Credit Question

**ztrouble** · 05-05-2009, 05:59 AM

Well here goes. Last year I lost a job and couldn't keep up with my bills. I have since paid everything down except for one loan that i was never late on.

I have delinquency more than 30 days on two accounts and it absolutely killed my score. I currently have one credit card (never late) and a 4k loan (never late). What can i do to improve my score and how long will it take to come back?

**JHayesLS1** · 05-05-2009, 06:02 AM

Just keep paying on time with what you have. I've heard it will take 7 years for it to go away. Best thing to do is to hold on to the CC you have and use under 20% of it each month and pay off like 18% of it each month as well. That tactic has served me well.

**Tobynine9** · 05-05-2009, 07:42 AM

Open up a new credit card or two and don't use them other than a very small amount that you pay OFF each month. Your credit score is based much on your available credit vs. your debt. So if you increase your available credit (money you could borrow) and don't use it to increase your debt you will increase your score.

I say to use the cards for a small purchase or two, like a lunch or something, once a month otherwise the CC company may cancel your or decrease your limit, which they may do anyways.

**ls1blackbeauty98** · 05-05-2009, 08:24 AM

i hate the credit scoring system, i think its a big fcking joke. heres my advice, dont give a shit about the score. get a good job....make good money and they will give you credit. trust me...

i couldnt get a 6k loan with a 739 score, debt to income was like 9% and i had plenty of available credit vs balances because i dont make enough... especially in this economy they are looking to make sure u make enough to pay your bills... i think the scoring system is dying... other opinions would be awesome guys so correct me if u think im wrong!

i am still so pissed about not getting that loan..

**rbob93** · 05-05-2009, 08:34 AM

Might be of interest

http://www.credit.com/credit_informa...s-Revealed.jsp

**Marc 85Z28** · 05-05-2009, 09:01 AM

www.creditboards.com

Set aside HOURS of your time to searching and reading through everything you can there. Seriously, hours, maybe even days. Depending upon your situation you might be able to make those late payments disappear

**Nhra Firebird** · 05-05-2009, 09:07 AM

Originally Posted by ls1blackbeauty98

i hate the credit scoring system, i think its a big fcking joke. heres my advice, dont give a shit about the score. get a good job....make good money and they will give you credit. trust me...

i couldnt get a 6k loan with a 739 score, debt to income was like 9% and i had plenty of available credit vs balances because i dont make enough... especially in this economy they are looking to make sure u make enough to pay your bills... i think the scoring system is dying... other opinions would be awesome guys so correct me if u think im wrong!

i am still so pissed about not getting that loan..

they wont give you loans with bad credit.

**Nhra Firebird** · 05-05-2009, 09:09 AM

Originally Posted by ztrouble

Well here goes. Last year I lost a job and couldn't keep up with my bills. I have since paid everything down except for one loan that i was never late on.

I have delinquency more than 30 days on two accounts and it absolutely killed my score. I currently have one credit card (never late) and a 4k loan (never late). What can i do to improve my score and how long will it take to come back?

when you say more then 30 days late... do you mean 60 90 or 120? 30 wont kill your score, but 60 and up can trash your credit score.

**ztrouble** · 05-05-2009, 09:12 AM

Originally Posted by Nhra Firebird

when you say more then 30 days late... do you mean 60 90 or 120? 30 wont kill your score, but 60 and up can trash your credit score.

one in particular is 120. the other one just has a couple of 30's

**Marc 85Z28** · 05-05-2009, 09:27 AM

Originally Posted by ztrouble

one in particular is 120.

Well then... you're F*CKED for another 5-6 years.

**chiller2484** · 05-05-2009, 10:20 AM

The really late items will stay on your record for 7 years, then they'll drop off. My wife found that out the hard way (still on there from her college days).

I have/had 8 credit cards (I know, waaay too many). My debt to income ratio was stupid high. We paid off 3 of the cards and sliced them up. We paid down the rest, and dammit if the CC companies didn't lower my available credit, which put my debt to income back sky high. (ex: I had a $1250 limit on one card, got it paid down to $860 and they lowered my available credit to $865, I was like wtf!) Oh well.

Just make sure to make more than the minimum payment each month and it'll help out. Especially if you can pay it off each month, like these guys said.

**ls1blackbeauty98** · 05-05-2009, 11:40 AM

Originally Posted by Nhra Firebird

they wont give you loans with bad credit.

hi,

read post
then comment
repeat

get it?

**zero_proto** · 05-05-2009, 11:47 AM

Originally Posted by ls1blackbeauty98

hi,

read post
then comment
repeat

get it?

okay so what you are saying is,

comment
post
repeat

is that it?

**shady milkman** · 05-05-2009, 11:58 AM

i have a really good creidt score..i was told that every month you make a payment on time that your credit score will go up by 10 points..not to much help..but dont take ls1beauties advice...take your credit score seriously..make minimum payments on all your debts and start to build that credit back up

**JHayesLS1** · 05-05-2009, 12:35 PM

Have you tried stealing someone else's identity yet? It seems to be the popular thing now a days

**shady milkman** · 05-05-2009, 12:36 PM

Originally Posted by JHayesLS1

Have you tried stealing someone else's identity yet? It seems to be the popular thing now a days

**Nhra Firebird** · 05-05-2009, 02:52 PM

Originally Posted by ls1blackbeauty98

hi,

read post
then comment
repeat

get it?

I read your post and you said, "dont give a shit about the score". I want to see you get a loan for a house with a bad credit score even if you make damn good money. If you would get a loan you could be paying up to a 100,000 dollars more for a house loan then someone with good credit. A bad credit score could cost a person a job. Many employers use credit history as a tool in their pre-employment screening.

**Nhra Firebird** · 05-05-2009, 03:03 PM

Originally Posted by ztrouble

one in particular is 120. the other one just has a couple of 30's

120 days can hurt you as much as bankruptcy.

**tnthub** · 05-05-2009, 03:13 PM

Originally Posted by Nhra Firebird

120 days can hurt you as much as bankruptcy.

At 120 days I'm suprised it isn't in "collections" where it is written off as bad debt and sold so a collection agency...

Do not let that happen.

Call them. Try to make an arrangement. Do whatever you can to avoid the debt being sent out to collection or they will hound you for years...

Bad credit is expensive. Things like home and car insurance go up simply because of bad credit...

**SandmanWs7** · 05-05-2009, 03:17 PM

Originally Posted by ztrouble

Well here goes. Last year I lost a job and couldn't keep up with my bills. I have since paid everything down except for one loan that i was never late on.

I have delinquency more than 30 days on two accounts and it absolutely killed my score. I currently have one credit card (never late) and a 4k loan (never late). What can i do to improve my score and how long will it take to come back?

On the two account that you have a 30 day del. if you have since then paid on time you can write them a letter and ask them (nicely) if they can remove them. I have done that before.