Comments on: How to Get a Free Credit Report From AnnualCreditReport.com

By: fredct

fredct — Sun, 20 Jun 2010 19:34:31 +0000

Based on you saying ‘more than the minimum’, I get the distinct impression that you’re not paying them in full. If that’s true, then your credit utilization is probably your biggest hitter. As Ryan said, the more you carry, the bigger of a risk you are at having debt problems (and that hurts your score). Don’t just pay your bills, pay them off!

It’s the best thing you can do not just for your score, but for your finances… go ahead, and look at the money you’re paying ever month in interest, and imagine being able to put that away into savings or investments, or spending it on something other than interest.

By: Ryan

Ryan — Sat, 19 Jun 2010 01:22:47 +0000

Gina, the most important thing you can do is pay your bills on time consistently - and even then, it takes time. Another important factor is your credit utilization, which is the amount of credit you are using compared to how much you have available. For example, using $10,000 of credit when you have $50,000 available is better than using $25,000 of credit when you have $50,000 available. Here are more tips: How to improve your credit score.

By: gina beringhaus

gina beringhaus — Thu, 17 Jun 2010 22:30:51 +0000

Hi Ryan,
For the past two years I’ve have been paying my credit cards on time and I’ve paying more than the minimun amount required. However, my credit score is still low -695. What else can I do to increase it? I would love to make it to the 800s because my credit was really bad years ago. I would appreciate your advise. Thank you. Gina

By: fredct

fredct — Thu, 07 Jan 2010 18:03:59 +0000

I have to wonder if your banker friend was able to mark your credit inquiries as ‘soft’ (informational, not seeking to extend you credit) or whether they came across as ‘hard’. If ‘hard’, every time he did it it actually temporarily dinged your credit a little.

By: Ryan

Ryan — Thu, 07 Jan 2010 03:25:37 +0000

Your credit score and/or report are good to know – especially if you are making a major purchase in the near future or if you may have been exposed to identity theft.

By: Ryan @ Planting Dollars

Ryan @ Planting Dollars — Thu, 07 Jan 2010 02:15:16 +0000

Thanks for the post, I was a bit ignorant on this topic as I didn’t know the difference between Report and Score before this. Hadn’t really needed to look it up in the past and had banker friends who would simply tell me my score if I wanted to know.

By: fredct

fredct — Thu, 07 Jan 2010 00:04:42 +0000

“Good advice, I’m a fan of anyone who promotes Annual Credit Report. I wish more people knew about it. ”

Amen!

And Ryan, I’d love you to do a follow-up on ‘the 4th credit bureau’ (Innovis) and the, oh, probably dozen other consumer reporting agencies out there who you can also get free reports from.

“Those of you who check your credit report every two weeks: why? What is wrong with you?”

The only reason to do this is if you have an active concern about identify theft for some specific reason (your info was recently compromised, house broken into, wallet lost, etc). It *is* a good service to be available, but very few people should have any use for it.

By: Credit Card Outlaw

Credit Card Outlaw — Wed, 06 Jan 2010 21:29:51 +0000

Good advice, I’m a fan of anyone who promotes Annual Credit Report. I wish more people knew about it.

There is almost no reason to sign up for any of the manipulative, expensive “credit monitoring” services when you can get your 3 free credit bureau reports once per year on that site.

That’s all you need. Those of you who check your credit report every two weeks: why? What is wrong with you?

If you’re that desperately reliant on credit for existence, you need to re-evaluate your financial situation.

Less focus on the credit score, and greater focus on building up the bank account. Ideally, you wouldn’t need credit at all to make purchases, and would only use it for HUGE purchases such as a home or apartment. Credit should be used for responsible leverage, not for everyday purchases. And it certainly shouldn’t become an obsession.