dondos2

i just finished nervously checking my credit score expecting something in the mid 650s and i end up gettting a 720!

as i start jumping for joy i keep reading my report and transunion says that a 720 is "C" average???????? What the heck?

i take care of my credit and in my 8 plus years of credit ive maid one 30 day late payment.

wasnt a 720 awesome back in the day? or is it that with the econonmy in shambles banks are expecting a 990?

DelawareCLS

You have decent credit. Consider yourself lucky as you're more credit worthy than about 70% of the US population.

720 is not bad, but to be honest, 740+ is considered SuperPrime, whereas you're at Prime levels. You should be fine for any credit card or auto loan (i.e 0% for 72 months for qualified buyers you'll be qualified. You're biggest challenge will be if you are looking to buy a home soon...you'll be ok, but won't get top tier given how mortgage brokers raped the system recently. Banks are a little gunshy.

dondos2

yeah thats what i thought but it says that im 31% percent better than everyone else creditwise

Will Y.

The FICO (Fair Issac Corporation) score was most used by lenders. IIRC, a 720 was the number at which consumers were deemed to be golden/at the highest level of creditworthiness.

However, each of the big 3 credit reporting agencies, like Transunion, started its own "credit scoring" system, which is not the number used by real estate lenders. Each person's credit score could be completely different with each credit reporting agency, with up to 80 point swings either way.

TS_eXpeed

Anyone know how much a new credit card will bring your credit down while closing another one?


I checked before I got my new AMEX and before I closed my Capital One ( I hate them), and before hand, I had a 750 I think. I'm nervous to check again.

Mike 350Z

No I don't but there's no point in closing the old one. Just pay it off fully and cut it up and dispose of it. No point in lowering your total available credit amount.

Trew

iTrader: (1)

Never close accounts - especially if payments were made on time through that account's history. This is seen as a negative thing and will actually cause your credit score to decrease. Opening new accounts will also reduce your score. Unfortunately, it looks you got hit twice by that one move

Anachostic

I've been using CreditKarma.com. They have free credit scores. While it doesn't give you FICO scores, it does give you a relative number that you can see ups and downs and it keeps a history of your score each time you check.

I noticed a slight dip after I got prequaled for a mortgage loan. Whee. You might be able to get your current score before your recent changes get reported so you can see what effect it had.

TS_eXpeed

I still have a 749 with Experian and and 729 with TransUnion and Equifax.

einsatz

So what's the best way to check it? Any free offers from the bureaus?

Trackruner228

iTrader: (1)

Have you never seen the commercials for free credit report?

TS_eXpeed

You are entitled to one free credit report each year with each credit bureau.

Costco

Nice to see people our age taking care of their credit some teens just don't give a damn

mine was in the 730s before I got my loan for my car.... we'll see how it is after

einsatz

Yeah but that doesn't cover the credit score.

phee

iTrader: (5)

creditkarma.com is some good stuff.

Jonesi

IMO www.MyFico.com is the best to use.. And covers all three scores if you want. Plus the report for each and one price.


Use Coupon/Savings Code " CPPSAVINGS "

RMATIC09

i used myfico...
transunion:728
equifax:742
experian:737

had a credit card since 18...not bad.

NSXNEXT

iTrader: (2)

Checked mine Friday after I read this thread.
964 (out of 990) on Experian
791 on Equifax



Looks like Experian does a something called VantageScore which averages all the 3 credit reporting bureaus scores together.

einsatz

^ Awesome. You should get a $5 million interest-only ARM ASAP!

TzarChasm

this is what grade inflation has done. Thank you public schools and coddled kids. Once upon a time 10% was A 20% was B 30% was c 40% was d.....

Now kids think of a C and think "holy crap that stinks, only the dumbest kids get c's."

Fossil_TL

HOw do you guys even afford auto loans at age of 19.

I live quite frugally while In college, and still end up 60k in debt.

Thumbs up to you hard working teens

v6cord2k5

iTrader: (1)

I've been paying my car since I was 19 under my parents and I've come to realize how bad I fucked up on that move, stuck with a car I didn't want and $600 payments building no damn credit. Two payments left...

SupaRookie

Hmm...I should check that out.

Costco

I saved up a bunch of money, then spent it wisely after getting the loan. For a while I went to college full time and worked two part time jobs to take care of some debt. That sucked ass, every week it was 12 hours of school and 40+ hours of work. I'm thinking of doing something similar now though, I've accumulated a couple grand worth of credit card debt that I can't seem to shake off. but this time I'll just get a full-time job that pays much better.

My credit card debt was mainly out of necessity, and somewhat not. My car needed tires badly, and I did find some cheap (but great) rubber, but couldn't resist getting wheels along with them.

I live at home so that helps, and I'm not ashamed to admit it. I pay every single expense of my own except for rent though, and my mom's declined my money. I also go to a community college but that's gonna change in a year or two. University tuition and costs are insanely expensive.

agranado

!

ChodTheWacko

Just because you have debt doesn't mean you can't get a car loan.
Especially school loans. Although I wonder if even that is going to change
in today's economy.

My first car, though, was a repossessed Ford Taurus.

- Frank