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  1. #1
    Deal GURU
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    Default how to improve Fico scores

    As I can see it, if you pay late you hurt your score. If you pay off
    every month the credit companies don't want you. My Mom had one cancel
    her because she paid every month. If you have to much credit your fico
    score is hurt. If you don't have enough your score is hurt.
    Anyone know the magic idea behind how to raise and maintain your
    score. I have cards I would love to close but it will hurt my score

    but then again, having to much will hurt my score. I find all this
    frustrating!!!
    Phyllis
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  3. #2
    Deal GURU
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    Default

    I have been married for 25 yrs. I never worried about our scores. We have bought 3 homes in those years and had no problem (last one 2 1/2 yrs ago). We pay all of our bills on time and I don't worry about the rest. When rates on credit card went up we changed banks. It could drive me crazy to have another thing to worry about.

    Melissa
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  5. #3
    Deal GURU
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    Re: Budget101.com : Fico scores


    Phyllis, I recently went to creditreport.com. I was able to obtain a detailed credit report and score for myself and my wife for free. HOWEVER, I do have to call in and cancel the subscription before my 30 days is up, but at least i get my information. They also will give you a few ideas as what areas you should work on to raise your score.

    You CAN get a free report without commitment or cancelling once per year, but you have to pay to find out your score. Whereas with this i dont have to.. just have to make a phone call...

    Any how, Some things I learned are having too many accounts open may show credit lendors that you are scrambling for any offer you can get and may spend above your means of living.

    Too many accounts with low limits may show credit lendors that the previos company that lended to you felt as if they couldn't lend higher limits to you.

    Too few accounts may indicate that you are unable to obtain credit and show that you may not be able to afford it.

    I think that the only way cancelling a credit card will hurt you is if you havent paid it all off AND if you have had it less than 2 years or so. THAT ISN'T FACT, however, When i was viewing my report, i noticed that they keep a tally type chart for the past two years on a monthly basis where they keep track of your payment history. So, I figured that when I cancelled my card and paid it off at 15 months. I had 15 green (good) Months and then I had 9 months that were red... NOT BAD but just doesn't reflect a good payment history because there is no payment history.

    So, I have recently cancelled all my cards that charged a yearly rate and montly rate and have accepted offers (most with the same APR) but none of these rates. I'm going to pay all my debt down.

    Once I've paid down debt on a new card (I did some free balance transfers as they were interest free for a year and other cards that had balances had HIGH int. rates) I'm going to use it to pay bills (if the biller IE electric, doesnt charge to pay with c.card) buy groceries, what not and then pay the bill off every month. You have to be careful not to buy if you can't afford to pay it off at the end of the month.

    From my understanding, this shows lendors that you are only spending what you can afford and you are dependably paying it off every month. Be careful with the cards you, you want to have more available credit than you do a balance... Otherwise that could lower your score...

    Thats a lot of info, but I hope it helps. another site that you can get your report at is freecreditreport.com tho i MUCH MORE like the first one i listed.

    Brandon
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  7. #4
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    Re: Budget101.com : Fico scores


    By federal law you can get 1 free credit report a year from one credit agency. It does not have your FICO scar um I mean score on it. I just googled free annual credit report to find the link.

    Teri
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  9. #5
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    According to Clark Howard it is
    http://www.annualcreditreport.com

    He warns to stay away from the much advertised
    freecreditreport.com which sells a service.

    I have found that http://www.ClarkHoward.com has a lot of
    useful information.

    BeckyH
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