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Topic: How the F*CK do you raise your credit score????
Anonymous A started this discussion 9 years ago#62,719
Mine is a respectable level, but I want to get it to around 800. I pay all of my bills every month. I have two credit cards that I never use too much, but I pay them off every month. I have two car loans (all of these from the same bank) that I pay faithfully on time, every month. I have no debt, no liens, no bankruptcy. Yet my damn credit score stays the same, month after month. It never rises. What the hell?
Anonymous B joined in and replied with this 9 years ago, 9 minutes later[^][v]#788,020
How old are you and what is your work history. I mean how many years with each employer.
Anonymous A (OP) replied with this 9 years ago, 35 minutes later, 45 minutes after the original post[^][v]#788,024
@previous (B)
I am in my 30s, worked for each employer for an average of 3 years.
Anonymous C joined in and replied with this 9 years ago, 5 hours later, 6 hours after the original post[^][v]#788,040
You need to take on more debt. Use your credit cards more. It's not rising because you're not really doing anything.
Just paying off small loans or occasional credit is not a guarantee to get a higher score. That score is the degree of trust lenders have in giving you credit so you need to have actual experience in having credit.
Use your credit cards for everything, pay the minimum off the first month and then on the second month pay off the first month, etc. So this way you're always using your credit and paying it back on time. Your score will go up over time.
(Edited 33 seconds later.)
Anonymous D joined in and replied with this 9 years ago, 29 minutes later, 6 hours after the original post[^][v]#788,043
> I am in my 30s, worked for each employer for an average of 3 years.
I am the one that asked you for that info.
So Anon C has it spot on. To get the very best numbers you need One large debt - Expensive Car and a House with a long term loan. Paying off the credit cards WORKS - But Banks want people that have work history and a long history of paying off a large loan. Takes time to get the numbers up. One can get a good number in the low 800's without a large debt like a house but that takes years and years.
Also if you go bank to bank and ask managers for what they know they all generally agree. One large loan that is like 15 years or more to pay off is important because it is proof you can pay bills on time. I worked damn hard to keep mine at max number and the only reason for that has to do with getting the very best rate on the next loan I need to buy more income property - Bank managers can show you examples of how they can offer you a more better rate and it turns out they report to someone who can even offer a rate close to prime.
Having a bank manager on your side ROCKS -
I also posted some time back about making several thousand dollars as free money for taking out multiple bank credit cards. I am still doing that but its now only about $650/yr but hey its still free money.
Look at American Express rewards for instance on line - Anyone with a job can get $100 on line - In mail offers however go up to $250 for the same card. I missed out on the top offer by just one week.
(Edited 40 seconds later.)
FuckAlms !vX8K53rFBI joined in and replied with this 9 years ago, 1 hour later, 16 hours after the original post[^][v]#788,146
@OP
*How the FUCK do you raise your credit score????
Anonymous G joined in and replied with this 9 years ago, 37 minutes later, 17 hours after the original post[^][v]#788,149
Buy a house
squeegee joined in and replied with this 9 years ago, 21 minutes later, 17 hours after the original post[^][v]#788,153
carry a higher debt load. paying off your cards every month is counter productive. float a few thousand on one of your cards for a year and pay minimum charges, then pay it all off next year. you'll have spent some money on interest but it'll improve your score. you're kinda like "buying" better credit when you do that. they really don't want you paying off your cards every month, what they want is for you to carry lots of debt and pay it off a little bit at a time so they make fuck loads of cash off of you. so pay your monthly minimum fees and try to look more like your common garden variety debt loaded american if you want them to incentivize improving your score.
the more of a sucker you look like the better your credit score will be.
that's what i've been told, my credit is probably like yours, not bad but not great. and it's because i specifically choose to not carry any debt, and i don't. it's all a big fucking scam.
(Edited 37 seconds later.)
chili dog !!81dzJNNYL joined in and replied with this 9 years ago, 19 minutes later, 18 hours after the original post[^][v]#788,156
@previous (squeegee)
wait then why isn't my credit stellar
it can't have anything to do with the fact that i have worked full-time 6 weeks in all
nope
Anonymous C replied with this 9 years ago, 8 minutes later, 18 hours after the original post[^][v]#788,157
Syntax replied with this 9 years ago, 59 minutes later, 19 hours after the original post[^][v]#788,177
@788,153 (squeegee)
The whole idea is THEY want to lend you money. They need to lend you money to make money. They just want to be sure you're a good risk.
Anonymous D replied with this 9 years ago, 12 minutes later, 19 hours after the original post[^][v]#788,180
@788,121 (The Witch Doctor !6W1Zpe4MCM)
What you should be doing, instead of getting into a mountain of debt that you can't pay off.
Anonymous J joined in and replied with this 9 years ago, 41 seconds later, 19 hours after the original post[^][v]#788,181
@788,177 (Syntax)
so...you are thinking...just maybe my chances of a mortgage are not so good right now...correct..
Syntax replied with this 9 years ago, 13 minutes later, 19 hours after the original post[^][v]#788,186
@previous (J)
Depends on what you are looking4. If its not over your head and you have a decent credit history you can probably get the mortgage. The rate you are going to pay will strongly depend on your credit score.
Anonymous J replied with this 9 years ago, 3 minutes later, 19 hours after the original post[^][v]#788,188
chili dog !!81dzJNNYL replied with this 9 years ago, 8 minutes later, 20 hours after the original post[^][v]#788,193
@788,186 (Syntax)
no way he has a credit score also it is not 2007 any more banks have restricted mortgage conditions for a decade now
Syntax replied with this 9 years ago, 3 minutes later, 20 hours after the original post[^][v]#788,196
@previous (chili dog !!81dzJNNYL)
If you are talking about it from a Canadian point of view? They did not have the crisis USA had because they were far smarter and made sure people who bought houses paid a substantial down payment and made sure those who were buying were able to pay off the mortgage.
USA is tighter then back in the bubble yet people are still buying over their heads.
chili dog !!81dzJNNYL replied with this 9 years ago, 1 minute later, 20 hours after the original post[^][v]#788,198
@previous (Syntax)
what i know of the mortgage crisis is largely from an american perspective. we currently have a huuuuuuuge housing/renting bubble in most large cities.
Syntax replied with this 9 years ago, 9 minutes later, 20 hours after the original post[^][v]#788,202
@previous (chili dog !!81dzJNNYL)
My knowledge is very limited because I only have experience buying where I live and one place I bought for my daughter in Massachusetts
Here, the vast majority of great houses/condos are being bought by investors to lease out and they are often foreign investors willing to pay above market prices.
I find buying and selling property boring as all shit but bank interest rates suck something horrid so I have to do it via real estate as the only possible hedge I can deal with.