Comments on: 10 Common Credit Report & Credit Score Myths http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/ Personal Finance Blog Fri, 10 Feb 2012 01:59:06 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Andre http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-2/#comment-8948 Andre Tue, 31 May 2011 21:27:06 +0000 http://blog.quizzle.com/?p=533#comment-8948 Depending on the account and the negative information on your credit report, your credit score should increase. Now, if it's (let's say) a credit card or loan that's in good standing, it could hurt your credit report due to inactivity. It's a double edge sword playing the credit score game :). Depending on the account and the negative information on your credit report, your credit score should increase. Now, if it’s (let’s say) a credit card or loan that’s in good standing, it could hurt your credit report due to inactivity. It’s a double edge sword playing the credit score game :).

]]> By: dawn http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-2/#comment-8741 dawn Thu, 17 Feb 2011 14:18:57 +0000 http://blog.quizzle.com/?p=533#comment-8741 Credit scores always drop when you apply for a loan, especially a sizeable loan. Reason being, your income to debt ratio changes. Anytime you increase your debt your credit score drops, however, this is usually only temporary. By paying your loan responsibly like you have been doing your bills that got you the great score, in no time your score will climb right back up where it was if not higher. Credit scores always drop when you apply for a loan, especially a sizeable loan. Reason being, your income to debt ratio changes. Anytime you increase your debt your credit score drops, however, this is usually only temporary. By paying your loan responsibly like you have been doing your bills that got you the great score, in no time your score will climb right back up where it was if not higher.

]]> By: Kelly http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-2/#comment-8738 Kelly Thu, 17 Feb 2011 03:50:19 +0000 http://blog.quizzle.com/?p=533#comment-8738 number 6 is almost always true. I have gotten everything negative removed from my credit report(after I paid it). I understand that this is unusal. To do so, I had to contact every company on my credit report, pay them, and ask them to remove it. They aren't required to and generally wont unless you have a good reason. when i paid some of them, they were still showing up as 'paid', but of course that i had payed them late. Also, you can get a note put onto your account if they won't remove it, by disputing the information with the bureus, and having them add a note that explains why it was paid late such as 'belongs to ex-spouse, awarded to ex in divorce proceddings'. this note won't generally help your score but it will help whoever is looking at your report to understand your circumstances rather then automatically denying you for a loan. number 6 is almost always true. I have gotten everything negative removed from my credit report(after I paid it). I understand that this is unusal. To do so, I had to contact every company on my credit report, pay them, and ask them to remove it. They aren’t required to and generally wont unless you have a good reason. when i paid some of them, they were still showing up as ‘paid’, but of course that i had payed them late. Also, you can get a note put onto your account if they won’t remove it, by disputing the information with the bureus, and having them add a note that explains why it was paid late such as ‘belongs to ex-spouse, awarded to ex in divorce proceddings’. this note won’t generally help your score but it will help whoever is looking at your report to understand your circumstances rather then automatically denying you for a loan.

]]> By: tina http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-2/#comment-7381 tina Fri, 24 Sep 2010 23:36:29 +0000 http://blog.quizzle.com/?p=533#comment-7381 I applied for a loan and got it when the bank checked my credit score when I was applying for the loan it was 803, once the loan hit me credit report my score dropped to 639..why the only other debt I have is my mortgage which currently has a balance of 28,000 the loan was for 20,000.00...but is now down to 17,000.00. Should I have put the loan in both my name and my husbands I worked very hard to get score that high very upset it dropped so low can you explain and can I fix it Thanks I applied for a loan and got it when the bank checked my credit score when I was applying for the loan it was 803, once the loan hit me credit report my score dropped to 639..why the only other debt I have is my mortgage which currently has a balance of 28,000 the loan was for 20,000.00…but is now down to 17,000.00. Should I have put the loan in both my name and my husbands I worked very hard to get score that high very upset it dropped so low can you explain and can I fix it Thanks

]]> By: MamaMia http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-2/#comment-7337 MamaMia Wed, 15 Sep 2010 19:54:22 +0000 http://blog.quizzle.com/?p=533#comment-7337 when paying off debt... is it better to the debt off as a lump some or make payments? when paying off debt… is it better to the debt off as a lump some or make payments?

]]> By: Tiffany http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-2/#comment-7241 Tiffany Thu, 26 Aug 2010 14:53:18 +0000 http://blog.quizzle.com/?p=533#comment-7241 Since most things stay on your credit for 7 years then "drop off", what happens to your credit score when that happens? Since most things stay on your credit for 7 years then “drop off”, what happens to your credit score when that happens?

]]> By: Debby http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-1/#comment-7123 Debby Wed, 18 Aug 2010 19:11:09 +0000 http://blog.quizzle.com/?p=533#comment-7123 I am glad to see quite of few intelligent people on here that see the FICO score for what it is. It is not a tell all about anybody that's for sure. Very responsible people are being turned down while irresponsible people (before the credit act: a lot of college kids!) are being granted credit. Paying with cash is an excellent program but since society screams that we HAVE to have credit then pay cash with credit. If you can find a rewards card, either that pays cash back or a percentage to something else, then use it to purchase your BUDGETED amounts, groceries, car payment, utilities BUT besure you budget so you don't get caught in the buy now pay later. This system is a use card NOW, pay NOW!! Example: I made $1000's worth of purchases, each purchase is subtrated out of my checking account book as if I used my bank, then I add them all up and send that amount to the credit card. I get 1% cash on all my purchases, don't pay interest to the card and am still using my credit card but be very sure that you send in your "payment" BEFORE the end of the statement so that the amount that is sent to your credit report is low or nothing, no high balance, which is usually done when they close out the current statement. This information was information that I garnered from reading many "about your credit report" articles. Keep reading and stay informed!!! I am glad to see quite of few intelligent people on here that see the FICO score for what it is. It is not a tell all about anybody that’s for sure.
Very responsible people are being turned down while irresponsible people (before the credit act: a lot of college kids!) are being granted credit.

Paying with cash is an excellent program but since society screams that we HAVE to have credit then pay cash with credit. If you can find a rewards card, either that pays cash back or a percentage to something else, then use it to purchase your BUDGETED amounts, groceries, car payment, utilities BUT besure you budget so you don’t get caught in the buy now pay later. This system is a use card NOW, pay NOW!!

Example: I made $1000′s worth of purchases, each purchase is subtrated out of my checking account book as if I used my bank, then I add them all up and send that amount to the credit card. I get 1% cash on all my purchases, don’t pay interest to the card and am still using my credit card but be very sure that you send in your “payment” BEFORE the end of the statement so that the amount that is sent to your credit report is low or nothing, no high balance, which is usually done when they close out the current statement.

This information was information that I garnered from reading many “about your credit report” articles. Keep reading and stay informed!!!

]]> By: DENIECE http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-1/#comment-6656 DENIECE Mon, 02 Aug 2010 18:45:59 +0000 http://blog.quizzle.com/?p=533#comment-6656 MY question is I have a credit card now I like to know if I should request for a settlement or pay on it every month, until it's paid off. MY question is I have a credit card now I like to know if I should request for a settlement
or pay on it every month, until it’s paid off.

]]> By: cw http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-1/#comment-6483 cw Wed, 28 Jul 2010 21:29:11 +0000 http://blog.quizzle.com/?p=533#comment-6483 For those people who believe it is impossible to live without credit unless you are rich....... I make very little money but lived like a pauper in an old ram-shackled home for many years but bought this place with very little money in a growing area. After 10 years of improving someone finally came along and made an offer I couldnt refuse. I then took this cash and bought 3 ram-shackled properties mostly with cash instead of buying expensive cars and furniture. Regardless of what the real estate market does I paid low enough that I can guarantee myself a reasonable retirement and can now afford to relax and do what I like and no I am not a landlord. No I do not own a boat and no I do not own a flashy new car. Life is much more rewarding when you can do what you want instead of pursuing status symbols. When I need a car I go to the dealers auction and buy 2 and sell 1. I get furniture second hand and anything else I wait for a reasonable price or go to the knock off stores or wholesale clubs or simply do without. I have learned all these lessons from people that were rich and got that way themselves by being frugal and not from their parents or the lotttery or something like that. I think they have found that most lottery winners squander it all away within a few years. Happiness is living life free from shackles and debt is a big chain around your whole life. For those people who believe it is impossible to live without credit unless you are rich……. I make very little money but lived like a pauper in an old ram-shackled home for many years but bought this place with very little money in a growing area. After 10 years of improving someone finally came along and made an offer I couldnt refuse. I then took this cash and bought 3 ram-shackled properties mostly with cash instead of buying expensive cars and furniture. Regardless of what the real estate market does I paid low enough that I can guarantee myself a reasonable retirement and can now afford to relax and do what I like and no I am not a landlord. No I do not own a boat and no I do not own a flashy new car. Life is much more rewarding when you can do what you want instead of pursuing status symbols. When I need a car I go to the dealers auction and buy 2 and sell 1. I get furniture second hand and anything else I wait for a reasonable price or go to the knock off stores or wholesale clubs or simply do without. I have learned all these lessons from people that were rich and got that way themselves by being frugal and not from their parents or the lotttery or something like that. I think they have found that most lottery winners squander it all away within a few years. Happiness is living life free from shackles and debt is a big chain around your whole life.

]]> By: cw http://www.quizzle.com/blog/2009/10/10-common-credit-report-credit-score-myths/comment-page-1/#comment-6479 cw Wed, 28 Jul 2010 21:10:11 +0000 http://blog.quizzle.com/?p=533#comment-6479 I only use credit cards as a 30 day tool while collecting interest on the money and paying the balances. I own 3 houses 2 of them free and clear. For some reason this negatively affects my score. It's really not a big concern as I have already been down the road of high debt and loosing my income and dont plan to return so I really could care less what "Fair" Issac has to say about me. If you dont have the money then dont spend it. That's what this society has lost and is suffering as a result. I only use credit cards as a 30 day tool while collecting interest on the money and paying the balances. I own 3 houses 2 of them free and clear. For some reason this negatively affects my score. It’s really not a big concern as I have already been down the road of high debt and loosing my income and dont plan to return so I really could care less what “Fair” Issac has to say about me. If you dont have the money then dont spend it. That’s what this society has lost and is suffering as a result.

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