CREDIT

I am a Finance & Insurance Manager for a major Automotive franchise group maybe i can give a little advice to anyone that has questions on credit files
what the codes are and what you can and cannot do with the system.

Can anyone recommend a company that works with your credit cards bills

I know there is a statue of limitation on debt but can I request the information be removed from my credit report if its passed the statue of limitations?

But, once a year you are entitled to run your credit to check what's on it. This is COMPLETELY free, there is no obligation to buy a credit watch program or any nonsense like that. What I've done for years is run a different report every 2 months between my husband and I to keep a steady watch on our credit. You can dispute any discrepancies right there online as well! Take advantage of your free credit report. You won't get your score (unless you pay a couple bucks, but you do get your entire report free from all 3 bureaus!

Here is the link: https://www.annualcreditreport.com/cra/index

Thanks Anita for this info!

a&s

all this information is just awesome!! thanks

I want to echo what I have seen in postings listed above.
One common mistake that people make that actually hurts your credit score is to cut up their cards and close credit card accounts. While your motives may be noble to get rid of debt it can actually take your credit score down. Having available credit is important, but credit history is also very important as well. Having good established history means that you have had your card or credit account opened for a long period of time. Keeping credit accounts opened will help your credit score to creep up. A good point to keep in mind is to make sure that you are keeping your balances low. Maintaining high credit card balances over a longer period of time will drop your score as well. My recommendation is if you have an active credit card and you don't have any yearly fees for that credit card,,, keep that card open.
Happy Investing!

Matt

Anitarny thanks I feel Ive been truly blessed job well done will let you know how I do.

Cindy,

I'm understanding that if you pay off a debt that has been on your credit report for a length of time with no payments will cause your credit score to go down even more once it is paid off... I don't understand this concept, shouldn't your credit score go up for paying off that debt?

How long does it take for a paid account that has been delinquent on your credit report adjust your FICO score?

I have a comment, and then a question. I read some of the comments above, and I have one observation: My boyfriend of many years owns his own home, and has a credit score of over 800. He advocates keeping only a few credit accounts and keeping zero balances on them at all times. He does acknowledge that paying them off in full each month prevents him from having the highest possible credit score, but he does still have an excellent credit score nonetheless. Probably not the best strategy for someone trying to improve their score, but once you get where you want to be it doesn't hurt it too badly. Anyway, I also have a question. My daughter's fiance is trying to establish credit but currently has a credit score of ZERO because he has never had any accounts yet. It has been impossible for him to get any credit because of this, so it's like a Catch 22! HOW can he successfully get someone to extend him credit so he can get established? He is on Social Security disability right now so he doesn't have a job, either, which doesn't make it easy. Is there anything he can do?

This happens because it looks to lenders as if you went for a long time without paying and then suddenly got a windfall or large enough sum of money to pay it off. It doesn't show a desire or intent to actually establish credit with responsible payments. It would have been better in this case to have broken it up into at least six months of payments. But paying on time with any other accounts you have should make up for it in several months' time. My understanding (I'm just a beginner, but I've picked up a few things) is that there are two major factors at play, time and money. So a certain amount of time needs to pass in good repayment history, but also the amount owed comes into play. You don't want to max out your accounts, but try to keep them to 30% of your limit, for example; so, if you have a credit card with a $1000 limit, you don't want to exceed $300 on it, even though you're "good" for more. If you do go over that 30% rule, get it paid down to that point as quickly as possible.