Best credit card to up score?

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korygrandy

korygrandy

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Re: Best credit card to up score?

Some of the parts of the FICO credit scoring to me just make no sense.
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Agreed. Not to get off-topic too much but here's another thing that doesn't make sense to me. Why don't they include past rent paid in there forumula for determining mortgage elibebility. In my case I had paid rent on time for many many years...my monthly mortgage payment was going to be cheaper than what I paid in rent.

Common sense tells a person if this guy is paying MORE for housing than what he would be paying for a monthly mortgage payment it's completely feasible for him to make this mortgage payment. Today past rent isn't even considered. Including this in some form for mortgage eligibility just makes sense to me.

Say a guy has paid rent consistently on time for the past 3 years but has had trouble paying some other bills on time. Then there's a guy whose paid all his smaller loans and monthly payments on time but has been late on rent. To me the first guy is less of a risk, he was able to make the large payment each month whereas the second guy wasn't but he is considered more credit-worthy with the current system in place.
 
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jkust

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Re: Best credit card to up score?

Yep I get the annual free credit report from the big three. You pay extra for the scores though.
 
korygrandy

korygrandy

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Re: Best credit card to up score?

The FIRST thing to do is get a copy of your credit scores from the big three and look them over carefully. You may have something in them that can be corrected quickly and raise your score in almost no time.
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Agreed. This was actually my first step. I recognized I had a problem and with the consultation of an expert from the credit union we picked apart my credit reports from all 3. I was heavily educated on what was contributing to MY FICO and the MY credit reports and what actions I needed to take to help this. I was informed it's not going to happen over night...but if you payoff any outstanding debts or open debt or judgements against you it should yield a jump in FICO score quickly, like within a month or two...and after experiencing this first hand I was pleasently suprised that it worked. Once you have all the "bad" stuff taken care of on your reports you can begin to build the credit that will show you are a low-risk borrower.

You need to be able to prove that you are a low-risk to lenders. This is just as important as making sure your children have proper medical treatment in my book.
 
bruceb58

bruceb58

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Re: Best credit card to up score?

Bubba1235 said:
Actually if you write to the big three they have to give a free copy once a year.
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No need to write. You go here and you get it free immediately. The last time I did it I did all three but now have to wait a year. What I am going to do in the futire is just do each one 4 months apart. That way I check more frequently. Only drawback is if one gets something that the other doesn't you won't know right away.
 
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witenite0560

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Re: Best credit card to up score?

Mark42 said:
Go find a new lender. This one does not seem willing to work with you. Just smacks of future issues.
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I agree! The best card is the one you don't have. The next best is the one you have for an emergency and don't use. I'd find a lender who's more willing to work with you or keep your record clean and let a little more time pass and your score will go up. Don't let them rope you into the debt/credit scam any further. Just my .02.
 
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