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The national average credit score is 692. What is yours?
- Thread starter yonkers weights
- Start date
yonkers weights
Banned
Lower case is the way I always use it and see it. I don't think it matter but thats how it goes.
yonkers weights
Banned
680 is very close to 692 which the article said....
looking at people's credit from all over the country, I have noticed that, generally, it seems in certain areas, people tend to have lower or higher scores. Of course there are always exceptions.
As for how credit scores are figured, there is a system. I know most of this (because I deal with it so often), but it is easier to copy/paste. This is from www.myfico.com (I abbreviated it a bit).
How is my score calculated?
-35% affects Payment History. Meaning any lates; collections; charge offs; bankruptcies; judgments; liens or the such will hurt the score. All is time based, the older the information the less it is contributing to the scores.
-30% affects Utilization. It is best to have several accounts with low balances distributed then it is to have fewer accounts maxed out.
-15% affects Established History. The longer you maintain open accounts with creditors the better.
-10% affects Inquiries. Don't apply for credit unless you know you can get it or that you need to get it; unnecessary credit inquiries are going to hurt the scores - especially if your over all credit file is small to begin with.
*Mortgage & Auto industry has special rules for inquiries: all applications for credit resulting in pulled credit reports within a 14 day period of time will only count as one inquiry & will be suppressed from affecting credit scores for 30 days. So if you plan to go shopping for a mortgage or a car, do your research first picking what companies you want to apply with and do this all within a 2 week period of time so that the scores are not affected too much.
-10% affects Mix of Credit. Use different types of credit (revolving; installment; auto; mortgage...) evenly.
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if you have questions feel free to pm. I will do my best to answer or point you in the right direction.
As for how credit scores are figured, there is a system. I know most of this (because I deal with it so often), but it is easier to copy/paste. This is from www.myfico.com (I abbreviated it a bit).
How is my score calculated?
-35% affects Payment History. Meaning any lates; collections; charge offs; bankruptcies; judgments; liens or the such will hurt the score. All is time based, the older the information the less it is contributing to the scores.
-30% affects Utilization. It is best to have several accounts with low balances distributed then it is to have fewer accounts maxed out.
-15% affects Established History. The longer you maintain open accounts with creditors the better.
-10% affects Inquiries. Don't apply for credit unless you know you can get it or that you need to get it; unnecessary credit inquiries are going to hurt the scores - especially if your over all credit file is small to begin with.
*Mortgage & Auto industry has special rules for inquiries: all applications for credit resulting in pulled credit reports within a 14 day period of time will only count as one inquiry & will be suppressed from affecting credit scores for 30 days. So if you plan to go shopping for a mortgage or a car, do your research first picking what companies you want to apply with and do this all within a 2 week period of time so that the scores are not affected too much.
-10% affects Mix of Credit. Use different types of credit (revolving; installment; auto; mortgage...) evenly.
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if you have questions feel free to pm. I will do my best to answer or point you in the right direction.
yonkers weights
Banned
Good info
bigmann245
New member
yonkers weights said:
you know, the folder i put my dolarnaire tracking papers in. i want to make sure all the coins in my sofa are accounted for.
Razorguns
Well-known member
i have more in savings i'd ever get from a cc.
since i have no desire to have any debt (that's how much i detest debt) - my credit score is meaningless to me.
i guess to fat soccer parents who need to keep up with the joneses, caught up in the rat race - i guess it's important.
since i have no desire to have any debt (that's how much i detest debt) - my credit score is meaningless to me.
i guess to fat soccer parents who need to keep up with the joneses, caught up in the rat race - i guess it's important.
dead_reggin_storage_fashi
New member
credit scores only mean something if you need to use it. you still need income to get the big ticket toys. I did a loan for my grandma and her scores are 700s but she makes 2 grand a month and who cares what her score is because if she wanted something big she couldnt go out and buy anything just becasue her score is good.
you can have an 800 credit score but doesnt mean shit when you have no job, no income or reserves.
you can have a 590 score and a buy a house too with outside factors
everything is about cash flow and reserves.
credit only means something if you use it. mine is good as I do not have any late payments etc
nothing like a guy looses his job and wants a line of credit and his scores in the 800s.... cannot do it
if you pull your credit it doesnt lower your score to the point where it make a difference... ceo gave what the main reasons for your score is.
there is no offical word it actually lowers your score as no one has the formula the 3 agencies use to figure out your exact score...
you can have an 800 credit score but doesnt mean shit when you have no job, no income or reserves.
you can have a 590 score and a buy a house too with outside factors
everything is about cash flow and reserves.
credit only means something if you use it. mine is good as I do not have any late payments etc
nothing like a guy looses his job and wants a line of credit and his scores in the 800s.... cannot do it
if you pull your credit it doesnt lower your score to the point where it make a difference... ceo gave what the main reasons for your score is.
there is no offical word it actually lowers your score as no one has the formula the 3 agencies use to figure out your exact score...
fitnessgrl8621
New member
dead_reggin_storage_fashi said:nothing like a guy looses his job and wants a line of credit and his scores in the 800s.... cannot do it
QUOTE]
Well, they CAN, if they lie about their employment. At the bank I work for, someone can get up to a 250k Home Equity (of course, I guess that's the key word, ie. collateral) loan/line of credit, ALL Stated. If the borrowers score is over 700, we don't require any form of income documentation, what so ever.
Our Business lines of credit are the same, stated for those with an awesome credit score. They don't have to show proof of how much their business actually MAKES, before we'll give them a line of credit. Which is kind of scary.
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