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Some things I learned from stalking these forums (might help for rebuilding credit)

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Some things I learned from stalking these forums (might help for rebuilding credit)

Hey y'all. I've actually been stalking these forums on and off, but decided to start an account today. 

 

I'm building my credit right now (it's average at the moment), and the advice I've read has been invaluable. I learned a bit today by reading posts from experienced users, and thought I'd share some stuff that surprised me. 

 

  • That Credit Karma credit score simulator thing is "meh." Get your FICO score. Discover has a "Credit Scorecard" you can sign up for to check your FICO score (it's free). 
  • If your credit utilization is really high, don't bother applying for a balance transfer card. You'll probably get denied, and you'll get a hard pull on your credit report. (Personally, I was going to apply for a BT card until I started researching on myFICO.)
  • On that last note... One guy said "Focus on paying down your debt instead of shuffling it around." Sounds like good advice.
  • Navy Federal Credit Union often gives high starting credit limits for credit cards. But you need to be affiliated with the military in some way to join (there used to be roundabout way to join, but it looks like they closed that method). 
  • 90% credit utilization on a card is considered "maxed out." Some people were wondering if your credit score might jump quite a bit once you get your utilization under that level -- for example, to 89%. Would love to hear what anyone knows about this.
  • If you're worried about hard pulls on your report when opening an account, do a quick Google search. I read a post where someone complained they got a hard pull for opening a savings account with PenFed, lol. Brutal. 

Personally, I'm going to focus on getting my credit uti down. Paying off my debt pretty aggressively right now and hope to see the fruits of my labors soon.

 

Would love to hear some advice everyone else has read. And feel free to correct me if any of the info I posted is wrong. Cheers y'all, keep up the credit rebuilding!

2 REPLIES 2
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Valued Contributor

Re: Some things I learned from stalking these forums (might help for rebuilding credit)

Welcome to the myFICO forums!

















Your FICO credit scores are not just numbers, it’s a skill.

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Super Contributor

Re: Some things I learned from stalking these forums (might help for rebuilding credit)

Its great your learning by visiting the site. What you posted on your experience here we already know about. You asked for help. So list what you have. How many cards, credit vs balance. Any baddies. Loans. Then we can help you.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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