Credit Score?

[Steve Carlton]

A large number of mortgages shouldn't hurt your score. Inquiries in the last 12 months and new accounts in the last 12 months will hurt your score, AFAIK. The credit card ratios they use are the amount reported (the balance on your last statement) divided by the limit. Unfortunately, paying the balance in full has no effect. You can pre-pay your credit card before the statement comes out so that the balance reported is a low percentage. I've heard 5-10% of your limit generates the highest scores- higher than a zero balance. A large number of open revolving accounts can hurt your score. Also, some credit cards don't report a limit, so you get treated like you have a maxxed out account. Those credit card companies were sued, but prevailed. Those accounts should be closed if you're trying to get a really high score, or kept with zero balances. Perhaps closed if you have lots of other credit cards.

If you run your free credit report, you can pay extra to get your score. The scores they give consumers are often up to 20-30 points higher than the scores a mortgage lender will pull (FYI). When you get your score, you'll also get the four top reasons (score factors) why the score wasn't higher. The first one or two score factors carry the most weight. Even people with 800 scores will get the four score factors. It's the worst things they can say about your credit report, but it doesn't mean anything if the score is so high.

[SLO-BOB]

Originally Posted by cgarr

Just opened a line of credit for some major home improvements this spring. I just got the credit score back, it was 760, what does that mean, am I going to be OK?

I think someone's doing a little bragging. That's kind of like saying "I have a "10" penis. Is that okay?"

[cgarr]

Originally Posted by SLO-BOB

I think someone's doing a little bragging. That's kind of like saying "I have a "10" penis. Is that okay?"

Trades? The wife would surely forgo the new Kitchen for 10"s

[RWebb]

Yes, the best & most accurate way to have a nice banker or credit union pull the score. That should be free and will simulate what would happen for a real loan appl.

Be sure that the inquiry ITSELF does not lower your score.

[Steve Carlton]

It will if you have someone pull it for you. 3-4 points is the theory.

[racerpaul]

This video explains scoring well,

http://www.11mincreditvideo.info/

I'm a Loan Officer for a mortgage bank and also do unsecured lines of credit with low / no documentation based on a 680 score or higher... basically a signature loan for individuals and businesses.

See http://www.silverliningfunding.com

http://www.11mincreditvideo.info/

[mkaraoglan]

fyi:
there is a typo on your front page: " Fill out this form to be contacted
by on of our professionals within 24 hrs."

Originally Posted by racerpaul

This video explains scoring well,

http://www.11mincreditvideo.info/

I'm a Loan Officer for a mortgage bank and also do unsecured lines of credit with low / no documentation based on a 680 score or higher... basically a signature loan for individuals and businesses.

See http://www.silverliningfunding.com

http://www.11mincreditvideo.info/

[racerpaul]

Wow ! That was really a fast reply! Thanks for the heads up!

[Joeaksa]

Mine has been 750-780 for years and had no idea what it meant until I went in to buy a house. Really helped and trying hard to keep it that way.

Joe

[porsche356a]

I have a question for the Lenders on the board...

I read that the top FICO was 850. I applied for a loan and the bank sent the mandatory FICO disclosure. The score was above 850 (861).

Is this a typo or some other score type?

Thanks.

[Rick Lee]

Originally Posted by porsche356a

I have a question for the Lenders on the board...

I read that the top FICO was 850. I applied for a loan and the bank sent the mandatory FICO discloure. The score was above 850 (861).

Is this a typo or some other score type?

Thanks.

I heard 900 was the highest, but I've never seen above an 816.

[Zeke]

Originally Posted by phred68

I guy at work was just bragging about how his score was 'Like, almost 1000'. We just looked at him and laughed.

Not all credit scores are FICO. There are others. I had one come back at 905 recently which proves that because I would not even be a strong 700 on the FICO rating.

[Hetmann]

The less you need credit the higher your score will be.

[Porsche-O-Phile]

Supposedly they've changed the rankings again to make the maximum possible score a 950. Can someone verify this?

If so, it sounds like just another way to f*ck with people. "Oh, I see your credit score is ONLY 750. . . That's "good", but nowhere good enough to qualify for the best rate. . ."

What a friggin' racket.

[Wickd89]

Originally Posted by motion

I am envious of you guys with 750+ FICOs. Mine has hovered around 700 for the past several years and nothing I do will make it improve. I have a very large number of accounts open (mortgages) and of course, they are all high balance. My credit card ratios are good, I have not been late on any payment for many years, but still I cannot pull it up. I do have a pretty high number of inquiries in the past 2 years (real estate deals) and I was recently the victim of credit card fraud, which resulted in closing of one account. It was reopened as another account, but I know I took a hit. I HATE FICO SCORES!!!!!

Mine last time I checked in mid-07 was 796.

But does not mean much because it does not bring me any closer to a Ferrari Stradale!!!

[charleskieffner]

THIS IS ALL CRAP!

just went into chase to refi a heloc i have. roughly shave a point and a quarter off.

experion comes back with a ******* 791 CREDIT SCORE!

******* chase in all their wiz-dumb refuses refi.

guess ******* what??????

next week when i have time every bank in a 10 mile radius will be approached to refi.

nothing has changed. no increased expenses, never a late payment not one damn thing, in a million billion years. only have visa amex and chevron cards. havent switched one card for another. spotless damn credit and the fuchers refused my refi.


can pay my house off this second if need be. house worth 900k even in this market.(location location location) owe 68k on it after deevorce buyout 10 yrs ago.


talk about the dumbest corp credit move in history!

SEE YA CHASE! cant wait to write nasty ass letter to this credit mgr. MORON!