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This above... To add to what he/she said, to maximize your scores, you need at least 3 credit cards reporting. For a newbie, you should be able to generate a s
by pavornyoh 11y ago
This above... To add to what he/she said, to maximize your scores, you need at least 3 credit cards reporting. For a newbie, you should be able to generate a score within six months. BOA, Capital One and CUs are are good place to start. Also if someone can add you as an authorized user on their cards also helps a lot. Stay way from predatory lenders like First Premier and Credit One. Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. Do this and in six months you will be qualified for unsecured cards...
- david-given 11y agoLeaving aside the fact that as a non-USian this all sounds completely insane... > Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. ...what does this mean?
- pavornyoh 11y agoOnce you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. ...what does this mean? A rule of thumb is to always keep utilization under 30% for a good score. The credit score like all other things are /can be manipulated. So the 1%-9% balance reporting instead of 30% is the best to get the best percentage of the amounts which is factored into getting your overall credit score. This is how scores are calculated - Payment history[35%], amounts owed [30%], length of credit history [15%], new credit [10%] and types of credit used [10%]. The balance owed counts for 30% in calculating the overall score. So the lower the balance, the better.
- danieltillett 11y agoIs there a good resource for learning all this crazy stuff?
- deleted 11y ago[deleted]
- pavornyoh 11y agoYes, begin here- http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/b... It has good info.
- danieltillett 11y agoThanks!
- erichocean 11y agoThe latter means that the credit reporting agencies "evaluate" how you're doing at specific times, so instead of paying off your card when it is due, you can notice when they evaluate and pay it off right before they check. If you do, try and pay off enough to have it below 10%, but above 1%, since that'll give you the best evaluation (i.e. the highest credit score). For anyone else, pretty much anyone with income can more or less fix their credit in 6-9 months if you just work at it. It's a game, you can game it, and get a good credit score. (If you scoff at the notion of credit scores being "a game", realize that it's the whole point. People who "care" enough about their credit score to learn the game and play it are—by definition—good credit risks. So doing well "at the game" is exactly what credit providers want you to do.)
- danieltillett 11y ago> People who "care" enough about their credit score to learn the game and play it are—by definition—good credit risks Either that or they are fraudsters.
- ars 11y agoThe credit score is not intended to find fraudsters. It's intended to find people with poor credit skills, but good intentions. For fraud they have other tools.
- ams6110 11y agoHow do you know when they check?
- pavornyoh 11y agoWhen your credit is pulled, you do get an inquiry and an alert if you are subscribe to credit monitoring [think credit karma]. So depending on your region or state, you will get an inquiry on either Experian, Transunion or Equifax.