hey, how do you go about clearing up your credit rating? i have an r9 from 2007 from an old cell phone i had when i was 18. the issue had been resolved over 5 years ago, but why is it posted as 2007? is there any way to get this off my credit score?
Get some credit cards… use them and pay them off each month… that is how you bring up your beacon score… if it was 5 years ago but it is showing up now you can try calling the cell phone company to have them clear it up and right you a letter…
i already have a card, i’m just curious as to what i can do to get this off my record, it’s the only bad thing on there.
Warning: I’m not an accountant or financial adviser…
Don’t take too much credit out, if you have multiple credit cards, loans and lines of credit, you may be maxing out what you can borrow. Let’s be clear, credit is credit whether you use it or not. If you have a Visa with a $5k limit, you have $5k of credit against you. It doesn’t mean you owe anything however that $5k can’t be loaned to you elsewhere.
Everyone has a “maximum” amount of credit, it’s what financial institutions believe they can safely lend to you. Each institution has a different assessment model and may value you differently.
Don’t owe more then 30% of your limit on any credit card, even if you pay them off monthly! The ideal with credit cards is a balance below 10%… If you max your card out, you could drop your credit score 50-150 points. (Read this in Men’s Health last year)
Cancel unnecessary cards, pay off lines of credit, etc. (This is what I do/did)
Reduce your credit card limit, I found that my MasterCard kept creeping up from $3k to 6k then to 12K, etc, call the company and have it reduced. Having a $20-50k credit card is not baller, to me it’s risky and useless. (I did this when I was ready to buy my house)
Also, save a high percentage of your income, that way when you go to borrow money for something big (house) you’ll have a bigger down payment showing less risk and less reliance on credit.
lol, this is all helpful, some i knew, some i didn’t (like the under 30% thing, thought it was 50%) but how do i remove something from my credit report?
dont quote me but i think it takes 5 years
Call the cell phone company… The credit rating companies can’t help you…
That account has already been sold off if he’s got the r9. r9 stay on record for 7 years. If you were still fighting it I would know how to clear it, but now that its been a few years already your pretty much pooched unless you have an inside guy. What others have advised here will help to build the credit back. Get a credit check and see if it is a conditional type r9. r9 is the same rating as bankruptcies
Nice tips Roast, I’ve never heard any of that before.
Some of it is contrary to what I’ve understood to be honest.
What is a “point” (you said 50-150 points).
I’ve maxed out my credit card lots of times, it’s all I use. All of my business stuff goes on there too, the credit limit is $23k.
I’ve never had any credit issues - I got my $280k mortgage approval without any issue…
10 years.
call cell phone company that gave you it and clear it as a payed r9.
Ps. r9’s the worst rating you can get i’m just curious how much you owe them lol.
brocoli is right your R9 rating will stay with you for 7 years…you said this was about 5 years ago… (you said you resolved it in what way? paid in full or cancelled the account and agreed on payments or what do you mean exactly?) the reason it might show 2007 is because those 7 years START the moment the account is payed off in full… so if this account is 5 years old but you made the last payment in 2007 then thats when the 7 years begin…
the 10 years that YupYup speaks about i think is something different… if you owea company or have a debt and its in collections for 10 years… the Statute of Limitiations prohibits the company to further persue this account… essentially letting you off the hook… BUT from the moment that the Statute of Limitiations falls into play thats when the 7 years of recovery begin… so in total you could be waiting upto 17 years for something to completely be removed off your record…
If you’ve never had any collection calls but miss a few payments on credit cards or LOC, would your credit still be good?
if i remember right, i had cancelled my phone because i switched companies, and had only owed them around $300 when it went into collections. so an r9 is just like a bankruptcy claim then?
I’ve seen some people fight for 50 points on their credit score… I think they can get a better interest rate ???
Regardless, your credit “score” is based on points… The score is what companies like equifax or trans canada credit return to potential creditors indicating how well you rank. Higher the number the better (afaik)…
I don’t know all the details, sounds like SpHiNxXx know’s what he’s talking about.