omg cell phone company shopping fucks up me credit!

[K2e2vin]

I never had credit, but awhile back and now i've been asking quotes from cell phone companies(and i've tried to apply for like 2 credit cards). Well, when the cell phone companies checked my credit, it decreased my credit rating. mind you, i didnt have any to begine with...now its at 0(350-700? scale)/-70(0-100). How the hell can i bring it back up besides waiting like 6-12months???

 

[Capt. Orygun]

Quoted post[/post]]
I never had credit, but awhile back and now i've been asking quotes from cell phone companies(and i've tried to apply for like 2 credit cards). Well, when the cell phone companies checked my credit, it decreased my credit rating. mind you, i didnt have any to begine with...now its at 0(350-700? scale)/-70(0-100). How the hell can i bring it back up besides waiting like 6-12months???

A good credit building tool I used when I was younger was to take out a signature loan. Just put the money away and make payments, in the end the only thing you pay is the interest. Maybe $120 over the whole year. A whopping $10/month

 

[totalburnout]

reckedracing, will probably be the single person on this board to be able to give sufficient answers.

I'm sure he'll hit up this thread, but shoot him a PM so you can talk in private and I'm sure he'll help you out.

 

[reckedracing]

How the hell can i bring it back up besides waiting like 6-12months???

yea, you're fucked

not sure what you mean by bringing it back up if you had no credit to begin with, but you basically need to rebuild your credit

and i'm not sure you can even get credit to begin rebuilding unless you go for a predatory lender, like those companies that give credit cards to bankrupt people, etc...

everytime someone runs your credit its going to lower your score... doesn't matter if they approve you or not, the credit scoring agencies have no way to know if they approve you so they assume you've been approved and have increased your debt to equity ratio... higher debt to equity ratio = lower credit...

I never had credit, but awhile back and now i've been asking quotes from cell phone companies

why are they running your credit for quotes? what do you mean by quotes?
like quoting you how much $$$ you need up front so you don't end up fucking them?


you could try to get store credit cards, like home depot, or lowes, or sears etc, but chances are they are gonna turn you down, and every time you apply your credit will get worse

 

[Seany-izzle]

how old are you? ask your parents to be the co-sign or whatever type deal with the cell phones. My phone is in my name but im in it with my dad.... ahhhh the joys of being in college and having little financial worries.

Id go with silvers idea, do you have a bunch of money somewhere? like 2 grand? Take out a loan for 1750, then pay it all back in the matter of a few short weeks, your credit will go up.

 

[posol]

everytime your credit report is accessed it lowers your credit score.
1 or 2 may not, but 3 or 4 in a year may.

In order to build credit, you need to find somebody to trust you. That translates into high intrest rates.

get a 25% credit card with a 500 limit or something, and charge everything.
and pay it off in full every month.

 

[K2e2vin]

Quoted post[/post]]
why are they running your credit for quotes? what do you mean by quotes?
like quoting you how much $$$ you need up front so you don't end up fucking them?


you could try to get store credit cards, like home depot, or lowes, or sears etc, but chances are they are gonna turn you down, and every time you apply your credit will get worse

But bringing it up, I mean taking it from -70 back to 0.

I was trying to get a credit card, I'd apply but they would decline. And yea, for the cell phone thing; how much I would have to pay so I dont fuck them.

So best thing to do is just wait? They said those things stay on for about 6 months(some of those credit inquiries were from around January I believe). Is it still possible to get a credit but have someone with a high credit rating cosign?

Quoted post[/post]]
get a 25% credit card with a 500 limit or something, and charge everything.
and pay it off in full every month.

Yea I tried to do that, but got declined!!!

I already have cell phone service, but I shouldv'e checked to see if I coulda put my sister under it too since she has good credit(and I have the discount :-D )

And yes I do have plenty of money aside(5g in savings), but when you apply for a loan don't they check credit?

I'm 18 btw.

 

[Celerity]

There is a feature now with the Credit experian and transunion systems (Soon to be picked up globally) that will take the credit inquiries and break them up for reason. In other words, the hundreds of times my credit was tapped for buying a house all count as ONE time against my credit.

 

[Seany-izzle]

your 18, talk to your parents. I dont know your relationship with them, but im sure they will help you out. Say you need them to sign some shit for a phone/short term loan/credit card... places will have no problem doing this if you have your parents to sign with you.

I have two credit cards, a cell phone, i used to have a car payment, all co-signed by my parents. (cards are for books/emergencies, lol dont hate)

 

[K2e2vin]

My parents are divorced; my dad has excellent credit but I don't see him much. My mom, she only used her credit card once or twice in the time she had it. She doesn't like to "owe" people(this is why she never wants to buy a new car either; she'd rather buy a used car that she can trade-in or buy cash). I will talk to them and see what they say though.

I rock a debit/check card and a "fake" card for opening the door when I forget my keys

 

[Seany-izzle]

tell em its for your future

 

[CRX-YEM]

First I'd like to say, the best place to educate yourself and find answers is at
http://www.creditboards.com/

A FICO score is the only score that means anything. So unless you requested a copy of your own
report from the Big three , Transuion, Equifax, and Experian, which you can get for free once a year at
https://www.annualcreditreport.com/cra/index.jsp. then the numbers you are giving us for your credit score are meaningless the scores are usually fro ma range of 300-750 some credit bureaus use a rang that goes above 800. a -70 makes no sense to me.

The score that you are seeing as a -70 might be a score generated from the cell phone company itself unrelated to the FICO score.

Quoted post[/post]]

How the hell can i bring it back up besides waiting like 6-12months???

yea, you're fucked

.....

everytime someone runs your credit its going to lower your score... doesn't matter if they approve you or not, the credit scoring agencies have no way to know if they approve you so they assume you've been approved and have increased your debt to equity ratio... higher debt to equity ratio = lower credit...

as far as being fucked, short answer, yeah he's right, only time can cure a poor credit score along with being responsible with your credit. but see my responce below.

as far as inquiries go:
An inquiry does not negatively reflect your score so dramatically. an inquiry might lower your score 2-5 points but that's about all. And inquiries for common credit example , car loans , mortgages among other things that generate alot of inquiries in a short period of time are now grouped and only count as 1 inqury.
so it doesn't effect your score as much

Quoted post[/post]]
There is a feature now with the Credit experian and transunion systems (Soon to be picked up globally) that will take the credit inquiries and break them up for reason. In other words, the hundreds of times my credit was tapped for buying a house all count as ONE time against my credit.

Now Celerity has been doing some research


The quickest way to improve your credit score would be to become an authorized user on someone's credit card. Specifically someone with an excellent credit history. For example your mom has a Credit card with Discover has never paid late has had a flawless record for 20years with Discover card, ask your mom to put you on her Discover card as an authorized user, she doen't even have to physically give you the card it just has to be activated and put in a safe and never used for that matter. After about 1 month of being an Authorized user your credit history will get up dated and Your mothers history now becomes yours and 20 years of it for that matter.

So keep in mind any card you get added to as an authorized user be certain that the person that has the card has had a flawless record for at least 7yrs. Beacuse all the bad credit info will become yours as well and won't help you one bit.

Also credit ratings are based on a mixture of types of loans, credit, etc that have been granted to you. One of the easiest credit cards to get is a gas card. I'd start there. Capitol one is probably easy to get but they are nicknamed Crapitol One for a reason. I highly suggest reading http://www.creditboards.com/ to educate yourself.

Also Debit/Credit cards do not count toward your credit worthyness. It's just a convenience featureof your bank card

 

[reckedracing]

Id go with silvers idea, do you have a bunch of money somewhere? like 2 grand? Take out a loan for 1750, then pay it all back in the matter of a few short weeks, your credit will go up.

not necessarially

get a 25% credit card with a 500 limit or something, and charge everything.
and pay it off in full every month.

also not always true
if you pay it off every month you aren't technically "using" your credit
credit card companies refer to people like me as dead beats, cause i pay in full on time every month, they don't make any $$$ off me except for the cut they get from the sale...

i think your best bet is to go to a credit union...
open a savings account with 2K, then get a loan for the same amount...
and just pay it off on their terms for at least 6 months to establish a credit history
credit unions are usually pretty cool, especially if you;re opening a savings account with them and you explain you are trying to build a credit history...

 

[posol]

re-apply for credit cards. there's 2133423434234523423234 of them out there, one will take you.

stop using your debit card for a while. use the credit card instead.

 

[K2e2vin]

Quoted post[/post]]
A FICO score is the only score that means anything. So unless you requested a copy of your own
report from the Big three , Transuion, Equifax, and Experian, which you can get for free once a year at
https://www.annualcreditreport.com/cra/index.jsp. then the numbers you are giving us for your credit score are meaningless the scores are usually fro ma range of 300-750 some credit bureaus use a rang that goes above 800. a -70 makes no sense to me.

The score that you are seeing as a -70 might be a score generated from the cell phone company itself unrelated to the FICO score.

On the 300-700 scaled, it said 0. It also had a 0-100 scale, and that said -70. The credit report was from a company called Privatesource that's with bank of america.

The quickest way to improve your credit score would be to become an authorized user on someone's credit card. Specifically someone with an excellent credit history. For example your mom has a Credit card with Discover has never paid late has had a flawless record for 20years with Discover card, ask your mom to put you on her Discover card as an authorized user, she doen't even have to physically give you the card it just has to be activated and put in a safe and never used for that matter. After about 1 month of being an Authorized user your credit history will get up dated and Your mothers history now becomes yours and 20 years of it for that matter.

So keep in mind any card you get added to as an authorized user be certain that the person that has the card has had a flawless record for at least 7yrs. Beacuse all the bad credit info will become yours as well and won't help you one bit.

Also credit ratings are based on a mixture of types of loans, credit, etc that have been granted to you. One of the easiest credit cards to get is a gas card. I'd start there. Capitol one is probably easy to get but they are nicknamed Crapitol One for a reason. I highly suggest reading http://www.creditboards.com/ to educate yourself.

Also Debit/Credit cards do not count toward your credit worthyness. It's just a convenience featureof your bank card

I think I'll do that.

I know that the debit card doesn't do anything to credit, just stating that's the only "plastic" I carry.

Quoted post[/post]]
re-apply for credit cards. there's 2133423434234523423234 of them out there, one will take you.

stop using your debit card for a while. use the credit card instead.

Everyone that declines me shows up in the credit report as an inquiry.

 

[Capt. Orygun]

no my plan works, it came from the Air Force credit counciling manager I used to work with. Credit is a huge problem in the military

Get a sig loan and put it away, pay it back but not quickly, just a month or so ahead is fine. Crediters like to see you "carry a loan" not just pay it off in 10 days

B's right, get an unsecured credit card and use it to pay off your bill, at the end of the month pay it off, all of it. It's convient for you, it works, and its cheap...

 

[chestercheeto48]

I used to have an issue with my credit from right when I graduated college. I screwed up and have been paying ever since. I payed down my debt but still was denied a cc based on my scores. Then I checked at my bank and they actually had a card for people in my situation. they gave me a low balance card that I have been good with for about a year and my scores have jumped. I would suggest talking to someone at your bank before you apply for any other card. You would be surprised what shows up. I have apartments that I looked at from 3 years ago still showing up as inquiraries.

 

[eg6sir]

i'm in the same boat... i've never had a credit card, tried to get them but that was a no-go, i should have gotten them when i was 18, and now that i'm 26 and still no credit it'll be even harder i think

 

[CRX-YEM]

Quoted post[/post]]

On the 300-700 scaled, it said 0. It also had a 0-100 scale, and that said -70. The credit report was from a company called Privatesource that's with bank of america.

which is most likely not a true FICO score, it's a proprietary scoring model used by Bank of America

Silverchild79 = idea of getting a signature loan and paying for it over time is a good one as well. It shows that you can had a diverse amount of credit types and pay them on timely maner.

 

[reckedracing]

Capitol one is probably easy to get but they are nicknamed Crapitol One for a reason.

well, i guess that explains why i've had a CC since i was 18 (8 years) and always pay on time yet 2 of the BIG 3 still won't score me

capital one sucks