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

[TimeForWasp]

.

[DaFace]

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.

[Bill Lundberg]

Originally Posted by chiefsnorth

Not going to post my credit report here, but they have an inquiry on there coinciding with the date my service began. I have no other inquiries in >2 years

Right. They will check your credit before giving you an account, nearly everyone does nowadays. However, they do NOT report your monthly payment history which is the most important thing for a good score.

[chiefsnorth]

Originally Posted by Bill Lundberg

Right. They will check your credit before giving you an account, nearly everyone does nowadays. However, they do NOT report your monthly payment history which is the most important thing for a good score.

I thought we were talking about inquiries, my apologies. Got myself lost in all the banter.

[Bill Lundberg]

Originally Posted by DaFace

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.

Well said

[MahiMike]

Originally Posted by Dayze

that. not sure if you have decent credit and wanting to improve it; or if you have a lot of debt and are looking to pay off/get rid of it and improve your score.

since our foreclosure last year, we've paid off 2 credit cards, and i paid off my car last month.
this time next year, I should have my motorcycle sold, and probably another credit card gone.
by August of 2012, we shoudl only have 1 credit card left (hers); which, using all the money freed up from the other 'payments' should be paid off in 5-8 months. Looking at 100% debt free by end of 2012/early 2013.

at that point, I won't care what my credit score is. the only time I"ll pay attention to it is in probably 12 months leading up to buying anoter house in 7-10 years; on a 15 year note as R8Rrs said. then...back to not giving a F what my credit score is.


but...to answer your question; start by making your payments on time.
Get to the point where you have at least 12 months of on-time payments.
Pay attention to the amount of debt vs. credit limit on a card etc. I can’t remember the exact number, but you obviously want it low; like 20%. (that seems to ring a bell with me, but not sure)

If you’re having problems making monthly payments to your creditors, CALL THEM to see if they'll work with you. We're currently in 2 payment plans with credit card companies; they've dismissed a ton of interest and fees as long as we continue to make X payment each month for the agreed upon time. One plan lowers our interest rate incrementally as we make our way through the plan.

we spoke with several 'debt' repair places/consolidation etc...never got the impression that what they were offering was of any real benefit. Most of them stated they would take a monthly payment; pool the money and try to negotiate a lump sum payout to a creditor, then build up the money pool again/repeat etc. meanwhile, you're not making payments to any of the creditors, therefore incurring more fees - and depending on how long this goes on, it's possible to end up in a scenario where you're getting sued/garnished...even though you’re still in the ‘debt recovery program’; while the debt company has been getting all your money. Not to mention most of them had large 'fees' as part of their program etc.


The fees/interest on the unsecured stuff got so large we couldn’t afford the minimum, therefore more fees etc…
It got to the point where I told the credit companies “Look, I don’t have the money; I have $X, but I don’t have what you’re asking. If that isn’t good enough, then I’ll use it to pay someone else; you’ll get nothing. I’ll file for bankruptcy” etc.

Not long after that we got into a payment plan. It’s a little painful because of the monthly amount, but the amount they forgave in fees and interest is more than worth the temporary cash flow hit.



…sorry for the rant.

Nice job. I think this was the post he was looking for. All the sarcastic ones just haven't experienced tough times - yet.

[Dayze]

[QUOTE=R8ers;7245015]only thing I disagree with is the part about calling the creditors to get them to work with him...

QUOTE]

yeah; I was coming from the standpoint (what we went through) where we couldn't make the huge 'minimum' any longer;; lost my job and months of not being able make the minimum left us with a huge minimum. so the fees kept racking up, and they weren't working with us.horrible cycle. when we finally called them and told them a 'take it or leave it scenario' they finally worked with us; waiving thousands in fees/interest etc. We weren't using the cards at all (haven't used one in over a year) but the minimum was killing us after incurring all the fees etc.

it was a horrible situation; it's getting better slowly but man....never again.
we weren't really even in 'that' much debt; but we lost 65% of our income for 7 months and when I got another gig at a 42% less pay...uggh. it adds up fast. despite years of paying on time etc, but man....they want their money no matter what (duh...but it just re-emphasized it ).

never again.

[Hog's Gone Fishin]

Originally Posted by R8ers

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!

Thats because you sell drugs. We're talkin legal stuff here.

[Saul Good]

Originally Posted by DaFace

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.

By and large, those who use credit to their advantage are called lenders.

[ReynardMuldrake]

Originally Posted by R8ers

And if you keep it that way you will live a very comfortable life.....

I don't even buy new cars, I find good deals on cars a few years old with low miles and buy them cash...

Piss on car payments.. but... if you are rich and have the money to buy a new car cash, go for it, you earned it

I bought it new, not financially smart but oh well. The house is on a 10-year mortgage and we're ahead of schedule paying it off. Not rich yet but saving everything I can for retirement...

[R8RFAN]

QUOTE]

yeah; I was coming from the standpoint (what we went through) where we couldn't make the huge 'minimum' any longer;; lost my job and months of not being able make the minimum left us with a huge minimum. so the fees kept racking up, and they weren't working with us.horrible cycle. when we finally called them and told them a 'take it or leave it scenario' they finally worked with us; waiving thousands in fees/interest etc. We weren't using the cards at all (haven't used one in over a year) but the minimum was killing us after incurring all the fees etc.

it was a horrible situation; it's getting better slowly but man....never again.
we weren't really even in 'that' much debt; but we lost 65% of our income for 7 months and when I got another gig at a 42% less pay...uggh. it adds up fast. despite years of paying on time etc, but man....they want their money no matter what (duh...but it just re-emphasized it ).

never again.

Good for you man, I really hope you do well.... I found out something a long time ago.... if you don't have many or any bills, you don't have to work a whole lot

Originally Posted by warispeace

I bought it new, not financially smart but oh well. The house is on a 10-year mortgage and we're ahead of schedule paying it off. Not rich yet but saving everything I can for retirement...

Live and learn, Pay that house off and you will be a very rich man for many years to come...

Congrats, sounds like you got it going on

[R8RFAN]

Originally Posted by DaFace

My one and only contribution to this thread:

Ramsey's approach is great for people who don't know how to use credit to their advantage. To those who do, it's leaving a shit ton of money on the table. I recommend people learn how to become the latter, but to each his own.

Tell yourself whatever you have to to justify borrowing for a lifestyle, if thats your gig, more power to ya..

[Dayze]

Originally Posted by R8ers

Good for you man, I really hope you do well.... I found out something a long time ago.... if you don't have many or any bills, you don't have to work a whole lot


Live and learn, Pay that house off and you will be a very rich man for many years to come...

Congrats, sounds like you got it going on

precisely.

[Sassy Squatch]

Kansas City Credit Services.

Cost 300 $ to do it over a year, but it was well worth it. Went from 17 Neg accounts to 5.

[ReynardMuldrake]

Originally Posted by R8ers

Good for you man, I really hope you do well.... I found out something a long time ago.... if you don't have many or any bills, you don't have to work a whole lot



Live and learn, Pay that house off and you will be a very rich man for many years to come...

Congrats, sounds like you got it going on

Lucky enough to have found a girl that thinks the way I do. We're both planning to retire by 55.

Could be a lot worse.

[R8RFAN]

I am not gonna get political but the whole damn reason this country is in the mess it is now can all be traced back to too damn many people getting to many things they could not afford.... and buying it with credit....