's awfully durn important. And knowing what makes UP your credit file doubly so.

But that's just MO. :/

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

---

@Anonymous wrote:

What doesn't look good to lenders is someone trying to get sooo much credit.

Start small with credit you can handle.  No need to obsessed or  stupid.  No need to keep pulling your credit profile or scores. They change often, Evertime a payment is reported, a limit is increased or decreased, an application is filed, etc.  Too many cards can hurt too. If you have too much credit at your disposal (high limits on several cards) lenders see you as a credit risk because they see you have the chance for you to get in over your head should you decide to max out all the credit cards.

Start small or with what you already have, and pay on time.

---

True. But that's more regarding too many cards, not "too much credit" in terms of credit limits.

Let's say that about six months from now, Bella decides to try for a house, okay? What scenario do you think will enable them to lend her the money for a mortgage more?

Bella has three cards (for the sake of the illustration), each with a CL of about $1-2K each. Obviously, that means somebody trusted her with that much money/credit, right?

Now let's say that all Bella's got is three cards with $300 limits on each. Lenders might very well decide that if the CCCs can't trust her more than a smidgen, why should they.

Do you see what I mean?

My opinion's moot. It's fairly well established that FICO scores you higher and lenders like you better if you have higher credit limits.

Personally, I think that's probably why all the Mods tend to have gardened their credit to reflect higher scores and why they're usually all for higher limits.

---

And many of us still have mini-cards that we're not quite sure what to do with; but, for me personally my big 'push' was to end up getting the best mortgage rate possible.  The rest of credit stuff was just the berries on top.  I took out not one, but two ARMs, because I had such crappy credit for so many years.  I did most of the repairing before I found the fora, but the rebuilding really happened once I got here.

A big warm hug for all the people who helped along the way!

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Yes!! Yes!! A BIG hug for all the awesome people here!!

*Grabs Peas and gives her a HUGE hug 'round the neck!!*

I'm soooo glad you mentioned that!!

Ilecs, Fused, Cheddar, MV, Timothy, Hauling, Happy, Wahmom, UpUpUp, WhatzUrPlan ... (gee, too many to mention!!) you're NEXT!!!