All my payments are on time if I need to raise my credit score to 16 points how much does making paying credit card debt 5500 limit at 3600 owed ...now paid in full raise it.
sandra
of IL
@
Nov 07, 2009 14:59:01 PM
credit card debt
anyone now if i were to paydown my credit card debt which is 2,700 dollars on a card with a limit of 3,000 to 900.00 dollars how many points my fico score would go up...
pete grgurevic
of CA
@
Oct 17, 2009 16:12:53 PM
credit card den
anyone now if pay down my credit card that has a credit limit of 3,000, which my current balance is 2,700 down to 900.00 dollars how many points will my fico score go up..thanks pete
pete grgurevic
of CA
@
Oct 17, 2009 16:08:37 PM
US Dept of Education Loans
I consolidated three school loans five years ago and now I have four loans on my credit report, three closed and one open. My problem is I have late payments on the three closed loans and I don't know how long each of these will be open. The first loan was from 1996 and that still shows on my credit report.
Al
of AZ
@
Oct 16, 2009 15:57:04 PM
thanks
Thanks Man, very helpful
Chris
of CA
@
Oct 16, 2009 12:26:18 PM
15% to 22%
This is in response to Chris of CA.
Yes, you are right, it is better to keep a balance than to pay off the entire amount each mount.
The FairIsaac classic model scoring system gives the best score to consumer that use 15% - to 22% balances. This shows you are using credit in a responsible way, as opposed to those consumers who are either maxed out, or not really using credit, incurring some interest fees.
The system is designed to predict see how you will do for something like a 20 year mortgage, where you are going to have a balance, credit interest fees.
john ellis
of CA
@
Oct 15, 2009 16:30:36 PM
leaving some balance...
I have heard that the credit card companies like it when you leave about $100 on your balance, instead of paying off the entire bill every time. This might be because the client has to pay a small amount of interest on the $100 dollars, which makes the company money.
Is this true, or completely off base?
Chris
of CA
@
Oct 12, 2009 19:04:05 PM
Bad Credit
I have very bad credit and I do want to get back on track. How do you reestablish getting credit? You were saying just leave the old debt alone and start with newer debt? How far back should a person on old debt go? If you do a settlement for less than old is that bad or good?
jeana
of TX
@
Mar 24, 2009 16:20:15 PM
my credit report
when something is removed from one company does the other one have to remove it if innacurate
Betty Delisle
of NH
@
Mar 17, 2009 14:14:26 PM
The article gives some really bad advice
First of all, paying off old bills can actually and dramatically damage your FICO score, because the FICO scoring model does not make a distinction between paid and unpaid collections. Paying an old bill will make the debt appear newer than it is, and the FICO model gives much greater weight to recent activity than it does to something, say, five years ago.
Also, a consumer who is trying to reestablish credit definitely needs a few new accounts and needs to pay them over time.
Any consumer needs to know and understand credit and how it is analyzed and scored. Consumers with past (or present) credit problems need to educate themselves, learn how to fix past problems, establish new credit (the right kind of credit!), and to change their credit habits going forward. Excellent source is www.creditboards.com and www.myfico.com.
sandra of IL @ Nov 07, 2009 14:59:01 PM
pete grgurevic of CA @ Oct 17, 2009 16:12:53 PM
pete grgurevic of CA @ Oct 17, 2009 16:08:37 PM
Al of AZ @ Oct 16, 2009 15:57:04 PM
Chris of CA @ Oct 16, 2009 12:26:18 PM
john ellis of CA @ Oct 15, 2009 16:30:36 PM
Chris of CA @ Oct 12, 2009 19:04:05 PM
jeana of TX @ Mar 24, 2009 16:20:15 PM
Betty Delisle of NH @ Mar 17, 2009 14:14:26 PM
James of CA @ Feb 09, 2009 11:56:54 AM
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