I know we've talked about this a ton, but I want to talk about it again, because I have a bone to pick. As you all know (because I've mentioned it like fifty times this week alone), I just paid off all my credit cards last week. So yesterday I went to www.annualcreditreport.com and got my free report from two of the three agencies, Experian and TransUnion. Equifax "could not process my request" so I just left it alone.

Anyway, I'm really disappointed in my credit scores. I'm especially pissed off to see that one of the things I was proudest of... paying off and closing all my accounts... is actually harming my score. Because I don't have any cards open, my score is lower than it would be if I had not closed all my accounts.

My scores were 693 TransUnion and 639 Experian. Is that good? The sliding scales they showed me said that I'm midway between "Poor" and "Fair", and my black marks are a 6-month period in 2002 where I was out of work and couldn't pay all my bills on time (2 accounts 30 days late, 1 60 days late), lack of an open credit card account, lack of mortgage, and short credit history. But I've had credit since 1998 now, isn't the limit seven years? When does my credit history become "normal" instead of "short"? If I open a new card, how much will that boost my score?

We're going to be in the market to buy a house soon and Scott has an excellent score (790, I think). I don't want to bring us down, so what can I do?

 

If you just paid off your balances it will take some time for your scores to reflect this. Give it 6-8 weeks and check again. A score of 720 is average and you are getting close. You can dispute the late payments (the 60 days hurts you the most) and if you want I can walk you through that process.

By the way congrats on paying off your credit cards. It's a good feeling isn't it?

 

Mines 3 under par.

 

I think the error is that you closed your credit cards (if I read your post correctly). One thing that influences your credit score is not how many cards you have but how much total credit is available to you and what percentage of that credit you are using. So if you have 6 credit cards that total $40,000 in credit and you have a total balance of $300 it looks real good. If you have a total balance of $300 and a total credit limit of $1000 then you are using 30% of you limit and it doesn't look so good.

 

Last time I checked, 787. I pay all my bills on time and never pay my bills portion at a time. I don't have any mortgages on my name, but I do have 2 car leases and a finance.

Generally, anything over 720 is considered excellent, qualifying you for the best rates.

 

758

 

closing your accounts is either inneffective or hurtful at best. In short, dont do it.

I pull extremely thorough credit reports every day. Its sick what us mortgage people get to know about our clients. You can do pretty much anything you want as a homebuyer with a 620+ midscore. However, anything below 700, your rate take a kick in the pants. 90% of mortgage programs will qualify you on the low mid score of married borrowers, which i guess would be you

The best thing you can do for yourself is use one or two cards for cash purchases and pay it off monthly. A few more on time payments will kick you up closer to where you want to be when its time to buy.

I have a lot more insightful and technical shit to add, but...im lazy ask if you have specific questions.

 

789

 

Would it help her if I added her to one of my CC's?

 

, but her own is usually better

 

If Scott adds me to one of his credit card accounts, does that count as me having an account?

Also, I am planning to wait until January to open a new account, because I won't have my new driver's license with my new last name on it until then (when I have a chance to go to the CA DMV). Is this okay, or should I be applying for a new card ASAP?

 

just wait, esp. since your score will go up since your last 2 months of transactions most likely haven't been reported yet

 

Adrienne, your score isn't terrible, but it's weird that there's a big gap between the 2. Usually, the scores you have with different bureaus should be similar. It is a good idea to keep some form of revolving credit so that you keep good credit constantly. Opening another credit card account will not really hurt your score though it can have a little impact because you are accepting more debt. That's a common misconception. If you start charing it up against your available balance and don't get that amount worked back down in a reasonable amount of time, that will hurt your score. Once you hit 7 years on the reporting bureaus, you are removed from short status, though this really doesn't have a lot of weight in the decision to offer you credit. If you have less that 2 years, that is when lenders really take you into consideration as a risky investment.

On the topic of your recent payment on all of your credit card debt, that takes about 45 days to really take effect on the bureaus (sometimes longer, but not likely). Once you aid your debt-to-income ratio that actually shows up on your bureaus, you'll see a noticeable jump in your score. Though I do caution you from making excessive inquiries to check it out. That will add up over time, though it doesn't truly hurt your score. Making a bunch of inquiries that yield nothing reflects negatively upon your credit-worthiness, but not necessarily your score. Basically, if you want to get another credit card to keep something revolving, that would be a decent idea. Just be wise with how much you keep as a balance in consideration to what your available credit limit is. That will have some weight in the lender's decision when you 2 apply for a mortgage. Scott may also (if he has it) straighten up any amounts that are rolling up balances that carry a majority of his credit limits. For that matter, consolidation would be a good idea. This stuff is basically a recommendation if you're considering buying some where from 4-6 months from now. That amount of time would give you the opportunity to have any recent actions/improvments to take shape on your history and report.

When it comes to getting a house, if you guys apply as spousal co-applicants, you should be fine provided his history has some depth of recent credit that is in goodstanding and has no delinquencies in the last year. Because you'd be apllying together, most states consider the loan community property and would probably place his apllication with you as the co-x to stregthen the application being submitted. In other words, his credit history with a score of 790 is probably stout enough to carry your decent credit. Don't sweat it.



It doesn't really make a difference either way you do it.

Just for fun, here's me:

Transunion: 748
Equifax: 746

I love working where I have direct access to this stuff (I did at the dealer obviously, but at the bank, it's even easier). It took all of 30 seconds to pull it.

 

749 last time i checked. Transunion.

 

yea, I don't have any debt, but have 2 accounts open.

 

Do you need to open new cards? The damage is already done closing everything out. So long as you left at least two or three open, you should start using them immediatly for simple purchases, just dont let the debt hit 30% of available credit. The key is you want points for a few more on time payments but Credit reports see no difference between 0 and 30% on scoring.

Of course if you closed everything, then you're fucked and will have to wait till the name change to build credit again.

 

762

 

861

 

761 considered "good" credit
Two major credit cards that always have a high limit and small balance
Mortgage that's NEVER late
two cars paid off

 

it was 750-760 for awhile up until a few months ago.

since then, I added a mortgage, a second car loan, opened a few credit accounts, and am carrying a few relatively small balances...

needless to say, my credit has seen a bit of a "shock" going from a relatively stagnant period to the good ol' "in debt up to my eye balls" American Dream.

my score now looks to be around 680.

however, I'm betting on (hoping for) a rebound once I sell the CL and pay down my balances (I've the cash to back them up, I was just taking advantage of some 10-20% off credit offers on major purchases for the house).

 

850 is the highest total used by the major credit bureaus. I've only seen a score of 850 once, and that guy was a VP for the bank (with 20+ years experience) I work for when he bought an MDX while I still worked for Acura.

 

put the pipe down homey

 

speaking of which, anybody want to buy an '01 CL-S?

 

it was from Transunion. I just used the same link Adri put up.

 

720 was the last time i checked several months ago

 

Cali, read some of the stuff in the "similiar threads" section below... Like this one:

https://acurazine.com/forums/showthr...t=credit+score

Mine was 788 (equifax isn't the most reliable source tho') 2 years ago https://acurazine.com/forums/ramblings-12/free-equifax-credit-report-score-power-122301/ (post #49)

 

I would spend some time reading the forums at www.creditboards.com - there is a ton of information about how to fix your credit.

Typically closing credit cards is a bad thing to do because it can raise your overall utilization percentage and also affect the length of your credit history - both of whcih would have a negative impact on your score.

 

credit reporting is 350-850

Thats like saying you got an 1800 on your SAT's. It simply doesnt exist.

 

We have a forum for this
https://acurazine.com/forums/non-automotive-motorcycle-sales-9/




:ibigetbanned:

 

i don't know how to attach a picture. but it did say 861, why bullshit?

They have the sliding scale from 400 to 925 on this one....

 

 

Actually, they changed the points scale on SATs about 2 years ago that now allows higher scores to be achieved. Though when I took mine back in HS (way back when...I graduated in 98), I got a 1460...and then a 31 on my ACT.

 

its not still 800/800? damn world's a changin i tell ya :killer:

 

He probably has dyslexia and his score is 618.

 

Yes, there is no way someone can have an 861 score.






"TransUnion Personal Credit Score
****************


Your credit score is:

861 Based on data from:
TransUnion Score created on:
12/13/2005


Based on your credit report data, this is a numerical depiction of your creditworthiness.



Your credit ranks higher than 87% of the population



Most lenders would view your creditworthiness as between Very Good and Good






About your TransUnion Personal Credit Score
Your TransUnion Personal Credit Score is displayed above. Your credit score is a snapshot of the contents of your credit report on the day the score was calculated. Using objective, impartial formulas to translate the contents of your credit report into a 3-digit score enables lenders to evaluate your application for credit in a faster, fairer and more consistent manner. Remember, we constantly update the information contained in your credit report, so your TransUnion Personal Credit Score only represents the score a lender would receive if they requested it today.

Summary
Given that you have a high credit score, lenders should be able to conclude that you are capable of repaying your debts. This would then enable lenders to provide you with better interest rates and loan offers. Credit cards may be harder to obtain because lenders still see room for improvement. To improve your credit score, continue to pay your debts on time. Lender offers will differ based on the attribute information you provide concerning your monthly income, employment history, and monthly debt. This information will aid in the determination of whether you receive an excellent offer, or just a respectful offer."


oh well. don't believe me. No problems. I'll just go buy something really expensive.

 

 

861 and you're only 87th percentile???



try again.

 

861 doesn't make any sense...Like other stated, highest is 850. What's to say that you didn't change the number before posting it?

 

Maybe its in Canadian dollars?

 

540, i'm sad