ok just went friday to get a loan for a newer truck.In past i never knew my score but had to have co signers.short story drove otr and people helping me pay my bills weren't paying on time.But the bank told me my score of 742 and said this is good.
My question what is considered good and what is scale????
and where can one check their score without the scams
Contact the bureaus directly and you can obtain one copy of your records/year free..
Credit Score Description
760 - 849 Excellent score. The lender will offer you their best interest rate.
700 - 759 Great score. There won't be any trouble in getting a loan at good interest rate.
660 - 699 Good score. There won't be any problem in getting a loan at good interest rate.
620 - 659 Fair score. You may qualify for the loan but not at good interest rates.
580 - 619 Poor score. You may qualify but the interest rates will be very high.
500 - 579 Very poor score. It's doubtful that you may qualify for the loan, and if you qualify, the interest rates will be extremely high.
From what I've read, this is the site that gives you the free reports (disregard the singing pirate commercial):
https://www.annualcreditreport.com/cra/index.jsp
thanx for info i guess i'm doing ok then.I see the credit report commerecials but never trusted it
thanx allen for the break down
Yes, you are one of the few who are responsible with your money, pay your bills on time and do not borrow often.
And, happy birthday!!!
thanx scott i have a coworker and a friend that i get financial advice from that helped me mature in that department thankfully.I will admit i miss the truck
I have been in the finance business for 25 years and the credit score system is far from accurate. One thing to rememeber is that is a snap shot in time and several factors can effect the score; credit card balance is a big one, if you exceed 50% of the avaiable balance it hits the score hard. Just because people pay on time does not mean a strong acore, avaiable balance factors into it.
The guy with limited credit will most likley have a lower score than the guy with debt but be a much better risk due to low debt to income ratio. Most lenders are looking beyond scores these days and that is a good thing, but 99% of the underwriting engines are score driven and the borrwer needs to first get by the system before a human gets to look at it.
742 is a great score tbear, most small banks and CU's want co-signers these days for added security, that does not mean the buyer is not good, but rather the thinking is why not attach another person to collect on in the event the loan goes bad.
Wow, my score was 810, to be honest I was afraid to look.
Your right passport! It's funny how that works. My score dropped from 830 to 820 when I paid cash for my last new truck. My wifes went up when she borrowed money for her new car.
The only score I've ever known of mine was 806.
Mine's shot. Barely enough to qualify for a mortgage.
That'll happen when you've been up against $5k plus in medical bills a year for 6 years. That said, what's out there now is old and once it is gone (another year or two) I'll be tip top again. It sucks that companies can put negatives into your credit history and you have the burden of proving you didn't accrue those debts. I have two sizeable ones on my history that I cannot get removed. One is a medical bill from a facility I have never even seen (about 60 miles from where I used to live) and the other is from a utility company with whom I have never had an account.
I don't do the consumer credit thing anyway, I think it's foolish to buy what you can't pay for, and did myself enough damage that way in my capricious youth. Nowdays it is cash or do without.
But it would be nice to have my score fixed up a little for when we re-fi the house in five years.
I have two sizeable ones on my history that I cannot get removed. One is a medical bill from a facility I have never even seen (about 60 miles from where I used to live) and the other is from a utility company with whom I have never had an account.
It costs you nothing to put those accounts into dispute. It's up to them to prove you had an account and did not pay. They won't likely fess up right away but if you press they'll have to fix it.
Contact the bureaus directly and you can obtain one copy of your records/year free..
Did that and never recieved my free report?
Your score can also fluctuate up to 50 points even if nothing bad has affected it. The formula's are complex and some issues aren't even within your control such as several entities doing inquiries in a short period of time.
I have two sizeable ones on my history that I cannot get removed. One is a medical bill from a facility I have never even seen (about 60 miles from where I used to live) and the other is from a utility company with whom I have never had an account.
It costs you nothing to put those accounts into dispute. It's up to them to prove you had an account and did not pay. They won't likely fess up right away but if you press they'll have to fix it.
Big Yup!! The Creditor has to respond within 30 days to your dispute or the negative report is expunged. Dispute the negative reporting even if you know they are right. You can also attach personal comments against any negative reporting to explain the reason for the negative post.
That's correct, mostly.
Done that...Disputed with notes. They both show up as disputed in my report, however, they do not go away and their impact is not completely mitigated.
Aileinduinn....here you go. Thank me later. Trust me on this!!
http://whychat.5u.com/hipaaleg.html#legalhttp://whychat.5u.com/hipltr.htmlWord of caution...review everything carefully and follow advice to the T.
Fair Isaac.
credit card balance is a big one, if you exceed 50% of the avaiable balance it hits the score hard.
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And that is one of the unfair scoring policies i have raised with the bureaus in recent yesrs. because of the advent of rewards points and certain card benfits, many have altered how they'd generally pay in oprder that they may accumalate reward points, for whatever. I pay my cards at the end of the month and it should be such that card companies offering rewards should wait until such time as the statement due date has passed before they report to the bureaus. Further, reporting highs should be discontinued for the same reason.
I'm surprised the credit card companies could consider involving themseleves in such a unfair quagmire when it is them who seek the enticements.
Just one more reason to be debt free; I could give a rats ass what my score is, it has absolutely no bearing on how I live my life....ain't freedom from credit cool:)
ain't freedom from credit cool:)
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It greatly depends. Small business owners unable to obtain credit could be in significant peril. Homeowners wishing to re-fi,the same. Being able to obtain credit is still a necessity for the vast majority in this country.
Not everyone, especially families, can satisfy their finaqncial needs on the premise that they don't have to worry about credit or borrowing.
VERY good stuff indeed! Heres the forum I learned about this stuff....
http://www.creditboards.com/forums/These guys know there schit!
I have been in the finance business for 25 years and the credit score system is far from accurate. One thing to rememeber is that is a snap shot in time and several factors can effect the score; credit card balance is a big one, if you exceed 50% of the avaiable balance it hits the score hard. Just because people pay on time does not mean a strong acore, avaiable balance factors into it.
The guy with limited credit will most likley have a lower score than the guy with debt but be a much better risk due to low debt to income ratio. Most lenders are looking beyond scores these days and that is a good thing, but 99% of the underwriting engines are score driven and the borrwer needs to first get by the system before a human gets to look at it.
742 is a great score tbear, most small banks and CU's want co-signers these days for added security, that does not mean the buyer is not good, but rather the thinking is why not attach another person to collect on in the event the loan goes bad.
Exactimundo.. I, too, was in the finance biz for about 14 years and examined and judged credit reports on a daily basis.. Good interest rates were awarded to those with solid job history, D/I ratio less than 40% (AFTER any new loan) and any mortgage payment not exceeding 25% of gross.. A minor late-30 wasn't going to make much difference if on a credit card or similar.. But any late payments on a mortgage or, (especially) student loan, would be a near guarantee that much more bux would be needed down and/or interest rate given would not be prime.. This was during the mid 80s - late 90s..