Re: Budget101.com : Fico scores
Phyllis, I recently went to creditreport.com. I was able to obtain a detailed credit report and score for myself and my wife for free. HOWEVER, I do have to call in and cancel the subscription before my 30 days is up, but at least i get my information. They also will give you a few ideas as what areas you should work on to raise your score.
You CAN get a free report without commitment or cancelling once per year, but you have to pay to find out your score. Whereas with this i dont have to.. just have to make a phone call...
Any how, Some things I learned are having too many accounts open may show credit lendors that you are scrambling for any offer you can get and may spend above your means of living.
Too many accounts with low limits may show credit lendors that the previos company that lended to you felt as if they couldn't lend higher limits to you.
Too few accounts may indicate that you are unable to obtain credit and show that you may not be able to afford it.
I think that the only way cancelling a credit card will hurt you is if you havent paid it all off AND if you have had it less than 2 years or so. THAT ISN'T FACT, however, When i was viewing my report, i noticed that they keep a tally type chart for the past two years on a monthly basis where they keep track of your payment history. So, I figured that when I cancelled my card and paid it off at 15 months. I had 15 green (good) Months and then I had 9 months that were red... NOT BAD but just doesn't reflect a good payment history because there is no payment history.
So, I have recently cancelled all my cards that charged a yearly rate and montly rate and have accepted offers (most with the same APR) but none of these rates. I'm going to pay all my debt down.
Once I've paid down debt on a new card (I did some free balance transfers as they were interest free for a year and other cards that had balances had HIGH int. rates) I'm going to use it to pay bills (if the biller IE electric, doesnt charge to pay with c.card) buy groceries, what not and then pay the bill off every month. You have to be careful not to buy if you can't afford to pay it off at the end of the month.
From my understanding, this shows lendors that you are only spending what you can afford and you are dependably paying it off every month. Be careful with the cards you, you want to have more available credit than you do a balance... Otherwise that could lower your score...
Thats a lot of info, but I hope it helps. another site that you can get your report at is freecreditreport.com tho i MUCH MORE like the first one i listed.
Brandon
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