Comments on: 10 Credit Score Commandments http://www.mint.com/blog/how-to/10-credit-score-commandments/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 19 Mar 2010 18:26:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Chuck http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-43707 Chuck Thu, 31 Dec 2009 19:52:59 +0000 http://www.mint.com/blog/?p=5593#comment-43707 RULE #0 - More important than the rest! Obtain your credit report from each of the credit bureaus at least once per year. READ IT AND UNDERSTAND IT! If there are errors, work with the credit bureaus and creditors to get them corrected. I had problems back in the early 1990's where a phone scamming company in Florida tried to charge me $250 for "1-900" calls that we did not make. They cha via my phone bill. I immediately challenged that with Verizon who reversed the charges. When the company tried to collect directly I documented my disagreement with the charges. I didn't hear anything from them asnd thought that it was corrected. Five years later, the company was in bankruptcy proceedings and the $250 unpaid charge started showing up on my credit report. All of a sudden, I found it hard to get simple credit such as "90-day same as cash" deals to buy furniture. It took a year to get that properly explained on my credit report. Get a report from each of the three credit bureaus (one bureau every 4 months) to see what people are saying about you! RULE #0 – More important than the rest! Obtain your credit report from each of the credit bureaus at least once per year. READ IT AND UNDERSTAND IT! If there are errors, work with the credit bureaus and creditors to get them corrected.

I had problems back in the early 1990’s where a phone scamming company in Florida tried to charge me $250 for “1-900″ calls that we did not make. They cha via my phone bill. I immediately challenged that with Verizon who reversed the charges. When the company tried to collect directly I documented my disagreement with the charges. I didn’t hear anything from them asnd thought that it was corrected.

Five years later, the company was in bankruptcy proceedings and the $250 unpaid charge started showing up on my credit report. All of a sudden, I found it hard to get simple credit such as “90-day same as cash” deals to buy furniture. It took a year to get that properly explained on my credit report.

Get a report from each of the three credit bureaus (one bureau every 4 months) to see what people are saying about you!

]]> By: Tyler Durden http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-36850 Tyler Durden Sun, 13 Sep 2009 00:07:04 +0000 http://www.mint.com/blog/?p=5593#comment-36850 Hey, you created me. I didn't create some loser alter-ego to make myself feel better. Take some responsibility! What would Tyler Durden do? Hey, you created me. I didn’t create some loser alter-ego to make myself feel better. Take some responsibility!

What would Tyler Durden do?

]]> By: Arlene D http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-36249 Arlene D Tue, 01 Sep 2009 15:16:45 +0000 http://www.mint.com/blog/?p=5593#comment-36249 Staying the course with a particular credit card ensures loyalty and that card company gives you a very good rating. I have had one particular card since I was in grad school and have received excellent ratings from them since then. When I call in with my phone payment, they continue to thank me for my continuing use of their card and comment on my excellent rating with them. Staying the course with a particular credit card ensures loyalty and that card company gives you a very good rating. I have had one particular card since I was in grad school and have received excellent ratings from them since then. When I call in with my phone payment, they continue to thank me for my continuing use of their card and comment on my excellent rating with them. ]]> By: Frank Fitton http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35910 Frank Fitton Mon, 24 Aug 2009 17:22:08 +0000 http://www.mint.com/blog/?p=5593#comment-35910 There certainly are no quick fixes in attempting to raise your credit score. The most important thing is to stay on top of things and know whats in there. There very well could be errors in your credit report due to things misrepresented, even fixing these is going to take time. In order to raise it though you have to know what's in it for sure, as well as exactly what effects it. One area I think that is very important to address in these times. Is to make sure that you don't lose any of your cards. Companies are canceling cards that are not being used. This could be really damaging if its one of your oldest cards. Remember this, and just use the card every once in awhile to keep it in rotation. You need that available credit in theory at least. Anyone who's interested can check out my blog on how to improve your credit score at... http://www.thedebtgazette.com/2009/08/improving-credit-score/ There certainly are no quick fixes in attempting to raise your credit score. The most important thing is to stay on top of things and know whats in there. There very well could be errors in your credit report due to things misrepresented, even fixing these is going to take time. In order to raise it though you have to know what’s in it for sure, as well as exactly what effects it.

One area I think that is very important to address in these times. Is to make sure that you don’t lose any of your cards. Companies are canceling cards that are not being used. This could be really damaging if its one of your oldest cards. Remember this, and just use the card every once in awhile to keep it in rotation. You need that available credit in theory at least.

Anyone who’s interested can check out my blog on how to improve your credit score at… http://www.thedebtgazette.com/2009/08/improving-credit-score/

]]> By: tyler durden http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35782 tyler durden Sat, 22 Aug 2009 17:01:17 +0000 http://www.mint.com/blog/?p=5593#comment-35782 The current system of debt and credit that is enslaving Americans needs to be destroyed. The current system of debt and credit that is enslaving Americans needs to be destroyed. ]]> By: CreditLendingBlog http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35778 CreditLendingBlog Sat, 22 Aug 2009 15:14:07 +0000 http://www.mint.com/blog/?p=5593#comment-35778 "Thou Shalt Not Be A Credit Tease". A lot of people fall for this one. Some bloggers and even financial advisers tell their clients to look at the best rates available. They don't consider that these applications are actually hurting the client's credit. “Thou Shalt Not Be A Credit Tease”. A lot of people fall for this one. Some bloggers and even financial advisers tell their clients to look at the best rates available. They don’t consider that these applications are actually hurting the client’s credit. ]]> By: kevin http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35726 kevin Fri, 21 Aug 2009 21:46:50 +0000 http://www.mint.com/blog/?p=5593#comment-35726 Oh Jason, you are either young, or live with your parents, or both. Neither of which are bad, but when you grow up, you'll realize that if you want to participate in the real world, you will need credit. Potential employers pull your credit Potential landlords pull your credit If you ever want to buy anything and you find yourself with out the cash, which will happen, I promise, you'll need credit. May not be fair...but it's the way it is brother. Ignorance is not bliss, it's expensive. Oh Jason, you are either young, or live with your parents, or both. Neither of which are bad, but when you grow up, you’ll realize that if you want to participate in the real world, you will need credit.
Potential employers pull your credit
Potential landlords pull your credit
If you ever want to buy anything and you find yourself with out the cash, which will happen, I promise, you’ll need credit. May not be fair…but it’s the way it is brother.

Ignorance is not bliss, it’s expensive.

]]> By: David @ DINKS Finance http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35702 David @ DINKS Finance Fri, 21 Aug 2009 20:15:39 +0000 http://www.mint.com/blog/?p=5593#comment-35702 "8. Thou Shalt Not Forget The Little Things. That library fine you didn’t pay or the health club contract you signed but didn’t honor can show up on your credit report. Any debtor has the right to report unpaid bills to the credit bureaus, and many of them exercise that right." Did not know that. I better make sure to pay my library fines ASAP! “8. Thou Shalt Not Forget The Little Things. That library fine you didn’t pay or the health club contract you signed but didn’t honor can show up on your credit report. Any debtor has the right to report unpaid bills to the credit bureaus, and many of them exercise that right.”

Did not know that. I better make sure to pay my library fines ASAP!

]]> By: Facebook User http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35683 Facebook User Fri, 21 Aug 2009 19:28:29 +0000 http://www.mint.com/blog/?p=5593#comment-35683 Does Dave Ramsey own a home? Did Dave Ramsey pay cash for it, or for every home Dave Ramsey owns? Knowing that he is a somewhat successful person at this point in his life, I'm guessing the answer is no. You're silly to think that using credit to your advantage is not valuable. Not having any credit history is not wise: 1) it makes you very vulnerable to financial crisis, because WHEN you have an unforeseen issue (major job change, family or health crisis) you will not have credit history to back you, and 2) because using credit to make purchases can save you money. The industry works by taking advantage of the fiscally inept. If you're not able to manage your resources responsibly, then you should avoid USING credit excessively, but not avoid building a credit history. Avoiding it altogether is foolish beyond belief. Does Dave Ramsey own a home? Did Dave Ramsey pay cash for it, or for every home Dave Ramsey owns? Knowing that he is a somewhat successful person at this point in his life, I’m guessing the answer is no.

You’re silly to think that using credit to your advantage is not valuable. Not having any credit history is not wise: 1) it makes you very vulnerable to financial crisis, because WHEN you have an unforeseen issue (major job change, family or health crisis) you will not have credit history to back you, and 2) because using credit to make purchases can save you money.

The industry works by taking advantage of the fiscally inept. If you’re not able to manage your resources responsibly, then you should avoid USING credit excessively, but not avoid building a credit history. Avoiding it altogether is foolish beyond belief.

]]> By: Jason http://www.mint.com/blog/how-to/10-credit-score-commandments/comment-page-1/#comment-35662 Jason Fri, 21 Aug 2009 13:01:38 +0000 http://www.mint.com/blog/?p=5593#comment-35662 #1 is ignorant and nullifies the whole post. You don't NEED to borrow money. The only places that USE your credit score are insurance companies and banks. The only reason a bank needs it is to LOAN you more money, which is unnecessary. The insurance companies are screwing people who are financially responsible (and don't borrow money) by charging them more for a lower credit score. This can't continue. Bottom line - DON'T BORROW MONEY! Dave Ramsey rule #1. #1 is ignorant and nullifies the whole post. You don’t NEED to borrow money. The only places that USE your credit score are insurance companies and banks. The only reason a bank needs it is to LOAN you more money, which is unnecessary. The insurance companies are screwing people who are financially responsible (and don’t borrow money) by charging them more for a lower credit score. This can’t continue.

Bottom line – DON’T BORROW MONEY! Dave Ramsey rule #1.

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