Bettering your credit.
Thread Starter
BAZINGA!
Joined: Aug 2004
Posts: 21,613
Likes: 0
From: San Diego, CA
Bettering your credit.
How does one do it?
I have the following (I'm not ashamed of it) -
Amount of Debt - Not good
Amount of New credit - Bad
Payment History - Great
Length of Credit History - Not Good
My FICO score is 682 so it's in the "good" bracket (660-724)
So my question is this. I am currently paying off 3 credit cards, and now with the motorcycle loan being cleared (Insurance and GAP), what is the best way to clear some of that shit up?
I heard canceling is not good, but neither is leaving it empty.
Should I cancel cards when balance is paid off?
Should I transfer my maxed card to the others to make a more balanced credit?
Advice would be nice.
I have the following (I'm not ashamed of it) -
Amount of Debt - Not good
Amount of New credit - Bad
Payment History - Great
Length of Credit History - Not Good
My FICO score is 682 so it's in the "good" bracket (660-724)
So my question is this. I am currently paying off 3 credit cards, and now with the motorcycle loan being cleared (Insurance and GAP), what is the best way to clear some of that shit up?
I heard canceling is not good, but neither is leaving it empty.
Should I cancel cards when balance is paid off?
Should I transfer my maxed card to the others to make a more balanced credit?
Advice would be nice.
I
Joined: Jan 2001
Posts: 56,525
Likes: 0
From: Westside til I die
Make payments on the car for the life of the loan. Not have a loan for a bike and a car. Don't cancel cards, they like to see available credit. Don't max out a card.
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2015 Ford Mustang GT Fastback - Ingot Silver - 6M - Performance Package - Gibson Catback, JLT CAI, FR 47lb injectors, BAMA E85 tune, Eibach Sportline, BMR wheel hop kit, UPR oil separator, Steeda shifter bushing/bracket
Team B.O.B.® - Ballaz on a Budget
2015 Ford Mustang GT Fastback - Ingot Silver - 6M - Performance Package - Gibson Catback, JLT CAI, FR 47lb injectors, BAMA E85 tune, Eibach Sportline, BMR wheel hop kit, UPR oil separator, Steeda shifter bushing/bracket
Team B.O.B.® - Ballaz on a Budget
Shake n Bake!
Joined: Feb 2006
Posts: 11,794
Likes: 1
From: Pittsburgh, PA
Cancelling is not good, best bet is to carry a small balance and pay it off at the end of every month, if you want to cancel any cards, cancel the most recent. I believe if you transfer debt it will help your debt to limit ratio at least on that card, even if the total amount doesnt actually change.. your card wont be maxed.
CBOTY 2010
Joined: Nov 2004
Posts: 34,786
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From: MI
lolz brian saw the slickdeals too
i did mine
i screwed up some stuff fresh outta HS ... sooo my credit score be 607
its bad but not as bad as it could be, but ive gotten myself better, only one debt and workin on it :hs:
i did mine
i screwed up some stuff fresh outta HS ... sooo my credit score be 607
its bad but not as bad as it could be, but ive gotten myself better, only one debt and workin on it :hs:
Joined: Oct 2000
Posts: 44,908
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From: Location Location
if you don't use your card at least twice a year they will close the account due to inactivity. all you have to do is use it twice a year and the amount can be small. buy 1 gallon of gas for example or buy some gum or a candy bar at the grocer store.
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'00 Dakar Bus CRS Edition
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Originally Posted by WiLL
...I really wanna get out and shoot people.
nelson rules
Joined: Sep 2001
Posts: 36,124
Likes: 0
From: the best coast
dont cancel cards. just leave them in a drawer if you're not gonna use them. nothing wrong with not using cards
maxing cards is not good, but once it's done, it's done. if you've gotten a statement with your card maxed out, it already shows on your credit report
just pay debt as you can, but pay it on time. as long as you keep paying on time, credit should eventually go up. just dont miss any payments
maxing cards is not good, but once it's done, it's done. if you've gotten a statement with your card maxed out, it already shows on your credit report
just pay debt as you can, but pay it on time. as long as you keep paying on time, credit should eventually go up. just dont miss any payments
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Joined: Oct 2000
Posts: 44,908
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From: Location Location
dont cancel cards. just leave them in a drawer if you're not gonna use them. nothing wrong with not using cards
maxing cards is not good, but once it's done, it's done. if you've gotten a statement with your card maxed out, it already shows on your credit report
just pay debt as you can, but pay it on time. as long as you keep paying on time, credit should eventually go up. just dont miss any payments
maxing cards is not good, but once it's done, it's done. if you've gotten a statement with your card maxed out, it already shows on your credit report
just pay debt as you can, but pay it on time. as long as you keep paying on time, credit should eventually go up. just dont miss any payments
__________________
'00 Dakar Bus CRS Edition
LCD Squad #0001
'00 Dakar Bus CRS Edition
LCD Squad #0001
Originally Posted by WiLL
...I really wanna get out and shoot people.
nelson rules
Joined: Sep 2001
Posts: 36,124
Likes: 0
From: the best coast
Joined: Oct 2000
Posts: 44,908
Likes: 0
From: Location Location
