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#51 IndyPoolPlayer

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Posted 05 August 2015 - 12:27 AM

If you apply for an American Express, and you are denied without a hard inquiry being performed and the reason is "negative past performance" - you are still on the Amex blacklist.

 

The length of time you could be blacklisted by Amex varies greatly, from a few years to "forever" based upon the amount of loss to Amex.

 

At one time Amex had a recovery program called "Oasis" where you could voluntarily pay back the amount of losses to Amex and regain membership.





#52 NoPresetSnarkLimit

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Posted 05 August 2015 - 05:25 AM

Earning rewards, points, miles, cashback on credit cards is an illusion if you are paying even the best lowest APR on interest charges.

#53 IndyPoolPlayer

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Posted 05 August 2015 - 10:11 AM

Target Credit Card and Target visa card do not offer on-demand CLI.



#54 IndyPoolPlayer

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Posted 05 August 2015 - 10:16 AM

Interesting Fun Fact: A lesser known form of financial institution is the Industrial Loan Company. Many of these are based in and around Salt Lake City, Utah. One well known ILC is BMW Financial, and I believe WebBank is another ILC


Edited by IndyPoolPlayer, 05 August 2015 - 10:18 AM.


#55 steelers1

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Posted 05 August 2015 - 04:55 PM

A very simple rule!

 

TREAT YOUR CREDIT AS DEBIT AND ALL WILL BE WELL



#56 phoenixisrising

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Posted 05 August 2015 - 05:35 PM

Almost forgot this one, but good one to point out:

 

Request reports directly from CRAs as they will have a 30 day window for response. Whereas, if you request your reports from the annual credit report dot com website, the CRAs get 45 days to respond to you.



#57 TAMI1113

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Posted 05 August 2015 - 07:52 PM

OK. THIS ISNT ADVICE TO YOU ALL - BUT SINCE I HAVE BEEN W/ CREDIT BOARDS I HAVE PASSED ON YOUR WEBSITE & KNOWLEDGE TO SO MANY PEOPLE. THE RESPONSES I HAVE RECEIVED IS BASICALLY "HOLY SH*T, I CANT BELIEVE THIS CORRUPTION HAPPENS. I'VE BEEN A SHEEP MY WHOLE LIFE". EVEN MY OWN BANKER TODAY ATTEMPTED TO GIVE ME FALSE INFO REGARDING MY CREDIT AND I CORRECTED HIM AND SENT HIM THE LINK TO CREDITBOARDS. HE REPLIED W/ A "HOLY GOD, I CANT WAIT TO GIVE THIS INFORMATION TO MY CUSTOMERS"



#58 NoPresetSnarkLimit

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Posted 06 August 2015 - 06:36 AM

Ineligible to win post

When you freeze a CRA, it automatically opts you out from pre-screened offers, this may be why you never get results when checking the pre-qualify links for credit cards. Opt back in, give it a week or so and see if that changes things for you.

You can opt back in following a freeze at https://www.optoutprescreen.com/?rf=tYour freeze will still be in place.

You can also use the same link to opt out from credit card offers. Mailbox full of Discover applications? Opt out.

#59 Clouds

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Posted 06 August 2015 - 08:52 AM

Paying your cc bills on time is of primary importance in building your credit score. There's [about a thousand] apps for that. But if somehow you miss or forget or just didn't click the last "are you sure?" button, you haven't necessarily screwed yourself.

1. Take action as soon as you can.
2. Call the cc company and say: it was a mistake, I've set my calendar app to remind me so it won't happen again, I've been a good customer. Can you waive the late fee, and is there a way to ensure that this won't be reported negatively?
3. If you're not habitually late, they will almost always waive the late fee just for asking (BING, you just recovered $35 for a five-minute phone call). Most will also tell you they don't even report until it's 60 days late.
4. Do NOT let that last fact make you complacent. Paying your bills on time is still of primary importance in building your credit score.

If you have ostrich tendencies when it comes to your mistakes, you're just gonna have to overcome them. It really is true that most problems can be improved if you reach out, and get worse if you ignore them.

P.S. This refers to OCs (original creditors). CAs (collection agencies) may require different tactics.

#60 gamecockcountry

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Posted 06 August 2015 - 12:11 PM

Certified Mail Return Receipt.   Use it and be sure to keep the receipts when sending correspondence.  It costs more but you'll have proof that you sent whatever it is you said you did.



#61 Vireo

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Posted 06 August 2015 - 02:30 PM

This one is targeted to newbies: It's almost always a good idea to accept a CLI offer your bank sends you. Even if you don't think your income can support the credit limit, having higher credit limits is helpful in building long-term credit. There are very few situations in which having too much available credit is considered a negative.



#62 Vireo

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Posted 06 August 2015 - 02:33 PM

"Credit mix" really means "unsecured revolving credit." Once you have credit cards, other types of loans have less of an impact on your FICO score.



#63 Vireo

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Posted 06 August 2015 - 02:40 PM

Another newbie tip:

 

Carrying a balance month-to-month and paying interest does not improve your credit score; it only drains your bank account. If you pay your statement balance in full every month, you will establish positive payment history without ever paying interest.



#64 Vireo

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Posted 06 August 2015 - 05:43 PM

If you get a letter from a debt collector, step 1 is to STOP, don't panic, and do your research.

 

If you get a call, step 1 is to tell them to not call you again and only communicate in writing. Then hang up and go to step 1 above.

 

Doing or saying anything hastily can limit your options to get rid of the debt or at least get it off your reports.



#65 IndyPoolPlayer

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Posted 06 August 2015 - 09:32 PM

Credit scores such as FICO are calculated and updated any time a credit report is requested. IF the subscriber (the creditor) licensed one of several formulas from Fair Issac they will receive a credit score along with your credit report. 



#66 9CLINE9

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Posted 06 August 2015 - 09:35 PM

Nice deal... don't know if I have the 25 posts though... we'll see



#67 9CLINE9

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Posted 06 August 2015 - 09:37 PM

PIF every month tip changed my credit life & score !!!!!! :wave:



#68 IndyPoolPlayer

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Posted 06 August 2015 - 09:39 PM

Fair Issac & Co (FICO) developed their first financial prediction formula back when computers filled up entire buildings for vendors to predict payment promptness of their business clients. 

 

Over the years, the formula has forked into multiple variations which place emphasis on various predictor values - an auto enhanced formula which weights installment loans higher than other credit, a bankcard option which weights revolving credit more, and others.



#69 cinammonkisses

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Posted 06 August 2015 - 10:40 PM

My tip: No matter your good intention, no one can repair your credit but you. You wanting to research and get info to help your sister, brother, cousin in their credit journey doesn't help them.

Another tip: A tip I learned from this forum was to delete all old addresses before you decide to embark on your credit repair journey.

Edited by cinammonkisses, 06 August 2015 - 10:42 PM.


#70 Vireo

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Posted 06 August 2015 - 11:03 PM

Don't be afraid to ask for higher credit limits than you think you need or you think your income supports. Even if you don't get the full amount, you'll probably get a counteroffer, and the worst that can happen is you get denied.



#71 Roland99

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Posted 07 August 2015 - 07:08 AM

Know your payment due dates and your statement dates. Keep track of them in a spreadsheet along with CL, balance, min payment, and APR.



#72 Vireo

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Posted 07 August 2015 - 10:49 AM

Mortgage lenders generally don't use the current version of FICO, FICO Score 8. They use TU04, EQ04, and EX98. These scores are almost always lower than your FICO08 score because they don't go up to 850.

 

  • TU04 (FICO Risk Score; FICO Classic 4.0; FICO Score 4) ranges from 309 to 839.
  • EQ04 (Beacon 5.0; FICO Score 5) ranges from 334 to 818.
  • EX98 (FICO Risk Model V2; FICO Score 2) ranges from 320 to 844.

 

A few other lenders (such as some credit unions) also use older versions of FICO.



#73 pwd847

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Posted 07 August 2015 - 02:06 PM

PLEASE! PLEASE! PLEASE! PLEASE! PLEASE!

 

When applying for secured/unsecured cards do NOT apply for Credit One or First Premier!!!!!!



#74 IndyPoolPlayer

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Posted 07 August 2015 - 04:39 PM

Even when you close a Credit One or First Premier account as a positive account, it remains on your CR for 7-10 years and upon manual review by an UW could show that you've had credit problems in the past even if your CR doesn't show those problems now.



#75 javamiester

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Posted 07 August 2015 - 05:21 PM

BEWARE of the Subliminal Messages!  

 

 

"Congratulations!

 

Our VIP SALE by Special Invitation starts at Midnite!

 

 You have $2382 to spend!"

 

 

That may be your available CREDIT, but YOU determine what you can spend...

 

Available credit is NOT necessarily available cash!






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