Posted by TCK on February 24, 2001 at 10:59:20:
Ralph,
You might want to check out the credit info center. Their address is http://www.creditinfocenter.com./cards/ I know that Ed has recommended it again and again.
TCK
CREDIT ****** ADVICE - Posted by D-weezie
Posted by D-weezie on February 23, 2001 at 11:48:55:
This is just a helpful hint. I run into many people that tell me their credit is good because they do not owe anyone. " I only pay in cash " . Cash is not always as good as it seems. Remember the old saying No credit is worst than bad credit. Sometimes it’s true.
Always maintain 3 accounts if you can . I don’t mean major accounts just minimal ones. Like charge cards with a payment of $10. a month, a car payment, or you may have a funiture store account with a little payment. Any type of credit account revolving or installment. The goal is to have the rating as I1 or R1.
Now with these accounts (also referred to as tradelines)
Keep them active for 12 months or more. If your cleaning your credit report up into shape and you pay evey bill off , you have hurt yourself more than helped yourself.
We all know credit scoring is king. I don’t know what the formula is for grading but I do know from personal experience as well as helping others and listening to the many lenders I run across every Monday and Wednesdays at meeting pitching their products . They all look for the same thing primarily. ACTIVE TRADELINES is one of the major indications of your worth.
EXAMPLE : If you were to lend 5 dollars to Chris at your job. Chris has a history of borrowing $5 every week for lunch. Chris borrowed from John 2 weeks ago and Kathy the week prior. Now this week he is asking you. Chris says he will pay you back on payday. Later in the restroom at the sink ;=) you spoke with john and he said “yeah he paid me on pay day right after he cashed his check” , and kathy in breakroom said the exact same thing. You are now persuaded to loan the 5 bucks because his tradelines(kathy and John) were paid on time. But what if their were no John or Kathy to cool your wondering if he would pay you back or not. Would you loan it, or just hit your pocket and pretend you did not have it ? HMMMMMM
SO use your credit as a strategy to get yourself in better standings financially. 12 months make the decision to take lunch to work, and a 2 dollar rental movie at home friday night instead of going out. Don’t be affraid of credit make it your friend. Just 3 tradelines/accounts opened. 2 revolving and 1 installment or vise versa for at least one year.
Last but not least don’t let everyone pull your credit. Limit the amount of inquires you allow on your account. So that free soda at the Walmart or Target for filling out a charge application is a no-no. Protect your credit, love your credit, be married to your credit not just engaged.
Like my grandmother always says Never miss up your name cause its all you really got.
Re: CREDIT ****** ADVICE - Posted by Ralph Schnelle
Posted by Ralph Schnelle on February 24, 2001 at 10:22:19:
Great advice.
What is the best strategy for removing the inquiries from your credit report? How do lenders look at high credit limit cards? And, should you close/cancel high credit limit cards what’s the best approach for this.
Re: Well said D-Weezie…n/t - Posted by ed Garcia
Posted by ed Garcia on February 23, 2001 at 19:29:47:
n/t
Re: CREDIT ****** ADVICE EVERYONE read this - Posted by chris
Posted by chris on February 23, 2001 at 16:16:06:
everyone read this good info keep it coming