WHAT WE ALL NEED TO DO. This is great that we are all sharing , and learning. But one thing we all have to remember is that each one of us is different, and the creditors react differently to different situations. A good example is how 2 of my clients got Discover cards for $10K each and some of you were telling me how you got shot down. I also just put up a notice of Sears being tough and 2 people wrote how they got cards for $250.00 and $500.00 with little or no credit. The fact is that even two people with similar cercumstances could start off fresh, apply for the same credit at the same time, and due to one quirk with one company have quite different reports after 3 years It is obvious that we can't use a 1+2=3 formula, but we can if we set it up right be able to place probabilities of results. To do this properly we will need to report a lot of variables suchs as: A. Salary B. Negative Credit C. Payment Paterns D. Mortgage Payments E. Auto Loan Payments F. Debt to income ratio G. Failed Inquiries When we take in this data, we have to also be honest with ourselves as to our own debt to income ratios, and we must look at the number of inquiries on both our report, and the other person's report. Let's all share and learn from each other but remember just as DNA and fingerprints our credit history is unique.
RE: WHAT WE ALL NEED TO DO. Michael - what are your best capabilities? I am very pleased at watching your thought processes develop. Dogman
DAVE - Like your format Dave I do like the precise way you displayed the data. You have done a superb job. Dogman
RE: WHAT WE ALL NEED TO DO. If a group were to start up a company - internet built - no or little cash, what would your strongest area of expertise?
RE: WHAT WE ALL NEED TO DO. Building credit from scratch as a consultant. Also organizing what I feel should be implimented in the way of a data base towards giving us a clear understanding of credit criteria. So many people post nasty messages on the board (no problem) but as I've stated we need those positive posts so we're not running around blind. I personally would like to see surveys taken on cards by the visitors to the board so we can post a referance board and compare criteria that others have already worked out. For example I could post right now that if someone has clean credit, established about 1 yr a Discover card could be a major leap to getting better credit. After the Discover Card then get an Amex Optima. Now after that Joe Credit will want to get a good Visa card, where does he go? Let's get a board up with the ability to go through the prime and sub prime issuers and assertain which bank will now give a prime card with the greatest credit limit on it. The more data we can collect by approvals, and denials we can actually tell people the minimum qualifications needed to get approved such as credit history, neg info on report, salary needed, debt to income ratio. Also if this is done with cooperation with other sites and boards then it could grow to be one of the largest consummer finance sites on the internet!
1 More thing... Today I just got a pre approved offer from First Premier Bank. Guess they must of saw that I'm trying to turn my credit around so they sent me this offer to help me out......I DON'T THINK SO!!!! Why would anyone want to do business with these people? Here are the details in short: "Ms. MP$40, First Premier Bank is prepared to issue your MasterCard with a maximum credit limit of up to $1000.....You are not required to open a savings account or send a security deposit as a condition for this credit card." APR: 18.9% for average daily balances of $1k or less. 16.9% for average daily balances over $1k. Acceptance fee: $119 (one-time) Processing fee: $19 or $25 for express (one-time) Annual fee: $50 Monthly participation fee: $6 ($72 annually) Additional card fee: $20 Late paym't fee: $20 Over the limit fee: $20 Then there's a bunch of fine print that I didn't even bother reading. Are these people serious? Wow...talk about a bunch of crooks!
RE: CREDIT BOARD /Read This PL You're doing quite well, and I feel a vicarious thrill whenever anyone closes one of those miniscule Capital One accounts. However, you should remember that when the year 1999 ended, it wasn't 1999 again. It became the year 2000, which it still is.
