2,674 Contributions 4,187 People Helped Top Contributor

Member Since: June 2013

About Me: "Your credit score is not a reflection of how much money you have, It's about how well you manage it"

Educate yourself about the basics of "Credit" and how the system works and you can take control of your financial life. You don't have to be a Financial Analyst to understand how to use the credit system to your advantage, you need to know what it is that you need to do so you have control, so you are not at the mercy of "Big Finance". The Ideal of living a "cash only" life style is a Grand idea, and one that I can embrace, But the reality is that we live in a capitalist society that values an Algorithm over a persons Character.

After years of living at the mercy of creditors I finally took some time to try to educate myself. I spent 1 or 2 hours every Sunday reading blogs and searching the web for free websites where I could learn more about getting my credit under control and repair my credit. I have never paid a cent for any information or to anyone to do any of this for me. I did it for FREE and so can you. I was amazed, in less than six months I was on my way to getting things in check and with much greater understanding of what it was that needed to be done. I was able to move my score of 510 to 744 in less than a year.

Living with-in your means is the biggest key. Credit is not free money. It is a necessary evil. Credit Cards were created as a means of paying for things with out having to carry cash. Gold Dust fell out of pockets at an alarming rate! It was Emperor Norton of San Francisco that first presented his calling card with his signature as an I.O.U. that local business could present to the bank for payment. It was your basic debit card. When bankers realized that they could charge interest to use a card like this, the credit card was born and so was "Living beyond your means". It was the 15% to 25% interest rates that created the behemoths that the financial institutions have become.

Learn to play their game...
and you won't always be the loser.

Most Helpful Contribution

Credit card utilization and your credit score

Jan 13, 2014
Helpful to 2212 out of 2336 people

A good trick, once you are able to get on to multipul cards. 

I put a recurring charge such as netflicks or my pbs monthly donation on a card. Then put that card away. Only using occasionally through out the year. Then set up a recurring payment to the account for a little less than the balance due. 

When you use the card for something else. You can pay that off.   The card will show activity and keep the balance low using money you are already spending. 

Activity (2674 Total Contributions)

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what does it mean if credit karma said that my score is too limited?

Mar 12, 2014
Thin File
Helpful to 14 out of 14 people

i would assume that it means that yo have what is called a "Thin File"  meaning that you do not have much reported.  If you don't have credit cards, an auto loan or mortgage then their is nothing to report. 

Check your credit report. Annualcreditreport.com for a frree copy from each of the CRA's. 

Look it over and see what is reported.  Then go from there

How can I pay off my credit cards in full, but at a lower amount?

Feb 12, 2014
Helpful to 13 out of 13 people

I misRead the post. 

I apologize for the earlier reply. It makes no sense to the post. 

Yes if your in the position to negotiate. Try it. Try an offer and compromise letter  you can find templates on line. I found that they would settle for 50 to 60% of the balance back a few years ago.  If you haven't had any contact with them in a while be prepared to re-open the account. But if your ready to pay them off it's not an issue. 

Get any agreement in writing before you send any money. 

Always return Reciept registered.  

In fact all contact with creditors should be in writing. Never talk to them on the phone. They can and will say anything. But they are lousy at taking notes! 

How do I find outstanding debt that would not qualify me to purchase a new home

Jul 14, 2017
Take a look at you real credit reports
Helpful to 11 out of 11 people

AnnualCreditReport .com is the only site where you can get free copies of your actual credit reports for free once a year. 

If there's anything negative in your reports it will show up there. 

Be aware that many mortgage lenders don't use FICO scores but have internal scoring depts that provide there own scores. 

Should I pay off these 6.75 yr old credit cards??

Mar 12, 2014
No contact?
Helpful to 16 out of 17 people

if you have not had any contact with the CC co's then let a sleeping dog lie. 

If you have had contact with them, that is a different situation.  The 7 years is counted from the "Date of last Contact" so if you contact them it resets the clock.  If you have been in contact with them them try an "Offer and Compromise" but be prepare to pay a substantial amount to settle the debt, Generally 50 to 60%.  If your not able to do that then you might try a payment plan. 

All contact should be in Writting. Never talk to them on the phone. 

Before you send them any money get a written agreement as to what action is to be taken and make sure that you get them to agree to removing the negitive reports from your Credit Report as part of the settlement.

Good luck!

Utilizing Credit Cards to Build Credit - WITH NUMBERS!

Jan 27, 2014
Helpful to 21 out of 23 people

you typically have 21 days to make your payment from the end of the cycle. i.e. statement closed on the 5th. 

to make sure my payment is always on time, I have e-bill sent to my Ebanking accout. I have it set up to pay the minimum payment 5 days before the due date.

generally i will go in and schedule another payment so i can pay more of the balance off.  But if you don't at least the min payment will be paid and you won't incur any late fees or have a missed payment.

another good idea is to use the card only for things you will be paying cash for anyway, Gas, Electric bill cable tv etc.  you already have this in your budget to spend so you are using the card to spend money you were going to spend anyway.

Does refinancing my auto loan(to save money) negatively effect my credit score?

Jul 08, 2016
First, do a little home work.
Helpful to 15 out of 16 people

Check with the lender on the original loan about early pay off.  many have fees associated with paying the loan off early in order tomake up for lost interest.  often, these fees will be more than you will save on a new loan. Also realize that the vehicle was used as collateral for that original loan, The blue book on that vehicle may not be high enough to use the car as collateral on a new loan if the new loan is for more than the current value of the car. 

as to the effect on your score, there will be a new inquiry on your report, a pay off of an older account and a new loan on your report, so initilally you will see a hit to your score,  lowering it for a few of months, once you start making the payments then your score should rebound back up.  not knowing what else is on your report, it's hard to guess what the over all effect will be in the long run.  

Good  luck

What is the ideal number of credit cards to have for a high credit score?

Feb 12, 2014
Helpful to 15 out of 16 people

If you don't have home or auto loans and need another line of credit. You should try a personal loan for a large purchase. 

Even a couple of thousand for a new computer or something like that will help. Be sure you can do an early payoff so you can limit the interest you pay. After that you can ask for a personal line of credit. You pay nothing until you use it. But it shows as available credit and it's available in as part of your emergency fund. 

How do I cancel a credit card without affecting my credit score?

Mar 21, 2015
don't close accounts.
Helpful to 14 out of 15 people

Don't want to use the account anymore. Cut up the card and don't use it.  It will continue to report in your credit report for 7 to 10 years and a positive even if you don't use it. Teh lender may close the account for lack f use in a few years but that isn't counted as a negitive against you. So there is never any good reason to close an account that has a zero balance and doesn't cost anything to help your score.  If there is an annual fee then Close that account but open another one first so you can replace the loss to your Available Credit.   You can never have "to Much" credit. 

in answer to Sandrock20

If it's an account that you did not open, and the account is actually helping your score, Then I'd take advantage of that and open a couple of new lines of credit, Helping your available credit before contesting the bad account and putting a fraud alert on your credit report.  Since it is getting paid regularly it has probably  been reporting to the wrong credit report.  The bad guys usually don't pay the bill. Estimates are that as much as 25% of credit reports are reporting info to the wrong files.

What I need to do to get my credit score up?

Mar 17, 2014
Helpful to 39 out of 45 people

You'll have start from the ground up. Just like an 18 y.o.  

You Probably have a relationship with a bank. Go in and talk with a branch manager. Explain what you're trying to do, Create a credit rating because you've been living debt free. 

You may have to start with a secured card or one with a low credit limit. Then down the road another card. Then maybe a small loan.  

Educate yourself through forums like this and learn what it means to manage your credit.  You already have the skills. The same principles that you learned to manage to live debt free apply to how you manage your credit. 

Credit cards in particular need to be used as they were intended. A tool so you need not carry cash. Not a way to live beyond your means. 

Great credit comes not from having a lot of money,  it's how you manage it. 

Good luck. 


Mar 12, 2014
Helpful to 8 out of 8 people

Check all 3 CR's,  if it is showing up on any of them file a dispute with the CRA's. Ask for a Validation of the account.  You can do this online for free on the CRA's website. 

Good luck!

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