*****Official Building Credit Thread*****
02-07-2009, 04:22 PM
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Originally Posted by Francesco,Feb 7 2009, 05:29 PM
Excellent information.
I'm in the hole, I have balances on 2 credit cards. I was in a bad work situation last year, and recently the last 6 months I have a new job where I am making steady money. In 6 months I have been able to pay off other cards, I had balances on 4 other cards and now they are finished. The cards are still open, but they are paid off and I am focusing on the 2 current ones I have. I may have balances on the credit cards, but I always make my monthly payments and on time, usually for double the min payment. How would you think I stand for a credit score?
I try to keep some balances, usually just on one card and for under 3 grand, but the last year killed me with just surviving. I figure in 6 months - 1 year I should be back to my normal debt level.
I'm in the hole, I have balances on 2 credit cards. I was in a bad work situation last year, and recently the last 6 months I have a new job where I am making steady money. In 6 months I have been able to pay off other cards, I had balances on 4 other cards and now they are finished. The cards are still open, but they are paid off and I am focusing on the 2 current ones I have. I may have balances on the credit cards, but I always make my monthly payments and on time, usually for double the min payment. How would you think I stand for a credit score?
I try to keep some balances, usually just on one card and for under 3 grand, but the last year killed me with just surviving. I figure in 6 months - 1 year I should be back to my normal debt level.
When she checked her credit about a month ago.. it was like 69x because she ALWAYS pays MORE than the minimum. Even though the balances are higher than normal.. she still has a really good score.
Me? I have about $1800 in debt, and my business just took off rapidly. My score for the last quarter of '08 was 705 across the board, with $1800 in debt. Once everything is paid off by April, I'll hopefully have a 730+ and keep it there, so when I'm ready to buy a house, it'll make my life easier. (I also only have 1.25 years of credit history too.. The car payment is making my credit sky rocket)
Hope this helped a little in gauging where you think you'd stand.
02-08-2009, 12:01 AM
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Originally Posted by Francesco,Feb 7 2009, 04:29 PM
Excellent information.
I'm in the hole, I have balances on 2 credit cards. I was in a bad work situation last year, and recently the last 6 months I have a new job where I am making steady money. In 6 months I have been able to pay off other cards, I had balances on 4 other cards and now they are finished. The cards are still open, but they are paid off and I am focusing on the 2 current ones I have. I may have balances on the credit cards, but I always make my monthly payments and on time, usually for double the min payment. How would you think I stand for a credit score?
I try to keep some balances, usually just on one card and for under 3 grand, but the last year killed me with just surviving. I figure in 6 months - 1 year I should be back to my normal debt level.
I'm in the hole, I have balances on 2 credit cards. I was in a bad work situation last year, and recently the last 6 months I have a new job where I am making steady money. In 6 months I have been able to pay off other cards, I had balances on 4 other cards and now they are finished. The cards are still open, but they are paid off and I am focusing on the 2 current ones I have. I may have balances on the credit cards, but I always make my monthly payments and on time, usually for double the min payment. How would you think I stand for a credit score?
I try to keep some balances, usually just on one card and for under 3 grand, but the last year killed me with just surviving. I figure in 6 months - 1 year I should be back to my normal debt level.
It is good you paid off your other cc's, but if you aren't using them at least once a month for gas/small purchase then you are missing out on extra FICO points each month.
02-08-2009, 07:03 AM
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[QUOTE=midnightsunset,Feb 8 2009, 04:01 AM] The only thing that would help to improve FICO faster is to do a balance transfer on the 2 accounts you have open to the other open CC's that you paid off.
02-08-2009, 08:18 AM
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Originally Posted by Francesco,Feb 8 2009, 08:03 AM
Eventually I will be using them again, I'm just realizing that the only way to pay them off is to not use them.
Now, does a balance transfer reduce your credit score? I have talked to various creditors and they never give me a sure fire answer. Everyone always said that it doesn't because you are just transferring debt, not creating more.
Now, does a balance transfer reduce your credit score? I have talked to various creditors and they never give me a sure fire answer. Everyone always said that it doesn't because you are just transferring debt, not creating more.
my gf did that with one of hers. It was 0% for a year on the BT, so she spread it out.
02-16-2009, 07:50 PM
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just out of curiousity, is there a certain gas card you recommend? is it better to go with a credit card company gas card or a gas company credit card? also, gas card vs. secured card