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/biz/ - Business & Finance

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15023716 No.15023716 [Reply] [Original]

you guys are smart with money so maybe you can help.
i fucked up and now my credit score is in the gutter. at the end of this month I will have all my credit cards paid off. will this make my credit score be good again or is there more I have to do

>> No.15024491

bump

>> No.15024504

>>15023716
Just stop going into debt dude.

>> No.15024506

https://pastebin.com/3AJbcdzB

You could start by getting a little extra cash on coinbase free monies

>> No.15024556

>>15024504
After I'm out of debt will it go up or do I have to wait a couple years? Is there a way to speed it up

>> No.15024592

It depends on if your credit score was in the shitter due to your used credit to available credit ratio. Mine was a 690, paid off all CC debt, next month it was 790. I had no deliquent payments, just my utilization ratio was too high, this was like 14k of 53k avail, down to 1-3k and that alone brought it up that much. I had my chase card cancelled, which was my longest credit line due to not being used, that probably hurt my score a bit too. If it's because you missed payments and shit, then that will matter less as you show creditworthiness by paying off your balances in full for a while.

>> No.15024614

Pay off everything but 1%. You want to have activity on your cards.

>> No.15024627

>>15024592
Yeah, I fucked up bad

>then that will matter less as you show creditworthiness by paying off your balances in full for a while
First, for how long do you think?
Second, should I be using my credit cards to buy gas and stuff and then pay it off in full or should I just stop using them?

>> No.15024642

>>15024627
Get the cashback rewards and pay the bill. It's like paying in cash, just don't carry a huge balance.

>> No.15024645

>>15024627
Continue to use them, pay them off in full every month. You have to wait a bit, but your score will steadily improve. Make sure you address the reason why you missed payments in the first place. If you're a forgetful bastard like I am, make sure you have auto draft of min due.

>> No.15024833

>>15024645
>>15024642
Okay I'm going to do this, thank you frens

>> No.15024877

Good tips in here thanks guys, just got my first card from discover a few days back ($1,500 student it card). I use my credit card as a means to save money, using it for gas and going out to eat mostly. How long should I wait before asking them to bump me to 2k or 2.5k? Thanks.

>> No.15024907

>>15024877
They bumped mine from 1k to 2k in a year without asking

>> No.15024913

>>15024877
>>15024907
It was a capital one mastercard though

>> No.15025205

>>15024907
>>15024913
that’s nice of them what percentage of your credit do you use? Also guys is the don’t use more than 30% meme real? Thanks boys last question

>> No.15025221

>>15024642
Yeah definitely milk your cash back.

>> No.15025232

>>15024556
who cares what your credit score is, just don't go into (((debt)))

>> No.15025239

>>15025205
>>15025221
You know what one last questions for the more fiscally knowledgeable browsing rn, what’s the best way to manage debt/loans/credit etc and just money in general right before/during a recession? Thank you guys a lot if anybody touches on this I appreciate it

>> No.15025278

>>15025232
That depends on person.
I used credit cards for all my supplies
For business. I get cash back and credit bump every month. Currently have pretty good limits and i can always count on it for emergency when I am broke.
I don’t know why some people hate idea of having high limit credit card available.
I mean why the fuck not

>> No.15025466

>>15023716
>you guys are smart with money so maybe you can help.

>> No.15025537

>>15023716
Yes, your score will return to at least neutral. Heres an idea. Keep 3k in cash somewhere safe. Dont use it. Instead, use the card.

Every time you use the card, subtract the amount you spent from that cash (including interest). Bring it (the cash) to your bank at the end of the month, deposit it into your DEBT ACCOUNT, open your bank account and your credit account on your browser when you get home, link them, pay off the card.

You will perpetually be in the green.

>> No.15025553

>>15023716
Also, see this >>15024614
Having bad credit is worse than having no credit, but you want to keep your card constantly active.