increasing credit score [Archive]

-stew-

10-21-2009, 07:42 PM

I wanna buy a house. What's the fastest way to up my credit score? How long to up it 50 points? I have no credit cards, only bill that reports is my We Energy bill. I have a good job and make a diecent wage. Lady I talked to at the bank basicly told me that didn't mean shit till I get my fica score up.

Korndogg

10-21-2009, 07:45 PM

get a credit card and start paying it off

That_Guy

10-21-2009, 07:48 PM

don't go with capitol one though they don't show unless you dont pay you stop paying your bill..

"lame"

pOrk

10-21-2009, 07:49 PM

Get a few credit cars, uses one for gas / vehicle expenses, and another for everything else. Don't pay with cash, keep all your cash in the bank and pay off your balance monthly. Nothing will up your score fast, it takes time.

team beater

10-21-2009, 08:01 PM

rule of thumb is to always have 3 lines of credit open

example
Mortgage
Car note
CC

The fastest would probably be CC, however they usually don't affect your score much for about a year or so

Crawlin

10-21-2009, 08:01 PM

don't go with capitol one though they don't show unless you dont pay you stop paying your bill..

"lame"
my cap 1 card shows and has for the past 8 years since i got it. never a missed payment?

That_Guy

10-21-2009, 08:05 PM

my cap 1 card shows and has for the past 8 years since i got it. never a missed payment?

odd ive got a capitol 1 card and id doesn't show on any of my scores.. :confused

Car Guy

10-21-2009, 08:29 PM

odd ive got a capitol 1 card and id doesn't show on any of my scores.. :confused

That's because you're 'that guy'......:thumbsup

-stew-

10-21-2009, 08:31 PM

How I'm supposed to get a cc with shitty credit?

johnny--2k

10-21-2009, 08:33 PM

you can get a card but it will be a small limit and an insane rate if you dont pay it. Usually like a $500 limit. Just use it for gas and pay it every month. As you start to build credit with them they will up the limit, then try and apply for another one.

That_Guy

10-21-2009, 08:36 PM

That's because you're 'that guy'......:thumbsup

says the car guy... :rolf

Crawlin

10-21-2009, 08:37 PM

that or go to your bank and get a secured one.

Put the $1000 in an account and that's the secured limit that you have. Other than that, have the wifey or mother/father put you as an authorized user on one of their c.c.'s. It will show up as perfect payments and boost the score(after a couple of months), but it won't help you any when the underwriter looks at your actual report. They know it's just your parent's. But atleast your upping the score.

And by no means is this a personal attack, but for everyone in the same boat, if you don't have the $1000 to spare to put into that account that you won't ever touch again for a long time, you shouldn't be buying a house to begin with because all those tiny things like snowblowers, shovels, hoses, and all that little bullshit, will add up to WAAAY more than $1000.

Holeshot

10-21-2009, 08:40 PM

^^^ This will go against everything you may have heard but its the absolute truth.

wrath

10-21-2009, 08:53 PM

Get some decent credit cards, not National City or Capital One. Use them instead of a debit card or cash. Don't forget to pay them off each month. Rinse, repeat. Slim chance you're going to get 50 points in 6 months though, but you might. You'd get more if you had some secured loans you'd paid off.

Don't worry, the market will still be bad in the spring.

CATNHAT

10-21-2009, 09:02 PM

go to freecreditreport.com. Take a look at your bureau, anything that is wrong or inaccurate, correct it. And you can dispute certain things as well which will help get your score up. It tells you how to do it.

Other than that, you just need to build a credit score. Get a cc and be absolutely sure to pay it off every month. And pay ALL of your bills before they are due.

Good Luck. You could probably get a hell of a deal on a condo now!

PureSound15

10-21-2009, 09:09 PM

07ROUSHSTG3

10-21-2009, 09:12 PM

i go to annualcreditreport once a year and check everything over.

1320PNY

10-21-2009, 09:17 PM

Anything you pay monthly for two consecutive years without issue will help. If you have insurance, switch it to monthly pay. This will add to your history.

BoosTT

10-21-2009, 09:22 PM

Look at citi credit cards.

CATNHAT

10-21-2009, 09:37 PM

DO NOT go to freecreditreport.com PLEASE DO NOT. From someone who works in banking - it will end up being HELL for you in the future.

DO get a copy of your credit report from whatever financial it was that just pulled it. No luck? Go to ANNUALCREDITREPORT.COM

most of the other stuff in this thread is right... but credit reporting makes about as much sense as a poopie flavored lollipop.

WOW! I did and used it to clear up quite a few inaccuaracies on my bureau and disputed a couple others and my score went up! I thought there was a positive correlation but maybe not? I am not in banking and dont look at reports like you do so if you say stay away I believe you.

My freecreditreport showed me living in franklin, which I do not, and working for some other company--which I disputed online and the last time I checked it was accurate????

????????

Holeshot

10-21-2009, 09:47 PM

https://www.annualcreditreport.com is used by all three credit agencies. Its to furnish free annual credit reports, as required by federal law. Its the only you want to use.

CATNHAT

10-21-2009, 10:15 PM

so what is wrong with freecredit report.com? i have not used it in years but am curious? Can they harm your report somehow? Or is it that they charge $10/month?? ????

HITMAN

10-21-2009, 11:00 PM

Stew, you DO NOT NEED to run out and get a credit card to get a mortgage. You need to find a mortgage outfit that still knows how to do a MANUAL mortgage, the kind of mortgage your grandparents probably had. Now days mortgage writers don't know how to do anything except look at a FICO score and make a decision based off of that. Nobody seems to be capable of independent thought anymore.

Check this place out and see if they can't help you: Churchill Mortgage (http://www.churchillmortgage.com/commonframe.php?p=credit_help_menu)

HITMAN

10-21-2009, 11:02 PM

so what is wrong with freecredit report.com? i have not used it in years but am curious? Can they harm your report somehow? Or is it that they charge $10/month?? ????

:rolf How is $10 a month "Free?"

Yooformula

10-21-2009, 11:14 PM

you can go directly to each credit agency and get a free report once a year, verify EVERY piece of info and anything that isn't correct you email them a dispute. quick way to build credit is exactly what Crawlin posted. I helped my friend clean up his credit and raise his score to buy a house and it only took about 4-5 months. Dont over apply for cc as it will hurt your credit by showing that you are actively searching for it, something about too many hits on your credit. The high interest, low limit cc are easy to get, just use it for gas. Paying the bill immediately doesnt build you credit, you have to have a balance just make sure its paid ON TIME. THAT builds the credit! I told my buddy to use it for ALL gas transactions then when the bill comes pay 3/4 of it for the first few months then pay the balance and dont EVER go over your limit. In fact if your limit is $500, dont let the balance get above $400, so it shows that you can use the credit without maxing it out.

Cryptic

10-22-2009, 12:44 AM

I used a visa check card or paid cash forever. Around 2001 I financed half the cost (low risk loan for bank) of my GTX and paid it off a year early. Maybe about 2 years ago I started using an actual CC that you paid off at the end of the month. I always pay off my balance.I always pay my bills when their due.

I don't think there's any real big secret to having a good credit score. You just cant be a jack ass and not live beyond your means and act responsible.

I have like a 815 combined score. I know this because I just refinanced my house for another point and a half less.

4eyedstang

10-22-2009, 05:24 AM

a friend of mine took a credit management class at the work force development center and when he finished he got a 50 point bump in his credit score. i think it was only a three week course 2 night a week and its free ill try and find more info.

and do not fall for a adjustable rate mortgage no matter how much the pressure you
you should be able to get a 5% fixed rate will a score of 650 or better

CATNHAT

10-22-2009, 06:57 AM

:rolf How is $10 a month "Free?"

Yeah that part is a joke. When you sign on, you can see 1 report for free. If your enroll in their $10/month program you can see all 3 reports and make adjustments to them. If you cancel your "subscription" in the first thirty days you pay nothing. That is what I did and it seemed to help my score.

PureSound15

10-22-2009, 11:59 AM

Yeah that part is a joke. When you sign on, you can see 1 report for free. If your enroll in their $10/month program you can see all 3 reports and make adjustments to them. If you cancel your "subscription" in the first thirty days you pay nothing. That is what I did and it seemed to help my score.

The number of fraud cases in our QC department is disgusting - further is the number that come from Freecreditreport.com and the sources that they sell your information to.

Take a look at your credit card statement and see if you have any $1.50 - $4.00 charges from a random source. Those would be charged from freecreditreport.com

http://redtape.msnbc.com/2006/09/dont_fall_for_f.html

DirtyMax

10-22-2009, 01:18 PM

DO NOT go to freecreditreport.com PLEASE DO NOT. From someone who works in banking - it will end up being HELL for you in the future.

Just curious as to why this piece of advice? Before I went to freecreditreport, I was a victim of CC fraud twice in a 6 month span. I have since subscribed because I like how it emails me anytime I have an inquiry, score change, etc. I have yet to see any odd charges on my other CC statements.

PureSound15

10-22-2009, 03:15 PM

Just curious as to why this piece of advice? Before I went to freecreditreport, I was a victim of CC fraud twice in a 6 month span. I have since subscribed because I like how it emails me anytime I have an inquiry, score change, etc. I have yet to see any odd charges on my other CC statements.

Well you're using it for credit security - 99% of people use it for the "free credit report" that ends up not being free at all, then they end up getting feed to death without realizing it.

Yooformula

10-22-2009, 03:23 PM

Just curious as to why this piece of advice? Before I went to freecreditreport, I was a victim of CC fraud twice in a 6 month span. I have since subscribed because I like how it emails me anytime I have an inquiry, score change, etc. I have yet to see any odd charges on my other CC statements.

prior to the fraud how often did you check your report? Most people dont EVER check their reports until they need something. You get a free check every year plus anytime you are denied credit for anything, you are entitled to a free copy to review it. I think its a good idea to check every 6 months.

-stew-

10-22-2009, 03:36 PM

Since having a lot of hits on my credit report is bad, would getiing a secured card be better than applying for cards until I get one? How long does it take to get my deposit back with a secured card? Can I get it back with out closing the card? Any fine print I should worry about with a secured card?

Thanks for all the advice.

*SNOOP*

10-22-2009, 04:03 PM

I check/monitor my credit every month... MYCREDITKEEPER.COM

GRAMPS SS

10-22-2009, 06:44 PM

my cap 1 card shows and has for the past 8 years since i got it. never a missed payment?

x2....evry year when i get my free credit repot it shows up...it has shown when i have looked into buying a new car as well...capital one has been there...

GRAMPS SS

10-22-2009, 06:46 PM

How I'm supposed to get a cc with shitty credit?

how you going to get a house with shitty credit...oh that's right...the OBAMA WAY....everyone gets a house ...:goof

CATNHAT

10-22-2009, 06:59 PM

4eyedstang

10-22-2009, 07:48 PM

Holeshot

10-22-2009, 08:45 PM

not true. you can geta FHA with 2.5% down with a FICA score of 650 and the PMI on my mortgage is dirt cheep. around $150 per year

Very true. Also if your mortgage broker is really good you can get LPMI ;)

Yooformula

10-22-2009, 09:11 PM

If you want a house, dont forget about the fat downpayment as well as the high credit score. At least 20% maybe more?? to avoid paying PMI. The bank is also going to scrutinize your debt service ratio.

not true! comes down to your mortgage company and how well they know their ass from their elbow. We got an FHA loan with $0 down, 4.75% 30yr fixed and you dont want to know what was on my credit report but I did work my ass off to get the score up and fix the bs on my credit. Yes you may pay for PMI but it does get reduced or dropped after you accumulate equity in your home. Ours only amounted to an extra $50 a month IIRC. I wouldnt sweat the points either as most times they are tax deductible.

tommyt5078

10-22-2009, 09:39 PM

not true. you can geta FHA with 2.5% down with a FICA score of 650 and the PMI on my mortgage is dirt cheep. around $150 per year

Wow that news to me, 150 per year is a steal if that's what you pay or paid or know how to get it that cheap, lead the OP in that direction........Mine was 80 dollars a month until I did a re-fi.

CATNHAT

10-22-2009, 10:08 PM

not true! comes down to your mortgage company and how well they know their ass from their elbow. We got an FHA loan with $0 down, 4.75% 30yr fixed and you dont want to know what was on my credit report but I did work my ass off to get the score up and fix the bs on my credit. Yes you may pay for PMI but it does get reduced or dropped after you accumulate equity in your home. Ours only amounted to an extra $50 a month IIRC. I wouldnt sweat the points either as most times they are tax deductible.

Well the 50-75 buyers that I have talked to in the last year must be giving me bad info on what it takes to get a loan these days? I recently had a condo buyer with 800 score, no debt, 50% down and had a hard time closing? Maybe a difficult bank-bad project, ??

Stew, we have had our differences but I am not trying to give you bad info, only what I have experienced in the last 15 years as a condo/single family builder and seller and what different lending institutions have told me. Asscociated Bank, USA Funding, Wells fargo, Accunet, etc.

I dont claim to be a mortgage or credit expert, just relaying what I have personally seen and heard.

Yooformula

10-22-2009, 10:26 PM

Nowadays your info is probably more right than mine. Our mortgage was done 5 yrs ago and we had a refi this year but not much changed. Our mortgage initially was with Accunet then moved over to Universal Mortgage but either way FHA loans have some different rules to go with it(cant sell it for 3-4yrs, cant rent it out, etc).

pOrk

10-23-2009, 02:33 PM

not true. you can geta FHA with 2.5% down with a FICA score of 650 and the PMI on my mortgage is dirt cheep. around $150 per year

150 a YEAR? That sounds extremely far fetched. Everywhere I looked was atleast 50-90 a month, my credit score is 760. I paid 20% down to avoid the PMI, that and my payment is much lower :thumbsup

4eyedstang

10-23-2009, 03:24 PM

150 a YEAR? That sounds extremely far fetched. Everywhere I looked was atleast 50-90 a month, my credit score is 760. I paid 20% down to avoid the PMI, that and my payment is much lower :thumbsup

i didn't have to borrow to much. 65k on a house that was assessed at 114k
i was shocked at how cheap it was myself but i did have to pay 2 years of pmi and and home insurance at closing so there may be a discount for that.
Scot at Wisconsin mortgage is the man !

-stew-

10-23-2009, 03:54 PM

Phone Number of this Scott character?

4eyedstang

10-23-2009, 05:22 PM

Phone Number of this Scott character?

Scot Spieker
cell#262-818-1655
email scotts@wimort.com
web scotts.wimort.com

-stew-

10-23-2009, 06:20 PM

Thank you.

xxsn0blindxx

10-23-2009, 06:52 PM

If you're a first time home buyer without 20% to put down and/or don't have a 720+ credit score an FHA loan is the way to go. We bought our house almost exactly a year ago, FHA with 3% down and 6% interest (refinanced in spring to 5%). My and my wife's credit aren't bad, but not great either, I think mine was 675 and hers was 730. I recall something about with FHA you can transfer your interest rate to your buyer when it comes time to sell your home, which is great since interest rates are really low right now.

I highly recommend Rob Lesner at Netcentral Mortgage. He's a great guy to work with. Tell him Joe Ng sent you.

414-258-7833
http://netcentralmortgage.com/