Credit "repair"?

[KRS]

Re: Credit "repair"?

KRS plz this is a public forum for boater's, when one post's here it's meant for the betterment to fellow boater's, Bank's cannot and will not compete with most credit union's that do not use risk mgmt or beacon scores to score a customer, plz do not turn this into a oil thread.......

I know it's a public forum for the betterment of boaters... check the "member since" dates.

I don't think that going to a credit union provides a "betterment" to JB. This is an issue of late payments, not service or pricing.

Of course banks can't complete, CU's have federal legislation that lets them operate as banks without paying tax. That's not competition, that legislated favortism. How is that fair competition? (different topic)

Credit scoring doesn't have anything to do with competition. It's a risk management and compliance tool.

My original comments stays.... having an account at a credit union would not have prevented this problem.

Besides, everyone knows that Quaker State is the best oil.

KRS

 

[RubberFrog]

Re: Credit "repair"?

KRS must work at a bank.

I use CU's exclusively. Mortgage, car loans, credit cards. Even my insurance!
If only my CU would manage my mutual funds as well....

 

[Tail_Gunner]

Re: Credit "repair"?



Credit scoring doesn't have anything to do with competition. It's a risk management and compliance tool.

My original comments stays.... having an account at a credit union would not have prevented this problem.

Besides, everyone knows that Quaker State is the best oil.

KRS


Yeah they could KRS, but they choose not to do so. Now that does not make them bad, just lower yeild's. It's almost laughable most bank's and fi mgr's know how to read a beacon score, but have no ideal how to read a profile and they lose million's hell billion's in the process and all for the the sake of risk mgmt... a bit ironic wouildn't you say......

 

[QuadManiac]

Re: Credit "repair"?

Something else that will hurt your credit score is high credit limits on your credit cards, and if you have multiple cards with high limits that will really hit hard. You can request lower limits on your cards which will help, and also cancel any card accounts that you don't use. Drop the limit(s) to the dollar amount, or near the dollar amount, you use monthly. Keep in mind that if you need a higher limit for some reason the credit card companies can increase your limit again with a simple phone call. The reason this affects your credit score is because this is an open line of credit.

This is patently incorrect. The score is based upon what your balances are relative to your limits. Therefore, if you KEEP your high limit cards, and retain a small balance on them, you improve your score. The higher your total limit, the better, as long as your balances are just a relatively small fraction of that total limit.