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  #11  
Old 01-18-2013, 08:13 PM
DannyLot DannyLot is offline
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Join Date: Oct 2012
Location: Westfield, nj
Posts: 45
Quote:
Originally Posted by ryan41 View Post
I have a capitol one credit card that i can only use up to $200 on lol. it hasn't really helped so much. I had my dad pull up my credit score at his work. I guess i must of missed a payment because my score was in the 500.
You guess you missed a payment?.. I'm not expierianced in this field but I have plenty exp in business and in personal finance. If you " guess " you missed a payment then maybe starting a business isn't for you. Credit needs to be taken very seriously, escpecially in this economy. I pay my credit cards off in full every month an don't pay interest, every penny counts. I have a 760 credit score an work hard to keep it there.

Stay organized with your bills and always pay on Time. Make a spreadsheet of your bills an when there due or start a file cabinet.
Good luck Danny
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  #12  
Old 01-18-2013, 08:51 PM
New2TheGreenIndustry New2TheGreenIndustry is online now
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Join Date: Feb 2008
Location: Athens, GA
Posts: 481
Yard card is a rip if I was informed correctly by a dealer. Like a 20%apr or something crazy.
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  #13  
Old 01-18-2013, 09:31 PM
Weekend cut easymoney Weekend cut easymoney is offline
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Join Date: Mar 2010
Location: Texas-The Hilly part
Posts: 2,829
Quote:
Originally Posted by New2TheGreenIndustry View Post
Yard card is a rip if I was informed correctly by a dealer. Like a 20%apr or something crazy.
Mostly, they tell you its 0 percent interest if you pay off in twelve months,then its high interest backcharged from month one...plus they charge a one or two percent program fee up front...so nothing is actually free
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  #14  
Old 01-21-2013, 07:28 PM
ryan41 ryan41 is offline
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Join Date: Feb 2012
Location: Wisconsin
Posts: 304
found out today that my credit score is 570. Not sure how bad that is?
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  #15  
Old 01-21-2013, 07:29 PM
ryan41 ryan41 is offline
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Join Date: Feb 2012
Location: Wisconsin
Posts: 304
With a good cosigner and a 1,500 down payment i was told i should be able to get a loan for 10,000
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  #16  
Old 01-21-2013, 07:34 PM
grandview (2006)'s Avatar
grandview (2006) grandview (2006) is online now
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Join Date: Jan 2006
Location: Lancaster N.Y.
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Quote:
Originally Posted by ryan41 View Post
found out today that my credit score is 570. Not sure how bad that is?
The breakdown on credit score ranges from good to bad

Between 700 & 850 = Very good or excellent credit score
Between 680 & 699 = Good credit score The Average American Credit Score = 682
Between 620 & 679 = Average or OK score.
Between 580 & 619 = Low credit score
Between 500 & 579 = Poor credit score
Between 300 & 499 = Bad credit score
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  #17  
Old 01-21-2013, 09:10 PM
TuffTurfLawnCare TuffTurfLawnCare is online now
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Join Date: Jan 2013
Location: Pittsburgh (South Hills)
Posts: 377
Quote:
Originally Posted by ryan41 View Post
found out today that my credit score is 570. Not sure how bad that is?
A 570 is bad. The effect a bad credit score can have your life mind boggling. More and more places are pulling credit reports, banks for new accounts, cell phone companies, utility companies, etc. A bad credit score will haunt you for years. I had to pass up some very lucrative opportunities because I had bad credit and don't want to see you experience the same things.

I urge you to not brush this off, but rather flearn everything you can about credit scores and reports. Most importantly, how to repair the damage you have already done. It can be done, and no, it doesnt cost anything except a bit of time and some postage. DO NOT hire a credit repair company, the vast majority of them are shams. Go to myfico.com and click on the communities link. There are some VERY smart people there that know more about credit scoring than the people who designed the scoring system.

Do not just let this go, it will haunt you for years.
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  #18  
Old 01-21-2013, 11:29 PM
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RSK Property Maintenance RSK Property Maintenance is offline
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Join Date: Apr 2011
Location: Manchester,CT
Posts: 1,347
I will agree it just takes time to build credit, I got a credit right when I turned 18 I've had credit for a little over 6 years now, and haven't had a late payment since 2007 and still my credit score is only 680 fico and trans union is a 689 and my experian is a 722 but I don't think banks or anyone use the experian only the trans union. and I have 3 major cards I use, and still have my credit score tracker with discover which i check all the time. sometimes I pay the balance off in full sometimes I don't. either way I never make the minimum payment always 2-300 hundred and the minimum is 40. the things that are hurting my credit score, are my short history, and having limits of 2000 or less was hurting me, but recently one of cards was increased to 1500 for a total of 3500 on that card. But it just takes time....a mortgage will boost your credit the most, an installment loan actually doesn't help at all, and a having credit cards with a balance of over 50% for a long period of time will hurt your score too. 1 missed payment isn't really a big deal. but applying for loans and getting denied is and will lower your score, you don't want a bank to check your credit if you know you will get denied because them looking on your report stays there for a while.
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  #19  
Old 01-21-2013, 11:40 PM
slowleak1 slowleak1 is offline
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Join Date: Feb 2008
Location: harvey LA
Posts: 416
Best thing to do is go to best buy, home depot, lowes etc etc and get cards from them. ONLY make interest free purchases and pay them on time before the promotional period expires. When I bought a mower a while back, I put nothing down and my score was in the 650 range and I still got no payments for 6 months and 2.9% interest. That was with sheffield.
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  #20  
Old 01-22-2013, 12:40 AM
ryan41 ryan41 is offline
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Join Date: Feb 2012
Location: Wisconsin
Posts: 304
I actually work at the home depot at night and you cant get a credit card there unless your credit score is 650 and above now. I have applied everywhere to get one and always get denied. I figured if i got a loan with a co signer and paid it off in less than a year i would have some good credit.
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