jte1958

Remember the credit score is not a measure of wealth.  It is a measure of your willingness to go into debt stay in debt get more debt and have a excellent pymt history.

do not get ANY crecdit cards.  Pay with cash your credit score will suck but if you pay with cash you will never have to worry about bk.  Your credit score is not an indication of wealth or the lack thereof.  It is however, an I LOVE DEBT SCORE. 

 Going back into debt, adding more debt to that amount, stayinging in debt, and oh by the way have a good payment record but NEVER pay off your debt.

Your score may take a few months to update.  Don't get caught up in how high your score is.  The FICO is not a measure of wealth or lack thereof it is an I love debt score. 

Really it depends how much the agent is willing to use his brain.  If your FICO is the only way they approve renters then you may be SOL (**** outta luck).   

Seven years may be the law but I would keep that file forever and always.  Collection agencies are the scum of the earth and it would not suprise me if this raises its ugly head again.  Many break the law on a daily basis.  If they can find you in a tight spot financially and get you to cough up money they will continue to try.  Keep those records always. 

JMO  Pay the flippin mortgage off.  Save what you are paying now for a futre home purchase or for retirement.  Your credit score will not shelter you if your house burns down.  Your credit score is not a measure of how wealthy you are it measures the fact that you went into debt stayed in debt and made timely pymts.   

The ONLY way to raise your credit score is to go into debt stay in debt make timely payments go in debt stay in debt make timely pymts.......  Get the picture? 

FICO is an I love debt score.  Here is an approx breakdown of the score

Number of and mix of credit accounts. 30%

Average age of accounts 15%

New credit  accounts  20%

Payment history 35%  Three of the four are tied to having debt.  Only one recognizes you pay on time or slow.  Get a clue your score will only be as high as your debt load is and pymt hx is what they want to see.  Saving for a rainy day is "old school" but I hear stories of paupers being able to fund libraries etc.

I noticed what Jason does for a living.  I tend to take into account what a person does that colors his/her opinion.  I work for a major grocery chain.  You have to eat but you can choose any number of our competitors.  No you won't starve BUT if a CC is not paid CC gets mad and not only will you not have food you may be out in cold with no roof over your head.  I personally prefer a warm house that no one can ever take away from me because I missed X number of pymts.  I pay cash I get what I NEED to live.  Do research and refute the FACT that 100% of the houses in forclosure had a mortgage on it.

JMO don't get caught up in keeping a high credit score.  As I have shared in other posts I have a friend who has never borrowed money but has a good job.  I have always borrowed money and have a job that pays no where near what his does.  I have a higher credit score than he does.  Now, who is more likely to default on a loan?  I am because my income is lower but if both of us went to borrow money I would be looked at as the better credit risk bc of my higher score.  Your FICO score is not a measure of wealth or lack thereof it is an I love debt score.

I'll tell what is broke.  The FICO score is an indication that you have gone into debt, stayed in debt, and had a good payment history.  Paying off balances actually negatively impacts your score.  65% of your credit score is based on having debt the type of debt and the length of time you have been in debt. 

Be careful Cap 1 is one of the worst at posting pymts. as on time.

Because you have gotten out of debt and stayed out of debt.  The FICO score is not a indication of wealth it is an I LOVE DEBT SCORE

Don't get caught up in trying to increase your score.   Pay off your student loans on time or early.  If you feel you MUST (which you don't) have a credit card "to increase my score" get one and pay it off every month.  If you do this your score will rise.  The FICO Score is not a measure of wealth or lack thereof.  I have a friend who has never borrowed money.  He has an income in excess of 100K.  I make about 1/2 that amouunt.  His credit score is in the 600's mine is 781.  Now who is more likely to be negatively impacted by a job loss or other circumstance beyond his control.  I am of course because I have cc's and a mortgage where he has a paid for house and money in the bank.  If I don't make my mortgage pymt. my house will be forclosed on he on the other hand will at least have a roof over his head.

You borrowed the money you should pay it back.  If someone borrowed money from you five years ago would you want to be paid? 

ONe way to raisee your score is to go into debt stay in debt and have a good payment history. 

by paying it down.   

The best way to answer this is lets say you have available credit adding up to 8k.  Your balance is 2K your utilization is 25%.

It is never a good idea to pay off cc with another cc.   Pay the debt off using your cash flow.  It may take longer but your financial health will be much better if you do. 

Your credit score only raises if you go into debt stay in debt and have a good pymt. record.  The FICO score is an I LOVE DEBT  score. 

IT will ding your credit but not as much as a forclosure will.   

NO do not use retirement funds to pay off debt.  Better to pay off your debt the old fashioned way.  The interest you lose will more than offset any interest savings  

Keep the oldest account open if you care about your score.  JMO the credit score is not a measure of wealth or lack thereof.  But you do have to live in todays world so keep your oldest card open and charge say 20 or 30 dollars every couple of mos and pay it off at the end of the month. 

After you pay off your debt you must comitt to never using a cc again.  I have closed three cc's and my score is 150 pts. higher than before.