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Discussion in 'Credit Talk' started by James, May 6, 2000.
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Credit scoring is a way to determine a consumer's creditworthiness, the higher the score, the better. It is a mathematical formula that is derived from the consumer's credit history. Credit scores are used by lenders to extend credit to applicants.
Here's a few tips on how to slowly but surely increase your credit score:
- Periodically keep track of your credit report for inaccuracies.
-Pay all your bills on time.
-Don't try to open too many credit accounts over a short period of time.
-Dont over spend. Use only the credit you need and can afford.
-Try to keep your credit card balances low. High balances and Maxed out credit cards will lower your credit score.
-Be patient. Good credit is built over time.
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Just a little insight for you, since you were one of very few "lucky" ones to find out what your credit score is......
A credit score of 600 or less usually indicates that you have had some difficulty with credit in the past (charge-off, judgement, bankruptcy, etc.) or have a very short credit history.
Scores of 600-660 usually means that there were some 30-60 day delinquencies in the past.
Once you get to a socre of about 670, then you usually begin being considered for loans and credit cards (although not ususally the best rates).
Scores of 700+ are ideal for obtaining credit cards, loans and mortgages (as long as your income is also seen as sufficient by the lender). This range offers the best rates for individuals & is what high-end lenders like MBNA, Wachovia, & American Express look for. In my past experience (which I would rather not discuss), I would say that less than 20% of people with any credit history at all fall into the 700+ group, unfortunately.
Just be aware that there are many different variables that affect your credit score such as: Total balances/Available credit %, number of inquiries, payment patterns, etc., etc.
As a former Californian and customer of Bank of America I can say they did you a favor. The bank has probably one of the worst records for customer service, the fact that they ran a credit report on you to open a checking account is a good example. Join a credit union, they have much lower fees and actually care about their members. Most banks only do a ChexSystems check, not a acredit report. B of A has a bad habit of invading people's privacy...count yourself lucky.
Some people have a charge off and still have a score better then someone that has good credit.
I look at a ladies TRW report with one credit line her score was 705
I look someone elses report with 5 credit lines 5 Inquires no lates their score was 590
No one can tell the public what it takes to have a perfect score all anyone can say is i think this will give you a better score.
No one i mean no one not even the Lenders will bet how the score will run.
Thanks for that clear and concise explanation Bobby, I mean J. Edgar or is that Dr. Evil?
Previous message is not me.
For the record, the parent of this message was not posted by me. My DSL connection has a fixed IP address which you see at the top of this posting. I do not use Mindspring. If I post from work, that also comes out as an IP #, but I don't recall it at the moment.
Clearly whoever posted this message doesn't really know much about credit at all because TRW hasn't been in the credit reporting business for years. (Wise move Messrs. Thomson, Ramo and Woolridge's part, although they no longer own the company).
RE: Previous message is not me
Oh come now, J. Edgar. We know that TRW must still be in the credit reporting business because Bobby said they are. I mean he is a close, personal friend with its head mucky muck. He's told us that the two of them sit back and drink wine all day on Bobby's back yard deck. What's not to believe?
Lex, interesting break down of the scoring system...where did you get your information?
I find myself agreeing with your basic break down in a general sense, but credit scoring is a pretty complex system and can't really (and unfortunately) be explained so simply.
When I recently applied for a mortgage, my lender informed me that my score was 630. I was approved (FHA), and for that I am grateful. Since this score seems to be a "standard" of some sort, is it possible that the formula(s) used to generate this number are available somewhere?
No their ins't, although digging trough some websites i found a big chunk of the formula. i have it printed up somewheres in my cave but finding it is another story.
The websites I was digging through where I may have found it on Friday are:
Keep in mind their are many links so the information may no be on any of these sights but through a link. Try creditinfocenter first that is where I think I went first.