Credit Scores

[slim8605 10+ year member]

how much is too much?

I don't think there really is a too much. I have read that after you get to a certain point, being higher doesn't really gain you any extra benefits. I'm not sure how right that is though.

 

[farmerehsan 10+ year member]

i meant getting ur credit ran....i heard it goes back up after 6 months if they dont keep running it... im 19 not sure what mine is....

 

[slim8605 10+ year member]

Not sure on that. Just keep it to a minimum. If you're out looking for a car, don't let every dealership run you credit. Know your situation going into it. I ****ed myself doing that //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif.

 

[gqjeff 10+ year member]

good credit=pay your fukin bills on time... Enough said.... Do like I did and set your kid up with a CC is his name and you use it for online purchases. You can start your kid off with a good rating if you do little things like that. My wife virtually to this day has no credit as everything goes through me. That is also a VERY bad thing. So be wise get yourself a CC make purchases you can cover and pay your bills on time or before hand.

Peace

 

[farmerehsan 10+ year member]

i dont look for cars i buyt them from auctions and i usually dont run my credit

 

[slim8605 10+ year member]

good credit=pay your fukin bills on time... Enough said.... Do like I did and set your kid up with a CC is his name and you use it for online purchases. You can start your kid off with a good rating if you do little things like that. My wife virtually to this day has no credit as everything goes through me. That is also a VERY bad thing. So be wise get yourself a CC make purchases you can cover and pay your bills on time or before hand.
Peace

I wish people would actually do this. I really do.

 

[slim8605 10+ year member]

i dont look for cars i buyt them from auctions and i usually dont run my credit

So you have nothing to worry about?

 

[Jumbo Jet 10+ year member]

Youre score will lower only if a lending institution pulls your credit. If youre applying for a new cell phone or switching your power on at your house for the first time, they pull your credit but it does not affect your score because they are not actually loaning you money, just determining if you are a risk. Also, checking your score does not affect it.... but it does show up as an inquiry. When you check your score at Equifax, they will have two categories.... one for lending institutions (ie. banks, car loans, credit card applications) and the other for non-lending inquiries like power companies and such.

Im not exactly sure how many points are deducted when a lender pulls your credit, but its a few points. You never want to apply for a credit card just to receive a free t shirt or tote bag.... thats an instant point deduction. You do want to have a credit card or some sort of revolving credit to show that you are capable of holding credit, but the trick is not too much credit. Having too many credit cards or loans can make you a higher risk and lower your score because you could possibly be on the edge of your credit envelope, and the banks dont like that. Its all about your debit to income ratio and paying on time.

We had a client a few years back that was pre-approved for a $250k home loan. A week later he decided it would be a neat idea to buy himself a new car to celebrate, needless to say the underwriter now saw him as a higher risk and declined his home loan. If he would have waited till after he closed on his home loan to buy the car he would have been ok.

The credit rating game is a tough nut to crack, but once you get the hang of what to do and not do it doesnt take as long as people think to raise your score. There is plenty to read up on online about how the big 3 come up with the ratios to determine your FICO score. I have been saying for years that our school systems need to have a class that teaches kids about credit and how to maintain good FICO scores. This should begin being taught at least in 11-12th grades to start. Without good credit youre dead in the water, or at least be prepared to be renting for a long time.

 

[oldschool4me 10+ year member]

I don't think there really is a too much. I have read that after you get to a certain point, being higher doesn't really gain you any extra benefits. I'm not sure how right that is though.

correct. also you can hav a high credit score and if your debt to income ratio is high then you can be denied a loan or financing for this. so just watch how many lines of credit you open and purchases you rack up.

 

[blazeplacid 10+ year member]

I can get a loan for almsot anything

house loan was easy, then a couple months later got a new car

I think my score is like 760 or 780

I dont remember dont care

I dont see how people dont pay bills

bills first then save then fun money

Just dont over do it with the credit cards and you will be fine

 

[Jumbo Jet 10+ year member]

correct. also you can hav a high credit score and if your debt to income ratio is high then you can be denied a loan or financing for this. so just watch how many lines of credit you open and purchases you rack up.

Exactly correct.

As far as a score being too high, once your FICO reaches 750-770, youre pretty much considered "bullet proof" to a lending institution. If you were to go to a car dealer on a Sunday (when banks are closed) to buy a new car and they pull your credit and it comes back at a 770 or higher, you are "bullet proof" to them so they will have no need to worry about the loan going thru on Monday morning once you are gone and already driving your new car.

Home loans can be different for the exact reason oldschool said, even though your score might be 810, you could be on the edge of your debt envelope and that reflects poorly when your dealing with $200k plus loan as opposed to a $30k car loan. With a car loan, if you are a high risk they will just take their chances with you and charge you a higher interest rate to make up the difference in the risk.

 

[Chevillac 5,000+ posts]

Actually if you don't cancel it after 9 days it charges you and the day you sign up no matter what time counts as a day. I just did it a few weeks ago.

thats not how it happened to me. I think it was user error in your case.

I used freecreditreport.com but forget to cancel it and then called up to cancel, but had to listen to this annoying ***** blabber on for at least 7 minutes before I could get the confirmation. Ugh save yourself the crap

This happened. She only asked me like 3 questions the second time I did it. The first time was longer.

 

[No Room IV Boom 10+ year member]

i use freecreditreport.com its good if you really care about doing anyting to your credit. If you just want to see it one time then do something else. I ruined my credit when i was younger cause i didnt know what it was about. If you are young and someone is trying to give you credit cards be careful. Take care of it the first time or it will take a long time to get a good rating. On freecreditreport you can dispute find the info of the company, and also contact them directly. Theyll send you updates whenever your credit is ran for any reason.

i was doing pretty good until Child Support was on mine it dropped 30 points just for that one posting.

15 a month is well worth the money 25 if you want all 3 credit scores.

 

[FoxPro5 5,000+ posts]

816 - FICO

Every time they pull your credit it affects your score //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

If you want good credit, borrow and pay it back, don't miss payments and don't worry about it. I don't, and I'm in the minority.

 

[Louisiana_CRX 5,000+ posts]

i use to have great credit but now my credit score is 500 something ...i don't remember the last time i got a credit card ...i use to get a new one every month it seemed for a while....hopefully if i ever get back to work i can rebuild my credit.....