My 19 year old daughter signed up for a gym memebership, not knowing exactly what she was getting into. The clerk at the gym verbally told her if she wante dto cancel, they only needed 30 days written notice. My daughter used thie memebrship for one week. she tried to speak to someone to cancel it, but they "were never there". Now 30 days has transpired, and they have told her she is locked into 1 year of payments $396.00. They do not have her proper address, or SIn #. We cancelled her credit card that the fees were being charged to. If she chooses not to pay this debt, how will it affect her credit rating?

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I did my research and i realized that i have a good credit report standing. i only have 2 accounts that i am currently using. out of those two, for one i do have a balance but i always pay my bills on time except for two times when i was late because, the credit card company gave me the wrong due dates they did remove the late fees however. but 7 open in total. 5 unused two of them are sallie mae for school and the other 1 for victorias secret- never used it. if i do use it i pay it once the bill comes and the other two i dont plan on using. does that mean i have a bad credit score?

Your credit score, more commonly known as your MyFico Score is managed by Fair Isaac & Co that's where they get the name FICO from. These guys are the authorities on Credit Score rankings and are used most prominently throughout the banking and loan industry to determine the creditworthiness of a business or an individual. Banks lend money to people for a small fee which is usually a percentage of the overall loan. This is how they profit from loans and can continue to stay in business. However when someone doesn't pay their loans back in a timely manner, the bank loses a lot of money. When a lot of people aren't paying their loans back they run into all sorts of problems! And so for banks and other lenders to make sure they can stay in business and continue to offer loan products, a credit scoring system was developed to rate people based on the likelihood that they will be pay their loans back. People with lower scores have lower scores because their credit report has a history of missed or late payments. Enough of these entries on your credit report and not only will you have a low score but you will immediately make yourself look like a high risk to a bank with little chance of return -- and in effect banks and lenders will not lend to you. So if you want a loan, the trick is to make yourself look appealing to lenders. One way to do that is demonstrating that you have enough income to pay your loans in a timely manner. Primarily, however, to make yourself look even more attractive to a lender -- e.g. they will make money from you and not lose money -- showing that you are responsible with your bills and debt is the only real way -- and that is reflected in your credit score. A credit report is simply a list of your credit actions and history-- and even though your credit score is somewhat related the two are different. Usually credit scores are used to determine what interest rate you are eligble for... Here are the score ranges: * 760-850 Excellent * 700-759 Very Good * 660-699 Good * 620-659 Marginal * 580-619 Poor * 500-579 Very Poor Sounds like you don't know what your score is yet but I'd encourage you to find out =) When you check it and find your score is not as high as you'd like you can use my10 steps to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year: 1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.) 2. Never Miss a Payment, Starting Today 3. Never use more than 20% of your Available Credit 4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible 5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones 6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance 7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- 8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan 9. Take out a Small Personal Loan and Repay it Over a Year 10. Ask Someone With Good Credit if They will Account Shadow you When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: * 35% - Payment History * 30% - Credit to Debt Ratio * 15% - Credit History * 10% - New Credit * 10% - Credit Types in Use If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score. You can read more about these tips on my blog: How Can I Increase My Credit Score * http://millionster.com/articles/debt/increase-fico-credit-score/ So, no point in trying to guess your score because the real records are out there -- and surprise surprise -- there are likely to be things on it that you arent aware of!

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I've seen a few questions similar to this but haven't quite gotten the answer i'm looking for. here's the deal: i currently have 2 credit accounts with the same creditor (because years ago they bought out the place that held one of the accounts), that are very behind. they're not in collections yet but will go if i don't do something by the end of this month. i talked to someone there a few weeks ago and she told me that i had the option of either a) settling both accounts together for waaaay less than i owe, and i would have something like 4 or 5 months to pay off the lowered amount, or b) putting them both on 0% interest rates and then just keep making regular payments, and i would have 5 years to pay them off, the full balances. so my question is this: which would be better for me?? already i have months and months of late charges/delinquencies on my credit report from these two accounts, so my credit is kinda shot anyway. and it would be so nice to settle for such a small amount (i believe she said i could settle for about $3100, down from something like $20,000 from these 2 combined) and just be done with it quickly!! i know that paying in full is better, but since my credit is already messed up, would it make that much of a difference for me? any input would help!

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments. - buildcredit.ifastnet.com

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I found a huge credit card directory... does the credit card you apply for make a difference on your credit report? if i apply for a poor credit credit card - http://www.affiliatetier.com/credit _repair/credit_cards.php - would this effect my credit report? if i apply for a really great credit card like american express blue: http://www.affiliatetier.com/credit _repair/credit_cards.php?review=23 - would this look good on my credit report if i am approved? and would this look really bad on my report if i am denied compared to a poor credit credit card? i have been reviewing all the credit cards: http://www.affiliatetier.com/credit _repair/credit_cards.php & found http://www.affiliatetier.com/credit _repair/credit_cards.php?review=23 to have an overall rating and benefit rating as the highest so far... i am scared to apply if i get turned down and it shows on my credit report as being turned down by a good credit card...

Your credit report and score doesn't care if you have prime or subprime cards. But, if you have a subprime card on your reports (like Aspire) and try applying for a prime, the prime company may notice. (That doesn't necessarily mean getting denied with a prime company though. But it might(?) mean a lower limit or higher scores) As for applying "through" that site you've listed, I wouldn't recommend it. Always go to the home site of the credit card you are applying for. Don't trust putting your sensitive info on any application through a site like the one you listed. I'm not saying that particular site is bad, I don't know, but I do know that people have had their ID's stolen by going through similar sites when applying. As for the Amex Blue, it is hard to get unless you have pretty good credit. Most Amex cards are hard to get without a good credit history, but Blue is one of the harder ones. Since you didn't list your scores or your baddies on your reports you might go to the link I've provided. Click on forums then look at the upper right corner for CreditPulls. You can put your score (or a few points higher score) and click on the search button. When the results come up, click on score and it will sort it from the highest to lowest scores. It will list many different things - what card it is, if the person was approved or not. How much the credit line is. Many times it will say what baddies were on the peoples reports at the time of applying. And much more. After looking through that, you might look through the credit forum. Do searches on the card you are thinking about and then read of others experiences when applying etc. You might also learn how to deal with any baddies on your reports if you have any.

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Ok i had a repossed car in 2005 and it was on my credit report but now its not there i checked it today. because of people filing a lawsuit against that company. so they took it off and before my credit was 574 and now its 584. what the hell it only made 10 points difference. i only have one bad thing and that is 500 dollars i need to send to department of education. its in potentially negaitve comment. how can i ever get my credit to be in 700's :((((9 please advice if u been in this situation mucho gracias

It sounds like your student loan is in default. That would crush your credit score if it has been within the past 24 months. Even if you just have a bunch of late student loan payments, that CAN hurt your score pretty bad if it has been within the last 12 months. The best thing you can do right now is pay whatever you owe on your student loans and keep your bills paid and current for the next 24 months. If you do that, your score will improve dramatically...maybe not into the 700's but 650-plus shouldn't be that hard. You can try disputing your student loan late payments, but you probably won't have any luck unless they are blatantly wrong.

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I have good credit-but want it as high as i can get it!!! but i have barely anything at all on my report (1 item) ... since i have always paid everything cash (even all my cars). i thought about getting a store credit card, buying something i know i can pay off easily & paying it off the next month. would that help hike up my score? i thought if i can do the (interest free )for 12 months, etc) cards it may be a good idea... what do you think? advice? * i was looking into a sears card: whats the difference between a sears card & sears mastercard? will they both report to the credit bureaus? i plan on paying the card off each month... i just rather not having any interest tacked on if it doesn't have to be.

Yes. We buy everything using CC, so we can rack up points. We pay them all at the end of the month. They hate it if you owe them nothing, because they're not making $$$. The worst place to get CREDIT CARD is from a store. Get one from Discover or Capital One. Get their application and compare and you'll know why. EVERYONE reports to the CB.

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I got a copy of my credit reprot. between the three agancies their are significant differences in my scoring. over 100 pts difference in one instance. my scores are as follows transworld experian equfiax 563 512 644 my student loans (piad off) only show on transworl and my van payment only shows on equifax. the good stuff is not on experian at all. is there a way to contact the credit reporting companies and have the good stuff reported to the ones that don't have it? it seems that the bad stuff gets to all three though. i have no credit card debt. none. no repos or foreclosures. the only thing on my credit report is medical bills. with the exeption of a cingular wireless bill from 5 years ago that i no matter what will never pay ever. i cancelled the contract because i was so unhappy with their service and that is the fee they charged me. i owed them no bills just that. i wont ever pay it. its not right.

the cingular thing will drop off the report in 2 years(7 yr total), when it comes to building credit, debt is not always a bad thing, I'm not saying create one you cant fill in, I'm saying leave a $100-500 balance on your credit card owed if possible. (just make sure you have the cash stored away to pay it off in a hurry if you need to) One big thing a lot of people don't realize is that having a credit card isn't enough to raise your score much, but activity on the card followed by on time payments will raise your score higher, and at a faster rate The fact that your scores vary doesn't really mean much though and should be expected. The different ratings are based off different things to a degree to get your score. The best thing to do is to look up what each agency considers in a report. If you see that something should be reported on there that isn't, or vice versa, you'll have a fight on your hands, but you can get it changed. It just may take a while. Medical Bills while they are taken into consideration for your score, are not supposed to be held against you when someone does a check on your credit report.

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I am 24 and just began working full time and making pretty good money. i've had 1 credit card and 2 department store credit cards for over 2 years and have excellent payment history and plenty of credit left on all cards. i just applied for an auto loan and got back really outrageous rates like 15-16% so i went on and checked my credit report and realized i had some problems. i had two claims from a doctor's offices when i was in college one for $500 and one for $180. i also had a $14 outstanding balance from somewhere and a $200 outstanding with my cable company for failure to return equipment. i think a few of these are mistakes and i am going to do everything possible to get them resolved asap but i would like to know worst case scenario if i do have to pay all these, which is about $900 and i could afford to do right now... what will happen if i pay-off and settle all these claims and then reapply for autoloans, will i see a big difference in the rates i'm given? i have very little debt (<$3000) and very low living expenses.

Auto finance is what I do for a living and the correct answer is unless you get a pay for delete agreement which simply says that in return for your payment they agree to remove the accounts from your credit the only thing that will happen is your score will actually go down because when you pay them they will become current instead of old accounts. If the collection companies agree, get it in writing before you pay them a dime.

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Hi i am trying to apply for a loan at the minute but unfortunately my credit rating isnt very good. i have looked at my credit report with experian which isnt great but could be worse. is equifax different eg would their report be different from experians. also does anyone know a good place to try for an unsecured tenant loan if you have bad credit? i live in scotland does anyone know if british credit trust lend for this area? thanks

Experian and Equifax are both credit reporting agencies however they both look at thing differently. On your Experian report it may say that you have OK credit, but your Equifax report may say you have bad credit. However, there is a new credit scoring system called, "VantageScore," is designed to provide better reports and more accurate data, and covers a more extensive consumer base, including the elusive "thin credit file" for consumers who have little to no credit history. The new VantageScore goes from 501 to 990, with each score range being grouped by letter. Consumers with scores in the 900 and higher range would be grouped in the "A" range, while those in the 600 and below range would receive a grade of "F." I hope this helped, as for teh unsecured tenant loan, I can't help you there.

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Ok this debt is from the late 90's. it is for a old department store card. it isn't on any of my three credit reports though. i don't know what to do in this situation. i know after so many years things fall off your report. should i send a cashiers check in the amount and pay it. it is only for $301. will this make a difference even though it isn't showing on my reports. will it look good or bad.

They can continue to send you bills as long as they want, but they can only report it to the credit bureaus for 7 years. If you've not made any payments on it or acknowledged that the debt is yours since the late 90's, the statute of limitations has long expired on that account. Even though you're still technically responsible for paying it, they can't take you to court over it. Since both the statue of limitations has expired & it's past the time that they can report to the credit bureaus, it's really up to you if you decide to make good on the debt or not. It's such an old debt that it really isn't going to affect you either way.

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I cannot decide which to do. i have been with my bank for over 13 yrs in good standing. i have only had a few instances in that time where i had insufficient funds to cover a transaction. i know they will not return a transaction unpaid to recipient up to $1500. because of my history. i have also never made a 30 day late payment to my mortgage. here's the problem-- we have undergone a pay change that will now result in a paycheck being received when our mortgage will be considered 34 days late. i have contacted the mortgage company 2x, and they will do nothing to help. i have about $1k of the roughly $1500 needed, but will definately be short by $400+ the day the payment will go 30 d. i assume the bank will pay out the difference to the mortgage company and hit me with nsf fees. do i pay it, bounce it on my end and accept the fee, or do i just allow the 1 time late on the credit report? i will need to apply for a car soon, so credit matters, but bouncing terrifies me. which is worse? cannot get the overdraft line of credit you mention- score too low since cards are all full. we had a fire in feb that displaced us for more than half the year. we lost almost everything, but are still fighting the insurance. we have replacement policy, which is good, but also means we pay out first and they reimburse-taking their sweet time to do it. we are waiting on more insurance money, but it won't come in time to help this. we know our financial status isn't good- i am just asking which is worse if you can't get credit or a loan anywhere to cover it.

have you tried taking money out of equity? if not i am sure you would get a great interest rate from your bank when applying for a small loan to get by...