Credit Scores

[Reephdweller]

Does anyone know what scores are good credit scores? Naturally the higher the number the better. But I've heard some people say that 600+ is good, and then others say you need to have over 700 in your credit score in order to be considered a good score.

I'm trying to get an idea of where I'm at right now. I intend to get a new car within six months, so I want to know for when I go in to the dealer whether I have a good shot or not. Right now I was told I have a pretty chance of getting a loan if I do a lease, though I intend to further improve my credit within these six months.

If anyone is familiar with the scores and what's good and what isn't or I should say, anything over this score or that is good I would appreciate it.

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[JPMNICK]

from what I know, you want over 700. Anyting over 750 is pretty safe for anytype of loan you may want. 650 and above is not horrible, but you will not be getting the prime rate.



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[Justice4all]

Ok....the 'magic number' is 620 for a credit score. Yes over 700 and up is better but as long as you are over 620 you are in fair waters.

The trick is to actually have some credit open. Like a visa or credit card. Do not close it but never do any late payments.

Anyway...good luck with the car purchase.
Need any information PM me..I know all about this stuff.

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[Reephdweller]

I used to be really bad with my credit a few years ago, I ran up debts with several companies and had a number of late payments which really hurt me. Then around 2001 I checked my credit score for the first time and it was around 350. It was god awful. I took measures and spent about a year and a half knocking out almost all of my debt. I have two cards left with debt. A credit card, and a store credit card. When I checked it today which was the first time I've done it I now have a score of 650. A very nice improvement I think. Though I'd like to be at around 700 or at least higher in score when I try to get the car. My one credit card is close to the limit so I'm going to work between now and then to reduce it as much as I can to help things along.

I haven't had a late payment in close to three years now and a lot of those durogatory statements went off my credit this year. I just need a few more to clear off and I'll be really good. Plus my one credit card that I have left has never had a late payment on it. I've always been very good with it.

I was foolish to close the other cards I had when I did, though at that time I had read articles that said it was good to do that. Now I've heard the opposite. I just hope that I can improve things enough to make it very likely that I'll be able to get a good loan.

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[FMJeff]

I hate the credit scoring system more than anything on this planet.

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[angrymissy]

700+ = Golden Credit
620+ = Good Credit
560+ = OK Credit
500+ = You can get a loan but with way high interest
Below 500 = Crap

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[Bulldogcakes]

Do you have any assets (own home, stocks etc) If you're worth more than the loan, you shouldn't have a problem. Especially with car dealers.

AND DONT fall for their bullshit act of "well, your credit has a few bad marks on it (everybody's does) but I can sell this car to you at shitty terms and an inflated price"

Uggh! I hate car dealers.

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[newport king]

i tried fixing my credit, i paid off all debt in one shot, closed all credit cards i had open and then went for a car, was told this was awful for my credit. apparently some debt is a good thing. i financed my truck at a ridiculous rate, made 2 payment then wrote a check for 35,000 that covered the entire thing. fuck them and their credit scores...only god can judge me. know what i'm sayin. but i'm now in the process of buying a house and apparently my credit score is a bit better.

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[Walrus622]

I'm familiar with the lending biz. You can get a car loan from a dealer if you have horrible credit, but you will pay through the nose. The more you put down probaly will help your rate though.
If the car is more than 2 years old don't bother going to a bank unless you are looking for a home loan.

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[HBox]

I have a 778 credit rating. I'm only 23 so I have no idea how this is possible.



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[Reephdweller]

A few people have told me that if you have late payments on cards from a few years back that if you dispute them even though they are legitimate lates that most credit card companies will remove them from the records as opposed to the cost of researching it. Does anyone know if this is actually true or not?



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[kevcala]

How did you guys get your creidt scores? Is there a reputable free credit score site you know of, of did you just go through the credit scoring agencies?

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[Reephdweller]

I use MyFico's website at here (http://www.myfico.com/).

I'm not aware of a free way to get it, but for $15 you can get it. Not too shabby.

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[silera]

A few people have told me that if you have late payments on cards from a few years back that if you dispute them even though they are legitimate lates that most credit card companies will remove them from the records as opposed to the cost of researching it. Does anyone know if this is actually true or not?

Yes.

Get your three reports, and just keep sending letters to the three agencies that the bad items are wrong. Every time they remove or change an item, you get an updated report. Then, resend the letter adjusting for any changes.

Wash, rinse, repeat until necessary.

Voilla, shiny silky bouncy healthy credit.



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[JPMNICK]

only silera could make credit scores hot

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[Reephdweller]

Get your three reports, and just keep sending letters to the three agencies that the bad items are wrong. Every time they remove or change an item, you get an updated report. Then, resend the letter adjusting for any changes.



Thanks, I was just curious if they do not remove them does the fact that you were denied work against you as well?

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[newport king]

and ironically enough, running your credit score, lowers your credit score.

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[silera]

No, there is not record that you are working on removing bad items. You can also say ask them to put a comment like "consumer denies accuracy of this reported item" next to any bad items.

Also, applying for a lot of credit lessens your score, but checking your own score does not appear on the report that is sent out to creditors.

The only ones that appear are the ones where you actively authorized a company to view your report because you were looking to open more lines of credit.

The basics are:
1) Lower the amount of recent late payments- anything after the last two years doesn't reflect as badly as recent late payments.
2) Keep 2 major cards and 2 store cards minimum and have a maximum of 6-7 total credit cards
3) Maintain no more than 50% of your TOTAL credit in use (eg: if all your cards total = $6000 available credit, do not carry a balance of more than 3K)
4) If you're looking to make a major purchase like a home, car, or applying to rent, DO NOT apply for credit anywhere for at least 6 months.



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[silera]

Last January I had a 563 score.

By August, I paid off all the cards, left 3 major and 3 store open, and spent 6 months sending letters to all the credit reporting agencies denying my late payments.

My score got to 705.


You just have to sit down every month for 3 hours and deny, deny, deny. The last 2 months I wrote the creditors and directly requested that old late payments not be reported, and 2 of the remaining 4 actually removed the negative items.

Providian however, is the devil. They won't remove shit. I paid those bastards all their money and I wrote them a letter. A nasty one.

I told them that ONE DAY I WOULD HAVE LOTS OF MONEY and they would not get one lousy cent from me!

I'm sure they cared.



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This message was edited by silera on 1-12-05 @ 7:20 PM

[Bulldogcakes]

Providian is the WORST credit card EVER. I make all my payments to all my cards. I miss ONE due date w/these pricks AND I GET A CALL ON SUNDAY MORNING!!! (Which I think is illegal) And I tell them I'll send it out and she starts getting pushy "Is there any reason you cant make a payment over the phone right now?!" FUCK YOU !I PAY MY BILLS WITH MY CHECKS YOU SHITHEADS!! ITS SUNDAY FUCKING MORNING!! FUCK YOU!!

Never, never ever use Providian. Ever.

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[silera]

I am glad to see that there are others out there that share my anguish.

I've reported them to the authorities. I even wrote a letter to the president of the company.

I'm pretty sure that somewhere, there is a picture of me on a bulletin board next to a security desk with "KEEP OUT" written accross it in huge red letters.


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[Bulldogcakes]

I bet they operate out of a Post office box in the Bahamas. Criminal fucks.

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[fiestygal]

i am guessing then a 790 is good?

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[fiestygal]

oOps..double post

This message was edited by fiestygal on 1-12-05 @ 11:28 PM

[jackscotty]

Well as far as I know, ANYONE with a pulse can get a car. But as it was mentioned earlier, the terms might not be as favorable as they would be for someone who has a AAA rating and 850 credit.

The only reason why you might want to pay off all your debts in one lump sum is to improve your debt to income ratio.. but its important to demonstrate that you pay your bills on a consistent basis, thus having a few small credit accounts open will show that on paper.

I suggest disputing everything. You would be surprised at what they remove. After all the worst that could happen is that they say NO.

Being that accounts are bought and sold all of the time I imagine that a credit card account would be too much trouble for the bureaus to research.

[Reephdweller]

Found this interesting article on Yahoo...Improve Your Credit Score And Develop a Solid Credit History (http://loan.yahoo.com/c/score2.html)



The first thing to remember is that your credit score can vary from month to month-even day to day, sometimes. This is because it is calculated based on the credit data available for you at the credit bureau on the day the score is requested by a lender....




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