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Thread: Credit Question:FICO Tings

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    Registered User bktrini305's Avatar bktrini305 is offline
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    Credit Question:FICO Tings

    Got into a debate with a friend of mine about whether your FICO goes up or not when you make a minimum payment.


    I said the payment itself is not what gives you points directly, but that your Balance to Credit Line ratio goes down a bit so it probably takes a couple of months to give you points. But he was saying no, you've made a payment, you get some amount of points as though they were tied directly to some sort of constant ratio between them.

    I'm not even playing w. my credit score right now man. I want a house fkking bad. I have a few friends still in service industry and they're the perfect market to rent out my place to and live free for myself. #singlewithincome
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    Players Play I Coach Swollen's Avatar Swollen is offline
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    On time payments..
    Credit line to income ratio
    zip code is a hidden one but it do account for some good points..

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    Father Nutmeg Garrison's Avatar Garrison is offline
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    Doh rent your place for friends.
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    Registered User dedetriniking's Avatar dedetriniking is offline
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    Quote Originally Posted by Garrison View Post
    Doh rent your place for friends.
    Balance to credit ratio. Keep at 50% or below.
    I hath 9 and 90 tribulations and nary a one doth concern a wench!

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    Who feels it knows it! Georgeflash's Avatar Georgeflash is offline
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    Quote Originally Posted by dedetriniking View Post
    Balance to credit ratio. Keep at 50% or below.
    Lower than 33% is ideal.
    If you are at 50% you are overextending.

    Best to not even keep revolving balances. Use cards to pay your bills to get points, rewards, maintain credit but pay it all off each cycle.

    Mortgage is the only "good debt" when it comes to creditors. I personally don't like it for a number of reasons. The most glaring is its based on the assumption that your home appreciates steadily, which in this volatile market isn't necessarily true. Plus it can account for 30-50% of most people's take home pay which makes them house poor.
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    Registered User sharkie is offline
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    Quote Originally Posted by bktrini305 View Post
    Got into a debate with a friend of mine about whether your FICO goes up or not when you make a minimum payment.


    I said the payment itself is not what gives you points directly, but that your Balance to Credit Line ratio goes down a bit so it probably takes a couple of months to give you points. But he was saying no, you've made a payment, you get some amount of points as though they were tied directly to some sort of constant ratio between them.

    I'm not even playing w. my credit score right now man. I want a house fkking bad. I have a few friends still in service industry and they're the perfect market to rent out my place to and live free for myself. #singlewithincome
    You're right.

    And if I were you, I would rent to friend, but do it through an agency. Where they pay them, they handle evictions and postings and rent increase too. Unless you living in the house with them, renting to friends is the quickest way to end a friendship.
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    Norman SWAGGERIFIC is offline
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    Buying a house may be good but may not always be. You should have at least 20% down payment and at least 1 full year of mortgage and property taxes in the bank in case of hardships

    For credit score, there are several components that affect your score

    On time payments
    Derogatory remarks
    Number of accounts
    Length of credit history
    Hard enquiries
    Debt to credit limit ratio

    You don't get points for making payments on time, you start at an A and Not paying will affect the score not paying
    GREATNESS IS ALL I KNOW

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    Norman SWAGGERIFIC is offline
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    I personally prefer not to mix business with pleasure, I doń even want friends as roomates.
    GREATNESS IS ALL I KNOW

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    Who feels it knows it! Georgeflash's Avatar Georgeflash is offline
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    Quote Originally Posted by SWAGGERIFIC View Post
    Buying a house may be good but may not always be. You should have at least 20% down payment and at least 1 full year of mortgage and property taxes in the bank in case of hardships

    For credit score, there are several components that affect your score

    On time payments
    Derogatory remarks
    Number of accounts
    Length of credit history
    Hard enquiries
    Debt to credit limit ratio

    You don't get points for making payments on time, you start at an A and Not paying will affect the score not paying
    Some times you just need to sit down and shut the fukc up when grown folks are talking. Especially when people are discussing money.

    First off FICO is a score and not a grade. Highest score is 850.
    Second you aren't born with a 850 FICO score. You earn it. If you have limited credit (a store card and limited credit history you don't automatically have stellar credit).
    Say no to drugs.
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    Registered User bktrini305's Avatar bktrini305 is offline
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    Quote Originally Posted by Georgeflash View Post
    Lower than 33% is ideal.
    If you are at 50% you are overextending.

    Best to not even keep revolving balances. Use cards to pay your bills to get points, rewards, maintain credit but pay it all off each cycle.

    Mortgage is the only "good debt" when it comes to creditors. I personally don't like it for a number of reasons. The most glaring is its based on the assumption that your home appreciates steadily, which in this volatile market isn't necessarily true. Plus it can account for 30-50% of most people's take home pay which makes them house poor.
    that i didn't know. I have a zero interest card that's nearly maxed out that i'm working on (when gas was expensive i got 5% cash back) and an AA and Amazon card that i always pay off so i can close it before the zero interest period happens.
    This can't be the end.
    I'll see you again.
    Carnival Prayer

  11. #11
    Who feels it knows it! Georgeflash's Avatar Georgeflash is offline
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    Quote Originally Posted by bktrini305 View Post
    that i didn't know. I have a zero interest card that's nearly maxed out that i'm working on (when gas was expensive i got 5% cash back) and an AA and Amazon card that i always pay off so i can close it before the zero interest period happens.
    Any card near max is a score killer.

    Either ask for a credit line increase or transfer the balance to a card with a bigger line. make sure you ask them not to do a hard credit pull to increase your credit limit. If they say they have to then go the balance transfer route.

    Tons of cards out there offering 0% APR for balance transfers now with a 3-4% upfront fee.
    Say no to drugs.
    Smoke weed.

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    Norman SWAGGERIFIC is offline
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    Quote Originally Posted by Georgeflash View Post
    Some times you just need to sit down and shut the fukc up when grown folks are talking. Especially when people are discussing money.

    First off FICO is a score and not a grade. Highest score is 850.
    Second you aren't born with a 850 FICO score. You earn it. If you have limited credit (a store card and limited credit history you don't automatically have stellar credit).
    Really your attitude is uncalled for, not paying simple bills like utilities and stuff will give u a derogatory mark, no one starts off their credit history with a derogatory mark! That's what I mean by an A I know the range of Fico scores so don't act like you school me in anything. Bktrini you ahould aim to utilize no more than 20% of your credit line and 35% on the extreme end.
    GREATNESS IS ALL I KNOW

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    Super Moderator Jason kiDD's Avatar Jason kiDD is offline
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    Good thread..

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by bktrini305 View Post
    that i didn't know. I have a zero interest card that's nearly maxed out that i'm working on (when gas was expensive i got 5% cash back) and an AA and Amazon card that i always pay off so i can close it before the zero interest period happens.
    use mint. its the easiest way to find good card deals, while giving you budget tips and a credit score.
    mz_JazE likes this.

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    Registered User dedetriniking's Avatar dedetriniking is offline
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    Quote Originally Posted by Oneshot View Post
    use mint. its the easiest way to find good card deals, while giving you budget tips and a credit score.
    Yeah mint is pretty good. YOu can setup a budget and keep track as well.
    I hath 9 and 90 tribulations and nary a one doth concern a wench!

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