joneserikg

5 Contributions 23 People Helped

Member Since: June 2010

Most Helpful Contribution

Has Credit Karma helped anyone improve their score?

Jan 03, 2011
Helpful to 20 out of 20 people

I had checked my score earlier last year and it was around 600, and now, with the advice and help and planning of credit karma, my score is around 725. 725 is the average by the way. I just used the most basic advice that CK has. And I am 23 and corrected mine within a year. Anyone can do it. Its how you apply yourself and your goals. I am still not satisfied with 725 either, I want over 800. 

Activity (5 Total Contributions)

Has Credit Karma helped anyone improve their score?

Jan 03, 2011
Helpful to 20 out of 20 people

I had checked my score earlier last year and it was around 600, and now, with the advice and help and planning of credit karma, my score is around 725. 725 is the average by the way. I just used the most basic advice that CK has. And I am 23 and corrected mine within a year. Anyone can do it. Its how you apply yourself and your goals. I am still not satisfied with 725 either, I want over 800. 

How does student loans affect my credit

Nov 09, 2010
Helpful to 1 out of 1 people

A student loan can help you or hurt you when it comes to credit. It all basically depends on whether or not you are going to pay your bills. If the loan is federal and you don't pay or have the account go to collections, that will stay with you for the term of your life. It might just be ten years, but either way it will haunt you for a long time. Your basically defaulting on a government loan, which not only will make your score plummit, but it will also disqualify you for any loan you may apply for.

On the other hand. When you pay your school bill on time, every month with no defaults, you will increase your credit history length and show that you are able to correctly pay back your loan. If you look on credit karma website, they tell you that payment history and credit history weigh heavily on your credit score. I believe the percents are around 25-30% for each of those.

How will it affect my credit score if I have a loan that goes into forebearance or deferrment

Nov 09, 2010
Helpful to 1 out of 1 people

I found an statement online that explains this.

A deferment may be a better, less expensive option

Unlike a discretionary forbearance, a deferment is an entitlement. Therefore, it's important to check with your lender and inquire about the different types of deferments that are available to see if you qualify for any of them.

You may be eligible for a deferment if you are in school, unemployed, experiencing economic hardship, or in the military, among other reasons.

Generally, a deferment is a better option than a forbearance. While interest accrues on all loans during periods of forbearance, the federal government pays the accruing interest on subsidized Stafford loans during periods of deferment. Keep in mind that interest continues to accrue on unsubsidized Stafford loans, PLUS loans, and those portions of Consolidation loans comprised of unsubsidized Stafford and PLUS loans during periods of deferment.

citation: http://www.tgslc.org/borrowers/forbearance/thingstoknow.cfm

I have a student loan through Sallie Mae, and I have reviewed both of these options many times. Honostly, it might be better to just lower your payments with them by extending the period of the loan if you can. Although you will not collect interest with a deferment, it is always better to at least pay something on the loan because the money you owe will appreciate over time due to inflation.

Can you get hard credit inquiries removed? Is it worth it?

Nov 05, 2010
Helpful to 1 out of 1 people

Dispute them on all three credit agencies sites. They will take 45 days or so to review your case. Then they will send you an email with a link showing the things that have been changed. I tried to remove my hard inquires, but I wasn't able to. But in the process, I did find mistakes and other things that did get changed or removed from my report. I also believe, but don't quote me, that it takes 2 years to have them removed if you don't dispute them. And also disputing doesn't hurt your credit.

I'm a student trying to build my credit.

Jan 03, 2011

Hey, do not apply for anymore credit cards. Your score will drop about 3 to 5 points for every inquiry you gain. It will take about 2 years for the inquiries to be removed. Also, you do not need to get more cards to increase your score, you need to use your card wisely and monthly. The amount that you use monthly should be under 10 percent. Example: My card has a 4000 limit, but i will use no more than 400 dollars until my credit limit is raised. I also have a student loan of 14K, and only this one card. my score is at 725 averaged.