HI EVERYONE, I RECENTLY WENT TO PURCHASE A CAR BUT WHEN THEY PULLED UP MY CREDIT HISTORY IT SHOWED THAT I HAD VERY LITTLE CREDIT HISTORY. I HAVE HAD CREDIT CARDS BEFORE BUT I NEVER LET THE BALANCE ON THEM GO OVER A MONTH IN FACT I USUALLY PAID THEM OFF BEFORE THE MONTH WAS UP. I NEVER REALIZED THAT BY PAYING THE BILL TOTALLY YOU DID CREATE A HISTORY SO IN THE END I GOT STUCK WITH A HIGH APR. WHATS THE POINT IN PAYING OFF THE CREDIT CARDS IF IT DON'T SHOW UP ON THE REPORTS? YET IF I DIDN'T PAY THEM IT WOULD SHOW THAT I HAD BAD CREDIT SO I ASK AGAIN, WHATS THE POINT IN PAYING OFF THE CARD IN THE FIRST PLACE? IS IT JUST A SCHEME TO KEEP US PAYING ON THE CARDS EVER THOUGHT OF THAT??
If you are trying to build credit, it is a good idea to pay your balance on the cards over a period of at least three months. There has to be sufficient time for the bureaus to pick up the payment activity. In addition, it would probably be helpful to charge your cards to at least 80% of the credit line at least once, even if you purchase an item and then return it the following week. Do a search on "how to build credit" and you should find plenty of suggestions. You have to learn how to play the game. And believe me, it is a game. Regards, Steve
Most reputable credit card issues will report to the CRAs even if you pay your bill in full each month. I cards from American Express, Bank of America, and MBNA that I pay in full each month, and have been for several years, and I have an R1 tradeline with them with several years of history indicated. The latest trend in sub-prime lending is not to report positive trade lines to the CRAs so the the customer (sucker) will be stuck with them and the issuer won't get their sheep-ready-for-fleecing stolen away by another issuer.
Try paying your balance over a few months period, at least until you get some credit history behind you, which credit cards are you using? Are they secured or unsecured? because some secured credit cards do NOT report your activity to the credit bureaus. A.F. ------------------------ Bad Credit? No Credit? Let Us Help! http://www.Creditinsiders.com
The game that I have played and helped me build my credit to 6 figures is to borrow a $1000 less than the limit and make large payments, but spread them over at least 3 months. Depending on the interest rate go as high as 6 months. If the interest is less than 9.9% APR, take as long as a year. It works for me. http://www.creditsense.com
I don't believe what you're saying is completely accurate. I have 3 credit cards: 2 are revolving (Platinum Providian and Chase Manhattan Bank Platinum) and 1 is like my gas and store cards: open-ended credit (it's AMEX Platinum). On all of these cards, as well as my Mobil/Shell/Carson's/Best Buy cards, I've never carried a balance. What ever the balance due is what I pay. I have an stellar credit history, as you can infer by the cards I carry. So the fact that credit is not built because you pay your balances in full each month is simply misleading...
I pay all my balances every month as well, and I have an excellent credit rating. However, my credit cards are comparable to yours. We are not being yanked around in sub-prime hell where good credit is truly underreported. Many sub-prime lenders are simply too busy thinking of ways to screw their customers to deal with ethical reporting practices. Having been there before while trying to establish credit initially in my 60s, I know where DAZ is coming from. The best thing DAZ can do for himself is to notify the CRAs in writing that the accounts are open or have once been opened, and they haven't been reported. To the CRAs, this is like the smell of fresh kill. Especially because there stands a chance that some negative information could possibly exist. They'll investigate at once.
Actually DAZ, or anybody else, would need to ask their creditor to fill out a Univeral Data Form and submit your record to the credit bureaus and the credit bureaus would most likely have the right to charge you a small fee for this. But considering the type of scum some of these companies are they may very will not go for this whereupon I suppose an individual may very well have to send in his statements and other accompyning documents since in this case the creditor would obviously not be a subscriber to the CRA's who now demand that a creditor MUST supply positive as well as negative information. And Doris, its not the negative info about an individual that the CRA's are so hungry for rather for the $$ they will get from selling your info to every telemarketer and data mining firm in the country. The fact that so many creditors have decided to stop doing so has caused the CRA's no end of grief to their greedy microscopic hearts.
