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whats your credit score?

Discussion in 'The Lounge' started by jekbrown, Oct 7, 2005.

  1. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    I have a credit card from Providian that gives me free monthly credit reports. When I first got the card (18 months ago?) I had a 701... then I dipped down into the 680 range... then I creeped up towards 700 again and then this month it SHOT up to 730. woohoo! :) Not sure why... maybe I paid all my bills ontime for a year or something. Anyway, 700 is usually the cut off for the "good rate" on loans and stuff... some banks have a higher cut off for the "hella good rate" like 750 or something. 850 is perfect. Anyway, just wondering... for those that know, whats your score?

    j
     
  2. steve_kibbe

    steve_kibbe 1/2 ton status

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    Last time I checked, It was 748. I was looking for a house and they told me. I still descided to get an apt. though :doah:
     
  3. newyorkin

    newyorkin 1 ton status

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    I just applied for a home equity loan recently and found out I'm at 750 :woot::shocked:... In the last 2 years, I've become an anti- credit card/debt fanatic. If I don't have cash ready, I don't buy with a CC, unless it's an emergency. If buy something with a CC (internet usually), I pay it off in full as soon as it posts to my CC account.

    Although, I just found out my wife has had some severe CC debt that I've been blissfully unaware of while I made plans to invest money and hope for 10% returns (as she's making little payments on these 28% debts :shocked:). We squashed that a few days ago, but Lord knows how much cash we put in the CC company's pocket.

    Nice going on the good credit Jek :waytogo:
     
  4. gjk5

    gjk5 3/4 ton status

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    Credit scores a a pretty funny thing. People think they're all based on paying on time and that is not the case.

    I work with credit reports every day and am amazed at some of the stuff I see (700 score and a 1.5 year old BK, no lates in ten years and a 620).

    The score is based on both your payment history, your spending history, your revolving and installment balances, length of account history all sorts of things.

    When I first started in the Mtg. business (1994) they were just starting to fine tune the score calculating models. The result is a bunch of BS, I get guys who have bad credit but a long history getting better loans than folks with perfect credit but not much time on the accounts. The score based system sucks, we used to go in and say "No lates at all, he's an A+, 3x30 day lates on mtg., 2x60 days on credit card, he's a C" No more of that, just the arbitrary score system.


    Can you tell I'm annoyed? I have not had one derogatory on my credit since 1993, yet when I bought my house in Jan., my score had dropped from a 730 to a 640 in 3 months. Why? Because I finished up the remodel of my former house on credit cards to get a better price for it, the high balances in relation to limit dropped me 90 points. I paid all of the cards in full after closing and still have not hit 700 again. :mad:

    I do this for a living (for eleven years) and still don't know exactly how it all works.
     
  5. badfish4tail

    badfish4tail 1/2 ton status

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    I have 3 crdit scores
    680- :o
    690- :rolleyes:
    and a 650- :(
    I am working on getting all 3 up due to I am going to want to buy my first
    home at the begining of the year :D
     
  6. MTMike

    MTMike 1/2 ton status

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    when we went to buy the Dually it was ~720
     
  7. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    yeah, credit scores are a weird beast. One thing I have learned is that your revolving balance : max balance ratio can be a factor. This is why I keep a handful of credit cards around with no balance on them at all. My current revolving balance is about $2000.... but I have at least $30,000 in available credit via CCs. Some people think "i need to get my credit under control, I'm cancelling all the cards I don't use!"... if you're habitual that might be a good thing to do... but if you're not, it definitely isn't because of that credit : max ratio thing.

    Backwards logic to be sure... giving someone more cool points for having 20 cards and $5000 in debt than someone who has just one card and $1000 in debt seems pretty moronic... but thats the way it works.

    You also seem to get better cred scores if you pay your cards off over time rather than paying them off in full each month. Again, backwards logic... the guy paying off in full every month is the smart/responsible guy... the other guy is helping fund the CC company CEOs 401k plan by paying so much interest and isn't really making sound financial decisions... but he gets a better credit score?

    The whole system is pretty messed up. I try to listen to Clark Howard and others who know the "inside" scoop on credit reports to keep mine on the up and up. Just keep paying the bills and hope it gets higher at this point.

    Mine would probably be much higher, but I had a cell phone get stolen about 4-5 years ago and being young/dumb I didn't report it at first. $800 of use later I had a dispute with the cell phone company who agreed that the use "seemed" like it was stolen (ie I never used a single min more than my plan allowed, then one month BOOM $800+ over...) but told me I had to pay. While it was in dispute they said the bill was past due and sicked a collections agency on me. At that point I paid immediately... but by then the credit score damage was done. Lesson learned though. These bad things on the cred report have time limits... I assume in a few more years it'll be off the record entirely... hpefully anyway!

    newyorkin: wow, you have the high so far... ought to be able to get a decent rate with a score like that! I get half a percent off if I get a loan from WF cause I work there... hopefully I'll be ready to get a homeloan soon... paying rent is (again) like funding someone else's retirement.

    I told my parents about my score going up and now they want to know what theirs is (retired millionaires who haven't missed a bill in forever, lol!). Anyone have a link to a www site to get one free? Lots of google links take me to not-really-free reports. Anyway, my guess is at least 825. People are constantly trying to give them loans (as if they need one!). The last loan they got (mom's minivan, 4 years ago or so) they went to the credit union manager and he looked their info up. He's staring at the puter screen and his eyes get wide and he says "damn, wish my score was this good!". lol! Must be doin' ok...

    j
     
  8. txfiremank5

    txfiremank5 1/2 ton status

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    We are always told that our credit score is "nearly perfect". :dunno: I have never seen an actual score. One guy told us that he usually only see's that type of score from elderly people who retired with a good income, and have most of their debt paid off.

    We use our cards a lot, but always pay the balance each month... and have done so for the almost 14 years we've been married.
     
  9. gjk5

    gjk5 3/4 ton status

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    Yep, everyone has three. Transunion, Equifax, Experian, but it's essentially only the middle score that everyone uses (with some exceptions).
     
  10. bobalob

    bobalob 1/2 ton status

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    from my druggie alky days I ended up with many collections issues and managed to duck them for 1-2 years until finally they caught up with me and presented a $25,000 total bill (I make less than 20k a year :( ). After going straightedge I worked the courts, where most of the fines originated, the banks, and made friends with some of the collection agency folks (not easy :mad: ). Within one year of monthly payments and kissin asss my debt was cleared with only about $2000 spent :D . Anyways I checked my credit about 8 months later and got a 750 :eek1: and have pretty much stayed right there over the last couple years. :dunno:
     
  11. beater_k20

    beater_k20 Banned

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    went to buy a truck a few months back, and came back with a 760-something.

    another thing with the people who pay off their credit cards every month... when the cards are reported to the collection agency, they only report once a month. if there's no balance owed, there's nothing to report. it was mentioned earlier that someone with several cards and a higher balance is better off than a person with one card and a lower balance. this may be true, buy only because you have more accounts verifying that you're good for your debt.
     
  12. kyser_soze

    kyser_soze 1/2 ton status

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    I just checked mine. 768 woo-hoo :thumb:
     
  13. sledheadak

    sledheadak 1/2 ton status GMOTM Winner

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  14. TX Mudder

    TX Mudder 1/2 ton status

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  15. txfiremank5

    txfiremank5 1/2 ton status

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    Ditto .. I'd like to know if there is a good, free site as well. :thumb:
     
  16. 3rdshiftdesign

    3rdshiftdesign 1/2 ton status

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    I used consumerinfo.com a while ago, and they charged the initial amount of like $35 - then I noticed there was a $70 charge, and then charged again for $50 -- When I called and asked why they charge arbitrary amounts they said it's in their terms of service? They specifically state no refunds on any transactions, but that's non-sense.

    I ended up reporting them to the BBB and found they have a lengthy negative history there. I'd stay away from them.

    MyFICO.com seemed decent, but I think it was more expensive. After dealing with consumerinfo, I haven't checked my score because I don't feel like being dicked around by those idiots.
     
  17. kennyw

    kennyw N9PHW Premium Member

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    www.annualcreditreport.com

    If you really listen to Clark Howard you should know that by now ;) There is a new law that says you get one free report from each credit reporting agency per year.
     
  18. Fubeca

    Fubeca 1/2 ton status

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    Transunion - 808 (wife's is 871 :eek1: )
    Equifax - 771 (wife's - 780)
    Experian - website sux :rolleyes:

    We always pay our cards off in full - So I wouldn't worry about carrying a balance just to get a good score.
     
  19. surpip

    surpip 1 ton status

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    just got a house loan, they said i had a 685
     
  20. K5MONSTERCHEV

    K5MONSTERCHEV 1/2 ton status

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    I wish I could get credit. Every time I apply I dont get approved because I dont have any credit. HOws a kid to get credit if no one will approve him? Its very frustrating. This week I finally got approved through Snap-On for a few grand, better then nothing, something to start out with.
     

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