Quote:
Originally Posted by Greggers
I think hard inquiries don't have a huge impact on your credit score (I think I read somewhere a single hard inquiry can be up to -10 points, but fall off I believe after 6 months or so), but it does impact your score.
Hard inquiries stay on your report for 2 years, but the negative effect on your score will generally rebound after 6 months
Quote:
Originally Posted by ham on rye
1. i have a single, low limit credit card that i rarely use. in fact for about a year i literally didn't use it, had zero balance so no payments. how does this show up on credit history? are those considered "positive" months since i was in good standing even though i owed nothing? obviously they help with length of history.
They are considered as months not late and your account is likely showing "in good standing" or "pays as agreed". This is a good thing. But beware some companies will close your account after a certain period of non-use. Also see above about having a 0% utilization negatively affecting your score.
Quote:
Originally Posted by ham on rye
2. as a follow-up to this, would having three low-limit cards that i rarely or never use increase the overall ratio of positive months or whatever the term is, since they are each counted separately? is this a good way to increase my ratio of "on time" months since i still have some negative accounts on my history?
Some one said this earlier in the thread that having multiple cards reporting doubles or triples your "history". I'm not sure if this is true, if it is then yes that would help your score. But again as above, 0% utilization is not a good thing.
Quote:
Originally Posted by ham on rye
3. i know some other regular bills, such as cell phones, can also show up on your credit report. are there certain types of services or accounts that are advantageous to set up and pay automatically in order to improve your positive payment history? i am thinking of, like, subscriptions or certain types of retail clubs or something like that.
My understanding is that most of the accounts you mentioned do
not show up on your credit report. Typically they only show up if you are very late with payments and they close your account and/or send you to collections.
Quote:
Originally Posted by ham on rye
4. is it possible to add someone to certain types of loans, such as an auto loan or even a mortgage, in order to improve their payment history / credit mix? we have a bunch of accounts on auto-pay that are in my spouse's name where i could be building positive history if this could be done. we share all household expenses / combine finances.
Again, I don't have any experience with this but my understanding is that yes, if you cosign a loan it will show up on your report as an amount owed.
Quote:
Originally Posted by BestCherryGoose
Thanks for the thread OP.....very helpful.
Here's my issue and maybe you can help..I screwed up my credit from a young age with credit card debt/lawsuits/etc....
About a year ago, I had my score at mid 500's and recently checked again and finally made it to 630......I realize that although these things take time, maybe there is something I can do, maybe there are a bunch of things I can do to up my credit.
I have a hard time even applying for new cards, or getting increased limits on the ones I already do have......It Sucks!!!!
The crazy thing is that I'm not even the kind of guy that needs a lot of credit, I make close to 300-400K a year at this point and I more WANT than NEED the credit.
I even own property (total of 13 units) under my name but can't even get approved for a car lease!!!
Here's some questions....
I'd pay someone money to fix my credit and get it to a more decent score....how much do you recommend I spend?
What is a tradeline? After doing some quick research, I see a bunch of companies offering to sell tradelines...what the hell am I buying here?
Also, some companies offer secondary credit numbers? Is this recommended?
I'm a pretty smart guy, just have been very very lazy with taking care of bills on time and yes it has come to haunt me a bit....
HELP!
I would really recommend not paying to have your credit fixed, and not paying to have fake info reported to the bureaus. As gt recommended earlier maybe lookup debt counseling or respected credit repair. Anyone who says they can fix it in a month is probably lying. Also, creditboards.com
Quote:
Originally Posted by BestCherryGoose
Also, another question....
I have been using an AMEX that is under my Dad's company name for a few years now, the bill is paid monthly and always on time, but for some reason it does not appear on my credit report.....what do I do about this?
Business accounts are reported separately from your personal credit report. Typically it is under the business' EIN, and even if you use your social when you apply it is treated separately. That's why one of the tips in the beginning was to spend hard on a business card if you had to to avoid increasing your personal utilization.