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do you know your own credit score?

Elites dick sizer meter just switched to "system backup" due to pre-cautionary reasons due to potential discussion in this thread
 
Yes, I signed up for Equifaxes 3 in 1 credit report and there fraud alert center. Equifax emails me if anything is added or my score fluctuates. The fraud alert covers me up 2 million in fraud activity and will not let new loans or credit cards be opened in my name without verbal confirmation from me..
 
Ugh, don't wanna know mine....

In my days of selling refi's the lowest I ever saw was 385.
 
I made a thread about this past summer when we were selling our house/looking to buy a house. Mine was like 688 which isnt too good but not horrible either
 
you'll wanna be 750 or higher anymore to qualify for decent loans.

I have a lot of hard pulls on mine from when I was shopping around for mortgages. Lot of soft pulls.

FYI fair isaac is changing its reporting algorithm for 2009.
 
housemusik83 said:
wow thats low... i just signed up at freecreditreport.com also...
Click to expand...

It must have had something to do with the $30,000 TAX LIEN that "wasn't her fault"
 
How did you get down in the 600s smurf?
Did you default anything?
 
Razorguns said:
I dont give a rats butt

r
Click to expand...

Enough to respond to respond to this thread






I have a credit card that allows me to check my score whenever, it's nice. I'm at 788 right now. It went up once I got a car loan, oddly enough.

I have a couple $10,000 credit cards which I pay off every month, that probably helps a bit as well.

People always carry small balances on every card you have to increase your credit score, I say that's a pain in the ass. I'm happy with anything above 750.
 
UA_Iron said:
you'll wanna be 750 or higher anymore to qualify for decent loans.
Click to expand...

Not true,

740+ is considered A+ paper, 720-739 is A paper, and will still get you good rates. Hell, rates aren't all that bad on B paper either.

740+ = A+
720-739= A
680-719=B
650-679=C
600-649=D

anything below 600 is "sub-prime" and you're getting ass raped on your rates.
 
miplank said:
Not true,

740+ is considered A+ paper, 720-739 is A paper, and will still get you good rates. Hell, rates aren't all that bad on B paper either.

740+ = A+
720-739= A
680-719=B
650-679=C
600-649=D

anything below 600 is "sub-prime" and you're getting ass raped on your rates.
Click to expand...

A year ago this was true. Lending standards have tightened up quite a bit.

As I said before FICO algorithms and reporting will differ slightly in the next year.
 
new credit scoring system ready for '09
the biggest changes discourage piggybacking and penalizing infrequent delinquencies.
By renuka rayasam, associate editor, the kiplinger letter

december 12, 2008

by next spring, two of three credit reporting bureaus will use a new model. Fair isaac, the developer of fico scores, has made the biggest change to its mathematical credit score model since it was introduced in 1989. Scores will still be on a 300- to 850-point scale. But the company estimates that 40% to 50% of borrowers’ scores could go up or down by more than 20 points because of how the new model fine-tunes the variables it uses to evaluate consumers’ credit use behavior.

For creditors, the new fico score promises to reduce the risk of defaults, improving the predictability of defaults by 5% to 15%. Delinquencies are at their highest rate since 1992, when the economy was also in a recession. The revised scoring method “has a few more gray areas fleshed out so it gives us confidence in credit scoring models,” says ginny ferguson, a member of the board of the national association of mortgage brokers.

Equif@x and transunion will be the first credit reporting bureaus to roll out the changes over the next year. As credit tightens because of the financial crisis, fico scores are becoming increasingly important for borrowers looking to qualify for favorable terms. That puts high scorers in “even a better position for pricing on loans” as the economy recovers, says ferguson.

The timing of the new scores reflects more changes in the marketplace, says careen foster, senior product manager at fair isaac. “lenders said they wanted a stronger predictive model, but didn’t want to change how it is used,” she adds.

Fair isaac has increased the number of groups that customers fall into from 10 to 12, taking into more account the number and magnitude of credit problems. Infrequent problem borrowers will no longer be lumped in with habitual delinquents. With the new model, “there is more forgiveness around people in the middle,” says foster. “if you have one isolated missed payment you won’t score as low as before.” the new fico model also focuses less on how many accounts a borrower has and more on the amount of balances carried.

Piggybacking -- upping a score on someone else’s back -- won’t be ruled out in the new fico score. But it will make using that route to establishing credit harder and lengthier. The authorized user provision allows young adults to create a credit history by using and paying off accounts held by their parents. But it has also been subject to abuse, with high credit scorers selling their names to borrowers looking to improve scores. Fair isaac estimates that 30% of u.s. Credit card holders, or 60-75 million people, are authorized users. Credit.com says that many of those authorized users are women. Many of them rely on their husbands’ fico scores, and it will now take longer for those women to build up their own credit scores.


And a bit more info:
As of early 2009, two of the three major credit bureaus (equif@x and transunion) will be employing a new scoring model. Fair isaac, creator of the fico credit score, has tweaked their system in an attempt to reduce the risk of defaults. It’s estimated that 40-50% of borrowers’ scores could move by +/- 20 points.

As always, fair isaac is keeping details of their algorithm secret, though it’s known that they’ll be increasing the number groups into which borrower are classified from 10 to 12, allowing them to better account for the number and magnitude of credit problems that people have. This will allow them to better distinguish between people with infrequent credit problems and habitual offenders. The new model will also focus less on the number of accounts that someone has and more on the amounts that they owe.

Another interesting point is that it will be possible to establish credit by “piggybacking” (i.e., being an authorized user on someone else’s account). That being said, fair isaac intends to make that process “harder and lengthier.”
Click to expand...

fyi.
 
UA_Iron said:
A year ago this was true. Lending standards have tightened up quite a bit.

As I said before FICO algorithms and reporting will differ slightly in the next year.
Click to expand...

a year ago? That's funny, because I just took that right off my current lenders rate sheets.
 
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