76 People Helped
Member Since: June 2014
Very true!!! Strive for self-suffiency!!! Save your capital especially when you are relatively young, and you will have plenty of F***Y** money when you need it most....
dofaust's reply was:
A credit history of two or more accounts with perfect payment history, for TWO OR MORE YEARS is essential, no matter what you may have heard. I am a former IT consultant, who has worked with the databases in question, and the FICO and VANTAGE apps-systems-algorithims, as well in "risk management". Underwriters are not as stupid as we would like to believe, or as they sometime appear to be. If they see a credit history of less than two years, it is in the realm of common sense that that person is more of a risk than someone with a a decade of perfect or nearly-perfect payment history. Despite what you have read or heard, a HUMAN actually must sign off on every significant credit transaction, after all the software filters have been applied. There are still (May, 2015) more HUMAN FACTORS used, by your bank, or other institution, ESPECUIALLY if you have a relationship with and are known at the bank branch. Don't underestimate the influence the officers at the branches still have.
dofaust's response was:
Please note, the "credit bureaus" (CBTs) are actually a large network of databases, of varying quality and accessibility. The most accurate and timely cost the most, and deliver the best information. Those are the databases used by very large banks, our wonderful government agencies, Law Enforcement, Utiilities, and whooever can pay the stiff fees. (wealthy hi-tech companies...FB, Google, etc..) - and those who can pass their costs along easily to their customers. It is in the CBTs best interests to sell or disseminate lower-quality database "mirrors", since they contain the most errors, and generate the most traffic, and fees by those who send the updates in (the local agency, creditor, collection bureau, small bank, auto lot, etc...). Basically, the CBTs are a PROFIT-MAKING enterprise (surprise!) - completely without any altrusm, and desperate to create and keep a captive audience, and stifle competition (another surprise!!).
Amen. This is true, and I've had the same experience: the lower the balance, the higher the score that will be computed. There's no need to carry a balance if you don't really need to borrow for the typical 29 days....I assume all here are smart enough to be using a cash-back card, so, again, after completing the transaction with the card, why not pay it off asap?? N.B. The investor has of course already made their profits from the transaction fees...
There's nothing you can do. Its a "free" service, remember? Oh, if you can contribute $10k++/month so that CS or CK can get access to more timely info, you will get more accurate info. The easiest way to see the most accurate computation of your score is unfortunately, to get it from your own bank when you apply for credit for a loan, a car, or a mortgage...and...you get a different type of scoring in all three cases....failing that, SUBSCRIBE to a "3-bureau" report with 3 scores....be aware, you may only have a "trial" subscription once every 2 years or so....
It really varies according to the quality of the aggregator (creditkarma, creditsesame) - the best and most timely reporting is by a large financial institution, who buys the best copy of the data they can get. Not so with cut-rate-ad-driven aggregators such as you-know-who. In several tests, my bank's TU score has always been EIGHTY points higher than CS or CK's "TU" score.... one guess why... CS and CK both have the same non-explanation: they won't talk about anything except how your score is bound to be different from reporter to reporter. It certainly is, esp when the reporter only pays for an old copy of the data, and, has sub-par analysts who spend more time playing trivia and on twitter, then they do thinking and doing risk-management and finance (look at the so-called "profiles" of the CS and CK reps... I rest my case... you get what you pay for, esp when "free"....
See Pacer.org, the official record of all the cases in the US Federal courts, and search for "chase bank" .....for many thousands of reasons why to avoid doing any business with Chase Bank.
This site, "creditkarma" has a credibility problem. "creditkarma"'s version of the databases, and their copy's' accuracy are in some doubt. There is too much variation even between their own two "scores", and, there is a 100-point NON-VANTAGE difference between their "TRANSUNION" score and a TRANSUNION score on another site. The other site's TU score is nearly 100 points higher than this site, and their EQUIFAX score is nearly EIGHTY (NON-VANTAGE) points higher than here. Note that my actual credit usage has been 1-3% for the last 3 weeks, and no credit inquiries in the last FOUR months. When my bank pulled a TU report, they ALSO got a TU score nearly 100 points higher than the "transunion" score here. I suspect that my bank and the other site "creditsesame" are using a more recent copy of the databases, plain and simple.
There is much going on re the use of the credit databases than the consumer is aware: old "mirrors" of the database are sold cheaply, and they are the most inaccurate versions.
Creditkarma AND creditsesame both provide scores that a lender will not receive. My lender, a bank, got a score 50 points higher than the TU score reported by "creditkarma" - who is a TRANSUNION affiliate.....
The credit bureaus will intentionally keep erroneous data in their best database, in order to generate inquiries to correct it. The credit bureaus make big bucks by generating inquiries, by selling old inaccurate "mirrors", and by intentionally keeping incomplete and/or inaccuratte data. You would too, if you made big bucks that way.
Expect NO HELP from the Consumer Federal PProtection Agency (CPFA) re the FCRA - they will simply refer you to a private attorney. Goood luck with that, Most effective is to goo to Small Claims Court - neither your creditor, the credit bureau, or any collection agency will show up to confront you in court unless you actually owe them a large amount of money. Be aware that you can take the credit bureaus to Small Claims Court for (Negligant or Intentional) Infliction Of Emotional Distress. But....check with a lawyer first since there may be deep pockets that may inyterest them!