Credit information?

[ABV]

Your first problem is that you're asking financial questions on a car forum. If you take only one piece of financial advice from this site, let it be this:

For financial advice on the internet, go to a financial advice website.

If you have a question, post on the "your money" message boards on MSN Money ---> http://moneycentral.msn.com/community/message/board.asp?Board=YourMoney

If you're looking for more of a tutorial, try CNN Money. http://money.cnn.com/index.html?cnn=yes
Under Personal Finance, click on Money 101 (or just click here --->) http://money.cnn.com/pf/101/index.html And you should be able to find everything you ever wanted to know.

P.S. It's never a good idea to carry a balance on a credit card, it will not help build your credit. Credit card companies report to the three major credit beureaus once a month, usually around the time that they create your monthly statement. Whatever your balance is at that time, is what will show up on your credit report. It doesn't say anything about if you paid it off or not. If you look at my credit report, you might think that I carry a $200-$800 balance every month on my Discover card. But I actually pay it off every month and have not paid a dime in interest in years.

You personally can check your own credit report every single day if you wanted to, and it would not affect your credit score. What hurts your credit score is when others (credit card companies, banks, etc.) check your credit report i.e. applying for a loan or a card. The reason it hurts your score is because the score is calculated on many different factors, one of which, is how often you apply for credit. It's a very small factor, and will only affect your score by a few points though.

[Halon]

According to the FICA site, my main "weak points" are the length of time I've had my accounts. I got my first credit card with Bank of America back in 2001, and that is my oldest account. It says typically people have their longest accounts being 15 years old. Well at my age, that's obviouslly impossible. So there isn't much I can do there, but just know that with more time, my score should go up. My second weak point was that my newest account was opened 8 months ago. And new accounts apparently have a negetive impact on your score. That account would probably be my circuit city 0 interest loan.

So looks like I'm doing well, I'm still in the mid 700 range. All I can do is just give it time it looks like, and keep on doing what I've been doing.

[Jana]

FYI: Everytime you (or anyone else) checks your credit score (with your permission) it is lowered slightly. Checking it once a year is a good idea, but just don't do it too often. Getting insurance quotes, applying for loans/credit cards/etc. all lower your score slightly.

Only buy what you can actually afford and always make your payments on time. A few late payments can really affect your score, this includes cable TV, utility bills, everything.


I beg to differ. You can check your own credit score and it doesn't affect it. Only when others make inquiries. There is a difference.

[Kracka]

^I have heard differently, I guess my college proffessors were wrong. I was told ANY authorized inquiry.

[Pimpin Dsmstyle]

again guys, this is why i asked for CREDIBLE sites. So there is no dispute between "opinions." I appreciate the "info" but I won't change my ways for anything other than a credible place the specifically recommends doing so.

You asked why look on a car site? That's actually a dumb question.. when you have thousands of people mixed into one community, you are bound to find someone that has an idea of what I'm talking about.

If I posted this question on a money board, I'd likely get laughed off similar to if some noob comes here and says "what's a dsm" get it ?

thanks for responding though, I'll check out the links you left later on.

[CVD]

I think it looks like the "someone that has an idea" would be Mark. You should probably take his advice, or at least consider it.

[Pimpin Dsmstyle]

I think it looks like the "someone that has an idea" would be Mark. You should probably take his advice, or at least consider it.

It's the internet. You do not know who to trust and who not to. That is exactly why I wanted to find out information from a legit website so that I could pass it on to the next guy so as a whole, I can help people make better decisions.

I take into consideration any advice I've been given. That doesn't mean I'm not going to keep looking for more or better information.

[Jakey]

I have 3 .pdf documents discussing credit. Anyone care to host them?

EDIT:
Nevermind--> http://www.newyorkfed.org/regional/projects.html#gff
Scroll down to Get Financially Fit.

[Jakey]

^I have heard differently, I guess my college proffessors were wrong. I was told ANY authorized inquiry.

Your college professor was wrong. Your credit score is not affected by your inquiries; it is affected by third party inquiries.

[Kracka]

Your college professor was wrong. Your credit score is not affected by your inquiries; it is affected by third party inquiries.

I see that now, I did some researchin' today at work. Good thing I gave them so much money. Oh well, who knows, maybe that was one of the days I brought beer to class with me....or was that the vodka day? Meh, who knows!