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

Postal_clone · 12-10-2010, 05:01 AM

Pay your bills on time would be a good place to start

kc rush · 12-10-2010, 08:12 AM

Talk with Mr Flopnuts

R8RFAN · 12-10-2010, 08:14 AM

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.

**Saul Good** · 12-10-2010, 08:33 AM

"Repair your credit" is pretty vague. What are you trying to accomplish that requires better credit?

Hog's Gone Fishin · 12-10-2010, 08:41 AM

Quote:

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.

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.

mesmith31 · 12-10-2010, 08:43 AM

1.) Keep your existing lines of credit at 30% of their balance. So if you have a credit card at $10,000 limit, don't go over $3,000.

2.) When you pay stuff off, don't close the credit card. The length of time a credit line has been open is also an important factor.

3.) If you don't have credit yet, get a credit card. Start with a prepayed card from a credit union or a gas card, prepay $300 and use only 30% of that or less each month. Pay it off on time every month.

4.) If you have a family member with good credit, get added on to one of their exisiting credit cards as an authorized user. This should give you a quick bump as their credit becomes your credit.

5.) The type of credit you have is also important. Certain credit lines like real estate have more weight to them that things like a Nebraska Furniture Mart line.

6.) Judgments (like old unpaid cell phone bills, etc.) are like lead weights on a balloon. pay them off. Unless they are really old, like 4-5 years then paying them may make them start reporting again. You should probably pay them eventually too, but for the purpose of credit repair it may end up hurting more in the short term paying off the really old ones.

7.) Pay your bills....on time...every time.

Those are just some of the basics. Credit 'repair' companies usually do a combination of these activities. Credit repair is a matter of showing people you can manage money correctly. Keep your balances low, pay your bills, don't get judgments and if you do pay them off, handle large responsibilities like homeownership, etc. etc. etc.

**Lzen** · 12-10-2010, 08:44 AM

Quote:

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.

Tell that to Dave Ramsey.

**Saul Good** · 12-10-2010, 08:45 AM

Quote:

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.

This is wholly inaccurate.

El Jefe · 12-10-2010, 08:47 AM

Quote:

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.

Your and idiot. Some simple rules to follow to build your credit.
1) Pay your bills on time
2) Pay off old bills
3)If you have CC debit you need to pay it off, attack the CC with the highest interest. If you don't have a CC get one, put small purchases on it each month and pay it off in full each month. This is how I built my credit, I never missed a CC payment and never carry a balance for over a month. I started doing this when I was 16, I am now 23 and my credit score is 782.

Hoover · 12-10-2010, 08:47 AM

I'm a Ramsey fan, but Hog Farmer is right.

I own my own business and I need access to credit. I use Ramsey's principles, but I also make sure I still use my credit cards to make sure I maintain my excellent credit rating. For the most part I pay everything off at the end of the month. I have some ) interest stuff that I let sit and instead pay off ofther debt first

**Iowanian** · 12-10-2010, 08:49 AM

Pay your bills, pay them on time. Pay off your bad debt, and don't rack up CC bills that are very close to your credit limit. It's really not rocket science.

Good debt is ok. I'm pretty much in line with Hoover in principle.

Hog's Gone Fishin · 12-10-2010, 08:50 AM

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

**Bugeater** · 12-10-2010, 08:50 AM

Quote:

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.

I pay cash for everything and I have way more crap than I need.

mesmith31 · 12-10-2010, 08:51 AM

There is good debt and bad debt. If you are going to take on new debt...find a way to get someone else to pay the debt. Debts to acquire assets (things that appreciate and value and/or cash flow) = good debt, when other people pay the debt service. Try saving up to buy a 30 unit apartment complex for cash.

12-10-2010, 03:39 AM
TimeForWasp Sprinkle in some Mahomes Join Date: Dec 2005 Location: Butte Montana Casino cash: $7658507	. . Last edited by TimeForWasp; 08-30-2011 at 09:54 AM.. Reason: .
Posts: 8,271

12-10-2010, 05:01 AM	#2
Postal_clone Disgruntled Join Date: Aug 2004 Location: Iowa Casino cash: $10004900	Pay your bills on time would be a good place to start
Posts: 89

12-10-2010, 08:12 AM	#3
kc rush Blah Blah Blah Join Date: Mar 2003 Location: In front of the computer. Casino cash: $2029559	Talk with Mr Flopnuts
Posts: 12,593

12-10-2010, 08:14 AM	#4
R8RFAN Molôn Labé Join Date: Sep 2001 Location: North Carolina Casino cash: $8466872	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.
Posts: 23,182

12-10-2010, 08:33 AM	#5
Saul Good Quit your bullshit Join Date: Jul 2005 Location: Bored of winning Casino cash: $10052799	"Repair your credit" is pretty vague. What are you trying to accomplish that requires better credit? __________________ Today is not a good day to be a pussy.
Posts: 41,870

12-10-2010, 08:43 AM	#7
mesmith31 Starter Join Date: Oct 2007 Location: West Des Moines, Iowa Casino cash: $10005205	1.) Keep your existing lines of credit at 30% of their balance. So if you have a credit card at $10,000 limit, don't go over $3,000. 2.) When you pay stuff off, don't close the credit card. The length of time a credit line has been open is also an important factor. 3.) If you don't have credit yet, get a credit card. Start with a prepayed card from a credit union or a gas card, prepay $300 and use only 30% of that or less each month. Pay it off on time every month. 4.) If you have a family member with good credit, get added on to one of their exisiting credit cards as an authorized user. This should give you a quick bump as their credit becomes your credit. 5.) The type of credit you have is also important. Certain credit lines like real estate have more weight to them that things like a Nebraska Furniture Mart line. 6.) Judgments (like old unpaid cell phone bills, etc.) are like lead weights on a balloon. pay them off. Unless they are really old, like 4-5 years then paying them may make them start reporting again. You should probably pay them eventually too, but for the purpose of credit repair it may end up hurting more in the short term paying off the really old ones. 7.) Pay your bills....on time...every time. Those are just some of the basics. Credit 'repair' companies usually do a combination of these activities. Credit repair is a matter of showing people you can manage money correctly. Keep your balances low, pay your bills, don't get judgments and if you do pay them off, handle large responsibilities like homeownership, etc. etc. etc.
Posts: 364

12-10-2010, 08:47 AM	#11
Hoover Rufus Dawes Jr. Join Date: Aug 2000 Casino cash: $-2111821	I'm a Ramsey fan, but Hog Farmer is right. I own my own business and I need access to credit. I use Ramsey's principles, but I also make sure I still use my credit cards to make sure I maintain my excellent credit rating. For the most part I pay everything off at the end of the month. I have some ) interest stuff that I let sit and instead pay off ofther debt first
Posts: 18,022

12-10-2010, 08:49 AM	#12
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $1688454	Pay your bills, pay them on time. Pay off your bad debt, and don't rack up CC bills that are very close to your credit limit. It's really not rocket science. Good debt is ok. I'm pretty much in line with Hoover in principle.
Posts: 62,943

12-10-2010, 08:50 AM	#13
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-1529523	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
Posts: 40,647

12-10-2010, 08:51 AM	#15
mesmith31 Starter Join Date: Oct 2007 Location: West Des Moines, Iowa Casino cash: $10005205	There is good debt and bad debt. If you are going to take on new debt...find a way to get someone else to pay the debt. Debts to acquire assets (things that appreciate and value and/or cash flow) = good debt, when other people pay the debt service. Try saving up to buy a 30 unit apartment complex for cash.
Posts: 364