Archive for the ‘Credit Score’ Category
Credit Score Get American Express
June 28th, 2011
Question: I'm thinking of applying for a Discover or American Express Card. What is the minimum Credit Score needed?
My score is Fair but is it even worth the hassle if I won't get approved? What score do I need to qualify for a credit card such as these?
Answer: If you don't have strong credit, forget American Express. It's not a credit card anyway, but a charge card. A charge card MUST be paid off in full every month whereas with a credit card you can pay it off on time.
The best place to start would be with your own bank. They know you and will be more than likely to cut you some slack in starting out.
How to get an american Express Black Centurion Card in 30 days or less
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Credit Score Estimator
June 19th, 2011
Question: Is this the fastest and best way possible to establish credit?
(I have 1 year of making my auto loan payments on time.)
1) I plan to take out a $500 secured personal loan from my bank for 6 months.
2) Then go to a different bank with the $500 and take out another secured personal loan from that bank for 6 months.
3) Repeat this once more at a third bank.
4) Establish a $300 security deposit account at my original bank to qualify for a secured credit card.
5) Repeat the process of getting a secured credit card at the next bank.
6) Repeat this once more at the third bank.
7) Obtain 2 more credit cards.
Pay back $500 secured personal loans from my banks in 6 months making all payments on time.
9) Use all 5 credit cards but never charge more than a maximum balance of 9% of the total credit card limit.
10) Pay off the statements as soon as they come and make all payments on time.
According to this FICO Score estimator my resulting FICO Score would be 740-790 in 1 year.
http://www.bankrate.com/brm/fico/calc.asp
Answer: sounds like a good plan. Avoid carrying to many balances and close down the secured cards when you have the unsecured cards to avoid annual fees and all the other junk they penalize you with.
Credit Score Estimator
Credit Score Companies
June 13th, 2011
Question: goodwill letters to old credit card companies in hopes of improving Credit Score?
I was thinking about writing goodwill letters to CC companies that has impacted my Credit Score in a negative way. I was delinquent on these accounts and that's what has hurt my score. I'm not even sure if they would still have my information but i have my credit card number on my Credit Report. So before i go thru all the trouble in contacting these places, is it going to be worth it?
Answer: if you do not owe than anything it can not hurt and the most it will cost you is 41 cents!!!
Credit Repair Secrets - Credit Scores Revealed