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Subject: Free Credit Report
Posted by: Great One
- Sustainer [053272014] Wed, Jan 04, 2006, 21:47
Anyone know a good place to get a free credit report that you don't have to sign up for their program or provide a credit card? |
| 1 | RecycledSpinalFluid
Dude
ID: 204401122
Wed, Jan 04, 2006, 21:50
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Get details from here.
Go to here.
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| 2 | Great One
Sustainer
ID: 053272014
Wed, Jan 04, 2006, 22:16
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Thanks RSF...
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| 3 | sarge33rd
ID: 561193110
Thu, Jan 05, 2006, 10:46
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couple points to make on this;
First, the link above from RFS, contains within it, a link to the ONLY site from which you get your free annual report. ANY other site, is going to ask for info and fees.
Second, IMHO, you hurt yourself if you go in and pull all 3 bureau reports at one time. If you do this, its a year before you can check any of them again, with out paying for it. I think you need to pull 1 bureau report now, wait 4 months and pull the 2nd one, then wait 4 months and pull the 3rd one. This way, you cycle through them, and should never be more than 90 days behind the 8-ball re finding errors. (I say 90 days even though there are 120 between pulls, because it takes awhile for any new info to be reported and entered onto your report. Generally speaking, your bureau reports are updated monthly.)
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| 4 | Great One
Sustainer
ID: 053272014
Mon, Jan 09, 2006, 00:04
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Thanks sarge... The idea about rotating the 3 bureau's was great.
I still had 2 "charge off's" left on my report... 1 small, 1 large. I am taking my bonus from work and paying both off and then I am completely out of credit card debt. (only student loans hanging over me, and those are in good standing and have been for a couple years).
Now that I completely up to date and square with everyone, is it possible to estimate how many points my credit report will climb? Will it go up say 10 points each month as the months in good standing click off the calendar? Or will it be at once or not be for a few years?
Anything I can do to help get the score rolling? i.e. open a new card, make it active and pay it nice and early each month?
Also, is there such a place that I can go and sit and talk with a professional who can work on all of this with me? I worry about the motives of "credit repair" services.
Thanks in advance for anyone's advice, I am trying to understand this as much as possible. Been doing some reading here as well... myFICO
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| 5 | Perm Dude
Dude
ID: 030792616
Mon, Jan 09, 2006, 02:08
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We cut up all our cards right after we bought our first house, got some help from the in-laws in paying off all the debt, and within 4 years were able to pay for a house more than twice the value (and we were told flat out that we could borrow as much as we wanted to if we paid 25% up front. This was a huge thing for us.
Best thing for our credit score was cancelling cards. The smaller the actual and possible debt in your name the better your score, and it goes up immediately. Opening up a new card and keeping the balance paid off is essential for those who have no credit, but once you've established credit it's more essential for a possible loaner to see that you have the current income and payment history but that you're not using much of it. In other words, you are underutilizing your credit capability.
There are a number of non-profit credit counseling agencies. I'd try a non-profit place (which has no affiliation with direct financial services). Many for-profit credit reporting agencies are shady, and actually can harm you by telling you things like challenging everything on your credit report (which temporarily freezes those items from the reporting score until the challenge is investigated); the end result is that you are credit kiting and nowhere near getting your credit fixed.
If I would choose one thing, it's cancel as many cards as you can (even just transferring all cards to one new card if you can get one for the full balances tranferred then cancelling all the old ones).
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| 6 | sarge33rd
ID: 561193110
Mon, Jan 09, 2006, 11:27
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the formula for scoring your credit report, is a more tightly guarded secret than the recipe for original coca-cola or bush beans. Nobody I know of, has the answer. Further, the score you see on your report is totaslly unrelated to what an auto dealer sees when they look at your report. We use (get) an "auto-enhanced" score which in turn is used by banks, cdt unions and the like. This score, can be as much as 200 points more or less, than the score you see when you look at your own report. Why? I dont know. I only know, that I have had customers come in and have copies of their report with them, showing a 735 score. The auto-enhanced score, came in at 540. HUGELY different in terms of rate of interest granted by a lender.
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| 7 | sarge33rd
ID: 561193110
Mon, Jan 09, 2006, 11:29
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The smaller the actual and possible debt in your name the better your score, and it goes up immediately.
Not necessarily true. Depends on a wide variety of factors. Entire "papers" could be written on this subject.
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| 8 | Perm Dude
Dude
ID: 030792616
Mon, Jan 09, 2006, 11:50
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My point on that one, sarge, was just that closed cards are better than open cards with no balances (especially if the credit lines are high).
The way the credit scores are calculated are secret (and based upon a large number of factors--including age, geographical location, etc). Credit card companies are like insurance companies in their risk assessment approaches. But having, say, $25000 in credit lines out there does lower the score even if none of that credit line is currently being used. It's the availability which can lower the score for new credit.
You're absolutely right about the changes in the numbers and how that can affect interest rates (or even available credit at all).
Great One: I don't know where you are geographically but hopefully there is a non-profit credit counselor in your area who can help you with the particulars of your situation.
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| 9 | Great One
Sustainer
ID: 053272014
Mon, Jan 09, 2006, 11:54
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I'm in Jersey...
this one looks like it may be ok - Debt Advice
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| 10 | sarge33rd
ID: 561193110
Mon, Jan 09, 2006, 11:59
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Again PD, it varies greatly. If you show a history of periodically running up balances AND paying them off, that is better than having zero balance histories. Even a low balance history, is preferred to having closed accounts. It at least shows, that others consider you credit worthy. These factors are further complicated by time in residence, time on the job, income vs debt load, etc etc etc. Truth is, there is no singe answer, that constitutes "best way", with one exception. If you cant make the payment, dont get the loan.
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| 11 | Perm Dude
Dude
ID: 030792616
Mon, Jan 09, 2006, 12:14
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I understand what you are saying sarge (really, I do!) but carrying low balances is better for those with short or varied credit histories.
And I agree that there are tons of factors that go into the score, but I understand (from lots of credit counseling myself, sadly) that one of the more important factors in determining how much additional credit can be granted is how much credit is currently available.
Lots of factors, though, as you say. Hell, if I had to rank them, I'd guess that current income would be the top factor rather than balances or open/closed account status. But in Great One's case the income is a wash so we'd have to look at those other factors.
Great One: That organization looks pretty good, the nfcc.org has two complaints with the Better Business Bureau. While the BBB calls it unsatisfactory because of a non-response, only two complaints in three years (none in the last year) on a credit counseling organization seems downright stellar to me. The General Comments of the BBB report offers some good advice, so check it out when you can.
It cannot hurt to ask DebtAdvice right up front about the unresolved BBB complaint.
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| 12 | Flying Polack
Donor
ID: 378582811
Mon, Jan 09, 2006, 12:50
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Thanks for your advice Sarge.
I pulled my report today from Equifax, I've got a note in my calendar to pull my report from TransUnion or Experian in May.
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| 13 | Great One
ID: 202442712
Mon, Mar 27, 2006, 13:44
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So I have done pretty well since I started this. Paid off all outstanding balances and charge offs. Have one credit card with a 0.00 balance and a couple thousand in my account.
Only thing I have left is my student loan for about 10,000 and thats fine...
So now I have a few more questions. How quickly should I expect my score to rise? When we touched on this before, PD says I should expect it to rise immediately... anyone else had experience with this?
Would opening a savings account also help tack on a few points?
New topic - anyone have experience buying a house with little or no money down or is that just some Infomercial myth?
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| 14 | Boxman
ID: 29245910
Mon, Mar 27, 2006, 13:53
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I have no experience with it, but I would imagine it as an infomercial myth.
The only program that I could see offering that is one of those interest only loans. I'd avoid those like the plague if this will be for your primary residence.
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| 15 | sarge33rd
ID: 2511422414
Mon, Mar 27, 2006, 20:58
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A savings account will have no impact, none...on your credit score. The only way I know for a fact of raising your score, is to get credit, and use it. Lets say for ex, you have a $1000 VISA. Here;s what yoou do...
You go get groceries? Charge them. Then you go get gas? Use the card again. Swinging by SEARS? Charge it on your same VISA. When you get home that night, add up the reciepts, write one check, and put it in the mail to pay off the balances you just charged. This shows a repeated pattern of...charge->pay--->charge-->pay, etc etc
BOX, we bopught a house, no money down. Then 60 days later, I was out of work. Wound up being foreclosed when after 6 months, it hadnt sold, and I couldnt make payments on it and the residence in TX. The no money down part, had nothing to do with the foreclosure. The local economy went to sh*t, my job went away, and it all went downhill from there.
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| 16 | Great One
Sustainer
ID: 053272014
Mon, Mar 27, 2006, 22:34
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Got it... charge and pay, charge and pay. I can do that.
Sarge, can you shed some light on how you initially bought the house that way? Would I just go to a real estate agent? or is it a completely different avenue?
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| 17 | GolfFreak
Leader
ID: 01730209
Mon, Mar 27, 2006, 23:32
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We bought our 1st house with 3k down in 2002.
1st time homeowner loan at 5.85 locked in for 5 or 7 years then became adjustable. But after 2-3 year you could lock it in with a fee. It was a brand new house 110k. Payments were $780 with a Escrow account for taxes and PMI. Which was insurance the bank put on if we didnt pay loan. THink it was $65 a month. For 5 years or till value of house was 20%. Which after we put lawn, shop and value shot up in the area. It took 3 years to have it removed. Had to pay $300 for adjuster to come out. We moved 5 years later made 32k after everything was done and put it to are house we now live in. 6.350% for 15 years.
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| 18 | sarge33rd
ID: 2511422414
Tue, Mar 28, 2006, 05:48
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Seller wanted X for the house. I offered X, but whith 4k back at closing. Rather than offer less that they were asking, I asked for cash back. They agreed and bingo. Done deal.
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| 19 | sarge33rd
ID: 2511422414
Tue, Mar 28, 2006, 05:54
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Re the score...
multiple lines of credit are also helpful. If all of yourloans come from one source, they dont help as much as that same nr of loans, coming from various institutions.
You'll need both revolving and installment credit, to maximize your score. (revolving are open lines of credit. Installment are like car loans, mortgage. A set amount is borrowed and repaid. No ability to add to the debt, once the initial balance is established.)
Factoid: I get no loans, from any institution where I keep a balance "in the bank". Be it savings, or checking. "Right to Offset" is the reason. If money gets tight and I have to "choose" who gets paid this month, I want that control. If I have moeny in ABC Bank and I have a loan there, they have the right to reach into my account and pull the money for thismonths payment. If for ex I have both a car loan and a mortgage but for whatever reason, I lack the cash flow this month to make both, I want it to be my choice who gets what.
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| 20 | Boxman
ID: 29245910
Tue, Mar 28, 2006, 10:04
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Another trick is say your have 5k in credit card debt spread over 2 cards.
I had a mortgage guy tell me that you are better off not paying one off entirely and leaving the other with a balance. Work them both off evenly or pay one off and transfer 1/2 the balance onto the one just paid off.
I do not know the geometry behind it, but it has something to do with your credit responsibility and lender mumbo jumbo.
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| 21 | biliruben
ID: 531202411
Tue, Mar 28, 2006, 10:19
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Do not by a house right now. Certainly not 0% down. Save up your twenty percent down-payment while waiting for the market to stablize, then buy a house.
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| 22 | TB
Sherpa
ID: 031811922
Wed, May 31, 2006, 03:04
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Kind of off topic, but I wanted to post this link somewhere: https://www.optoutprescreen.com/
I got this site from a friend so I googled a bit and checked it out and it seems legit. Here is a google search page showing quite a few links/stories about this site. I know I get tired of cutting up all the pre-approved forms with all of my personal info on them. Has anyone used this site or think it is legit?
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| 23 | biliruben
Leader
ID: 589301110
Wed, May 31, 2006, 13:23
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I know I opted out of all junk mail a couple years ago, and it worked like a charm. It may have been that site, but I don't recall.
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| 24 | TB
Sherpa
ID: 031811922
Wed, May 31, 2006, 20:54
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After reading your post and finding this link I went ahead and registered. I am going to register at the http://www.dmaconsumers.org/offmailinglist.html link offered on that page to see if it will get rid of more junk mail.
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Post a reply to this message: (But first, how about checking out this sponsor?)
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