Fixing Credit?

[THE BOUNCER]

Originally Posted by rado

No man...Stop twisting my shit around...I said banks don't like it...Never said it ruins your credit...Look it up for yourself or read about it...

not twisting anything around. i thought that was what you were saying. so if keeping an account open or closed has no effect on your credit, whats your point? what do you mean banks dont like it? do they call you up and call you names?

[rado]

Originally Posted by THE BOUNCER

not twisting anything around. i thought that was what you were saying. so if keeping an account open or closed has no effect on your credit, whats your point? what do you mean banks dont like it? do they call you up and call you names?

I see now why we're good friends You and me remind me of that movie; Grumpy Old Men

[redsquirrel]

Originally Posted by rado

I am sticking to the issue here...If his money was working for him, he would not have his credit fucked...So in order to get his credit fixed, he should pay off his debt and get his money to work for him...You want your credit fixed??? Pay off your bad/delinquent debt then...That's how you fix your credit.

Uh, no you aren't sticking to the issue.

He said he's only got a whopping $900 in student loans on his credit report right now. Of which he said ISN'T DELINQUENT. So the whole "make your money work for you" isn't holding a lot of water. Secondly, for those of us who aren't "ballers" as Rado has and always will be, some of us have to finance a home or a vehicle, so your BEACON, Equifax, & Trans Union scores are all very important.

Now, Shib-

I have a pretty good grasp on this, as I work daily with credit reports. Here's what you need to do to FIX your credit, and improve your scores:

1- Pay off the collections. 9 times out of 10 the creditor usually settles for .50 on the $1. Best case scenario is to pay it in full. You will need to get a 3 bureau copy of your credit report, so you know what's on there and how to tackle it. The numbers of the creditors that you need to contact will be on there.

2- Once the collections are paid, try and get some sort of credit card. Whether it be a department store charge, or gas card. In fact, both would be best. I would wait probably 3-4 months after you have paid these collections so that all of the bureaus can update. When people pay collections, the credit scores usually increase by anywhere from 30-50 points

3- After you receive the credit card, never charge over than 50% of your credit limit. So, if your limit is at $300, don't take it over $150. In fact, if you can keep about 60-70% of your available balance open, the better.

4- Make your payments to these cards on time. This will establish a good pay history for you, hence giving you good CREDIT, and an ability to pay. All your trying to do is build.

Be patient, because for your credit to recover, it will probably take a good 12 mos.

[rado]

Originally Posted by redsquirrel

Uh, no you aren't sticking to the issue.

He said he's only got a whopping $900 in student loans on his credit report right now. Of which he said ISN'T DELINQUENT. So the whole "make your money work for you" isn't holding a lot of water. Secondly, for those of us who aren't "ballers" as Rado has and always will be, some of us have to finance a home or a vehicle, so your BEACON, Equifax, & Trans Union scores are all very important.

Now, Shib-

I have a pretty good grasp on this, as I work daily with credit reports. Here's what you need to do to FIX your credit, and improve your scores:

1- Pay off the collections. 9 times out of 10 the creditor usually settles for .50 on the $1. Best case scenario is to pay it in full. You will need to get a 3 bureau copy of your credit report, so you know what's on there and how to tackle it. The numbers of the creditors that you need to contact will be on there.

2- Once the collections are paid, try and get some sort of credit card. Whether it be a department store charge, or gas card. In fact, both would be best. I would wait probably 3-4 months after you have paid these collections so that all of the bureaus can update. When people pay collections, the credit scores usually increase by anywhere from 30-50 points

3- After you receive the credit card, never charge over than 50% of your credit limit. So, if your limit is at $300, don't take it over $150. In fact, if you can keep about 60-70% of your available balance open, the better.

4- Make your payments to these cards on time. This will establish a good pay history for you, hence giving you good CREDIT, and an ability to pay. All your trying to do is build.

Be patient, because for your credit to recover, it will probably take a good 12 mos.

So having credit card debt is good? Interesting...I'll stick with my plan...Goal=No Debt.

[redsquirrel]

Originally Posted by rado

Keeping a credit card open with a 0 balance is bad...You're better off with a balance on it...So it's better to close it...Banks don't like credit accounts that are open with a zero balance.

Actually, closing it is the absolute WORST thing you can do. Here's why:

Lets say you have 2 cards that total $5000

Your credit limit for these cards is $5000 each for a total of $10k

You are at a 50% ratio of your debt to limit.

Now, you pay off the $5000, and close 1 account.

You have just reduced your available credit by $5000. While you may have a zero balance, you also have HALF of your available credit left because you just closed the card.

[redsquirrel]

Originally Posted by rado

So having credit card debt is good? Interesting...I'll stick with my plan...Goal=No Debt.

It's good if you need to rebuild your credit. You seem to not have a need for your credit whatsoever, so stick to your plan. I really couldn't care less.

I'm addressing this with Shibby, and answering HIS requests on how to REBUILD his credit.

[redsquirrel]

Originally Posted by THE BOUNCER

not twisting anything around. i thought that was what you were saying. so if keeping an account open or closed has no effect on your credit, whats your point? what do you mean banks dont like it? do they call you up and call you names?

Closing it does have an effect on your credit. See above.

[rado]

Originally Posted by redsquirrel

Actually, closing it is the absolute WORST thing you can do. Here's why:

Lets say you have 2 cards that total $5000

Your credit limit for these cards is $5000 each for a total of $10k

You are at a 50% ratio of your debt to limit.

Now, you pay off the $5000, and close 1 account.

You have just reduced your available credit by $5000. While you may have a zero balance, you also have HALF of your available credit left because you just closed the card.

What is credit? Money you don't have...Why get yourself in debt?

[rado]

Originally Posted by redsquirrel

It's good if you need to rebuild your credit. You seem to not have a need for your credit whatsoever, so stick to your plan. I really couldn't care less.

I'm addressing this with Shibby, and answering HIS requests on how to REBUILD his credit.

I see no need to have credit because I'd rather buy something when I HAVE the money...Why get into debt? You should listen to Dave Ramsey and get an eye opener for once.

[redsquirrel]

Originally Posted by rado

What is credit? Money you don't have...Why get yourself in debt?

Get out of this thread since you have nothing constructive to add to Shibby's request.

I don't have time to do this with you, nor do I care.

As I said before, SHIBBY ASKED FOR HELP, AND THAT'S WHAT I'M DOING. NOT EVERYONE CAN BE ON THE RADO PLAN. DEAL WITH IT AND MOVE ON!

[rado]

Originally Posted by redsquirrel

Get out of this thread since you have nothing constructive to add to Shibby's request.

I don't have time to do this with you, nor do I care.

As I said before, SHIBBY ASKED FOR HELP, AND THAT'S WHAT I'M DOING. NOT EVERYONE CAN BE ON THE RADO PLAN. DEAL WITH IT AND MOVE ON!

I did have something constructive to say...This is a gen chat section, is it not? hmm...I'm doing Dave Ramsey's plan...GOAL=NO DEBT...

[redsquirrel]

Originally Posted by rado

I see no need to have credit because I'd rather buy something when I HAVE the money...Why get into debt? You should listen to Dave Ramsey and get an eye opener for once.

Rado, if you have half a fucking brain you would've read that I WORK with this on a daily basis, that's how I know how to repair his credit, because I'VE SEEN IT HAPPEN.

I never said anything about my own personal finances. Leave it to Rado to make personal attacks on people when they aren't warranted.

Sorry, Shib- I was trying to help. But, I don't have the time for this numbskull.

[rado]

Originally Posted by redsquirrel

Rado, if you have half a fucking brain you would've read that I WORK with this on a daily basis, that's how I know how to repair his credit, because I'VE SEEN IT HAPPEN.

I never said anything about my own personal finances. Leave it to Rado to make personal attacks on people when they aren't warranted.

Sorry, Shib- I was trying to help. But, I don't have the time for this numbskull.

Feisty? Funny how tables always get turned around on me...But what do I know right? lol...Personal attacks? really...hmmm...

[blm]

Originally Posted by rado

I see no need to have credit

You pay cash for your home?

[rado]

Originally Posted by blm

You pay cash for your home?

No B...besides a home and a car...The goal of Dave is have people debt free; even your house! Sounds crazy but he makes it happen for those people...You should listen to Dave and put his practices to work and you'll understand that there's NO NEED for credit.

[THE BOUNCER]

Originally Posted by rado

What is credit? Money you don't have...Why get yourself in debt?

do you listen to yourself talk? seriously, all you doing is talking in circles. someone asks a question and you answer with riddles don't have anything to do with the subject in the first place.

[THE BOUNCER]

Originally Posted by rado

No B...besides a home and a car...

there's NO NEED for credit.

if there is no need for credit why did you use it for a house and a car. seems to me you do have a need for it...

[ROCKETW19]

Originally Posted by rado

Keeping a credit card open with a 0 balance is bad...You're better off with a balance on it...So it's better to close it...Banks don't like credit accounts that are open with a zero balance.

thats not true. that helps your credit score! when I got out of prison I tryed to get a CC the bank said no you have zero credit. not bad just didnt have any. so I got a secure CC and after a few months I would fill out every damm CC offer I could find I filled out so many I would get letters sayin you already have a card with us.lol. I had about 20 CC seriously. I only used 1. my creadit shot up so fast it was crazy I could walk in a car lot and say I want that car with no down, no pay check stubs nuttin but filling out the paper work and my Drivers lic. and yes I have done it 2 times walked in with no money and left with a car. both times over 50K for the cars.
I have 3-4 CC now still only use one but my credit score is just under 800 if you avg the 3 companys out.

[Shibby]

Originally Posted by redsquirrel

Uh, no you aren't sticking to the issue.

He said he's only got a whopping $900 in student loans on his credit report right now. Of which he said ISN'T DELINQUENT. So the whole "make your money work for you" isn't holding a lot of water. Secondly, for those of us who aren't "ballers" as Rado has and always will be, some of us have to finance a home or a vehicle, so your BEACON, Equifax, & Trans Union scores are all very important.

Now, Shib-

I have a pretty good grasp on this, as I work daily with credit reports. Here's what you need to do to FIX your credit, and improve your scores:

1- Pay off the collections. 9 times out of 10 the creditor usually settles for .50 on the $1. Best case scenario is to pay it in full. You will need to get a 3 bureau copy of your credit report, so you know what's on there and how to tackle it. The numbers of the creditors that you need