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  1. #1
    Will work on YOUR ski for FREE! GeoRXT's Avatar
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    Not a good thing!

    Even though my credit rating kinda sucks big time I was just rewarded for it by getting my limit incrased to $3K on the only card I have and was approved for a $2K one that should come in the mail soon!

    Talk about needing money to do some mods huh!

    By the way, anyone know a good way to improve credit ratings? Mi FICO score is 660 right now.


  2. #2
    Moderator boataddict's Avatar
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    Quote Originally Posted by GeoRXT
    By the way, anyone know a good way to improve credit ratings? Mi FICO score is 660 right now.
    Yes, NEVER miss a payment!

  3. #3
    Will work on YOUR ski for FREE! GeoRXT's Avatar
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    I do that now!

    Too bad I didn't when I got my first credit card at the age of 16!!! Can you believe this I lied my way to 3 credit cards back then! Worst decision I ever made. Enjoyed the $$$ like crazy though!

  4. #4

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    Credit

    Even if your minimum payment is $1.50 make the payment. Apply for secured credit cards and use them. e.g. A secured card is giving Visa $500.00 and it goes toward your card-kind of like a calling card. Sounds dumb but it helps credit score go up. Do you have any parents that are willing to co-sign lines of credit? Let's say you have a savings of $1000.00 but you want a line of credit for $10000.00, you'll need a co-signer to absorb any shortcomings. If you have access to line of credit your credit ratings will go up if you use a bit and pay on time. Borrow money on collateral eg. house or anything you own and there you have it $$$$, but pay and pay on time.

  5. #5
    Moderator boataddict's Avatar
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    I screwed up a bit when I was young too.
    That is how you learn about credit the hard way.

  6. #6
    Will work on YOUR ski for FREE! GeoRXT's Avatar
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    I didn't know secured cards help your credit ratiings. I have refused a bunch of those.

  7. #7
    And always pay more than the minimum. Trans Union, Experion, and other credit reporting agencies do log if your payment met the minimum or was more than minimum!...Good Luck, and try not to get in over your head, it`s to damn easy!...PR...

  8. #8

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    If you need credit do it but y need the $

    If you take on secured cards when you are having credit problems it shows the Credit Card Companies and the Credit Depts both Bank and Government that you are trying to get back in the game. EG. you're a Little Leaguer and you've struck out game after game after game. Go to Visa or MC or AM/EX and say "put me in coach." The only way you'll get back in the game to prove your ability to play is to ask. The difference is that with the secured card you'll hit automatically because you put up your own numbers or you're pitching to yourself. Once you've proven yourself for a while then the Banks will let you use their money to try to get your business, but if you've struck out time after time after time you are no longer worth the risk ad they'll look for someone else. Just get in the game, that's the key to starting over.

    Yeehaw

  9. #9
    Pettee's Avatar
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    Credits a ficky lil bastard of a thing.

    I have all the details at work, but the breakdown of how your credit rating is determined is more than just payment history. The base it on like 30% repayment history, 30% lenght of credit, 20% credit ratio(ratio of balance to credit limit) and 20% something else i cant remember.


    Basci rules to increas credit are easy. Obviously dont miss a payment. Keep the loans/cards you have. New credit docks your score. In fact, every inquiry not made within a 30 day time frame docks your score. Keep your balances low. A card with a $1000 limit and a $980 balance paid on time every month can still hurt your FICO.

    Also, try to keep loans for a year min. all the credit companies like to see that 1 year time frame for loans.

    FICOs suck overall. Theyd rop WAY faster then raise. mine dropped 40 points due solely to a new loan last april. Back up now, but it pissed me off

  10. #10

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    Different

    Sounds like the rules are a bit diff in USA. Here they want us to spend all the time. Thus, loans are actually a good thing as long as you pay on time.

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