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Establishing and Building Good Credit

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 06-09-2006, 09:57 AM         #31
markus 
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nah it doesn't lower your score unless you haven't paid for long periods of time and they send your account to the collections department. They usually send u a notice (or maybe a few of them) before they do it though.

actually, paying your cell phone on time or most of the time doesn't effect your credit score. in fact, it doesn't appear on your credit at all. it only appears when you refuse to pay ur unpaid balance.

 06-09-2006, 09:58 AM         #32
markus 
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 canal_boys said
wtf dont even work


thats what they meant to put.

 06-09-2006, 04:58 PM         #33
mc_breed 
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gotta keep that credit clean

 12 years ago '06        #34
anseltmchs 5 heat pts
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i look at credit as a game. i'm 22 and my score is 741 as of may 06.

 12 years ago '04        #35
fulgazey 
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 stickyknots said
i got a cell phone bill in my name with 2 other people on it. i pay on time but they always late. do u think it will still lower my score?
Yes. Your name is on the account and you are a "owner" of that account. Get your own if someone else is messing up. Don't ride the wave down with them.

 12 years ago '04        #36
jaydee563 
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 xbuix15 said
dont know if this has been posted, but if you have several credit cards and DONT USE THEM, it will help your credit score. having several cards means that you have access to more money than you would with one card. so having a couple cards on the side will help. just dont get too many, because credit companies will get suspicious


Actually if you have several cards and don't use them that is actually isn't good from a credit card company standpoint. Those credit card companies review your credit card accts pretty regularly and if the see accts that have been used for sometime or even ever they will close them and it will show as closed by the creditor which reflects negatively on your credit(especially if you apply for new credit cards, etc.)

 06-20-2006, 01:48 PM         #37
markus 
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 jaydee563 said
Actually if you have several cards and don't use them that is actually isn't good from a credit card company standpoint. Those credit card companies review your credit card accts pretty regularly and if the see accts that have been used for sometime or even ever they will close them and it will show as closed by the creditor which reflects negatively on your credit(especially if you apply for new credit cards, etc.)
agreed, but the creditor will never cancel or close your account without a person's consent. the only way they can do that is if you don't pay your bill...

but yeah, its better to use your credit cards regularly, just make sure u only spend amounts of money you can pay back. Keep doing this and it will show a good credit history. The reason credit companies don't like to see accts that are not active is because they need to see that you know how to pay your bills on time. and if you don't have a credit history, its impossible for them to do this.

 12 years ago '04        #38
Shizz|M 
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 markus said
agreed, but the creditor will never cancel or close your account without a person's consent. the only way they can do that is if you don't pay your bill...

Actually if you have a card that hasnt been used in a 5-6 month period they will close the card out automatically thinking that you never received it or never used it. which will look good on your credit though

i had one card that they did that too

 12 years ago '04        #39
jaydee563 
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 markus said
agreed, but the creditor will never cancel or close your account without a person's consent. the only way they can do that is if you don't pay your bill...

but yeah, its better to use your credit cards regularly, just make sure u only spend amounts of money you can pay back. Keep doing this and it will show a good credit history. The reason credit companies don't like to see accts that are not active is because they need to see that you know how to pay your bills on time. and if you don't have a credit history, its impossible for them to do this.
The credit card's definition of you giving your consent = you verbally agreeing by phone or signing a credit card application and getting approved for your credit card



The credit card company that I worked for closed unused accts out all the time and then sent you a letter or notice( if you were lucky) to let you know they did it. If you weren't lucky enough to get a letter, you usually found out after pulling your credit report and seeing the "closed by creditor" notice on your credit report. You usually don't want your credit report showing that the credit card company closed the acct for you regardless of what the reason is.


Last edited by jaydee563; 06-21-2006 at 07:13 AM..

 12 years ago '04        #40
Shizz|M 
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 jaydee563 said
The credit card's definition of you giving your consent = you verbally agreeing by phone or signing a credit card application and getting approved for your credit card



The credit card company that I worked for closed unused accts out all the time and then sent you a letter or notice( if you were lucky) to let you know they did it. If you weren't lucky enough to get a letter, you usually found out after pulling your credit report and seeing the "closed by creditor" notice on your credit report. You usually don't want your credit report showing that the credit card company closed the acct for you regardless of what the reason is.
Yeah let me add to that. not matter what you stuff is.. even if you know you owe them.. DOnt let them Close the account out.. if you find out (barring you got a letter.) have them open teh account back up and then you call back a few days later and close it out your self. This will report as "Closes by Client" and this will report good on your credit; giving that you balance is satisfatory

 12 years ago '05        #41
Jaiden05 23 heat pts23
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Thanx good read

 12 years ago '04        #42
Shizz|M 
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If only i knew this when i was 18

 12 years ago '05        #43
G Clap 
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what happens if you don't pay your credit card bill at all? can they take you to court or anything?

 12 years ago '04        #44
Shizz|M 
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 G Clap said
what happens if you don't pay your credit card bill at all? can they take you to court or anything?
worst case sernio... (what im going through now) is that they can take you to court and put a judgement on it. then they will take it out of your paycheck. 15% of each pay till its done... so i would pay it if i was you. or settle something..

 07-03-2006, 12:17 AM         #45
apep 
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Another type of credit card that can help build credit is one from a department store. However somtimes those often require a major credit card. But for a young person the shops at a major store such as Old Navy then getting a credit card from that store may be beneficial to that person.

 07-03-2006, 08:55 AM         #46
markus 
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 Shizz said
worst case sernio... (what im going through now) is that they can take you to court and put a judgement on it. then they will take it out of your paycheck. 15% of each pay till its done... so i would pay it if i was you. or settle something..
yeah I was in the same situation. But mine was a car loan. They took me to court and we negotiated a settlement. But it still appears as a negative on my credit report... for right now, at least.

 G Clap said
what happens if you don't pay your credit card bill at all? can they take you to court or anything?
Yeah they can, if they feel the amount is large enough for them to undergo the charges. If they don't take you to court, it'll be a BIG negative on your credit report and they'll keep calling and harrassing you lol.

 12 years ago '04        #47
detroitwalt 
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good thread, i don't know how i've never seen this section before.

 07-12-2006, 12:43 AM         #48
Shinin' 
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 stickyknots said
i got a cell phone bill in my name with 2 other people on it. i pay on time but they always late. do u think it will still lower my score?
that sh*t will fu*k u over, drop them off the plan because the total account reflects the entire payment amount, not just yours,

 07-12-2006, 12:47 AM         #49
Shinin' 
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 markus said
agreed, but the creditor will never cancel or close your account without a person's consent. the only way they can do that is if you don't pay your bill...

but yeah, its better to use your credit cards regularly, just make sure u only spend amounts of money you can pay back. Keep doing this and it will show a good credit history. The reason credit companies don't like to see accts that are not active is because they need to see that you know how to pay your bills on time. and if you don't have a credit history, its impossible for them to do this.
i used to believe that was the case but i heard recently that creditors are starting to tighten credit and they are closing accounts they deem to be a risk, i hope this never happens to anyone here, i read about it in a couple of places, them just clsing cards becasue of the access to too much credit and cash in relation to peoples income, has anyone else heard of this?

 07-12-2006, 01:15 AM         #50
Shinin' 
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 ruff said
So what's a great recommened start up card for a college student?
i think citicard platinum select card for students is good, they have a good credit protector program so if you are late on a payment it wont report negative on your credit as long as you notify them and top of this they give u a generous credit line and they have excellent cutomer service. i have had experiences with amex, citi, chase, capone and wells fargo:citi,capone and amex people have always been the best customer service wise, wf is the absolute worse,chase is in the middle but i have had friends who have had horrible experiences with chase. I would say do not get a wells fargo card, they have possibly the worst customer service and are very bad about notifying you about card status. If you are going to get an amex i would recommend starting with the student blue card cuz the charge cards with no limits are dangerous even to long time credit card holders (think about nicole richies charge syndrome in the simple life, anyone can get charge disease when they carry those amex charge cards) cuz u can literally charge whatever they deem you can pay on the card, and if you never miss payments and charge alot, you can end up charging huge purchases on a charge card that must be paid-in-full monthly (i have heard of people chargings 120000 s-classes on their amex charge cards) if you screw up with an amex charge card and charge more than you can pay, they will have in their records that you were past due if you did not pay the entire balance from the statement that month, even if you paid a large amount of the purchases off (which i did, luckily i paid it off in time with some help from my awesome parents and still hold the card) they will teach you a lesson and you will not want to make a mistake with them again becasue it is a serious privilege to hold an amex charge card. Again, overall i recommend the citi or the capone as a starter, both excellent customer service programs, but i really think the citi credit protector is better and would recommend you get the card and credit protector as a student. After college its a whole diffnt ballgame, youll have lots of disposable income and probably be able to carry an amex or large credit lie cards with any creditor but for buildding excellent credit initially the citi or capone. I hope you get some good advice and have an excellent credit experience.

 07-23-2006, 04:58 AM         #51
BMJR 
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good thread, i will read more later

 07-23-2006, 10:19 AM         #52
ladyofrage 
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 Shinin' said
that sh*t will fu*k u over, drop them off the plan because the total account reflects the entire payment amount, not just yours,
a cell phone is considered a utility and will only affect your credit if you default on the payment and it is cancelled and sent to collection. however, stop helping n*ggas at ur expense.

 12 years ago '06        #53
noreboy 
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 mr_underground said
if u pay your phone bill late...thats a credit slash if u don't know other people can see that and it label u as a delinquent
I don't think this applies if you only pay your bill a month or so late. Somebody correct me if I'm wrong. I don't believe my phone history is reported to the credetors monthly.

 07-25-2006, 02:34 PM         #54
markus 
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nah, your cell phone payments aren't reported monthly. but they will warn you that your account will be sent to collections if you wait too long to pay it, especially after they've cut off your phone. they usually send out notices after it being about 60-90 days late. but the amount of time is subjective, it varies with each cell phone company.


Last edited by markus; 07-25-2006 at 02:36 PM..

 12 years ago '05        #55
filthflarn 
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good read

 12 years ago '04        #56
Bodega 
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I have a student card with bank of americqa should my apr be over 19% i think that is too high I went over the limit for a emergency but i think my apr is too high and right now i can't afford the monthly payments. i was very diligent but i had an emergency.. but should a student card be that high on a apr and if so how can I lower it. because i don't want to be delinquent just because i can't make the payments

 08-17-2006, 07:50 PM         #57
ladyofrage 
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with bank of america, going over you limit raises your APR if you were on an introductory rate which knowing BOA you were. even if you get the over limit under limit, your APR will not go down. best thing is to get a new low balance transfer APR and transfer the balance. try discover student card or chase visa.

 08-23-2006, 07:31 AM         #58
Jp Triple Five 
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how about prepaid cards do those help in building your credit

 08-24-2006, 12:14 AM         #59
ladyofrage 
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some prepaid cards do but after all the fees you pay for transactions, it a waste of time. it takes too long to build anything when you can go to other companies and at least get a partially secured card or something.

 12 years ago '04        #60
warbux04 
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alright here's my situation... i have a fed. student loan which will stay in good standin as long as i am in school, but i have one credit card that got sent to collections with $1500 as the balance.... how hard is it going to be fix my credit? those are the only two things on my credit report by the way...help me out please?

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