373 People Helped
Member Since: January 2013
Any credit that you use and keep a good track record of paying improves your credit score. Use only 1-20% of your available credit. Keep only 2 major credit cards although some are proponents of having more. Although it is not part of your credit score keep your debt to income ratio as low as possible. Avoid shopping rates and applying for credit you have a low chance of actually getting. Credit inquiries themselves will reduce your score. Especially if you have an inquiry and did not receive the credit you applied for.
If you have no major credit cards you might obtain a secured card at first to help build your credit before you attempt to apply for a non secured card.
mdtaylorlrim's response was:
Lots of things.
There are literally dozens of credit scoring companies. The most widely used is FICO. But, you can only get it as a member or paying for it. TransUnion has one method (used by CK) and Experian uses another. Vantage is a combined effort of the big three to sort of standardize the scoring model. Don't be concerned about differences in each. Just use the data as best you can to constantly increase your scores.
Credit scores are a snapshot at a given instant. Your credit took a small hit when you applied for the Macy's card, and again for the Discover card, then again when your utilization went up upon using the Macy's card. It will recover a great deal when you pay the Macy's account down, and slowly recover from the two inquiries over the next couple of months.
Remember that CK only updates every week or so. Your actualy FICO score is a score for the exact time that it is requested. In other words, updated on every inquiry.
Things should recover quickly in your case.
That is exactly what you should do. However, if you can afford to get a consolidation loan then you can probably afford to pay off all your cards anyway. There must be an economic reason for wanting the debt consolidation loan. Lower interest rates, etc.
Keep your credit cards open and use them twice a year or so always paying them off. You want the available credit as it helps your score. However, if you have annual fees on any card you will have to weigh the economic return of having the credit and paying the fees.
Doomed is a little overkill. With good management of your credit you should be able to revive your score after you pay off the child support and begin paying down your debt. Try your best to avoid creating more debt to sustain your life and eventually you will see a trend into positive territory.
A collection account will stay on your report for 7 years after the last activity on the account, including the acknowledgement of the debt by the debtor. Even if you talk to them on the phone and say "I owe this but I will never pay this..." the clock starts over on that date.
Wells Fargo Personal Credit Management. A debt consolidation loan from Wells Fargo, IIRC.
There are two different sides to what you are claiming. We hear your side but not the resorts side. So, only a judge can make the ruling. Until then, your actions (failure to pay) will be reported as it is your obligation to pay until such time as it is determined you no longer owe the debt.
File your suit. Then you can file a dispute that can remove the data until a resolution is made. Until then you have to pay your debt or live with the consequences.
Your CK score is calculated by CK. Even your true credit score does not come from TransUnion. Your true credit score comes from either FICO or one of the other specialized credit scoring companies.
Your CK credit score displayed here is only an estimation based on the information CK receives from TransUnion.