Posted on
November 6, 2007
at
2:32 pm
Mostly just hype. They most likely just go over your credit report with you and tell you to contact anyone reporting problems and try to resolve the issue with them.
Posted on
November 6, 2007
at
2:32 pm
I believe that it's hype. If you can boost your score in 30 days I'm sure it's something you can do on your own without having to purchase some system.
Posted on
November 6, 2007
at
2:32 pm
Here is another system that works for a quick jump up in credit score. Say you have 4 credit cards, each with a $5000 limit. You have nothing on 3 of the cards, but the 4th card is almost maxed out. Transfer the balances around evenly so your balance to available credit ratio is not too high. This will immediately raise your score by several points.
Posted on
November 6, 2007
at
2:32 pm
[QUOTE=Xenigo123;201]Here is another system that works for a quick jump up in credit score. Say you have 4 credit cards, each with a $5000 limit. You have nothing on 3 of the cards, but the 4th card is almost maxed out. Transfer the balances around evenly so your balance to available credit ratio is not too high. This will immediately raise your score by several points.[/QUOTE]
Agreed, but you should also add that it will hurt your credit if you close credit card accounts that you don't use, as that also will add to your balance to available credit ratio.
Posted on
November 6, 2007
at
2:32 pm
I guess that makes sense. But then, I wonder, would the cost of additional interest and the annual fees of the additional cards be worth saving those points?
Posted on
November 6, 2007
at
2:32 pm
Sometimes companies offer great solutions to help, but it only puts money in there pocket. Now if it's guarenteed then that's another story.
Posted on
November 6, 2007
at
2:32 pm
[QUOTE=scriptdude;7]a system to increase your score in 30 days ...[/QUOTE]
this is definitely a good sales pitch... but don't fall prey to these companies
Posted on
November 6, 2007
at
2:32 pm
Supposedly, too many credit cards also hurts your score. Some people have twenty or thirty, and that can be damaging to the ratio of your available credit to your income.
Posted on
November 6, 2007
at
2:32 pm
That would depend if you would be able to handle it. You have to compensate for the additional annual fees too. Your score might be better, but first you to have to check how much you'll pay as a whole.
Posted on
November 6, 2007
at
2:32 pm
[QUOTE=georgia;233]I guess that makes sense. But then, I wonder, would the cost of additional interest and the annual fees of the additional cards be worth saving those points?[/QUOTE]
If all your cards are the same interest rate why would it matter? $10,000 debt at 12% interest is the same no matter how many cards it's spread out over. Also, if you pay an annual fee for anything other than AmEx you need to shop for a better card.
