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Old 01-05-2019, 02:18 AM
Strike Force XL Strike Force XL is offline
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Does anyone know anything about credit?

My credit score is at 500 right now, I know it's terrible. I would like to raise it to 700 in 10 years.

Should I buy a car, get a secured credit card, and does anyone know how to raise your credit score. I can't get a credit card but was told that with a secured credit card the Credit card companies would eventually comeback.

Even with a secured credit card should I always have a balance and pay off the minimum? Or do I make a purchase of $1,000 or so and try to pay it off as quickly as possible.

Am I looking at 2 car loans? And making nothing but credit purchases, paying off the minimum or again paying off the debt as quickly as possible. Sorry for the long write up, any feedback would help.
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Old 01-05-2019, 02:51 AM
bmd1803 bmd1803 is online now
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Always spend less than half of your credit limit and pay in full before your monthly due date.
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Old 01-05-2019, 05:56 AM
Big Pimpin Big Pimpin is offline
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Your credit sucks cause you fucked up before. Don’t do any of what you listed and it will come back up just by paying your bills
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Old 01-05-2019, 06:17 AM
tw burke tw burke is offline
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500 is pretty bad
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Old 01-05-2019, 07:49 AM
Classic Rock Classic Rock is offline
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Look up Dave Ramsey and follow his advise ,it will change your life
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Old 01-05-2019, 08:02 AM
Red dalton Red dalton is offline
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Definitely do not by a car. With a 500 credit score, you will be a subprime borrower. Depending on the state you live in, your interest rate will probably be over 20%. I just retired from the auto finance business, so I know that an auto purchase at this time would be very expensive for you.
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Old 01-05-2019, 10:51 AM
Jahred Jahred is offline
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Old 01-05-2019, 02:39 PM
oldironhead73 oldironhead73 is offline
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I was worse than you. My score was zero. I got the secured credit card. I would put gas on it once a month and pay it before the due date. Started at a 250 limit after about 6 months it went to 500 and a couple after think it went to 1000. After about 18 months my score was 640 I believe. Whatever it was was good enough to buy my house. That’s what worked for me.
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Old 01-05-2019, 04:32 PM
Big Pimpin Big Pimpin is offline
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Quote:
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Look up Dave Ramsey and follow his advise ,it will change your life

True story here
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Old 01-05-2019, 06:25 PM
newton0038 newton0038 is offline
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Secure credit card or 2 for what u can afford. Never charge more than 30% of credit on a card, that equals high credit usage and Equifax and others rate more than 30% usage as high risk. Always pay off when bill comes in.
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Old 01-05-2019, 07:16 PM
tigerbait tigerbait is online now
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True help is to always pay asap when bill comes in. Never just the minimum and if you can pay 50% or more of bill it will help. Most folks at some time have had trouble, it is how you work at getting your score better that helps you.
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Old 01-06-2019, 06:21 AM
AuburnKid AuburnKid is offline
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You can get a prepaid debit card. Make sure it is from a well-known bank. Keep it up to date and that will help.

Everything is monitored. If you are co-signer on an electric bill your roommate keeps not paying, get off that account. Pay your rent on time. When rent is due on the first, but a penalty after ten days, pay on the first; very important. Due date is due-date, not a penalty date.

This was my UW-Oshkosh major. Ask away if you have any questions.
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Old 01-06-2019, 09:45 AM
chibob chibob is offline
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Here are a few links of credit card companies that help people establish good credit. If approved, there is usually an upfront fee $70 - $100, and the rate will be in high. However, they will report to all 3 major credit bureaus.

Sign In
Home | First Access Card
www.creditone.com

If none of the above approve you for a credit card, then yes, absolutely get a secured credit card. Bank of America has one, and so does Chase I believe. Just be sure to stress the importance that whomever provides you with a secured credit card, will report to ALL 3 major credit bureaus. Equifax, Transunion, Experian.

You will get your best credit scoring when you utilize between 10% - 30% of the limit. This shows the credit bureaus that you are utilizing your credit responsibly. It is always best to leave a small balance, again between 10% - 30%.

If you follow these guidelines, and get any collections paid, your credit score will be in the 700ís within 12 months.
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Old 01-06-2019, 10:39 AM
AuburnKid AuburnKid is offline
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You are allowed one free credit report from the three companies each year. Here is one: Check Your Credit Report & FICO(R) Score | Experian
I used to get one every four months.

Some debts are not your fault. One sister-in-law used to stiff her electric company bill by paying on time then stopping when Wisconsin's "Thou shall not cut off the power in winter law" after Nov. 1 of any year. She would then make a few partial payments until they did disconnector her. She then opened a new account with her daughter's social security number, make a few payments until Nov 1 again then stop.

I was able to get $1800 knocked off of my Niece's power debt when she asked for help. As a minor, she could not legally make a contract.

Look at your report to see if there are any under 18 debts.
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Old 01-06-2019, 11:50 AM
AuburnKid AuburnKid is offline
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Quote:
Strike Force XL
Even with a secured credit card should I always have a balance and pay off the minimum? Or do I make a purchase of $1,000 or so and try to pay it off as quickly as possible.
The Experian's of the country only track debt. I used to tell people just starting out to open a savings account and a 90-day personal loan at the same bank. You negotiate a loan rate of 1% higher than the savings account rate. The bank will insist that they must co-sign any withdrawals, fine, do it. At the end of the 90-days, you pay the loan with the savings account money (plus interest) and possibly re-do of more money like $2000.

This shows that at least one bank thinks you are a good enough credit risk. No one follows that the loan was made rock solid by the saving money. If your oldest credit card or debt is paid off, keep that account open. The time you have kept a line-of-credit is important.
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Old 01-06-2019, 08:56 PM
Strike Force XL Strike Force XL is offline
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Good advice guys, I will hold off on buying a car and get the secured credit card. 30% rule, pay it off in time and let's see where it goes from here.
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Old 01-06-2019, 09:27 PM
AuburnKid AuburnKid is offline
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Quote:
Originally Posted by Strike Force XL View Post
Good advice guys, I will hold off on buying a car and get the secured credit card. 30% rule, pay it off in time and let's see where it goes from here.

CHASE has something called;

CHASE CREDIT JOURNEY FREE CREDIT SCORE gives you a weekly upgrade. Many people find that reinforcing.


Credit Journey automatically enrolls you in alerts that can help you identify fraud. Learn More.
Checking your score does not affect your credit.

Free Credit Score | Credit Journey | Chase.com
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Old 01-06-2019, 09:44 PM
AuburnKid AuburnKid is offline
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And this page is good too.

Free Credit Score | Credit Journey | Chase.com
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Old 01-07-2019, 09:44 AM
Bobtheicon Bobtheicon is online now
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Carry a balance. Creditors like to see that you can manage debt, not just pay it off every month. No debt does not equal good credit. A track record of monthly payments (not paying off debt) will increase your score dramatically.
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Old 01-07-2019, 11:36 AM
KCMogul KCMogul is offline
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Quote:
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Carry a balance. Creditors like to see that you can manage debt, not just pay it off every month. No debt does not equal good credit. A track record of monthly payments (not paying off debt) will increase your score dramatically.
Not very good financial advice. I would rather it take longer to repair credit score than pay interest.
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Old 01-07-2019, 11:55 AM
AuburnKid AuburnKid is offline
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It sounds like Strike has plenty of balances to carry.
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Old 01-07-2019, 04:54 PM
Bustamove22 Bustamove22 is offline
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Look up Dave Ramsey and follow his advise ,it will change your life
I agree. You donít need a credit score if you donít plan to borrow money.
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Old 01-08-2019, 09:18 PM
WildKat WildKat is offline
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U could be a light 500- with not much on there- U could shoot that thing to a light 650 in no time if you dont have much credit on ur report. If you have a bunch of installment loans it might take you awhile 0r if u have some cc that have big balances. I will give Dr Jack my phone number- inbox him and I would be glad to talk to u about ur credit and especially car credit- was in the business for 10 years and worked with almost all poor credit- i would have u some options and results, but id be glad to talk to you on the phone and help you out. Kevin
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Old 01-09-2019, 01:28 AM
dave nz dave nz is offline
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