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HawaiianF150 October 28th, 2011 01:27 AM

How To Increase Your Credit Rating Score
It really is this easy.

To get or increase your credit limits and history you have to think like a bank.

All they care about is numbers - so do the same.

The best time to borrow money - is when you don't need it.

Seriously when you don't worry about paying the monthly credit bill because you don't need it ... is the time to borrow it. You will easily pay it back on time and that increases your likelihood of increasing your credit score if you repeat the process.

How to do it - It's simple, go to your bank and apply for a $500 or $1000 or whatever limit you can easily afford to pay back each month for the period of the loan without worry of defaulting on the loan.

Start out small and pay it back each month on time for the first 6-9 months. Then pay it all off. Repeat the process again in 2 or 3 months, only increase the amount you borrow each time.

All the banks care about is your history of paying back the loan without defaulting or making late payments AND the consistency of payments on those loans over time. The banks look at how much could they lose and how much can they gain and what is your track record and history of past loans.

The banks provide history reports to credit bureaus who categorize the data and come up with a relative number associated to that data.

So to recap - When is the best time to borrow money and when is the best time to increase your Credit History?

Answer is - When you don't need it.

The best way to do it is - A little at a time over a period of time

How do I know this works? Because it worked for us. Really .. just think about what you read here.. it is not rocket science it's just good old common sense and the only thing you lose it a little interest for the duration of time between borrowing and paying the money back as you increase your credit history.

So if you want to get a really great interest rate on that new truck, plan ahead and do it now. Don't wait until you have no other options cause then the banks and the mortgage company's win.

Russo2 October 28th, 2011 01:46 AM

Good ideas there. If only I could afford to pay off a loan now.
I am so afraid after college I will have no credit and won't be able to get anything I need like a new vehicle if I end up stuck in the city or living at home with a decent commute to work everyday.
I have faith in the ol truck runnin 300k miles for the commute till then though :thumbsup:

JSoko October 28th, 2011 09:21 AM

another tip that works great around the Holidays
get your interest rate lowered with a simple phone call to your credit card company
it never hurts to ask them for a lower rate
I tell folks to call and say they will be making alot of purchases and will be useing the card with lowest rate; of course this will usually work if you have'nt maxed out the card

BigT67 October 28th, 2011 10:22 AM

H & J Financial Advice. I like it! Coverage from coast to coast to coast. But seriously, That is so simple, anyone can do it and the initial amount can be as small as the bank (or credit union) is willing to loan. A credit union may be the way to start as they are more likely to loan a smaller amount than a commercial bank, but as you progress, a bank loan would probably look good in the mix....

HawaiianF150 October 29th, 2011 12:49 AM


Originally Posted by Russo2 (Post 47127)
Good ideas there. If only I could afford to pay off a loan now.
I am so afraid after college I will have no credit and won't be able to get anything I need like a new vehicle if I end up stuck in the city or living at home with a decent commute to work everyday.
I have faith in the ol truck running 300k miles for the commute till then though :thumbsup:

Russo - the biggest threat to your credit is you!

The best 'real life accountable to themselves advice' I ever gave my kids while they were growing into responsibility was - Never buy on credit what you cant pay off at the end of the month. If you want something big - save for it! Build your wallet until you are ready to make those monthly bills seem like they are part of the sunrise and sunset.

Most normal reaction to the new vehicle deal (or any big ticket item) is the oohs and ahhs 'i gotta get me one of them' momentary flashes of fantasy verses reality. Resist it. Go look elsewhere and you will catch a better deal. And thats an almost a for sure, done deal, bet yer bottom dollar statement. What do you have to lose? Not a darn thing. If you honestly took the time to look around for a better deal and you found out that the original place was the cheapest, then you stopped the momentary brain flash of passion and you know for sure you did it the right way. You covered your bases and you are in control of yourself, your destiny and your wallet. As they say, it's a win - win moment for you and yours.

The two best toolkit tickets that you have in your tool bag when buying a vehicle is;
1. Walk away power control. You can and should walk away from any large dollar deal at least a couple times. It puts the seller on strict notice that when it comes to your money - that he knows - that you know - its your money. Remember - Only You can say yes and only when You do say Yes.

Not when he fast talks or drags out the purchase over hours of gobbity gook BS double sales person babble talk to get you so frustrated that you'll agree to just about anything and sign just about anything including the dog that pissed on glass window near the coffee pot just to get the damn keys and drive away from the frickin lot so damn fast you'll consider yourself 'Da Man'. See what I mean....

Remember He Has to Sell it to make money - and You Don't Have to Buy, at any time.

Here's a Thought.. Have you ever thought that during the whole financial fiasco of arranging credit for the purchase, that the people in the back office's might of been taking side bets as to if and when your new truck will come up for repo?

If you have, then you're smarter than most. If you haven't, then there is a chance you're being na´ve about the human race. If it doesn't matter because you got it covered, than it means you have thought about it perhaps without really thinking about it and you were ready to buy the big ticket item in the first place.

2. Refer to Number 1!! Go look around and I do mean around. If a trip a few hundred miles saves you thousands in bottom line cost and the trip only cost you a couple hundred bucks - than brother you saved huge! And you had a family road trip that the family can store in the old memory banks of family together time. Brother, everyone wins by doing this. Kids leave the nest and at some time you and the misses will be alone and the truck won't mean squat! These family road trips are moments in time that can't be bought nor sold.

Russo2 October 29th, 2011 01:22 AM

More good info h&j. I'm sure I will still be here in a few years when I do go lookin for a new ride.
Lord knows I want a powerstroke then, and I'll probably just need a commuter car.
But If I'm in college for 4+ years and have minimal debt and a good career ahead of me, god damnit I'm gettin a stroker.
The thing that worries me as well, is that banks don't like to give out loans on older vehicles, and I reallllllly want a 94-97 f350. There have been some around here for cheap that I've wanted, but I know it's not the logical or smart thing to do right now.

HawaiianF150 October 29th, 2011 01:25 AM

loks like Russo and i posted almost at the same time. sneaky arent ya.. my time doesnt show the re-editing i did.

Russo2 October 29th, 2011 01:36 AM

And to think I read it pre edit, now I gotta read all that crap again :damn:
Just playin, It always helps to read things more than once anyway.
I am down for the roadtrip idea. I already told my gf that someday I will be able to afford to buy my dream obs cclb 7.3 psd 5 speed f350 in red and mint condition in like freakin arizona, and we are flying there and driving back and makin a trip of it.

HawaiianF150 October 29th, 2011 01:38 AM

heck ya, thats why theres more than one sheet of TP on the roll....

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