Jasper2

205 Contributions 1,237 People Helped Top Contributor

Member Since: September 2010

Most Helpful Contribution

how long do hard inquiries stay on your report

May 05, 2014
Hard credit pulls
Helpful to 436 out of 490 people

Hard pulls stay on your credit report for 2 years, but they do not affect your score after 12 months.  As a practical matter, they really don't have all that much of an impact on your credit IF the rest of your profile is good.

I have had 12 (you read right!) hard inquiries in the past 13 months.  Yes, I admit to playing the "bonus" miles game with airline loyalty cards (blush), yet my credit score has gone UP with every new card, as my utilization percentage has dropped substantially since those cards tend to have high credit limits. 

My score 13 months ago was 712, but it now stands at 776 on Credit Karma, and my FICO score (the important one) is 791 on the FICO 8 scale.

Typically your score takes a 2 point hit for each inquiry, but this can be easily balanced out IF you are approved for high limit cards at the same time.  I now have a total credit available of $126,000 with a utilization of 5%.  Credit card debt is low because I pay my bill in full, on time, every month.  I haven't paid a nickel of interest yet have enough FF miles to fly anywhere in the world several times.  I flew first class round trip to Costa Rica last winter for myself and my partner for just a processing fee.

I now have the task of getting rid of cards I don't use, since I don't want them cancelled for non-use.

Activity (205 Total Contributions)

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A guide to Credit Karma's free credit scores

Sep 07, 2013
Helpful to 30 out of 30 people

Using the "revolving" feature of credit cards is never a good idea.  Even people with otherwise good credit will still pay 13 to 16%.  That's crazy.  If you can't control your spending, you will always be in debt.  If you pay your cards off 100% each month, you won't get caught in that trap.  A lower interest rate will only encourage more irresponsible spending.  I have 9 credit cards and have $78,000 "available" credit.  Most of them have zero balances, and I never roll balances into the next month.

I use credit cards for nearly everything I buy for the free use of bank credit for up to 50 days, and to get frequent flyer miles and other perks.  You also need a credit card to rent a car, and in many cases, a high limit credit card will insure you against physical damage to the car in an acciden, or the theft of the vehicle.

But if you use credit cards to "buy now, pay later,"  often paying later means you will end up paying far more in interest charges than the products or services you buy with them.  That's just not very smart.

how long do hard inquiries stay on your report

May 05, 2014
Hard credit pulls
Helpful to 436 out of 490 people

Hard pulls stay on your credit report for 2 years, but they do not affect your score after 12 months.  As a practical matter, they really don't have all that much of an impact on your credit IF the rest of your profile is good.

I have had 12 (you read right!) hard inquiries in the past 13 months.  Yes, I admit to playing the "bonus" miles game with airline loyalty cards (blush), yet my credit score has gone UP with every new card, as my utilization percentage has dropped substantially since those cards tend to have high credit limits. 

My score 13 months ago was 712, but it now stands at 776 on Credit Karma, and my FICO score (the important one) is 791 on the FICO 8 scale.

Typically your score takes a 2 point hit for each inquiry, but this can be easily balanced out IF you are approved for high limit cards at the same time.  I now have a total credit available of $126,000 with a utilization of 5%.  Credit card debt is low because I pay my bill in full, on time, every month.  I haven't paid a nickel of interest yet have enough FF miles to fly anywhere in the world several times.  I flew first class round trip to Costa Rica last winter for myself and my partner for just a processing fee.

I now have the task of getting rid of cards I don't use, since I don't want them cancelled for non-use.

A guide to Credit Karma's free credit scores

Sep 29, 2013
Helpful to 15 out of 15 people

Did you ever consider the possiblity that your identity has been stolen?  An incorrect address is a very good clue that this may have happened.

You should correct the misinformation ASAP for your own safety.

If your information is merely out of date, you should also correct it.  The only time this information is modified is when you, or someone else, has applied for credit using your SS#.

A guide to Credit Karma's free credit scores

Nov 08, 2013
Helpful to 13 out of 13 people

Your credit rating is not 863.  850 is the top of the scale and NO ONE gets that high a score.  Your insurance score is not based on tickets, accidents, or claims.  That information is already available to the insurance companies and is used in addition to the auto insurance score.  

Just because you havn't had any claims recently does not mean that you will not have one in the future!  Bad credit scores and bad insurance scores relate to the possibility of future claims.

Don't pay any attention to the Credit Karma "poor" rating.  The company that provides this score, Nexis-Lexis, calls 800 a "good" score.  There are no "excellent" score ratings.

If you want to know more about the "mysterious" auto insurance score, google Lexis-Nexis and visit their consumer web site.  You can also get a free copy of your own file from them, showing all 100 or so metrics that are used to create that score.

A guide to Credit Karma's free credit scores

Oct 05, 2013
Helpful to 10 out of 10 people

Your credit score is determined in part by your available credit and the percentage of that credit you are using.  If you pay down your debt AND leave the account open, your credit score will go up unless you did something else that same month that would make it go down.  Forty points is HUGE.  Look at your actual credit report, not Credit Karma.  Banks and other lenders don't care about that score.

If you want your actual FICO score, the only place you can get it is from myFICO.  You will have to pay to get that.  The credit bureaus will give you a free copy of your report annually, or if you were turned down for credit based on their score.  However, the scores of the credit bureaus are different from FICO.  Usually tthey are higher.

It's been ten years...how do I get that bankruptcy OFF MY CREDIT????

Apr 23, 2014
ohtubetru is WRONG
Helpful to 22 out of 24 people

It's too bad false information remains on this blog forever.  One post made, falsely, and there it is!

You do NOT have to request that a discharged BK be removed from your credit reports.  By law, it must be removed, and 99 times out of 100 that happens without any involvement on your part.  It typicallly happens the first day of the month in which your 10 year BK anniversary was FILED (discharge date, while important for other reasons, has no effect on when it took place).

A guide to Credit Karma's free credit scores

Sep 11, 2013
Helpful to 7 out of 7 people

Kjeroh,

I did not always have high income.  But I have never spent more than I earned and could comfortably pay off.  I have never "borrowed" at high interest rates.  

The fact is, like it or not, you have to live within your means or you will always be broke.  If you learn the habit of saving the money in a rainy day account instead of spending impulsively on stuff you really don't need, you will find that the rainy day is unlikely to come.  I guard my "rainy day" account jealously and have never touched that account to buy stuff or for the rainy day that oddly has never come.

You can't spend your way out of financial troubles.  The only way you can avoid debt is always to spend less than you earn.  That's true no matter what your income.

Can't afford to support a family?  Don't have kids!  Can't afford a new car?  Buy a junker and pay for it with cash.  Can't afford a junker?  Take the bus.  People I know who laughed at me for

an old car aren't laughing at me now when they know I can easily pay cash for a new one.  However, I don't need a new car, and a good 3 year old car can easily be driven for 7 more!

Why are accounts removed from my credit report?

Sep 21, 2014
Helpful to 6 out of 6 people

Bingo!  That's why your score went down.  If you have no balance to report, then NO BALANCE IS REPORTED and your score plummets.

Credit card utilization and your credit score

Feb 03, 2014
Helpful to 6 out of 6 people

Not true in the least.  I have 16 credit cards and not one of them is higher than 6% utilization and many are zero.  I pay all my credit card bills in full, automatically.  My Credit Karma is 776 and my Credit Sesame is 783.  My actual FICO scores are very close--one on average is a little higher and the other a little lower.  

Once your score is 760, further improvement is irrelevant to credit grantors.  You will get their best rates and terms, as well as high limits.  Nearly all of mine are between $10.000 and $13,000.  I have no need for limits that high!

A guide to Credit Karma's free credit scores

Oct 12, 2013
Helpful to 6 out of 6 people

Lenders do not use CK or any other "free" scores.  They are not the same thing.  CK, CS, Buzzle, and even the scores you get directly from the credit bureaus are not the same as FICO. Frequently FICO scores are lower...sometime much lower.  Why would you think the dealer is misstating your score?  Don't you think they want to sell you a car?

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