The national average credit score is 692. What is yours?

[yonkers weights]

It is views and it looks like you are shoping around. The more you shop the more you can sign up for credit cards and things which raise your debt/income level. The more potential credit exposure you have the more of a risk you are. See where I am going with this?

Checking credit = credit application
Credit application = more available credit
More available credit = more risk (Debt/Income Ratio)
More risk = lower score
Lower score = Not good

OK, so why would people checking your credit make it go down?

 

[Bikini Mod]

It is views and it looks like you are shoping around. The more you shop the more you can sign up for credit cards and things which raise your debt/income level. The more potential credit exposure you have the more of a risk you are. See where I am going with this?

Checking credit = credit application
Credit application = more available credit
More available credit = more risk (Debt/Income Ratio)
More risk = lower score
Lower score = Not good

But if I have the income to cover the debt then why should it matter? Or what if I am looking at a lot of stuff but decide that I really don't want it afterall? I am not a hyuge fan of impulse buying, especially big ticket items so what is the harm in seeing?

I understand the theory, I suppose just not very good with economics and linear thinking.

 

[yonkers weights]

Confused on what you mean...
It only hits your report if you let someone view your report. Fill out a credit card application, store credit, mortgage, new bank account, stuff like that.

But if I have the income to cover the debt then why should it matter? Or what if I am looking at a lot of stuff but decide that I really don't want it afterall? I am not a hyuge fan of impulse buying, especially big ticket items so what is the harm in seeing?

I understand the theory, I suppose just not very good with economics and linear thinking.

 

[Bikini Mod]

Confused on what you mean...
It only hits your report if you let someone view your report. Fill out a credit card application, store credit, mortgage, new bank account, stuff like that.

I suppose we just bought a lot of *stuff* as of late and began a coupla business ventures. I thought that was supposed to be good for the economy?

I am not good with these types of concepts. Credit scores and mortgage points... dont even TRY to explain them to me. I dont WANT to know.

 

[yonkers weights]

All good. I have no clue when it comes to mortgages either, that's why I posted this thread to find out how my credit score really helps me...?

I suppose we just bought a lot of *stuff* as of late and began a coupla business ventures. I thought that was supposed to be good for the economy?

I am not good with these types of concepts. Credit scores and mortgage points... dont even TRY to explain them to me. I dont WANT to know.

 

[SC4EVA]

I just randomly checked car insurance rates with progressive - While they wouldn't actually give me the score they said I am in the 93rd precentile so I am assuming my score should be around 800 if not over no?

 

[Bikini Mod]

All good. I have no clue when it comes to mortgages either, that's why I posted this thread to find out how my credit score really helps me...?

I dont know my asshole from a hole in the ground but what I DO know is that if you make enough money - your credit become *magically* OK.

 

[yonkers weights]

No clue on what they use to judge. 93rd sounds good though...

I just randomly checked car insurance rates with progressive - While they wouldn't actually give me the score they said I am in the 93rd precentile so I am assuming my score should be around 800 if not over no?

 

[yonkers weights]

WRONG!
I deal with guys who have millions and they have HORRIBLE CREDIT SCORES and can not get small loans! It is crazy! Guys have $2 million homes and and can not get a $100k line of credit. It is sad! Yes, they can go else where and pay crazy rates like 24% and if they are rich they might not mind but 24% instead of 8%....

I dont know my asshole from a hole in the ground but what I DO know is that if you make enough money - your credit become *magically* OK.

 

[yonkers weights]

Looks like this could be a poll...