Originally Posted by
Skizo
Are you going to talk out of your arse all day or post something of significance to demonstrate why proven methods and those suggested by authors of such books are completely wrong?
No, no you aren't.
Actually Skiz, that is a dumb idea and you leave out too much.
Increasing your credit worthiness while putting yourself in massive debt is a dumb move.
By what you say, if he has 2 $5000 limit cards, he should max them out, at some point in the year, to increase his score.
What really looks good is when your the high on your card was near the limit but you have very little on it. Mortgage companies look at this favorably and scrutinize your credit more than credit card companies. It shows you can mount up a debt and get rid off it.
Having cards at high limits puts one in danger of going backward. You are also paying interest on that high ass balance.
The advantage there would be if the card is at a 0% interest rate (hopefully for a year or more). That way if he's paying this high balance, he's isn't losing money as long as he pays it off within the 0 rate period.
@asmithz - Also make sure the collection company was one of the big 3. If it wasn't, it might have just been a collection company hired by the company you were delinquent with. In those cases, many times it wasn't reported to Experian/Equifax/Trans Union. If was a credit company, it was probably reported. If was a magazine subscription, probably not.
If it was reported, the delinquency will be there for 7 years (unless the duration has changed)
Bookmarks