Comments on: Low Score Got You Down? How to Establish or Rebuild Your Credit http://ptmoney.com/establish-rebuild-credit/ Real Personal Finance for a Life Without Limits! Sun, 12 Feb 2012 22:37:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Financial Samuraihttp://ptmoney.com/establish-rebuild-credit/comment-page-1/#comment-5078 Financial Samurai Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3810#comment-5078 Hey PT! Thnx for your response man. Yeah, I can't imagine my credit score go to zero even if I pay my corp card late every month. That wouldn't make sense.The 35% figure is good to know. That's pretty high.Unfortunately for me, my current firm requires us to pay first and then get reimbursed. Expenses sometimes rise to $10-15,000/month which is too much to bear at times. My previous firm used to pay the bill, and I'd just have to write out each expense for records.Funny though, I don't think I'll be applying for any more debt anymore. I'm looking for a rental property in Nevada, but will probably just pay cash.thnx PT. Hey PT! Thnx for your response man. Yeah, I can’t imagine my credit score go to zero even if I pay my corp card late every month. That wouldn’t make sense.

The 35% figure is good to know. That’s pretty high.

Unfortunately for me, my current firm requires us to pay first and then get reimbursed. Expenses sometimes rise to $10-15,000/month which is too much to bear at times. My previous firm used to pay the bill, and I’d just have to write out each expense for records.

Funny though, I don’t think I’ll be applying for any more debt anymore. I’m looking for a rental property in Nevada, but will probably just pay cash.

thnx PT.

]]> By: PThttp://ptmoney.com/establish-rebuild-credit/comment-page-1/#comment-5076 PT Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3810#comment-5076 Good question, Samurai. I think I understand. My guess is that there IS a limit to the negative effects of late payment. Even if you continually do it.You couldn't drive your score to zero because you have good standing with all your other creditors.However, payment history makes up 35% of your score (that's the biggest factor). So, the late payments will have the biggest effect on your score that any mess-up could.It should be noted thought that if you're not able to cover the charges yourself, you should ask your company to pay for the expenses themself. That's a burden you shouldn't have to bear. Good question, Samurai. I think I understand. My guess is that there IS a limit to the negative effects of late payment. Even if you continually do it.

You couldn’t drive your score to zero because you have good standing with all your other creditors.

However, payment history makes up 35% of your score (that’s the biggest factor). So, the late payments will have the biggest effect on your score that any mess-up could.

It should be noted thought that if you’re not able to cover the charges yourself, you should ask your company to pay for the expenses themself. That’s a burden you shouldn’t have to bear.

]]> By: Financial Samuraihttp://ptmoney.com/establish-rebuild-credit/comment-page-1/#comment-5075 Financial Samurai Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3810#comment-5075 Sorry I have to post again and click the "notify me by e-mail" b/c I'm afraid I might forget checking back. Feel free to come to Financial Samurai and post too. thnx. Sorry I have to post again and click the “notify me by e-mail” b/c I’m afraid I might forget checking back. Feel free to come to Financial Samurai and post too. thnx.

]]> By: Financial Samuraihttp://ptmoney.com/establish-rebuild-credit/comment-page-1/#comment-5074 Financial Samurai Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3810#comment-5074 Question... let's say you are on time on all 10 of your accounts, except for one credit card. You're late on the AMEX every single month b/c you don't get reimbursed in time by the firm. Is there only so much your credit score can go down? Question… let’s say you are on time on all 10 of your accounts, except for one credit card. You’re late on the AMEX every single month b/c you don’t get reimbursed in time by the firm. Is there only so much your credit score can go down?

]]> By: PThttp://ptmoney.com/establish-rebuild-credit/comment-page-1/#comment-5064 PT Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3810#comment-5064 Piggybacking is when your name goes on the loan along with the person who is actually making the payments. Parents ususally do this with their kids to help build their credit. Spouses usually do this with one another to improve scores. This isn't necessarily a bad thing. But what some people do is pay total strangers money to be put on a loan with them. They pay to piggyback. This is not illegal, it's just gaming the system. And FICO is beginning to crack down: Can You Piggyback on Credit? Piggybacking is when your name goes on the loan along with the person who is actually making the payments. Parents ususally do this with their kids to help build their credit. Spouses usually do this with one another to improve scores. This isn’t necessarily a bad thing. But what some people do is pay total strangers money to be put on a loan with them. They pay to piggyback. This is not illegal, it’s just gaming the system. And FICO is beginning to crack down: Can You Piggyback on Credit?

]]> By: Michellehttp://ptmoney.com/establish-rebuild-credit/comment-page-1/#comment-5063 Michelle Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3810#comment-5063 What do you mean by "Don’t Pay to Piggyback"? What do you mean by “Don’t Pay to Piggyback”?

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