Jump to content

credit advice


loganlovesme
 Share

Recommended Posts

For maximum points to your score, limit revolving accounts to between 2 - 4. You need to use the accounts monthly, so department store cards (while easy to get) are often not the best choice. Choose a multi-purpose card: Visa, MC or Discover, which can be used to purchase items you need to buy anyway like food and gas.

The manner in which you pay off the accounts matters also. Search for 'utilization' for info and recommendations. Good luck!

Link to comment
Share on other sites

I have been thinking the same thing. I have read over and over not to go over 3 revolving accounts because even if you don't use them that will show creditors that you have more than you can max out at any minute.

I am sticking to 3 credit cards! After all, the more you have the easier it is to slip up on missing/being late on one payment!~

Donna

Link to comment
Share on other sites

to each his own with their credit.

I am learning from my past mistakes and NOT over doing it, as far as new accounts go. I do agree that you need to open new positive lines of credit. It just seems that some people are going to be back where they started in no time. with 2 bank credit cards, 5 store accounts/credit cards and other various lines of credit. I think some people have gone so long with not being able to finance a soda at circle K, that they get so excited with all these new opportunities.

I was thinking, to go along with the repair process, we need more resources on how to KEEP your credit in good standing.

Link to comment
Share on other sites

KEEP your credit in good standing.

Yep. Just today I was reading a post about being a "victim of the mortgage industry."

I was thinking "You step into a 30 year loan and didn't understand the terms and now you blame the mortgage industry?!!"

[insert expletives here]!

-r

Link to comment
Share on other sites

Yep. Just today I was reading a post about being a "victim of the mortgage industry."

I was thinking "You step into a 30 year loan and didn't understand the terms and now you blame the mortgage industry?!!"

[insert expletives here]!

-r

Have you ever tried reading a mortgage agreement??? Most average folk do not speak legalese and if the broker or closer isn't honest, they can get taken.

Link to comment
Share on other sites

Yep. Just today I was reading a post about being a "victim of the mortgage industry."

I was thinking "You step into a 30 year loan and didn't understand the terms and now you blame the mortgage industry?!!"

[insert expletives here]!

-r

They know -- for one, you sign your name 4000 times.. provide countless last minute faxes of documentation AND one by one they go through them with you at the title company......

But back to the original post, yes there should be. I see quite a few on here who are applying like crazy to anything and everything. There was a recent post from someone on how they cleaned it up and are now maxed on all their cards and starting over. OUCH, painful journey to have to do twice

Link to comment
Share on other sites

well that is nothing....if u frequent the CB forum, you will see folks with 200K of avail credit. We hope that the difficulty in cleaning up your credit, barring an unexpected event--u will not go back to your old ways. Everyone is different--if u are making 20-30K or less--then u should understand your limits creditwise.

U should have several cards to protect yourself against a uni rate jack...and if u plan to carry a balance--in order to keep util% low..u need avail credit

To carry a 1k balance--u need 10k in avail credit

2k===========>20K and so on...

So a 10K balance requires 100K in avail credit.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.