ernestf01

116 Contributions 1,315 People Helped Top Contributor

Member Since: May 2013

Most Helpful Contribution

Credit card utilization and your credit score

May 20, 2013
Helpful to 358 out of 393 people

This helped me first time I rebuilt my credit. I got two secured cards. I would charge something on one pay it off let it go dorment for 30 days. the next month I would charge something on the second one pay it off and let it go dorminate for 30 days. It use two factors one being your using both credit cards and other being you dont depend on them both every month. Plus cards any more most are 3/4 purchase 1/4 cash so it helps if you do things youd pay for in cash so its exspences youve allready plain on in your budget. After you do that then upgrade to  non secured and no annual fee's. Interest rate doesnt matter as long as you pay them off before their due or keep low balances. The goal is to work yourself up to low interest rate cards. Allso once you get a no annual fee low interest rate card no matter what happens keep the account open for at least 2 to 3 years. Scores help with credit but lenght helps with house,car or improvement loans.

Activity (116 Total Contributions)

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How to choose the best balance transfer card

May 21, 2014
Helpful to 43 out of 44 people

yes but you only half to use it every once in awhile. Most increase limit longer you have them and it still gives you higher over all credit which lowers your utilization if you didn't cancel the other cards. It can actually help your credit score if done right

Credit card utilization and your credit score

May 20, 2013
Helpful to 358 out of 393 people

This helped me first time I rebuilt my credit. I got two secured cards. I would charge something on one pay it off let it go dorment for 30 days. the next month I would charge something on the second one pay it off and let it go dorminate for 30 days. It use two factors one being your using both credit cards and other being you dont depend on them both every month. Plus cards any more most are 3/4 purchase 1/4 cash so it helps if you do things youd pay for in cash so its exspences youve allready plain on in your budget. After you do that then upgrade to  non secured and no annual fee's. Interest rate doesnt matter as long as you pay them off before their due or keep low balances. The goal is to work yourself up to low interest rate cards. Allso once you get a no annual fee low interest rate card no matter what happens keep the account open for at least 2 to 3 years. Scores help with credit but lenght helps with house,car or improvement loans.

A guide to Credit Karma's free credit scores

May 20, 2013
Helpful to 246 out of 271 people

some advice bring up a 3 agency credit report dispute all wrong info. And credit karma has sponsors cant trust their info its bias

A guide to Credit Karma's free credit scores

May 19, 2013
Helpful to 19 out of 19 people

truth is its a game like cards to jack rates. Its like credit increase the chance of filing insurance claims. knock on wood been driving 30 years no insurance claims no tickets. Yet they say I have a high chance of filing one because of low credit score due to filing bankrupcy after getting social security disability. But what is hurting your information giving your age is you need to see hard copy of your credit report Id say some one used your id in the past for credit fraud and you need to contest the results. Or your consolidating your credit which sends the message your not using credit enought or enought profits off what you do borrow. Got to remember credit card companys and banks are crooks lol

How to choose the best balance transfer card

May 21, 2014
Helpful to 27 out of 28 people

most good transfer offer not going to get until your scores over 712 And bye time you get there you should have your credit rebuilt already. So better to pay off your high interest ones faster than the others and keep utilization 10 to 20 percent afterwards

How to choose the best balance transfer card

May 20, 2014
Helpful to 41 out of 44 people

I wouldn't ever transfer balance A lot of cards have fee's for doing so. More practical to pay low payments on your low interest rate cards. High payments on your high interest rate cards and just pay them off first. If they are your oldest credit line do not cancel them out though unless they have a annual fee. You don't want to kill your credit history age. Making double size payments and carrying low utilization on them will help more.

A guide to Credit Karma's free credit scores

May 20, 2013
Helpful to 12 out of 12 people

I use my credit card every other month charge 30 percent pay it off and let it go dorment for 30 days it seems to help my score go up. Truth is actually better than buying a car. you only get bonus points on car loan if you pay it off early and only if paid off 1 year before its suppose to be. On credit cards its when their paid off for 30 days. system is warped. that why tell every one to get a full credit report and dispute any thing wrong. Not every thing on them is accurate. Just like the advice here its bias they have lexington law and capital one as sponsors. Pay credit management sites give more accurate advice. but got to make sure they cancel your account when you leave one. I had to cancel one twice but they had all the links for disputes for credit reports

does your credit rating go down when you close an account you don't use that has a zero balance

Mar 14, 2015
It depends
Helpful to 11 out of 11 people

If credit line has never been used. Before dropping it buy something on it thats medium credit limit on the card and don't pay it off till you get a statement with it as balance. Because if you close it prior to doing that lenders may figure you have more credit than you actually use which regardless of points is a negative. Your points only go so far your spending habbits is what matters. To many unused cards in your closed account history can hurt you with the better lenders. So use card for something you would normally pay cash for and after statement pay it off. That balance will remain on your credit report for seven to ten years. Advice from lesson learned I have to many unused closed accounts lenders have told me I dont use enough credit.

Payday Loans are Just Bad News

May 20, 2014
Helpful to 10 out of 10 people

For most people who do payday loans these are predator loans. some advice bring up your annual free credit reports dispute in accuracys and get you two easy to get credit cards that don;t require annual fees or deposits. capital one student and barclay rewards are two good choices for rebuilding. find out with your score first if you qualify if not then get secure ones. at least then your using something that will actually help rebuild your credit. pay them off about two weeks after used. won't cost you and you have credit building at same time. regardless of what you been told try not to carry balance on your credit cards but use for stuff you would generally buy each month and keep utilization between 10 and 20 percent margin

How to choose the best balance transfer card

May 21, 2014
Helpful to 9 out of 9 people

Yeah but second morgage and refinacing home. you aquire others fee's and possible new appraisal expence so what you save in one you could possibly get charged in the other. best to just pick your worse line of credit and pay them off one at a time rather than incurring more new fee's. And figure out a new living budget get off the cards

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