I know some people come here looking for ways to clean up their mistakes and I always see references about people needing to change their ways or credit repair is useless. Just how anal are your habits and how serious are you about really taking care of your accounts? I know myself that the internet has really helped me stay on top of things. I always sign up for alerts to let me know when a new bill has come out. And since I get the email the same day of the statement, I ALWAYS pay my bill online before I ever receive the paper bill. I also always pay a minimum of 10% of the balance due. What are some of the habits you have?
Since I've gotten my credit in better shape (still some work to do on old stuff), I make sure I keep my bills paid. I pay most of them in full every month, except for two that have low interest BTs (Citibank & AT&T). Since they're both Citi cards, I want to make sure nothing goes wrong with them. They are both set up on autopay for the minimum, I can go in and pay extra if I want. I'm old fashioned and still like to send checks for most stuff. But since I almost blew it on one account a few moths ago, I go online and pay at least the minimum whenever a credit card bills. Then at least I won't get a late charge. Sometimes I pay the rest online, sometimes by check. I don't have a lot of time, so haven't done real well at getting the rest of my reports cleaned up. I need to develop a system for this.
I know one thing. I hope that I don't get discouraged about cleaning up my credit. Both my wife's and my own credit was destroyed after our 3 kids were killed in a car accident by a drunk driver. This whole process though is really tough to keep up on and in some cases down right discouraging. Sometimes I feel like just waiting 7 years without even trying to clean this huge mess up, and let all these heartless bastards chew on their finger nails. "Anal".......I wouldn't call it anal. I would say that anyone who has to jump through all these hoops that are necessary to clean up a terrible report, who must endure years of self pity and discouragement, often times falling prey to high interest rate loans that they have no chance of ever repaying, deserves a standing ovation. If I were a bank, the people in this forum who have been down the road less traveled and somehow managed to make it back in one piece are the types of people I'd consider an excellent credit risk. Not always making sense, SnakeMan
How careful are you about credit? I found out fairly quickly that it isn't always easy to repair credit by force, so I decided that my primary strategy would be to outwait the enemy. That meant making all my minimum payments on time and staying under all my credit limits, and then waiting for time and entropy get rid of some derogatory information about me. Sometimes that was ALL I could do, but I decided to do it and enjoy it. I made a ritual out of writing checks and walking to the post office. Sometimes I would treat myself to some good food as a reward for actually doing it. Now I'm doing better financially, so I'm paying $1000 a month on my credit cards. I plan how to allocate it every month well ahead of time. Sometimes I add up all my balances to see how much progress I've made. I have my snowball tactics planned almost a year in advance. And I try, in a modest way, to repair my credit, but I just relax because I know that time is on my side. The very opposite of "anal."
Re: How careful are you about credit? That's a pretty good statement that made me sit and think...and maybe I'm not so anal about my credit scores...I believe it's more directed towards paying down debt! I too keep track of my overall amount of debt and once I break a barrier(like "now I'm below $4K total") I really hate going back over that total and I'll do everything in my power not to use my cards for something misc. Guess that's more of wanting to be debt free than anything else. After having $15K+ a couple years back and feeling like "wow, now I've gotta pay all this back", I feel like the end is in sight. Interest is the enemy!
Re: Re: How careful are you about credit? I don't consider it anal - just the opposite, letting that which I can do happen. Everything else is outa my grubby little paws.. I do all payments online w/scheduled payments - even the rent - to my landlord downstairs. I schedule minimum payments plus 25 or 50 dollars - total of $400 monthly. I also make extra payments where/when I can find the extra dollars. I've been paying my DMB down from 8800 to 5600 and my goal is to hit 3000 by the end of the year. I have not placed anything on a card that has a balance for over a year. I use a PayPal debit card and get 1.5% back on it, earning some interest before I spend it. It's my poor man's reward card, but it still gets me back something overall. And I'm only spending what I have, not going into debt.
Re: Re: How careful are you about credit? I spend what I can afford..... I never carry a balence.. I watch my credit report like a hawk... I have become a thrifty spender and I am proud of that..
Re: Re: Re: How careful are you about credit? That brings another point to mind. I figured out within the last year that you can and should budget your credit expenditures the same way you would your cash expenditures.
Re: Re: Re: How careful are you about credit? I pay my credit card balances in full each month prior to the 'closing date', with the exception of one (0% interest until June'04). I also maintain monthly spreadsheets on my computer that tabulates my total debt (credit cards, installment loans) and debt to income ratio which in some way serves as a reminder of my debt load and an incentive to become debt free!
Re: How careful are you about credit? Cool. It's nice to know someone else out there does that kind of stuff. I've had one for about a year and a half now. I have a area that lists each creditor and what is due and a total amount of debt...including installment loans...for the exact same reason as you. Also helps me keep track of bills all together. Everything I pay monthly is listed and I keep track of what I've paid each month for at least the last 6 months. I also keep track of my gas purchases every month. I haven't put myself on a budget. I just like to know where my money goes and keep track of my overall financial picture.
Re: How careful are you about credit? i pay all non-0% apr balances the day the statement posts. I login to all my online creditors everyday. I login to creditexpert every day. anal? Thats TMI, i've not talking bout my gf on these boards.
Re: How careful are you about credit? I get my daily PG and EQ pull, I pay my bills the day the statement cuts online if possible. If I am going to carry a balance I never am over 30% util unless it's a 0 % card.
Re: How careful are you about credit? I'm so anal about credit that I check my credit reports via PrivacyGuard every other day and then I photocopy the printout onto toilet paper. Doc P.S. Ok, so I don't photocopy stuff onto toilet paper. But I do check my credit several times a week. Let's face it -- we're all sick.
Re: How careful are you about credit? That's quite amazing! Like you, I lists the same categories including monthly gross income. Initially, I started out using a journal, but as my expenses and credit card lists grew, it became quite apparent that spreadsheats are the way to go!
