Credit Tips & Tricks

[jmichael]

This is not a question and I do apologize if this is a wrong post for this forum.

It seems like most we have no idea what to do when it comes to credit. Myself for example, when I looked into my credit and seen some major incorrect information first thing I did was try to contact a lawyer. Bot was that a joke. They only want to do Bankruptcies try to find one that will help you resolve disputes with your credit. You will not find any locally. Now there are those credit repair companies and honestly I did sign up with one of them regardless to all the warnings that they are con artists. Well that may be with some or maybe even most. But the one I use does not cost that much and heck if it works its worth every penny if it does not well they claim to have a money back gaurentee. So after spending $105. so far I have 3 deletitions on my credit. So to me it was well worth every penny. I will soon save major on intrest rates. But anyway to get to the reason I am writing. It seems that most people are not aware they are able to get a lot of things deleted from there credit one of which most people seem to be surprised with is "Credit Inquiries" You can get those deleted. How about people like myself who never bothered with credit. I always thought going through life paying cash was the best way to do things. Boy was I wrong. But click on the link below and you can see there are ways even around that. I was able to add a 8 year credit history on myself instantly giving me AAA+ credit! No scams, No Nothing! Just read the information. It has helped me a GREAT deal and I do beleive it can help you also. But I do warn you in advance it is one of those credit card application web sites just use common sense and do not apply for credit cards that most of us do not honestly need. I do not own the web site and I am certainly not getting paid for referrals to it. I am just posting a web site that I found advice that helped me a great deal and judging by my post for credit deletition it seems that many people like myself are looking hi and low for credit advice and help.

Hope this helps you!


Credit Tips & Tricks

 

[Rathi]

That AAA credit trick looks very good, and I could certainly use it atm, but a couple things it didn't mention.

Even if you have 3 accounts, each with a saving, each with a loan, they still look at your income for your credit rating. My income looks very good when you see the gross, but i have child support payments that also show up on credit reports. Be warned that this reduces greatly your debt to income ratio, and has a big bearing on credit ratings as well...

Did I really HAVE to post this, no... lol Trying to keep credit in good shape is the easy, and most difficult thing to do....... hehe

 

[jmichael]

I too had dealings with the child support. Not that it matters much. But I had a savings account which I kept all of my "court ordered support" in. I never sent it to my X in fear that the monies would never be used to benefit my child. My x knew of this account as did my child which we were all ok with. Not knowing that the courts were putting a new judgement on my on a yearly basis. (7 years) ouch! But now that my child has hit 16 years of age I released the monies with intrest and everything is paid in full and with an agreement I negotiated the child support case is now closed with the courts. But the dammage to my credit was already done. Here in New York the judgements will stay in place for 10 years! an even bigger ouch! But like I said earlier so far I have already had 3 deletitions so far with 4 more to go. It does hurt my score but with some creative credit stratigies I have been able to get my Equifax score from a measly 580 something to the high 700 (790 something) now. and my Experian and Trans Union to the mid 700's so far. Keeping in mind I have only been at this now for just about 3 months now. The trick as I mentioned before had to do with adding additional credit accounts to my own. For myself I had asked one of my parents if they had any credit accounts they hold individually. Now keep in mind you too can do this but be sure they have perfect credit or this will back fire on you. The best way would be to do a credit report on who ever you want to use before doing it. I noticed with my mother she had 2 credit cards she has had since the mid 90's there has never been a late payment on either one of them. I then asked my mother to add me to the account as a joint card holder. Not having any intrest in the account I obviously told her if they send me any cards I would either give them to her immediatly or destroy the cards. See the trick here is that the entire history of the account is then put on my credit report, instantly giving me AAA+ credit! But something else you want to keep in mind is before you add the accounts to your credit check the balance to limit ratio. Obviously you want a card with a low balance and a high limit. If they have high balances and low limits it will not look as good to you. ALSO something else to keep in mind. There debt is now jointly yours! If they are running into money troubles and are unable to make the payments on the cards please have them let you know or they can hurt your credit just as bad... Also keep in mind there health.. If someone dies that debt becomes yours. Just something to keep in mind there is always a bad side to things..

Another trick I have done and I picked up on this by accident. I have a credit card with a 2000.00 limit. I maxxed it out for the holidays, paid it down to a balance of 50.00 then had an emergency and needed to max it out again. I then paid it back down to the $50.00 again. Surprisingly it helpped raise my score by doing that. Maxing out the card lowered my score by 30 points but paying the majority of it down raised my score by 47 points each time. So I actually gained 17 points each time I did it. so I gained 34 points on my Fico scores just by doing that!! Nice surprise! Now obviously do not do this if you are unable to pay it down right away.

James

 

[Michael Wechsler]

Originally posted by jmichael
I too had dealings with the child support. Not that it matters much. But I had a savings account which I kept all of my "court ordered support" in. I never sent it to my X in fear that the monies would never be used to benefit my child. My x knew of this account as did my child which we were all ok with. Not knowing that the courts were putting a new judgement on my on a yearly basis. (7 years) ouch! But now that my child has hit 16 years of age I released the monies with intrest and everything is paid in full and with an agreement I negotiated the child support case is now closed with the courts. But the dammage to my credit was already done. Here in New York the judgements will stay in place for 10 years! an even bigger ouch! But like I said earlier so far I have already had 3 deletitions so far with 4 more to go. It does hurt my score but with some creative credit stratigies I have been able to get my Equifax score from a measly 580 something to the high 700 (790 something) now. and my Experian and Trans Union to the mid 700's so far. Keeping in mind I have only been at this now for just about 3 months now. The trick as I mentioned before had to do with adding additional credit accounts to my own. For myself I had asked one of my parents if they had any credit accounts they hold individually. Now keep in mind you too can do this but be sure they have perfect credit or this will back fire on you. The best way would be to do a credit report on who ever you want to use before doing it. I noticed with my mother she had 2 credit cards she has had since the mid 90's there has never been a late payment on either one of them. I then asked my mother to add me to the account as a joint card holder. Not having any intrest in the account I obviously told her if they send me any cards I would either give them to her immediatly or destroy the cards. See the trick here is that the entire history of the account is then put on my credit report, instantly giving me AAA+ credit! But something else you want to keep in mind is before you add the accounts to your credit check the balance to limit ratio. Obviously you want a card with a low balance and a high limit. If they have high balances and low limits it will not look as good to you. ALSO something else to keep in mind. There debt is now jointly yours! If they are running into money troubles and are unable to make the payments on the cards please have them let you know or they can hurt your credit just as bad... Also keep in mind there health.. If someone dies that debt becomes yours. Just something to keep in mind there is always a bad side to things..

Another trick I have done and I picked up on this by accident. I have a credit card with a 2000.00 limit. I maxxed it out for the holidays, paid it down to a balance of 50.00 then had an emergency and needed to max it out again. I then paid it back down to the $50.00 again. Surprisingly it helpped raise my score by doing that. Maxing out the card lowered my score by 30 points but paying the majority of it down raised my score by 47 points each time. So I actually gained 17 points each time I did it. so I gained 34 points on my Fico scores just by doing that!! Nice surprise! Now obviously do not do this if you are unable to pay it down right away.

James

Thanks for a great contribution!!!

 

[cindyhardy]

Originally posted by jmichael
I too had dealings with the child support. Not that it matters much. But I had a savings account which I kept all of my "court ordered support" in. I never sent it to my X in fear that the monies would never be used to benefit my child. My x knew of this account as did my child which we were all ok with. Not knowing that the courts were putting a new judgement on my on a yearly basis. (7 years) ouch! But now that my child has hit 16 years of age I released the monies with intrest and everything is paid in full and with an agreement I negotiated the child support case is now closed with the courts. But the dammage to my credit was already done. Here in New York the judgements will stay in place for 10 years! an even bigger ouch! But like I said earlier so far I have already had 3 deletitions so far with 4 more to go. It does hurt my score but with some creative credit stratigies I have been able to get my Equifax score from a measly 580 something to the high 700 (790 something) now. and my Experian and Trans Union to the mid 700's so far. Keeping in mind I have only been at this now for just about 3 months now. The trick as I mentioned before had to do with adding additional credit accounts to my own. For myself I had asked one of my parents if they had any credit accounts they hold individually. Now keep in mind you too can do this but be sure they have perfect credit or this will back fire on you. The best way would be to do a credit report on who ever you want to use before doing it. I noticed with my mother she had 2 credit cards she has had since the mid 90's there has never been a late payment on either one of them. I then asked my mother to add me to the account as a joint card holder. Not having any intrest in the account I obviously told her if they send me any cards I would either give them to her immediatly or destroy the cards. See the trick here is that the entire history of the account is then put on my credit report, instantly giving me AAA+ credit! But something else you want to keep in mind is before you add the accounts to your credit check the balance to limit ratio. Obviously you want a card with a low balance and a high limit. If they have high balances and low limits it will not look as good to you. ALSO something else to keep in mind. There debt is now jointly yours! If they are running into money troubles and are unable to make the payments on the cards please have them let you know or they can hurt your credit just as bad... Also keep in mind there health.. If someone dies that debt becomes yours. Just something to keep in mind there is always a bad side to things..

Another trick I have done and I picked up on this by accident. I have a credit card with a 2000.00 limit. I maxxed it out for the holidays, paid it down to a balance of 50.00 then had an emergency and needed to max it out again. I then paid it back down to the $50.00 again. Surprisingly it helpped raise my score by doing that. Maxing out the card lowered my score by 30 points but paying the majority of it down raised my score by 47 points each time. So I actually gained 17 points each time I did it. so I gained 34 points on my Fico scores just by doing that!! Nice surprise! Now obviously do not do this if you are unable to pay it down right away.

James

 

[cindyhardy]

Originally posted by jmichael
I too had dealings with the child support. Not that it matters much. But I had a savings account which I kept all of my "court ordered support" in. I never sent it to my X in fear that the monies would never be used to benefit my child. My x knew of this account as did my child which we were all ok with. Not knowing that the courts were putting a new judgement on my on a yearly basis. (7 years) ouch! But now that my child has hit 16 years of age I released the monies with intrest and everything is paid in full and with an agreement I negotiated the child support case is now closed with the courts. But the dammage to my credit was already done. Here in New York the judgements will stay in place for 10 years! an even bigger ouch! But like I said earlier so far I have already had 3 deletitions so far with 4 more to go. It does hurt my score but with some creative credit stratigies I have been able to get my Equifax score from a measly 580 something to the high 700 (790 something) now. and my Experian and Trans Union to the mid 700's so far. Keeping in mind I have only been at this now for just about 3 months now. The trick as I mentioned before had to do with adding additional credit accounts to my own. For myself I had asked one of my parents if they had any credit accounts they hold individually. Now keep in mind you too can do this but be sure they have perfect credit or this will back fire on you. The best way would be to do a credit report on who ever you want to use before doing it. I noticed with my mother she had 2 credit cards she has had since the mid 90's there has never been a late payment on either one of them. I then asked my mother to add me to the account as a joint card holder. Not having any intrest in the account I obviously told her if they send me any cards I would either give them to her immediatly or destroy the cards. See the trick here is that the entire history of the account is then put on my credit report, instantly giving me AAA+ credit! But something else you want to keep in mind is before you add the accounts to your credit check the balance to limit ratio. Obviously you want a card with a low balance and a high limit. If they have high balances and low limits it will not look as good to you. ALSO something else to keep in mind. There debt is now jointly yours! If they are running into money troubles and are unable to make the payments on the cards please have them let you know or they can hurt your credit just as bad... Also keep in mind there health.. If someone dies that debt becomes yours. Just something to keep in mind there is always a bad side to things..

Another trick I have done and I picked up on this by accident. I have a credit card with a 2000.00 limit. I maxxed it out for the holidays, paid it down to a balance of 50.00 then had an emergency and needed to max it out again. I then paid it back down to the $50.00 again. Surprisingly it helpped raise my score by doing that. Maxing out the card lowered my score by 30 points but paying the majority of it down raised my score by 47 points each time. So I actually gained 17 points each time I did it. so I gained 34 points on my Fico scores just by doing that!! Nice surprise! Now obviously do not do this if you are unable to pay it down right away.

James

 

[cindyhardy]

question for jmichael

when you maxed your credit card to pay them down, did you pay them down immediately or monthly in large amounts please email me at cindyhardy@hotmail.com

 

[jmichael]

I would max. out my cards using it for everyday purchases.. I.e. food shopping, gas, and any other normal charges. That would max. it out and freeing up my cash on hand which was saved for the next payment to the bank.

Anyway before I get my statement in the mail the credit card companies report to the bureaus saying what my balance is. Hmm what's a good way to explain it.. ok I think this will help....

January: I max. out the card

February: When I get my bill I pay it off almost in full Never pay it off in full you will get less of a credit score increase if you do.. Usually leave like $30-$50.00 as a balance. (This is when the credit card companies report to the credit bureaus and tell them the balance I have on the card. At this point your credit score will drop for maxxing out the card. Usually around 27-30 points.)

DO NOT charge anything on the card...

March: You will get a bill in for the $30-$50.00 you have on there.. Just make the minimum payment on the card. Wait about a week and max. it out again and keep repeating the process.. (Waiting a week give the credit card companies time to report you new balance to the credit bureaus. When they report the pay down your score will increase 40-50 points. Usually around 45-47 is my usual increase and that is with a $1,000.00 limit on my card.)

In 9 months time I was able to manipulate my score and increase it by about 50 points. plus the normal increases of having a longer credit history no late payments and things of that nature. All totaled I gained about 75 points easily.

Hope this helps... And remember if you can not pay off your credit cards after maxxing them please do not attempt to do this.. This is only a trick to get your score up an additional 15 points in a relatively short period of time. By doing so you may qualify for a lower interest loan, credit card, etc.

 

[Michael Wechsler]

Originally posted by jmichael
I would max. out my cards using it for everyday purchases.. I.e. food shopping, gas, and any other normal charges. That would max. it out and freeing up my cash on hand which was saved for the next payment to the bank.

Anyway before I get my statement in the mail the credit card companies report to the bureaus saying what my balance is. Hmm what's a good way to explain it.. ok I think this will help....

January: I max. out the card

February: When I get my bill I pay it off almost in full Never pay it off in full you will get less of a credit score increase if you do.. Usually leave like $30-$50.00 as a balance. (This is when the credit card companies report to the credit bureaus and tell them the balance I have on the card. At this point your credit score will drop for maxxing out the card. Usually around 27-30 points.)

DO NOT charge anything on the card...

March: You will get a bill in for the $30-$50.00 you have on there.. Just make the minimum payment on the card. Wait about a week and max. it out again and keep repeating the process.. (Waiting a week give the credit card companies time to report you new balance to the credit bureaus. When they report the pay down your score will increase 40-50 points. Usually around 45-47 is my usual increase and that is with a $1,000.00 limit on my card.)

In 9 months time I was able to manipulate my score and increase it by about 50 points. plus the normal increases of having a longer credit history no late payments and things of that nature. All totaled I gained about 75 points easily.

Hope this helps... And remember if you can not pay off your credit cards after maxxing them please do not attempt to do this.. This is only a trick to get your score up an additional 15 points in a relatively short period of time. By doing so you may qualify for a lower interest loan, credit card, etc.

It is absolutely true that there are strange credit games you can play to change your credit ratings. It may sound completely bizarre but a friend in the mortgage industry told gave me some advice as well although I cannot verify this one... could be completely accurate and I know many conducting planned purchase and payment designed to increase credit score despite the inherent illogic.