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Re: Debt Score
Originally Posted by MidAtlantic
(Post 12697210)
If your credit report shows $0 balance every month it means that you are paying before the cc company reports to Trans Union. You therefore appear not to be using any credit and therefore your score suffers. They don't know that you are a responsible user of credit. Don't pay so early, but certainly don't be late because that will definitely ding you . If your credit report shows a less than 20% utilization each month, but not zero, your score will increase.
I didn't pay early, this month shows a balance and score went up 10 points over the previous month, that seems to possibly been the issue, have to see if it climbs each month, 1 month isn't really enough to know, but hey it moved upward. |
Re: Debt Score
It's referred to as AZEO, and is known as the most efficient way to a higher score. All Zero Except One.
Keep that one below the 9.8% utilization that gains the best score and you will see it rising rapidly so long as you have 3 open trade lines and a mix of credit types. |
Re: Debt Score
One sure way of getting a lowering your score is to co sign for a family member. Lessons learned.
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Re: Debt Score
Originally Posted by johnwoo
(Post 12720698)
One sure way of getting a lowering your score is to co sign for a family member. Lessons learned.
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Re: Debt Score
Originally Posted by johnwoo
(Post 12720698)
One sure way of getting a lowering your score is to co sign for a family member. Lessons learned.
No thanks. |
Re: Debt Score
Originally Posted by civilservant
(Post 12720779)
All of the risk and none of the benefits of the product financed.
No thanks. |
Re: Debt Score
Originally Posted by SpoogleDrummer
(Post 12721155)
Depends on what you class as a benefit, if one of my kids needs me to co-sign for a mortgage or they'll live with me until they're 40 you can bet your ass I'll be co-signing.
I can certainly see where co-signing might make sense, but I've heard of so many people screwing themselves by doing it that I'm personally incredibly leery of it. |
Re: Debt Score
Originally Posted by SpoogleDrummer
(Post 12721155)
Depends on what you class as a benefit, if one of my kids needs me to co-sign for a mortgage or they'll live with me until they're 40 you can bet your ass I'll be co-signing.
In recent months I have seen more co signers on mortgages than in previous years. It suggests to me that there is not enough real creditworthiness out there >subprime>crash |
Re: Debt Score
Depends on what you class as a benefit, if one of my kids needs me to co-sign for a mortgage or they'll live with me until they're 40 you can bet your ass I'll be co-signing. I left home at 18 and never looked back, they can do the same. Stand on your own 2 feet, it builds character. unless they can afford to take the hit. Then again, I don't have kids, and this is just one of the many many many reasons I don't want any. |
Re: Debt Score
If banks with all their capital and credit knowledge won't take an educated gamble on a person then I sure won't.
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Re: Debt Score
I know some who have had their parents co-sign for their mortgages. All professionals in good paying jobs as well, but housing is expensive here and unless making 6 figures its hard to get a mortgage on your own hence parents co-signing mortgages and/or providing the massive down payment needed.
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Re: Debt Score
Originally Posted by Jsmth321
(Post 12721492)
I know some who have had their parents co-sign for their mortgages. All professionals in good paying jobs as well, but housing is expensive here and unless making 6 figures its hard to get a mortgage on your own hence parents co-signing mortgages and/or providing the massive down payment needed.
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Re: Debt Score
Originally Posted by civilservant
(Post 12721225)
They shouldn't be living with you until their 40 anyway - get a job and rent a place, I'm not bailing you out.
I left home at 18 and never looked back, they can do the same. Stand on your own 2 feet, it builds character. The 100 point FICO score hit from a single 30 day late? For 7 years? The hit to DTI and your own ability to borrow if required? Nope. Then again, I don't have kids, and this is just one of the many many many reasons I don't want any. |
Re: Debt Score
Hey Justin
Don't take it to heart. The fact is it is hard. Most people on here big up their big moments. Some of us just barely get by but don't post the worst bits. I know you mostly post the worst bits and it helps me keep a perspective.. Your opinion & experience are noted and not to be disregarded. Hang in there RICH. |
Re: Debt Score
Originally Posted by tom169
(Post 12721497)
Bigger down payment, larger income, or a smaller house.
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