I'm new to this board, so bare with me.... I have perfect credit. Have never been late on a single account in the 18 years I've had credit. I cannot figure out how to raise my score. I'm a small real estate investor, and obtaining loans frequently. I'm told by lenders not too worry, I have a "good" problem and I'm getting the best rates. But, I it bugs me ! A couple of lenders have stated it may be the number of mortgages I have. I have 7 + my primary. (Again all with perfect pay history). All, but 1 are with Washington Mutual. Has anyone heard of this? My income to debt ratio is excellent; I have 6 cards all with 0 or < 25% limits. I recently combined down to 3 cards and closed the others. Still under <29%. The only reason I keep a balance at all is it's 0 %. What better way to obtain investing money. If my income to debt ratio is excellent It shouldn't matter if I pay off should it? Credit report is showing a total of 21 r1 or I1's only. Help would be appreciated, as it's driving me nuts !
What exactly is "perfect credit"... I am guessing the only people who truly know this are the guys who create the scoring models. In my eyes, a score above 720 is excellent, so you shouldn't be worried about a score of 750 EVER... If it ain't broke, don't fix it Good advice never gets old...
Your right, what is perfect? If every account you've ever opened in 18 years has never had a late, you pay off, or pay more every month. Your total debt to income is only 30%, what else can one do to raise. I have 6 private mortgages, though I prefer institutions. But have been told that future investment purchases should be down privately to keep the mortgages off the credit report. Is there truth to this? while I understand it's not broke, I still feel I should have a near highest credit rating.
don't feel bad. I have 26 positives and 1 paid cc chargeoff from almost 5 years ago and I finally made it out of the 500s(602)
your problem with lenders is not your credit, but their risk tolerance level. This happens quite often with real estate investors who show several loans on their reports. With this many props. it is time (if you haven't already) to have a loan package ready for your local friendly banks ie. showing assets, pictures of houses, net worth, rent roll, etc. Also look into placing these props. into LLC's and then quit claiming them into land trusts. You might need to do some research on this, and have a knowledgeable lawyer help you on your first deal. After that, you'll know how to do it yourself. Also, at this point, you'll need to start developing personal relationships with the V-P or President of the loan division at 3 or more local banks. These relationships and your ability to make them money on loans will go a long way to them overlooking the 'concerns' the underwriting dept. might have.
Many people assume that credit starts out "perfect" and that negatives bring it down. That's not really the case. The way is really works is there is no such thing as "perfect", only varying degrees of good or bad. Paying all your bills on time, not carrying debt and having no negatives only gets you to about 700 on the FICO scale. To get above that, you need to go above and beyond. You need to do all that plus have a long history of doing that. Multiple mortgages on a credit report is considered a risk factor. These are financial investments, and there is a risk to any investment. If the real estate market changes...you may have a problem. In your case, having a 750 FICO with six mortgages on your report is awesome. That is very, very good. Yes, there are people with higher scores than you, but they are not so heavily invested in the real estate market. I have one customer who has about twenty mortgage loans on his credit report. He has maintained a perfect payment history on all of them, has very little personal debt, and has never paid anything late in his life. When I pull his credit, his scores are anywhere between 620 and 650.
Re: Perfect credit but still a 750? Sheesh! Now we all gotta go out and buy webcams!! (LOL) Sorry, just couldn't resist. Old enough to know better and too young to resist.
Re: Perfect credit but still a 750? WOW....BB & Mein Croft on a thread w/o a...lets say spirited discussion. Spring is in the air & looks like Tinainnca, a damsel in distress has mellowed the boys...at least momentarily. It could be said, that's the bare facts.
Re: Re: Perfect credit but still a Relax, Tina, most of the people passing judgment on you don't have a 750 score. Some of them are on these boards, hehe.
Getting back to your question, I think Dave is right. I don't think there is much difference between 750 and 850 in "really buying you anything" Of course I would love to have an 850 (ego thing) but I'll take your lowly 750 w/o being to unhappy. BTW do you do a lot of business with WAMU? They really ticked me off on a deal.
Re: Re: Perfect credit but still a 750???? I'm just SHOOTIN' for 800!!! I ASSUME 850 IS IMPOSSIBLE!!!
Re: Re: Re: Perfect credit but still a Passing judgment? Breeze, unless I missed something, I think everybody thinks its great, except BB who kina lost track from fantasizing. (ROFL)
Re: Re: Perfect credit but still a 750???? I'm just SHOOTIN' for 800!!! I ASSUME 850 IS IMPOSSIBLE!!! George, nothing is impossible. The Gods have granted you membership in the 800 club. 800 plus one for good luck, and to be on your journey to 850. Your FICO score of 801 summarizes the information on your Equifax credit report as of April 18, 2003. FICO scores range between 300 and 850. Higher scores are considered better scores. That is, the higher your score, the more favorably lenders look upon you as a credit risk. Your score is well above the average score of U.S. consumers and clearly demonstrates to lenders that you are an exceptional borrower. copyright © 2001-2003 Fair Isaac Corporation Now George, don't screw it up!
Re: Re: Re: Re: Perfect credit but still a You missed something. You took that wrong - I mean the credit analysts that work for the card companies and the underwriters that work for the mortgage companies. Do you really think they all have great credit?? Some of their email addy's are in my address book.
Re: Re: Re: Re: Perfect credit but still a Sorry bout that.....and I sure don't want to mess with a gal that packs two six shooters. jay
Re: Re: Re: Perfect credit but still a 750???? BUT EVERY TIME I PAY "BIG" I GET A BIG "HIT" IN THE WRONG DIRECTION!!! I am at the 800-134=XXX number... I EVEN APPLIED FOR A "GUARANTEED" EQUIFAX...THEY DIDN'T PULL EQUIFAX!!!
