Anyone have any experience or ideas to fix my own credit?

[TimeForWasp]

.

[2112]

Originally Posted by ChiefsNow

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.

call equafax or the other 2 companies. you're allowed 1 free credit report per year. and they will mail it to you.

[Kerberos]

Originally Posted by Hog Farmer

Borrowing money is OK. I built a complete Rental empire by borrowing 100% of the money

All you have to do is do the math. Don't borrow what you can't pay for! Period

Originally Posted by Hog Farmer

It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.

I'm glad you clarified this. I thought you were renting out Hog sperm and was thinking to myself. WTF?

[DJ's left nut]

Originally Posted by R8ers

If you don't have cash, don't buy it.... Simple....

Screw credit, it is your enemy unless you need to buy a house on a 15 year mortgage.

Another Dave Ramsey ****tard.

Are there really that many gullible people in this country?

[Bill Lundberg]

Originally Posted by ChiefsNow

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.

Go to annualcreditreport.com and get your free one right away. It will make you pay for the scores, but if you want to know what's on there it will show you.

If what you say is true, its an easy fix. Payoff the derog if it's truly yours. Then you need to get a credit card and use it from time to time and pay it off in full each month. Hell even if it's just a tank of gas, use it every month and pay it off every month. Don't use more than 30% of your limit.

Opening it may hurt your score initially for a month or two, but the longer you have it open and active with a good payment history the better your score will be.

[DJ's left nut]

Originally Posted by chiefsnorth

Do NOT use one of those services that say they can fix your credit. most of them rely on disputing everything on your report which you can do for yourself, free. But by and large they are scams. This system is engineered to be watertight. They way to have good credit is to manage your finances prudently and spend less than you earn. If you have racked up years of debt it might take years to pay off. There isnt any quick fix unless you can boost your income. You your choices might be to remain in debt he'll or spend time in debt purgatory... One is a lot better than the other because there is light at the end of the tunnel.

THIS!!!!

Credit Counseling Services are amazingly useless.

We have them come stumbling through our office on occasion to represent some of our defendants and I'll flat tell them to pound sand. They don't have any sort of ability to keep a judgment from being taken against you and they generally aren't bright enough to advise you how to avoid it.

It comes down to them negotiating the same payment terms that you could do, but charging you a shitload of money to do it.

Never ever engage a CCS. For every one decent one, there are dozens that are either incompetent or fly by night operations that will leave you far worse than you started.

[Saul Good]

Originally Posted by ChiefsNow

I pay cash for everything right now. I've got 1 neg thing showing on my credit right now and my score is now 640. I am not looking to go in more debt, but just want to fix mine in case I do in the future. I don't have any debt. No car payment, no house payment anything. I just did not used to give a shit before. Now I do. I do not know what the neg thing is. How do you get your credit run from all three agencies free? everytime I do a search , it looks like a scam. I may want to invest in something ,rental property or something in the near future that the renter pays the bill,but I want to get my credit better before I even try.

You can get your report for free once a year each from (going from memory on the names) trans- union, equifax, and experion. You won't get a score, just a report.

Assuming that you have a few bills in your name, you should be fine if you clear up any outstanding issues and keep your nose clean for a year.

I have no debt other than my mortgage, and 2 of my scores were in the 790s and one was over 800. (I just closed on a new mortgage last week.) I don't even own a credit card.

There really isn't a need to go through gymnastics to improve your score. You'll just wind up costing yourself money and headaches that way.

I'm not a big real estate guy, but I have dabbled a bit. To me, it wasn't worth the hassle of being a landlord for a single property. If you get a bad tenant or no tenant, you are going to have to feed cash into the investment property. There is a lot of money to be had if you know what you're doing, though. The key is to make your money at the buy.

Good luck

[Saul Good]

Originally Posted by DJ's left nut

Another Dave Ramsey ****tard.

Are there really that many gullible people in this country?

If memory serves, that ****tard has a paid-for house.

I'm 32, I have no debt other than my house, and my net worth is growing exponentially faster than it would be if I had debt.

[Bill Lundberg]

Originally Posted by Saul Good

Assuming that you have a few bills in your name, you should be fine if you clear up any outstanding issues and keep your nose clean for a year.

You may already know this, but just to clarify. Just having bills in your name does nothing for your credit score unless they report the payment history to the credit bureaus. Most of your everyday utility bills don't report unless you've been sent to collections.

[DJ's left nut]

Originally Posted by Saul Good

If memory serces, that ****tard has a paid-for house.

I'm 32, I have no debt other than my house, and my net worth is growing exponentially faster than it would be if I had debt.

Who, Ramsey? If so, it's off the backs of people that buy that nonsense, primarily people who lack the responsibility to manage their money in a far more effective manner.

If you can get a car at .9%, do it. Do it and don't think twice. Finance it for 5 years if you can. Then take the $30k you saved by borrowing on the car and invest it. Even a nominal return is going to be a hell of a lot better than the .9% you're paying out on the loan.

CoMo was offering a .05% loan over 10 years on any furnaces that qualified for the energy star tax credit. Ours was about to crap itself (and with the basement finished, it was no longer strong enough anyway). Ramsey's 'no credit' approach would have had me me living in a cold house while I save my pennies and end up losing this cheap loan, as well as the federal tax credit.

Why the hell would I do that when I can take the loan out and invest my liquidity in pretty much anything and get a far better return than .05%?

Why pay cash for things when you can invest the money and get an actual return on it that far outstrips your interest payments?

The man has some ideas that aren't all bad, but he overplays his hand and makes it entirely too simple.

[Saul Good]

Originally Posted by Bill Lundberg

You may already know this, but just to clarify. Just having bills in your name does nothing for your credit score unless they report the payment history to the credit bureaus. Most of your everyday utility bills don't report unless you've been sent to collections.

Public utilities don't, but I believe that cable, cell providers, etc. do.

[Bill Lundberg]

Originally Posted by Saul Good

Public utilities don't, but I believe that cable, cell providers, etc. do.

no, they do not

[Saul Good]

Originally Posted by DJ's left nut

Who, Ramsey? If so, it's off the backs of people that buy that nonsense, primarily people who lack the responsibility to manage their money in a far more effective manner.

If you can get a car at .9%, do it. Do it and don't think twice. Finance it for 5 years if you can. Then take the $30k you saved by borrowing on the car and invest it. Even a nominal return is going to be a hell of a lot better than the .9% you're paying out on the loan.

CoMo was offering a .05% loan over 10 years on any furnaces that qualified for the energy star tax credit. Ours was about to crap itself (and with the basement finished, it was no longer strong enough anyway). Ramsey's 'no credit' approach would have had me me living in a cold house while I save my pennies and end up losing this cheap loan, as well as the federal tax credit.

Why the hell would I do that when I can take the loan out and invest my liquidity in pretty much anything and get a far better return than .05%?

Why pay cash for things when you can invest the money and get an actual return on it that far outstrips your interest payments?

The man has some ideas that aren't all bad, but he overplays his hand and makes it entirely too simple.

I was referring to r8er fan having a paid off house. I think it was him who had a thread about it a while back.

As far as Ramsey's plan goes, you would have already had cash on hand to buy a furnace when yours went out. I really don't mean this as a swipe, but if you don't have a few thousand dollars to buy a furnace for cash, your savvy leveraging of debt hasn't amounted to much.

I don't have a problem with people trying to make a spread on OPM (I have a Finance degree, after all). I just see that as being a lot of effort for minimal benefit.

A $5000 loan earning a 5% spread comes to $20 a month, and therearent many 5% spreads free of risk laying around today.

[Saul Good]

Originally Posted by Bill Lundberg

no, they do not

interesting

[R8RFAN]

Originally Posted by Hog Farmer

Idiot. Having good credit is a requirement to building wealth. If you think you can live life paying cash for everything you'll never have shit.

yo Idiot, I own my house, my cars and a boat and a atv and a big ass motorcycle and I am debt free ....

I have 0 credit because I don't borrow money IDIOT!

[R8RFAN]

Originally Posted by Hog Farmer

Borrowing money is OK. I built a complete Rental empire by borrowing 100% of the money

All you have to do is do the math. Don't borrow what you can't pay for! Period

Heres a novel idea IDIOT!

Why don't you make the money first then buy what you want....


IDIOT