Comments on: FICO Scores Keep Climbing http://www.debtkid.com/fico-scores-keep-climbing Debt Kid - I'm Getting Out of Debt Sat, 21 Nov 2009 05:13:13 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: journey http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19787 journey Mon, 13 Jul 2009 05:50:50 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19787 I need to work on this myself. Another thing to add to the to do list. I need to work on this myself. Another thing to add to the to do list.

]]> By: Credhater http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19329 Credhater Sat, 23 May 2009 16:07:55 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19329 End all credit cards. The best Fico is a zero. If everyone would stop using credit cards and save their money than we would see the credit card companies put to a slow and painful finacial death. Remeber the borrower is the slave to the lender. Go Dave Ramsey End all credit cards. The best Fico is a zero. If everyone would stop using credit cards and save their money than we would see the credit card companies put to a slow and painful finacial death. Remeber the borrower is the slave to the lender. Go Dave Ramsey

]]> By: llbigwave http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19252 llbigwave Thu, 14 May 2009 00:50:02 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19252 I think Greg makes a good point that is worth expanding on. If you charge nothing at all on the credit cards, they will neither help nor hurt your scores. If you make small charges each month, and pay the bills in full, it will help your scores. I learned this through experience - one of the negative factors on my FICO score last year was a "lack of credit use" (or something like that). I was charging thousands of dollars a month, but paying it all off before the statement closed. When the statement closed with a zero balance, that was what was reported to FICO. Since then, I have made one minor adjustment - I now wait until after the statement closes before paying the bill. The "lack of credit use" negative factor is now gone. Good luck! I think Greg makes a good point that is worth expanding on.
If you charge nothing at all on the credit cards, they will neither help nor hurt your scores.
If you make small charges each month, and pay the bills in full, it will help your scores.
I learned this through experience – one of the negative factors on my FICO score last year was a “lack of credit use” (or something like that). I was charging thousands of dollars a month, but paying it all off before the statement closed. When the statement closed with a zero balance, that was what was reported to FICO.
Since then, I have made one minor adjustment – I now wait until after the statement closes before paying the bill. The “lack of credit use” negative factor is now gone.
Good luck!

]]> By: Robert http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19224 Robert Fri, 08 May 2009 17:35:43 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19224 Dude, take it from me. In your situation, 2 credit cards is plenty. I *HATE* banks and credit cards. But, they are a necessary evil. At least with one of those you can pay for a motel room for a night somewhere if you are stranded, or as another poster stated, a tank of gas in an emergency. I thought I would do the same thing to claw myself out of debt... but I lost another job and ended up defaulting on the damn thing, which is why I am here. Don't use the card unless you have the assets... and it sounds like you don't have any to speak of. Fuck credit. Take the other poster's advice. I am now just getting my four year degree in order, and so I have to be *very* careful about who I sign agreements for anything which will affect my future. And right now, banks are going to the government... you really think that you're going to be getting a house in a year? I have a consultation on Monday at 11:30 (too early!) with a lawyer in town who has written books for NoLo... going to see if he will represent me in my Chapter 7 liquidation. All that I want is to be able to again obtain business credit. I have a ten year old LLC with a solid track record... D&N numbers that are years old, and another Delaware Inc. for the company as well, but I can't get any business loans or anything because of my personal finances. Fuck, hopefully in a year my credit will be out of the 400s so I can start making some business transactions again. Dude, take it from me.

In your situation, 2 credit cards is plenty. I *HATE* banks and credit cards. But, they are a necessary evil. At least with one of those you can pay for a motel room for a night somewhere if you are stranded, or as another poster stated, a tank of gas in an emergency.

I thought I would do the same thing to claw myself out of debt… but I lost another job and ended up defaulting on the damn thing, which is why I am here.

Don’t use the card unless you have the assets… and it sounds like you don’t have any to speak of. Fuck credit. Take the other poster’s advice.

I am now just getting my four year degree in order, and so I have to be *very* careful about who I sign agreements for anything which will affect my future. And right now, banks are going to the government… you really think that you’re going to be getting a house in a year?

I have a consultation on Monday at 11:30 (too early!) with a lawyer in town who has written books for NoLo… going to see if he will represent me in my Chapter 7 liquidation.

All that I want is to be able to again obtain business credit. I have a ten year old LLC with a solid track record… D&N numbers that are years old, and another Delaware Inc. for the company as well, but I can’t get any business loans or anything because of my personal finances.

Fuck, hopefully in a year my credit will be out of the 400s so I can start making some business transactions again.

]]> By: Aristotelian http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19205 Aristotelian Tue, 05 May 2009 23:52:54 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19205 FICO scores can affect your interest rates, so it is good to keep track of them and improve them if you can do so at little cost. What I want to know is why you would buy anything at Nordstrom or Best Buy if you are trying to get out of debt in the middle of a recession. Neither of those stores sell anything that is remotely necessary to a frugal lifestyle. FICO scores can affect your interest rates, so it is good to keep track of them and improve them if you can do so at little cost. What I want to know is why you would buy anything at Nordstrom or Best Buy if you are trying to get out of debt in the middle of a recession. Neither of those stores sell anything that is remotely necessary to a frugal lifestyle.

]]> By: Ken http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19203 Ken Tue, 05 May 2009 10:45:59 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19203 I think monitoring your score a couple times a year is good. I would guard against applying for more cards on a regular basis. Take it slow and continue to live by a budget and within your means. Things will continue to get better. I think monitoring your score a couple times a year is good. I would guard against applying for more cards on a regular basis. Take it slow and continue to live by a budget and within your means. Things will continue to get better.

]]> By: Greg http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19200 Greg Mon, 04 May 2009 22:58:12 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19200 One thing to keep in mind is that if you don't use your cards most banks will close them or at least lower the limits. You say you wouldn't use them to add to your debt. PIF- Pay in Full is also an option. At the very least you will want to charge a tank of gas or pack of gum once every 6 months or so. I tend to agree with Jim in your specific case. I am not a "no credit" person, obviously. But in your case it seems you are not far removed and have not emerged from your financial difficulties and credit defaults. I defaulted on som debts 5-6 years ago. Know what I am doing to raise my scores? Waiting the 7 years it takes for all the negatives to go away and in the meantime doing everything I can to keep from going back there. When I made the choice to not pay bills 5-6 years ago I knew I would have several years of credit pain. As it probably should be. Since then I have not had a single late or missed payment on any account and I have 30+ accounts in good standing. One thing to keep in mind is that if you don’t use your cards most banks will close them or at least lower the limits. You say you wouldn’t use them to add to your debt. PIF- Pay in Full is also an option. At the very least you will want to charge a tank of gas or pack of gum once every 6 months or so.

I tend to agree with Jim in your specific case. I am not a “no credit” person, obviously. But in your case it seems you are not far removed and have not emerged from your financial difficulties and credit defaults.

I defaulted on som debts 5-6 years ago. Know what I am doing to raise my scores? Waiting the 7 years it takes for all the negatives to go away and in the meantime doing everything I can to keep from going back there. When I made the choice to not pay bills 5-6 years ago I knew I would have several years of credit pain. As it probably should be. Since then I have not had a single late or missed payment on any account and I have 30+ accounts in good standing.

]]> By: Jim ~ mydebtblog.com http://www.debtkid.com/fico-scores-keep-climbing/comment-page-1#comment-19198 Jim ~ mydebtblog.com Mon, 04 May 2009 18:01:21 +0000 http://www.debtkid.com/fico-scores-keep-climbing#comment-19198 Why do you worry about your FICO score so much? I mean if you were in the 700s with the same levels of debt would you be any better off financially? I guess I don't understand the importance of the FICO score other than you could borrow money at different rates, but you have already borrowed a lot of money that you cannot afford to pay. Just keep paying off your debt and stop worrying about how much credit worthiness you have with your FICO score. Why do you worry about your FICO score so much? I mean if you were in the 700s with the same levels of debt would you be any better off financially? I guess I don’t understand the importance of the FICO score other than you could borrow money at different rates, but you have already borrowed a lot of money that you cannot afford to pay. Just keep paying off your debt and stop worrying about how much credit worthiness you have with your FICO score.

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