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07-15-2014, 06:42 PM | Topic Starter |
**** off
Join Date: Feb 2007
Location: New York
Casino cash: $6841882
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Credit Score
So my credit score is considered average, but upon looking through it recently, I have one card that went into collection in 2010.
I clearly remember having it, being a jackass when I was younger and I just let it go thinking it was no big deal. After doing a lot of research, it seems like there are a bunch of answers on what I should with that collection. I would like my credit score to improve (who wouldn't?) but some people have written that it could possibly bring my score down because it would make it "recent". Other people have put to let it take its course for 7 years and it'll disappear. Has anyone here gone through the credit rebuild? Or even my situation of just trying to get it from average to great credit? |
Posts: 5,236
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07-15-2014, 07:04 PM | #2 |
Banned
Join Date: Nov 2012
Location: NEMO
Casino cash: $10014823
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I finished school with 15 maxed out cards. Didn't pay a one off. Let it go. The more in debt you are the higher the score.
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Posts: 945
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07-15-2014, 09:37 PM | #3 |
Debunking your bullshit
Join Date: Aug 2002
Location: KC area
Casino cash: $4250315
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07-15-2014, 09:45 PM | #4 |
Banned
Join Date: Jan 2006
Location: Dallas, Texas
Casino cash: $10004900
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Posts: 56,356
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07-15-2014, 09:47 PM | #5 |
Debunking your bullshit
Join Date: Aug 2002
Location: KC area
Casino cash: $4250315
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Posts: 52,592
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07-15-2014, 07:34 PM | #6 |
Bring It Home
Join Date: Jun 2010
Location: North Haverbrook
Casino cash: $10007012
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The final answer is whatever Reighters says. Nobody else need answer.
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07-15-2014, 07:37 PM | #7 | |
Starter
Join Date: Jan 2009
Location: Lawrence
Casino cash: $10007108
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Quote:
Otherwise, the keys to having a good credit score are: 1. Open revolving balance (credit balances available to you) 2. Debt utilization between 1-20% of your total revolving balance 3. Number of open accounts (the more the better, to a point) 4. Average age of open accounts (anything 3-4 years and over is decent) 5. No derogatory marks 6. Keep hard credit inquiries low (under 5) 7. Good mix of revolving and installment accounts (credit cards and loans) Creditkarma.com is an excellent tool, and free. The estimated score is usually very close to the actual score, and you can manage your accounts through it. |
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Posts: 324
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07-16-2014, 12:18 AM | #8 | |
**** off
Join Date: Feb 2007
Location: New York
Casino cash: $6841882
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Quote:
I just don't want to go through that and then have them **** me in the end.
__________________
"**** up once, lose two teeth....” |
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Posts: 5,236
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07-16-2014, 01:15 AM | #9 | |
Immanentize The Eschaton
Join Date: Oct 2002
Location: In Partibus Infidelium
Casino cash: $855880
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Quote:
I have been using Credit Karma myself and I find it very useful. I stopped using credit of any kind about ten years ago (long story) and started from scratch late last year. I went from nonexistent credit (worse than bad credit) to qualifying for a home loan. |
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Posts: 56,228
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07-15-2014, 07:59 PM | #10 |
MVP
Join Date: Dec 2008
Location: Joplin, MO
Casino cash: $12552338
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It is likely that it won't drop after 7 years. The creditor will likely sell it to another creditor starting the 7 year wait over.
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07-15-2014, 08:05 PM | #11 | |
Starter
Join Date: Jan 2009
Location: Lawrence
Casino cash: $10007108
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Quote:
Do a pay for delete and your credit score will be much happier. |
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Posts: 324
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07-16-2014, 10:27 AM | #12 |
Starter
Join Date: Dec 2006
Casino cash: $7127317
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This is incorrect. By law it has to drop from credit report entirely after 7.5 years from date of first delinquency without regard to whether or not it was paid.
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Posts: 510
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07-15-2014, 08:05 PM | #13 |
ON CP YOU’RE SOMEBODY’S BITCH!
Join Date: Sep 2011
Location: Da SEI
Casino cash: $3804809
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Inability to pay my massive student loan monthly payments is just destroying my credit score.
I never would have imagined 12 years ago, that the most catastrophic decision I'd ever make in my life would be the decision to go to college. I seriously wish I could travel back in time, kick my 19 year old self in the balls while screaming, "DO NOT ENROLL IN THAT PRIVATE COLLEGE!!! DO NOT MAJOR IN ****ING PSYCHOLOGY!!! **** WRESTLING!!! WRESTLE AT A JUCO IF YOU HAVE TO!!!" |
Posts: 13,264
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07-15-2014, 10:16 PM | #14 | |
Choco Favre
Join Date: Jul 2012
Casino cash: $1164765
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Quote:
What do you do now? |
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07-15-2014, 10:57 PM | #15 |
ON CP YOU’RE SOMEBODY’S BITCH!
Join Date: Sep 2011
Location: Da SEI
Casino cash: $3804809
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I'm trying to get a decorative concrete business going. It hasn't been a very quick process. I also announce sporting events via radio and podcast for the high school I graduated at.
I was in nursing school, but gave that a break after a year and a half (in December). Was raising 1 and 2 year old girls along with an 8 year old step daughter at the time. It became too much...timing was just awful. Not to mention, I was tutoring my wife through her electives and getting paid to tutor other students in Chemistry/Biomolecular Processes at the college I was enrolled at. Was in way over my head...I have never felt more defeated in every facet of life, than I did in December. If the decorative concrete business doesn't work out, I'll probably either go back to nursing or try to get on at this local fertilizer plant that is in it's infancy stage. Place pays real well. Prior to nursing school, I was the Service Coordinator and Regional Business Auditor for a mental health facility for 5 years. It was in these 5 years, where I decided I needed to pursue something different (nursing). That is a field infested with unsatisfying dead ends, low income, politics and drama. |
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