Re: I'm soooooo glad...jozafiendJanuary 16 2006, 16:38:01 UTC
You just never know, unless you'll never apply. Credit is certainly a double-edged sword. They always have something to hold over you even when, as a consumer, you've been wronged. But I plan on borrowing a LOT of money, so it's good to know the credit game. Of course, when you get into serious amounts, it goes way beyond experian...
Thanks for the tips! I wasn't aware of some of those factors. Next time someone offers me 20% off of a chair in exchange for opening a charge card, I'll know better. :)
busting the mysteryjozafiendJanuary 16 2006, 16:53:42 UTC
Yep, it's nice to have it laid out logically, rather than the usual voodoo-magical-hush,hush-I heard from my best friend's uncle that doing such and such will hurt your credit... which is the reason I haven't opened a store card in years :-o but now I know why!
Re: busting the mysteryfanlainJanuary 16 2006, 22:39:10 UTC
What exactly is their rationale behind this?
If you get the card to save some money but still spend wisely with it, it's not all that different from getting a car loan and making those payments. If their assumption is that you're getting a chair on this card because you can't afford to get it, then the credit system is based upon faulty assumptions (and you're judged for that regardless of the why of your decision or even whether or not you've paid your bills on time).
5. Pay off past dues and charge-offs within the last two years. Beyond two years, it will have no impact on your score if wiped out. In fact, the act of paying it off can actually take your score down temporarily.
6. Request that creditors and credit bureaus delete any outstanding debt that is incorrectly charged to you or has yet to be cleared. This only partially seems to work. I've been arguing with Cingular for charges they have on me after I closed my account back in year 2000. It went to Collections. They refused to retract. I don't owe the money. I sent a letter to each of the 3 credit bureaus and have only been partially successfully at getting them to drop it off my credit history
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If you get the card to save some money but still spend wisely with it, it's not all that different from getting a car loan and making those payments. If their assumption is that you're getting a chair on this card because you can't afford to get it, then the credit system is based upon faulty assumptions (and you're judged for that regardless of the why of your decision or even whether or not you've paid your bills on time).
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5. Pay off past dues and charge-offs within the last two years. Beyond two years, it will have no impact on your score if wiped out. In fact, the act of paying it off can actually take your score down temporarily.
6. Request that creditors and credit bureaus delete any outstanding debt that is incorrectly charged to you or has yet to be cleared.
This only partially seems to work. I've been arguing with Cingular for charges they have on me after I closed my account back in year 2000. It went to Collections. They refused to retract. I don't owe the money. I sent a letter to each of the 3 credit bureaus and have only been partially successfully at getting them to drop it off my credit history ( ... )
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