The Great Credit Delima

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Replied by Meya on topic Re: The Great Credit Delima

I have not heard anything either Rivas. Its now 09 and I have not.......well wait a minute, I think it probably is just taking a while because last year, I noticed that the Cb's had widen their files because some of my old inq had fell off before time and they ended up coming right back. Then, my scores had made like a 50 pt hike for no reason, I remember talking to someone about that and they said that it is from the New FICO 08 kicking in. People were getting weird incidents on their reports so I am not for sure if it was because of the new FICO 08 or was it just our assumptions.:confused:
12 years 1 month ago #1
  • Posts: 391

Replied by RivasGlo on topic Re: The Great Credit Delima

With the new system you can no longer recieve credit for being an authorized user!!!

Anyone have any updates on this???? From what I know, FICO 08 has not launched.

I know theres a thread about the FICO 08 but I thought that FICO 08 will include authorized user accounts when calculating the FICO.

I googled it and I came across alot of websites, one says one thing when the other says the opposite about the impact on A/U when the Fico 08 rolls out.

Updates anyone?

---- Plus the rebuilding process is not gonna happen overnight. Look at Meya and all her hard work. It has been a rough 5 1/2 years for her. She is still learning as we all are about credit.

If ur scores are going down bc of low CL, well you 1) need to make sure they are always pif because you can easily go over 35% utilization 2) need to let the accounts age, that is the biggest thing. still tells me that my scores are low because my accts have not been open very long, the oldest is 2 years old this month (01/2009) 3) if the accts were opened w/in a small amount time, that will also cause ur score to go down because of the inquiries.

Alot of factors come to play and the rebuilding process is not easy. You will not see change in just 1-2 months. The first few months are the hardest.

Good luck to u!
12 years 1 month ago #2
  • Posts: 4522

Replied by Meya on topic Re: The Great Credit Delima

Lo and behold on my Experian report those rude money greedy pigs post on my report that my score has been lowered due to the low CL's of the new accounts.

Welcome to FG, and thanks for adding your input about the way you feel about credit. I can clearly understand how you feel. Don't let the score dropping discourage you at all, if scores is what we had focus on in order to rebuild our credit then we would all be a nervous and confused wreck.

You said your scores dropped because of low CL's right? If I am not mistaken, you are speaking high balances. IF that is so, then they are actually correct. When your balance reaches over 35% of your initial credit line, then yes, your scores will drop. Don't let that discourage you at all, as long as you are paying them off, and I do not mean $10 or $15 min payment every month on a $400 balance, then you should see those scores climb right back.

Scores are like a thermometer, when its gets hot, the gage rise and when it gets cold, the gage drops. If you want it to stay at a certain temp, you set it and leave it alone. My main point is that if you are in a rebuilding stage, of course your scores are important to you, but I try to tell everyone to focus off your history with the cards. For every 6 months your cards age, congratulate yourself and take another look at your scores. You will see a difference from history itself if you paid on time, did not go over the limit, and did not apply for any more credit cards. History is the key to rebuilding, not the scores. History and dedication to your financial obligations causes the scores to rise. Once you establish a good relationship with your creditors, you will start to see the cli's and that helps build your report and prepare you for better cards.

Like Brian23 said, just hold on and be patient, you will get there. I am on my 5 1/2 yr history of rebuilding myself and I am not where I want to be right now. But, what does matter is that I have never been late, never went over the limit, and I establish a nice history with my cards which has open doors for me to begin applying for better cards. Trust me, we got your back here.
12 years 1 month ago #3
  • Posts: 296

Replied by Brian23 on topic Re: The Great Credit Delima

That's a very good question. If you have the 3 cards and they are not paid in full each month (meaning you are below 35% utilization) your not going to see a major increase in your scores. Plus, when you start rebuilding and adding cards to you profile, you should wait at least 1 year of clean payment history to see any results.

The CR system may be flawed, but its all a waiting game to see results. It has been over 5 year (some 6) on my CR and I still dont have a great score. But, when your rebuilding, you have to keep in mind that results are not going to happen overnight. It takes time like anything else in life.

Maybe you should hold off from pulling your CR for a while until those accounts age at least a year and you have been PIF every month. Till than, just try to pay cash with whatever you need and use CC sparingly (if you cant afford to pay them off in 30 days).

You are going to get there, it just takes time, patience and persistancy.
12 years 1 month ago #4
  • Posts: 27

Replied by mathman on topic Re: The Great Credit Delima

those credit cards are paid in full every month, right?
12 years 1 month ago #5
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First I would just like to start by saying that I take full responsibility for my
past mistakes. That being said the major Credit Bereaus and FICO are a big fat
joke! I have been trying to recover from bad credit and recently got some low
balance cards with outrageous fees and have been making steady payments on them in hopes of increasing my scores and credit ratings.

I am desperate to get back on track and do the right thing. After a few payments for the 3 credit cards and 1 loan I go to check my progress. Lo and behold on my Experian report those rude money greedy pigs post on my report that my score has been lowered due to the low CL's of the new accounts.

!!!!!!! what a freaking joke. here I am just trying to make things right and these businesses have the audacity to punish me for taking what I can only get for right now. I am fed up with the entire system. They jerk us around and make new laws that prohibit us from bettering ourselves.

With the new system you can no longer recieve credit for being an authorized user!!! what a croc that was a great way for newbies to get ahead start. Instead they inact this crap so that we get hit with fees and high intrest rates. We have to buy credit in this country or have thousands of dollars saved. It is just rediculouse. On top of that we pay them to see what they judge us from our private use of monotary assets. This should be illegal in itself!!!!The major credit bereuas and FICO can all go to hell.

I am fed up with being a slave to them and being punished for doing the right thing.I know I can not make the credit system disappear and will have to continue to obey its frivolous rules, but I will start talking to my congressman about even if it comes to nothing at least I will have gotten it off my chest. We are humans and deserve to be treated as such. Should we pay the price for our mistakes? Absolutely! should we have to continue to pay the price over and over again even after trying to do the right thing only to be rejected and reach no avail?? NO NO NO!!!!!

Anyways to all those new to the credit game keep your self's clean or prepare to pay a life long price! Maybe one day we can all unite through websites like this and come up with a solution not to our credit problems but to the Credit tracking system. They should have other companies keeping scores on them lowering their points when they let some one use a SSN# fraduantly, or report wrong information on an indiviuals report. HA HA HA so much for that.

Done ranting Great site I love all the usefull info and look forward to helping others out.
12 years 1 month ago #6