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Credit Ratings = stupid (but hey, we're locked in at 5%, no reason to complain)
Posted on 5/18/11 at 10:44 am
Posted on 5/18/11 at 10:44 am
The wife and I just locked in our rate for a mortgage today at 5%. The agent explained to me the rate was based off my wifes credit since it was worse than mine. I'm like "waaaa?? why?".
Wife has
a medical collection from 2004 for 50 bucks that was paid
a student loan that she has paid faithfully on for nearly a decade
I have
an unpaid collection from Verizon for less than $100 from like 05 (that I don't owe and will never pay)
the VISA card has me as the primary account holder, and its paid every month
So basically - since I am the primary account holder of the VISA card - and the card has a monthly balance that is paid in full (or nearly in full) every month - my credit score is like 800 - but hers is only 710. My wife uses the same card - it has her name on it, I'm just the primary account holder. So it doesn't show up in her credit score. The loan agent told us if the CC had been a joint credit card, instead of me as the primary holder and her as a secondary card user - her score would be closer to mine.
That's just f'ing stupid.
Of course that was just our agent's best educated guess as to why our scores are so different - apparently even loan agents themselves can't fully decipher the mystery that is the 3 credit bureaus.
And the wife actually makes more money than me. If I were making a loan - I'd MUCH rather lend to her than to me!
Wife has
a medical collection from 2004 for 50 bucks that was paid
a student loan that she has paid faithfully on for nearly a decade
I have
an unpaid collection from Verizon for less than $100 from like 05 (that I don't owe and will never pay)
the VISA card has me as the primary account holder, and its paid every month
So basically - since I am the primary account holder of the VISA card - and the card has a monthly balance that is paid in full (or nearly in full) every month - my credit score is like 800 - but hers is only 710. My wife uses the same card - it has her name on it, I'm just the primary account holder. So it doesn't show up in her credit score. The loan agent told us if the CC had been a joint credit card, instead of me as the primary holder and her as a secondary card user - her score would be closer to mine.
That's just f'ing stupid.
Of course that was just our agent's best educated guess as to why our scores are so different - apparently even loan agents themselves can't fully decipher the mystery that is the 3 credit bureaus.
And the wife actually makes more money than me. If I were making a loan - I'd MUCH rather lend to her than to me!
This post was edited on 5/18/11 at 10:47 am
4
Posted on 5/18/11 at 11:14 am to IndianRed
Feel better?
Posted on 5/18/11 at 11:18 am to Vrai
Posted on 5/18/11 at 11:23 am to Vrai
quote:
Feel better?
A little bit. The difference would have amounted to about $10 a month for 30 years.
Posted on 5/18/11 at 11:36 am to IndianRed
You have an 800 credit score with an outstanding default on your record?
I smell bullshite.
I smell bullshite.
Posted on 5/18/11 at 11:50 am to TheHiddenFlask
quote:
You have an 800 credit score with an outstanding default on your record?
That's what the dude said. Its a pretty old debt and it was disputed, its for like $75 I think. Its set to drop off the report like next year - maybe that helps?
My score was like 690 or so about 2 years ago - but since then we've been running up a few hundred bucks on the card but paying it down every month - apparently that really helps your score.
This post was edited on 5/18/11 at 11:51 am
Posted on 5/18/11 at 11:55 am to IndianRed
My dad is literally the only person I have ever met with a 800+ credit score and that's because he takes out and pays off hundreds of thousands of dollars in crop loans and pays them off every year, and has done that for the last thirty years.
I guess it's possible, but certainly strange.
I guess it's possible, but certainly strange.
Posted on 5/18/11 at 12:06 pm to TheHiddenFlask
quote:
I guess it's possible, but certainly strange.
It was actually the middle score of the 3, which is what they use for some reason. My lowest score was actually like 720, the middle and highest scores were like 800 and 810.
They use the MIDDLE score for an individual, but when they want to determine the score of a married couple, they used the WORSE of the two middle scores. Seems inconsistent.
But yeah - I was pretty surprised anyway.
This post was edited on 5/18/11 at 12:08 pm
Posted on 5/18/11 at 12:09 pm to TheHiddenFlask
quote:
I guess it's possible, but certainly strange.
Maybe not that strange. My friend and his wife were getting pre-qual for their first home, and he was worried about her credit since she has only one account to her name. He has 3 or 4 credit cards that he frequently uses and pays off and a car loan that he faithfully paid for five years. His score was 770ish, hers was 802.
I seriously think voodoo is used to determine credit scores in some cases.
Posted on 5/18/11 at 12:19 pm to notslim99
quote:
Maybe not that strange. My friend and his wife were getting pre-qual for their first home, and he was worried about her credit since she has only one account to her name. He has 3 or 4 credit cards that he frequently uses and pays off and a car loan that he faithfully paid for five years. His score was 770ish, hers was 802.
I seriously think voodoo is used to determine credit scores in some cases.
Yeah, that makes zero sense. Seems like its the same situation as me and my wife, except the person with the cards getting paid off in their name has the worser of the credits. Posted on 5/18/11 at 3:31 pm to IndianRed
quote:
I have
an unpaid collection from Verizon for less than $100 from like 05 (that I don't owe and will never pay)
the VISA card has me as the primary account holder, and its paid every month
quote:
my credit score is like 800
Does not compute...
Posted on 5/19/11 at 12:03 pm to IndianRed
Mortgage lenders have used the lower middle score of joint applicants for as long as I have known. Your wife's score of 710 is not bad, but for mortgage lending it will take a hit. You need 740+ to get optimal pricing.
That being said, 5% is still a good rate.
That being said, 5% is still a good rate.
Posted on 5/19/11 at 1:37 pm to notslim99
quote:
I seriously think voodoo is used to determine credit scores in some cases.
Pretty close, from what I understand the algorithm the rating agencys use to calculate a score is variable with the factors considered, and their weighting subject to change. What goes into a given score today my be different tomorrow.
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