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Posted on 7/12/17 at 1:36 pm to SlowFlowPro
quote:
1. TIME SINCE MOST RECENT ACCOUNT OPENING IS TOO SHORT
People who recently opened a new credit account (such as a credit card or loan) are more likely to miss future payments than those who have not and are riskier to lenders.
Time, paying your bills on-time and keeping your credit utilization low (try to be under 10 % of your existing credit lines) will help improve one's score.
All three matter equally, in my opinion.
Posted on 7/12/17 at 1:38 pm to SlowFlowPro
They vary a lot
Last year I decided to trade a vehicle in and purchase a new one, my credit score supposedly was 690'ish, prior to this it was bt 720-750
I checked earlier this week I have scores of 723,760,793
Last year I decided to trade a vehicle in and purchase a new one, my credit score supposedly was 690'ish, prior to this it was bt 720-750
I checked earlier this week I have scores of 723,760,793
Posted on 7/12/17 at 1:40 pm to ThePoo
quote:
the entire concept of credit scores and what they are based on are weird
Amen to this. They're arbitrary bullshite. They can find a way to deny or approve anyone based on credit scores. The whole thing is bullshite
Posted on 7/12/17 at 1:41 pm to MontyFranklyn
quote:
Credit scores are very fluid. Scores can be different for different products based on your credit history. For instance, if you apply for an unsecured loan at a bank you will get one score. If you then apply for a credit card at that same bank you could get a higher score and if you then applied for a mortgage you'd get a different score(from the same agency. mortgages pull from all three and take the middle.) The reason is credit scores differ based on product and who pulls them.
That might be kinda sorta true. I can pull your credit and you score 775, depending on the kind of loan your are applying for you might end up with different application scores within our model. The differences don't come from your credit score itself, but other factors. Let's say a car loan might also score you on how much you are paying down while a HELOC won't use that factor, but rather how long you have lived at your address. A mortgage loan would focus on the monthly debt obligations.
Posted on 7/12/17 at 2:08 pm to Will Cover
Paying your bills on time should be the most important factor.
Which is proven by the fact that it makes up 35% of one's score.
Utilization and age of accounts count a little less.
Which is proven by the fact that it makes up 35% of one's score.
Utilization and age of accounts count a little less.
Posted on 7/12/17 at 2:09 pm to SlowFlowPro
quote:
Credit Scores are so racist
FIFY
Posted on 7/12/17 at 2:09 pm to SlowFlowPro
I had a 790 and the wife had a 760
We bought a house and mine went to 760 and hers went to 790
It's a complete crapshoot and totally dumb.
We bought a house and mine went to 760 and hers went to 790
It's a complete crapshoot and totally dumb.
Posted on 7/12/17 at 2:25 pm to SlowFlowPro
the real credit scores are the mortgage ones at myfico.com.
some sales guy in the mattress store told me he used the credit people.com at 60 bucks a month and got his scores way up. they have an IN and can get disputes.
some sales guy in the mattress store told me he used the credit people.com at 60 bucks a month and got his scores way up. they have an IN and can get disputes.
This post was edited on 7/12/17 at 2:26 pm
Posted on 7/12/17 at 2:28 pm to Will Cover
quote:Yeah but I think utilization is important-- pay all credit cards off.
Time, paying your bills on-time and keeping your credit utilization low (try to be under 10 % of your existing credit lines) will help improve one's score.
All three matter equally, in my opinion
Posted on 7/12/17 at 2:30 pm to SlowFlowPro
the free score you see at credit card places are usually the mortgage ones.
Posted on 7/12/17 at 2:41 pm to SlowFlowPro
quote:
this isn't a brag thread
Now it is.
Also in reference to the negative factor, the only reason those are counted against you is because people before you have ruined it. Someone opens a new line of credit to pay off an old one, can't do it so they open a second new account, and so on.
Posted on 7/12/17 at 2:51 pm to rondo
quote:
We bought a house and mine went to 760 and hers went to 790
My wife's credit score (FICO) is a perfect 850.
The only reason why she knows where we bank at is because it is printed on her debit card.
That's about the extent of her financial interest or savvy.
Posted on 7/12/17 at 3:00 pm to SlowFlowPro
Its mainly the credit pull for the account. That drops off after 2 years and does not account for much after 1 year.
Likely your score is high enough its just grasping at straws to account for any negative.
Likely your score is high enough its just grasping at straws to account for any negative.
Posted on 7/12/17 at 3:14 pm to slackster
high 600's I think the last time I checked it
I've never had a problem getting a loan so I don't understand why the score is so low.
not that I care at this point...im down to 15 house notes and once paid I'll never borrow another dime
I've never had a problem getting a loan so I don't understand why the score is so low.
not that I care at this point...im down to 15 house notes and once paid I'll never borrow another dime
Posted on 7/12/17 at 3:14 pm to cajunangelle
quote:
Yeah but I think utilization is important-- pay all credit cards off.
Utilization on each card also matters, not just total. I was at 10% utilization overall but had 85% on one card one time and my score dropped 50 points. It rebounds as quickly as it will drop though..
Posted on 7/12/17 at 3:19 pm to SlowFlowPro
I paid off a 4 year car loan last month and my CS went down 4 points and that was the only thing I did. No hard look inquiries, no new credit, no spending on my cards better than 30%, but still took a hit.
Posted on 7/12/17 at 3:40 pm to SlowFlowPro
quote:
my last new card was opened last year
Hard inquiries will stay on your credit report for up to 25 months.
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