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Thread: I want an incredible credit score!

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    Featured Member lolagetz's Avatar
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    Default I want an incredible credit score!

    So I just checked my credit score last night -- it's 705, which I think is pretty good since I'm only 20. I have no marks against me on my report, and I have two open accounts -- my car loan at a credit union, and my Victoria's Secret credit card. I want to raise my score, but I don't want to just open a regular credit card account -- I use my checking debit card dealy, and I love it, and don't want another card to worry about.

    What can I do, aside from making my payments on time on my existing accounts, and without having to just get a regular credit card?

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    God/dess Mr Hyde's Avatar
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    Default Re: I want an incredible credit score!

    The best way to raise your credit score is to get some credit (appropriate to your income), use it, and pay your bills on time...and keep doing so. It takes some time.

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    Featured Member Katherine's Avatar
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    Default Re: I want an incredible credit score!

    Unfortunately, because you're only twenty, that's a negative on your credit. You don't have credit history.

    Why don't you want to get a regular credit card? When I wanted to better my credit score, but was afraid I'd spend the credit, I got one with a low limit and had bills I ALREADY had to pay monthly automatically charged to the card.

    For example, I had my cable bill, electric bill and phone bill automatically charged to my credit card every month. Those are bills I won't 'forget' that I have to pay monthly. The card had a $500 limit, and those three bills combined never (even on the months I went over my minutes) went over $500.

    It made my life easier in that now three bills turned into one. PLUS I was building my credit up.

    Getting another card is really the only way you're going to boost your score besides continuing to pay your current cards and growing older....

    Sophia_Starina = stripper goddess


    "Guys are so damn lame, the only way they can halfway make up for it is by opening their wallets."

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    Featured Member Katherine's Avatar
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    Default Re: I want an incredible credit score!

    Just noticed one of your accounts is your car loan. Get a card and have your car loan charged automatically to it each month. Instead of sending your car payment to wherever you currently send it, you'll be sending it to the credit card. You won't be spending an extra cent, while building your credit at the same time...

    Sophia_Starina = stripper goddess


    "Guys are so damn lame, the only way they can halfway make up for it is by opening their wallets."

    AznExtasy

  5. #5
    AlexxaHex
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    Default Re: I want an incredible credit score!

    ^^Actually, you could end up paying a lot more if you use the credit card to pay your car payment depending on the interest rate of the card as compared to the interest rate on your loan. Check the percentages!!

    Another thing that was suggested to me was taking out a "secured" credit card from a credit union. PhillyDancer definitely explained it better than I could:

    Quote Originally Posted by PhillyDancer1982 View Post
    Or, you can go to a credit union and get a secured credit card. Basically, you give them a deposit and they hold your money in an interest-bearing CD(Certificate of Deposit). They issue you a credit card for an amount up to the amount of your deposit. The annual fee is minimal, around $10-30/yr. If you keep the card in good standing(i.e., consistently pay at least the minimum payment on time) for around a year or so, they will let you keep the card but also give you back your deposit + whatever interest accrued. Most banks or credit unions do not conduct credit checks for this kind of card. All you need is to have a current savings account with that bank. And if you don't, you'll be able to open one up as long as you don't have any current bad marks in ChexSystems(e.g., drastically overwithdrawan bank accounts in the past that haven't been paid up).

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    God/dess Bridgette's Avatar
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    Default Re: I want an incredible credit score!

    ^But if you just pay the car payment on the credit card, then turn around and pay the credit card bill in full (since it was only your car payment), you won't pay any interest on the card. That's an easy way to build credit with a credit card using bills you already have to pay anyway, and not pay any extra interest

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

  7. #7
    AlexxaHex
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    Default Re: I want an incredible credit score!

    That's assuming she has the cash funds to pay in full. I would think it's safest to go with the lowest interest rate. Say her car loan was at 10% and her new credit card was at 25%. If for some reason she couldn't keep up with the payments, she will owe 25% on her car payments rather than 10%. Any missing payments will keep compounding upon themselves, and higher interest rates could be imposed depending on the credit card company she goes with.
    Then again, she could always just make the payments directly to her car loan and cancel the credit card situation if she found herself in a financial hardship.
    She would just have to be really vigilant about it.

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    Featured Member Katherine's Avatar
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    Default Re: I want an incredible credit score!

    Alexxa- I'm not suggesting she transfer her car loan to the credit card. The car loan stays the same! Including whatever interest she pays on it. The reason I suggested autimatically charging the car loan to her credit card (where as bridgette explained she won't be paying any extra interest on it) is that that's a bill she 'has ' to pay every month. Therefore, she has something that's being charged on her credit card and getting paid off monthly and it's building her credit. If she is unable to make her car loan payment comfortably, then she should take some of my other suggestions as things to have automatically charged. As she's paying it off full every month, there won't be any interest charged. Yes it seems silly to charge a bill you're already paying to a credit card, but she's looking for ways to better her credit, and this is a way...

    Sophia_Starina = stripper goddess


    "Guys are so damn lame, the only way they can halfway make up for it is by opening their wallets."

    AznExtasy

  9. #9
    AlexxaHex
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    Default Re: I want an incredible credit score!

    I see what you mean. It's not the worst idea ever for building credit but I think credit cards are evil. There can be hidden fees, heinous practices, penalties and usually the interest rates are out of control (especially these days) so if she isn't super careful, she'll end up paying more. I have just heard too many credit card horror stories to advocate it. It almost always costs you more to use the card than not. There are less risky ways to build credit.

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    God/dess Bridgette's Avatar
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    Default Re: I want an incredible credit score!

    Quote Originally Posted by AlexxaHex View Post
    That's assuming she has the cash funds to pay in full.
    Well, since we're talking about a monthly CAR PAYMENT, we're assuming she has that money every month anyway. You put the car payment on the credit card and NOTHING ELSE. You pay the credit card bill each month on time (same amount you'd pay for the car payment, no interest since you pay in full. There are many cards out there with NO ANNUAL FEE, so as long as you ONLY use the card this way and just pay the car payment each month, you'll pay NOTHING for using the card. There's ZERO risk with this, unless of course she suddenly couldn't pay her car payments anymore - and then she'd have bigger problems to worry about than a credit card. It's just a different way to pay that SAME monthly bill she always pays, that would help her build her credit score. Have you been reading these posts??

    I understand some people just have a strong emotional negative reaction to "credit cards", but please think rationally about what is being said here. We're not advising anyone to run up a credit card bill for the sake of building credit. We're advising that you can use the cc to pay bills you already pay every month anyway to build credit. OK?

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

  11. #11
    AlexxaHex
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    Default Re: I want an incredible credit score!

    Yes, I have been reading the posts. There is no need to get snippy with me or to tell me that my responses have been irrational. I just think there are better, safer ways to build credit. Let's move on.

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    Featured Member Katherine's Avatar
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    Default Re: I want an incredible credit score!

    I'm not here to get snippy either (please, I mean that). But like what? She's still young. Growing older will help her credit score, but she wants something she could do NOW. Continuing paying her car loan and vic secrets cards will help establish her history. But once again she wants something she can do NOW.

    Instead of saying my idea is too risky (which as Bridgette explained, it won't cost her an extra penny), what suggestions can you offer?

    What are these better safer ways that you know?

    Once again, I'm not trying to have an attitude. I just don't anyone saying my idea is risky and then not coming up with any other suggestions...

    Sophia_Starina = stripper goddess


    "Guys are so damn lame, the only way they can halfway make up for it is by opening their wallets."

    AznExtasy

  13. #13
    AlexxaHex
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    Default Re: I want an incredible credit score!

    Obviously I'm not a financial expert by any means but I did provide a less risky suggestion in my original response.
    She can take it or leave it, but I have seen far too many young people (myself included) end up ruining their once good credit with credit cards. This section is full of threads about how credit card companies are screwing people over left and right with fees.
    Anyway, I've said this already. I'm done here. There is nothing more I have to contribute.

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    God/dess Bridgette's Avatar
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    Default Re: I want an incredible credit score!

    Sorry I'm not being snippy, but it most certainly does seem you are projecting your own emotional feelings about something that happened to you in the past, and not really considering exactly what is being suggested here. Saying that credit cards are "evil", for example, and responding to statements in a way that suggest you haven't fully absorbed the ideas. As has already been explained in this thread at length, as long as the credit card is strictly used as suggested, there is ZERO risk and the cc company could NOT screw anyone over. The way they screw people over is when you start missing payments or paying late. But since it'd be used just for a regular monthly bill and NOT shopping or spending extra money, the chances of this happening are practically nil.

    Furthermore, your only suggestion in this thread was getting a secured credit card. That's actually MORE risky than getting a regular one. Most secured cards have much higher interest AND monthly or annual fees which are charged whether you use the card or not - most regular cards don't have any monthly or annual fees so that's a much better option than the secured deal. I haven't seen where you posted any other suggestions, except for continuing to say that credit cards are 'bad'.

    Credit cards are only bad if you have shit credit to begin with and/or don't use them properly.

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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    God/dess whirlerz's Avatar
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    Default Re: I want an incredible credit score!

    Just what I've been told: Vic. Secret card, if you're one day late, reports it like it was 30 days late. Just what I've heard. I don't know if that helps or not. Anyway, best of luck.


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

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    Featured Member lolagetz's Avatar
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    Default Re: I want an incredible credit score!

    ^^^Thanks for the heads up. I only have a $250 limit there, so I never have any trouble with that bill.

    About the credit card/ car payment thing... I'm going to have my car paid off within the next 6 weeks or so, so I don't think it's worth it to set that whole thing up. Thank you girls for all the advice! I think I'll get a credit card and use it to pay some of my other bills -- groceries, gas, etc.

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    God/dess cinammonkisses's Avatar
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    Default Re: I want an incredible credit score!

    Quote Originally Posted by VenusGoddess View Post
    I don't think this is legal. You cannot report someone for being 30 days late if they are only 1 day late. If you are 1 day PAST the 30 days late they may report you...but you can dispute that with the credit bureaus.
    Really? I have some 30 day lates on my CR and I KNOW for a fact that I was at most a few weeks late, but NEVER 30 days..so I can dispute that?!







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


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    Default Re: I want an incredible credit score!

    If you can get your mom or dad (or someone else but honestly parents are more likely) to add you as an authorized user to one of their long-established cards then that will add significantly to your credit age thus boosting your score. Obviously you won't want to do this if there are any lates or derogs on the card. My mom added me to one of her cards and it gave me 25 years credit history. PLA-DOW!


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    Default Re: I want an incredible credit score!

    Quote Originally Posted by cinammonkisses View Post
    Really? I have some 30 day lates on my CR and I KNOW for a fact that I was at most a few weeks late, but NEVER 30 days..so I can dispute that?!
    hey, it's worth a shot.


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    God/dess cinammonkisses's Avatar
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    Default Re: I want an incredible credit score!

    Thanks VG! I pay online through my bank, so it keeps a record of how much, and when it went through!!!







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


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    God/dess Bridgette's Avatar
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    Default Re: I want an incredible credit score!

    Quote Originally Posted by LoveSexMoney View Post
    My mom added me to one of her cards and it gave me 25 years credit history. PLA-DOW!
    seethes with jealousy
    I have no family with credit like that

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

  22. #22
    Member anniewine's Avatar
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    Default Re: I want an incredible credit score!

    On this credit tracking thing that I have on my account I clicked a link on how to improve my credit score and it said that just by paying my credit card to a 0 balance it would raise my score 50 points!! May want to try that. I think their impressed if you do that and it shows responsibility.

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    Default Re: I want an incredible credit score!

    Just keep doing what your doing it takes time . I think I have peaked with mine I cant seem to get over 820 but thats good enough for me it usually stays around 811 . I really try to pay cash for everything now the only payment I have is my house payment and monthly CC .

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    Featured Member scorpio's Avatar
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    Default Re: I want an incredible credit score!

    being in the finance industry, I know a little bit about credit. Scores are based upon: Time account is open, balance to limit ratio (keep at 30%) payment history, types of accounts (revolving, installment, mortgage)

    To raise your score, open 2 more cards. never spend more than 30% of balance, make all payments on time. in 12 months, your score should be above 720, which is Platinum level.

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