Credit Card Recommendations

[Diamond45]

I was actually refering to the Atlanta Area Codes of 404 and 770

Don't forget the new area code 678. Even with a credit score of 678 you're doing well. But 770 is better! But if your credit score was around 404... :zombie:

Last time I checked my score was around 800

 

[Pellaz]

800 has me beat...but not by much.

 

[halcyonwayband@aol.com]

Make sure you check your score with someone that's actually doing a "lender" report as opposed to the bogus "consumer" reports that you can buy. I have had many clients come in and say "I have a 750" and have a copy of what they pulled off the internet, and then I pull it and it's a 620. Strange but true....not sure what companies were selling that crap, but be wary. I'd probably go directly to the bureaus and pay the $10 or whatever it is these days.... I'm telling you, as a dyed in the wool capitalist pig, who doesn't believe in Skull & Bones and stuff, this smells like a conspiracy. =)

 

[Pellaz]

I believe in skulls and bones.......hell, I've even SEEN 'em!

As I mentioned earlier, my score gets reported to me by Equifax's ScoreWatch service, which I never actually paid for -- I have no idea how that happened, but I'm not complaining.
I assume it's a legit score?

 

[Kimavir]

just wanna pop in here and say thanks for this discussion. being newly on my own financially, it's great to learn all this from PP folks i can trust.

 

[rushzil2112]

My score use to be in the 800s, and when I started having trouble with one of my cards, the guy I was talking to was super surprised that at my age I had such an amazing score, and at that same age I completely nuked my score, but it happens. I will have my score up there again eventually, just give me a few years. I settled on one credit card account, the most expensive one, and had to let 2 others go to collection as well, but to me it is not worth paying those and just let time run out, which is probably a stupid thing to do, but from what I have been told by many people is that once it goes to collection, it doesn't do much good to pay it anyways, but i am stupid on all of this, so who the hell knows. If somebody can tell me, is it better to go ahead and settle right away, give it some time, or just not pay anything at all and just let time clear it off?

 

[nailz]

Removing the mark from collections is always the best thing to do, and I don't think time clears a collection account from your credit report. It's money that you owe someone, regardless, why wouldn't you pay it?

 

[halcyonwayband@aol.com]

My score use to be in the 800s, and when I started having trouble with one of my cards, the guy I was talking to was super surprised that at my age I had such an amazing score, and at that same age I completely nuked my score, but it happens. I will have my score up there again eventually, just give me a few years. I settled on one credit card account, the most expensive one, and had to let 2 others go to collection as well, but to me it is not worth paying those and just let time run out, which is probably a stupid thing to do, but from what I have been told by many people is that once it goes to collection, it doesn't do much good to pay it anyways, but i am stupid on all of this, so who the hell knows. If somebody can tell me, is it better to go ahead and settle right away, give it some time, or just not pay anything at all and just let time clear it off?

Yeah, once it goes to collections status, you're hosed. Even if you pay the account off, you get zero love on your score. "Supposedly" the impact will be felt for 24 months from the date of last activity in the account. The bureaus say that after 24 months it will have no impact on the score. In fact, it is entirely possible for the account to be "re-aged" with a new date of last activity on the bureau, and that can actually further hurt your credit, because now its not only a collection, but its now a brand new account. That is how the FICO system will read it. Just another example of the bureaus grading the public with standards that defy all common sense, not telling them about it, and then penalizing them for doing what makes sense to any rational person.

What I always recommend clients to do is to contact the creditor and try to work out a deal where you pay the account - but only in exchange for a letter stating that they are going to REMOVE the account from the credit completely. Then you don't have to worry about the aging or anything because it will be gone completely.

It really pays to know the rules of this game....