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nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

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nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Old 07-30-15, 07:21 PM
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nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Hey everyone.....you may remember me from such threads as "I got bent over on a car loan" or "My in-law's keep borrowing my traveling vessel"* among others.


It's been awhile (thank God?) since I started a thread related to financial matters. I thought I would let everyone know what's up and how I am doing. But the real reason for this thread is advice. Yeah, I know.... Cue the "not this shit again" memes.

Anyway, my question is simple. My wife and I got our credit back up thanks to paying on auto loans and a secured credit card. We are now over 700 (hey, it was under 500 before, hence the number 20 that was associated with the old auto loan) and have been approved for a few small limit ($500-$1,000) credit cards from Capital One. I want to know what's the best way to keep the credit score rising.

On our secured card, we would always charge maybe $100 a month and pay it off completely. So there was never interest. Someone told me that paying multiple payments a month would help. Is that true? We aren't using our cards for anything other than regular purchases we would normally make (gas, groceries, cell phone bill, etc) and then we pay the balance immediately.

None of the cards have annual fees, and some have rewards attached, so it's kind of a bonus. Yeah, the interest rates are a bitch at 18% or higher, but we pay it off in full, so we never see it.

So what's the trick to the method of multiple payments. Say I make a $24.28 purchase at Target. Do I go home and pay it off completely, or wait til it posts? Or do I pay $10 of it, then $15 a few days later?

Anyway, as for us, we have no car payments anymore. We are still renting the same house as before, the next step is to buy a home. What should my credit score be for that? 750? 800? Just curious.

I wanted to thank everyone here for all the help over the years to get us back on track. It feels good to not have any sizeable debt.




















*thread names have been changed in a futile attempt to make it harder for you to locate them and ridicule me.
Old 07-30-15, 07:28 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

God Bless You Son!
Old 07-30-15, 07:29 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

where can i get my credit score for free online that is safe and secure?
Old 07-30-15, 07:31 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by OldBoy View Post
where can i get my credit score for free online that is safe and secure?
Old 07-30-15, 07:37 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by nickdawgy View Post
My wife and I got our credit back up thanks to paying on auto loans and a secured credit card. We are now over 700 (hey, it was under 500 before, hence the number 20 that was associated with the old auto loan) and have been approved for a few small limit ($500-$1,000) credit cards from Capital One. I want to know what's the best way to keep the credit score rising.
Arpeggi must be so upset he can't post in this thread.

Congrats for climbing out from under the mountain of debt. It's not a fun place to be.
Old 07-30-15, 07:39 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by OldBoy View Post
where can i get my credit score for free online that is safe and secure?
Not sure if serious.... But I checked a few different sites, MyFico, Credit Karma, etc.

Originally Posted by Decker View Post
Arpeggi must be so upset he can't post in this thread.

Congrats for climbing out from under the mountain of debt. It's not a fun place to be.
Yeah

I'm sure there will be someone who is completely oblivious to my past hi-jinks and will come in here shocked and surprised, and we will all start talking about that
Old 07-30-15, 07:47 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Congrats, nickdawgy. I'm in the process of repairing my own too. It's better than it's been in years and I just got approved for a refi on my car with a 6 percent interest rate, which may not sound great to some of the multibillionaire Otters, but it's half of what I had when I bought the car last year.

I can't tell you what works for everyone but I can tell you what works for me. I make a payment on my credit cards every single payday--every two weeks. Sometimes it pays them off and sometimes it doesn't, because I keep using them. I try never to use more than 30 percent of the credit limit on each card, and I make sure they see something from me every single payday. My credit score is rising, slowly but surely.

P.S. I use CreditKarma to monitor my credit. It's no better or worse than most, and it's free.

EDITED TO ADD that I also pay 1/2 of my other bills each payday. In other words, I pay 1/2 the house payment; 1/2 the condo association fee; 1/2 the utilities, etc. For me it just works out. I do all my banking online and use plastic nearly everywhere.
Old 07-30-15, 07:51 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

^ thanks Vib. just used it. i'm not too bad considering my history...
Old 07-30-15, 08:30 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Vibiana View Post
Congrats, nickdawgy. I'm in the process of repairing my own too. It's better than it's been in years and I just got approved for a refi on my car with a 6 percent interest rate, which may not sound great to some of the multibillionaire Otters, but it's half of what I had when I bought the car last year.
For a used car? That's not a horrible rate at all.

My first car loan (my first credit ever) was at 11.9%.
Old 07-30-15, 08:46 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by nickdawgy View Post


On our secured card, we would always charge maybe $100 a month and pay it off completely. So there was never interest. Someone told me that paying multiple payments a month would help. Is that true? We aren't using our cards for anything other than regular purchases we would normally make (gas, groceries, cell phone bill, etc) and then we pay the balance immediately.

None of the cards have annual fees, and some have rewards attached, so it's kind of a bonus. Yeah, the interest rates are a bitch at 18% or higher, but we pay it off in full, so we never see it.
There's really no benefit to paying multiple times a month unless your credit utilization is high. You credit card company reports the balance to the Bureaus and that can hurt your score if it's a high utilization rate. If you keep it low (<20%) each month, you'll be fine paying it off before the due date. Call your credit card company to find out when they report your balance to the bureaus and make sure you have a low balance at that time but not paid in full. Having no balance when reported will also hurt your score.
Old 07-30-15, 09:31 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Neil M. View Post
Having no balance when reported will also hurt your score.
No, it won't.
Old 07-30-15, 10:00 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Not this shit again.
Old 07-31-15, 02:09 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Vibiana View Post
Congrats, nickdawgy. I'm in the process of repairing my own too. It's better than it's been in years and I just got approved for a refi on my car with a 6 percent interest rate, which may not sound great to some of the multibillionaire Otters, but it's half of what I had when I bought the car last year.

I can't tell you what works for everyone but I can tell you what works for me. I make a payment on my credit cards every single payday--every two weeks. Sometimes it pays them off and sometimes it doesn't, because I keep using them. I try never to use more than 30 percent of the credit limit on each card, and I make sure they see something from me every single payday. My credit score is rising, slowly but surely.

P.S. I use CreditKarma to monitor my credit. It's no better or worse than most, and it's free.

EDITED TO ADD that I also pay 1/2 of my other bills each payday. In other words, I pay 1/2 the house payment; 1/2 the condo association fee; 1/2 the utilities, etc. For me it just works out. I do all my banking online and use plastic nearly everywhere.
That's good advice

Originally Posted by Shazam View Post
For a used car? That's not a horrible rate at all.

My first car loan (my first credit ever) was at 11.9%.
Lol. Mine was 18.9 and then 10%. Then later after the credit was bad, we got the 19.8. Our Durango was 8% I think before we refied that to 4.3.

Originally Posted by Deadman31 View Post
Not this shit again.
Touché.
Old 07-31-15, 03:30 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Deadman31 View Post
Not this shit again.
My thoughts exactly.
Old 07-31-15, 04:13 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

This isn't a "I done good y'all, pat me on the back" thread. It's a simple question or two.
Old 07-31-15, 08:32 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by nickdawgy View Post
This isn't a "I done good y'all, pat me on the back" thread. It's a simple question or two.
Old 07-31-15, 08:49 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Nickdawgy - you mentioned you have a few cards with Cap One (I do, too). They offer free credit monitoring - including credit score and alerts where there is a change. You might want to check that out.
Old 07-31-15, 09:04 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by nickdawgy View Post
Hey everyone.....you may remember me from such threads as "I got bent over on a car loan" or "My in-law's keep borrowing my traveling vessel"* among others.


It's been awhile (thank God?) since I started a thread related to financial matters. I thought I would let everyone know what's up and how I am doing. But the real reason for this thread is advice. Yeah, I know.... Cue the "not this shit again" memes.

Anyway, my question is simple. My wife and I

Is this the same wife who had the friend who was staying with you and not paying anything and she took your wife drinking till all hours? Or is it a new one? If not, then what happened to that friend?
Old 07-31-15, 09:13 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Well since Ash mentioned it first. Is the credit card usage going to 3am bar tabs?
Old 07-31-15, 10:41 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

While the basics of good credit are obvious to anyone, when you start getting into what metrics improve your score beyond stuff like paying all your bills on time, most of us don't know crap, and FICO does not openly share their algorithm. The best info I have seen, as near as I can tell, came from "Kevo" in this thread on another forum.
Old 07-31-15, 11:00 AM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

My FICO score is near the max and all I've done is pay my bills on time.

Everything you want to know about your FICO score:
http://www.myfico.com/CreditEducatio...YourScore.aspx
Old 07-31-15, 12:00 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Ash Ketchum View Post
Is this the same wife who had the friend who was staying with you and not paying anything and she took your wife drinking till all hours? Or is it a new one? If not, then what happened to that friend?
That friend moved out. I think that was covered in the threesome thread.
Old 07-31-15, 01:12 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Shazam View Post
For a used car? That's not a horrible rate at all.

My first car loan (my first credit ever) was at 11.9%.
Thank you. I almost didn't post the actual number because I figured someone would snark at it.
Old 07-31-15, 01:23 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by nickdawgy View Post
...the next step is to buy a home. What should my credit score be for that? 750? 800? Just curious.
My advice would be to establish a long term relationship with a credit union or two, if you haven't already. In my experience, I've always gotten much better rates and service at CUs than at banks. I've also found that CU loan officers are (again, in my personal experience) much more willing to sit with you and discuss your options. When we bought our home about 11 years ago, we got a decent rate, but not the best rate. I remember our loan officer telling us exactly what changes we needed in our credit score to get to that best rate. If you already know your credit score, AND have an established relationship with a CU (or maybe even if you don't, but I'm sure your chances are better if you're a return customer), I think you'd be able to simply explain your situation, tell them what your credit score is, and ask for a non-binding discussion of what percentage you'd be looking at, and what your score would have to be to get a better rate. Make it clear to them you're just trying to get an idea, not asking for loan approval.

If you don't already have a good relationship with a credit union, I'd start one. Never too late, right?
Old 07-31-15, 01:52 PM
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Re: nickdawgy's Fun With Numbers or How I Am Getting My Credit Back In Check

Originally Posted by Shoveler View Post
My advice would be to establish a long term relationship with a credit union or two, if you haven't already. In my experience, I've always gotten much better rates and service at CUs than at banks. I've also found that CU loan officers are (again, in my personal experience) much more willing to sit with you and discuss your options. When we bought our home about 11 years ago, we got a decent rate, but not the best rate. I remember our loan officer telling us exactly what changes we needed in our credit score to get to that best rate. If you already know your credit score, AND have an established relationship with a CU (or maybe even if you don't, but I'm sure your chances are better if you're a return customer), I think you'd be able to simply explain your situation, tell them what your credit score is, and ask for a non-binding discussion of what percentage you'd be looking at, and what your score would have to be to get a better rate. Make it clear to them you're just trying to get an idea, not asking for loan approval.

If you don't already have a good relationship with a credit union, I'd start one. Never too late, right?
I didn't really have a relationship with a credit union, but they were still willing to refi my auto loan last month to 1.99%, and all I had to do was open a savings account with 5 bucks in it.

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