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Credit scores, do you know yours?

post #1 of 27
Thread Starter 
I'm not real up on what is a good credit score/bad credit score, but ours is 798. I'm thinking that must be at least fair...........does anyone know?
post #2 of 27
That is a very good score!!! Anything over 720 is excellent!!
Usually people do not know their score unless they have recently applied for credit and ask what their FICO is. Anything 619 and below is poor credit.
post #3 of 27
Um, yeah, Susie, that's really really good. much better than my slightly above 600 one

ETA: I just looked on experian.com and the average is 678, and the highest you can get is 850
post #4 of 27
Thread Starter 
Quote:
Originally Posted by GailC View Post
That is a very good score!!! Anything over 720 is excellent!!
Usually people do not know their score unless they have recently applied for credit and ask what their FICO is. Anything 619 and below is poor credit.
We financed a car for Jerry last Saturday and the loan guy showed us our credit report. I want 850!!!! I don't know what else I could do!
post #5 of 27
Lots of times its time at job/time at address that bumps the scores. Also being retired helps the score. Trust me with my many former years in auto credit I don't know if we ever really saw anyone with scores over 800!!
post #6 of 27
Thread Starter 
Quote:
Originally Posted by GailC View Post
Lots of times its time at job/time at address that bumps the scores. Also being retired helps the score. Trust me with my many former years in auto credit I don't know if we ever really saw anyone with scores over 800!!
Oh well then, I don't feel so bad. I work VERY hard at keeping our credit as good as I can.....when I met Jerry his was a mess! Great guy, just not great with money.
post #7 of 27
Quote:
Originally Posted by kittylover4ever View Post
We financed a car for Jerry last Saturday and the loan guy showed us our credit report. I want 850!!!! I don't know what else I could do!
850 is impossible to get. I don't want to burst your bubble, it's just the high mark that the bureau's set up. If you are about 750 you can get what ever you want.
post #8 of 27
Thread Starter 
Quote:
Originally Posted by lookingglass View Post
850 is impossible to get. I don't want to burst your bubble, it's just the high mark that the bureau's set up. If you are about 750 you can get what ever you want.
Hummmmmm, I would like to have a yaught!!!
post #9 of 27
OK, gotta brag. When I bought my last car, my score was 834. The guy told me he had never seen a score that high and asked me if I wanted a more expensive model. I told him no thanks, the reason why my score is that high is because I don't over extend myself.

So why is mine so high? Over the years I've bought 4 homes and fully paid off 1 of them, countless cars and paid all of them off in advance, and all of my credit cards are paid off at the end of each month. I think I've only missed a payment once and that's because it was lost in the mail and many years ago.

I think you just have to be buying on credit for a very long time to get your score up that high and you absolutely never want to over extend yourself.

As Gail said, being retired helps and I'm getting close to the point that I'm considering retiring.
post #10 of 27
Thread Starter 
That's great Momofmany!!! WOW!! I have alot of little credit cards that I've had for years that I've never used. I wonder if I should close them out?
post #11 of 27
Quote:
Originally Posted by kittylover4ever View Post
That's great Momofmany!!! WOW!! I have alot of little credit cards that I've had for years that I've never used. I wonder if I should close them out?
I don't think you should close them out. Keep them open but just don't ever use them. Have you heard of Suze Orman? She's an expert at personal finance and has a show called "Money Matters."

Here's her example of why you never want to close out your credit cards:

"Till Debt Do We Part
Another thirty percent of your FICO score is made up of your debt-to-credit-limit ratio. Simply put, this is how much money you actually owe on those cards (your debt) compared to the available credit on those cards; what's called your credit limit. So let's take a look at those five credit cards that you have again. Each one has a credit limit of $2,000. So when we combine all five cards we're looking at a combined credit limit of $10,000. Now let's say that you really only use that one card you got two months ago and have charged that card up to its max of $2,000. Okay, that's not too bad, because when FICO looks at how much you owe ($2,000) in comparison to your credit limit ($10,000) that see you have used up only 20 percent of your available credit. So you have a debt to credit limit ratio of 20 percent.

But here's where so many of you go wrong: if you close those four cards you aren't using, your total credit limit is now $2,000; so if you charge $2,000 a month - even if you pay it off - your ratio is now 100 percent. That is going to be a major credit score bummer. So as I said, just keep the unused card someplace safe; by not canceling it you will be helping your credit score."

Here are a few links:
http://biz.yahoo.com/pfg/e02credit/art021.html
http://biz.yahoo.com/pfg/e35score/art021.html

I think she's great. She's got tons of great financial advice for everyone no matter what stage in life.

Oh, and she talks about a FICO score instead of a credit score. Apparently it's a little different and it's what creditors are starting to look at instead of the credit score, according to her.
post #12 of 27
That is a great score .... EVERYONE should check it at least yrly... Mine shot up 110-150 pts just by clearing up some simple inaccuracys ....

in the USA EVERYONE can get a free score yrly.... it is the annual credit report to avoid all the ones that want you to pay ...
post #13 of 27
I wonder if there is any free way of checking your score if you are Canadian. I tried looking for websites but they all cost money.
post #14 of 27
You can write to one of them and request it (I think it is experian)
post #15 of 27
Quote:
Originally Posted by missourigrl View Post
I don't think you should close them out. Keep them open but just don't ever use them. Have you heard of Suze Orman? She's an expert at personal finance and has a show called "Money Matters."

Here's her example of why you never want to close out your credit cards:

"Till Debt Do We Part
Another thirty percent of your FICO score is made up of your debt-to-credit-limit ratio. Simply put, this is how much money you actually owe on those cards (your debt) compared to the available credit on those cards; what's called your credit limit. So let's take a look at those five credit cards that you have again. Each one has a credit limit of $2,000. So when we combine all five cards we're looking at a combined credit limit of $10,000. Now let's say that you really only use that one card you got two months ago and have charged that card up to its max of $2,000. Okay, that's not too bad, because when FICO looks at how much you owe ($2,000) in comparison to your credit limit ($10,000) that see you have used up only 20 percent of your available credit. So you have a debt to credit limit ratio of 20 percent.

But here's where so many of you go wrong: if you close those four cards you aren't using, your total credit limit is now $2,000; so if you charge $2,000 a month - even if you pay it off - your ratio is now 100 percent. That is going to be a major credit score bummer. So as I said, just keep the unused card someplace safe; by not canceling it you will be helping your credit score."

Here are a few links:
http://biz.yahoo.com/pfg/e02credit/art021.html
http://biz.yahoo.com/pfg/e35score/art021.html

I think she's great. She's got tons of great financial advice for everyone no matter what stage in life.

Oh, and she talks about a FICO score instead of a credit score. Apparently it's a little different and it's what creditors are starting to look at instead of the credit score, according to her.
I don't think you want to have too many though. A couple of years ago I tried to buy my house from my parents (I live here, they moved, I pay the mortgage) My score was 780 and I couldn't get the loan because I waited tables and I didn't have a "guaranteed" income. Whatever. I went through 3 mortgage companies that would pull my report, be in shock, promise me the sky, and then give up on it. Oh well. Anyway, at one point I was told that I should close some of my unused credit cards because I didn't make enough money to cover them if they got used. They said that would affect me negatively if I used them. Doesn't your debt to credit ratio also somehow include income? Just a thought. I never did close them. Wonder what my score is now....

Oh, and last year I got all 3 and they ranged from 670-820. Seriously, why the huge gap?
post #16 of 27
Quote:
Originally Posted by Samantha1979 View Post
I don't think you want to have too many though. A couple of years ago I tried to buy my house from my parents (I live here, they moved, I pay the mortgage) My score was 780 and I couldn't get the loan because I waited tables and I didn't have a "guaranteed" income. Whatever. I went through 3 mortgage companies that would pull my report, be in shock, promise me the sky, and then give up on it. Oh well. Anyway, at one point I was told that I should close some of my unused credit cards because I didn't make enough money to cover them if they got used. They said that would affect me negatively if I used them. Doesn't your debt to credit ratio also somehow include income? Just a thought. I never did close them. Wonder what my score is now....

Oh, and last year I got all 3 and they ranged from 670-820. Seriously, why the huge gap?

SOme difference is different scoring system s ie a 20 pt span ... but one like that is someone likely has inaccurate info or some are reporting good/ bad only to one beareau
post #17 of 27
Yes, I know my credit score
post #18 of 27
I just checked mine recently. I was only fair because I didn't have a lot of history, but since getting a car and putting it in my name, it shot up to 763! So I was happy it was going up!
My mom bought a new car around christmas and the car dealer said he never had anyone as high as hers. It was 830! He would have let her drive with any car she wanted off the lot! I hope to one day be able to have as good of a score as my parents have.
post #19 of 27
Thread Starter 
I've heard conflicting stories on whether to close or not close credit accounts you never use..........hummmmmmmmm
post #20 of 27
Quote:
Originally Posted by kittylover4ever View Post
I've heard conflicting stories on whether to close or not close credit accounts you never use..........hummmmmmmmm
I heard on the Early Show one morning that closing accounts that you have opened actually hurt your credit more than just leaving it open.
post #21 of 27
Quote:
Originally Posted by Duchess15 View Post
I heard on the Early Show one morning that closing accounts that you have opened actually hurt your credit more than just leaving it open.
I made the mistake of closing my accounts as soon as I paid them off, Susie. I only learned until after I should have just left them open
post #22 of 27
Both DH and I have scores right around 800 on Experion. Their high is 830, so the scale does vary with the 3 different companies. When we applied for our homeloan, our mortgage officer said he would have jumped over his desk to shake our hands when he pulled our credit report, had we actually been in the office .
post #23 of 27
Thread Starter 
Quote:
Originally Posted by pennicat View Post
Both DH and I have scores right around 800 on Experion. Their high is 830, so the scale does vary with the 3 different companies. When we applied for our homeloan, our mortgage officer said he would have jumped over his desk to shake our hands when he pulled our credit report, had we actually been in the office .
post #24 of 27
Quote:
Originally Posted by kittylover4ever View Post
I've heard conflicting stories on whether to close or not close credit accounts you never use..........hummmmmmmmm
I worked Credit for 10 years. When we would score people that applied for cards, we would ding them if they had a lot of individual store cards, for example, cards for gas stations, department stores, etc. It was OK to have bank issued credit cards that could be used all over the place.

The problem with individual store cards is that if you shop at all of them, you quickly lose track of the total monthly bill as it comes in on many statement.

So if you have unused department or gas station cards, close them out. It's probably OK to keep the bank issued cards open.
post #25 of 27
Wow you guys have an interesting system. New Zealand works on like school grading system, the highest is A+++, last time I checked mine was A++ but now I bet its Z-

The credit card companies however, they are weird, get this. When I was working full-time in excess of 50hrs a week, raking in a small fortune and was applying for credit cards with a small $500 limit, I was shot down by every company. I had no debt, pay my rent, food, power and phone and I was sweet.
But as soon as I left my job to go back to college for further education, all those credit card companies sent me application forms.

You know why they do that though eh, its because when you are making money, you can pay the credit cards off and avoid interest, but when you are not working you can only pay the monthly minimum that way you also pay buckets of interest.

I only have one loan now and once its paid off, thats it, cash for everything. Except a house of course. If I didn't want to buy a house, then I couldn't give a hoot what my credit rating is like.
post #26 of 27
I don't know what mine is. For awhile a few years ago it was probably really bad because I was waiting on my long term disability which was held up because my doctor was lax in filling out the medical form, so I was really in a financial bind and had all kinds of collection agents callling me.

Now though it must be ok because today I got a letter in the mail from a bank that I don't deal with. I opened it up and it had a Visa credit card inside!! I never applied for one. It said I was preapproved for $10,000.00. It was a credit card, not an application and I didn't have to phone anyone to activate it. I called them and told them that I didn't apply for a card and I didn't want it and to cancel it. They tried to convince me to keep it.

I'm bad with credit cards and I sure don't need to rack up anymore debt than I have, so I was insistent that it be cancelled. I hate when banks do stuff like that!
post #27 of 27
I know mine, but I'd prefer not to share it with the whole world
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