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View Full Version : What is considered a good credit score. Mine is in the 800-850 range wife says


John_Locke
06-26-2006, 01:22 PM
I just pay the bills, we been in the same house our 22 years of marriage never thought of it before, but wifey says we "need to know"


how many of you all know your score



just what exactly is a "good" score?


just askin

Rain Man
06-26-2006, 01:24 PM
I think anything above about 700 is good. I think it caps at around 850. Then again, I could be thinking of the SAT.

Short Leash Hootie
06-26-2006, 01:26 PM
show off

wutamess
06-26-2006, 01:27 PM
I think I'm in low 700's.

John_Locke
06-26-2006, 01:27 PM
show off


sorry,


I have never even heard of this before,

back when we bought our house, we went to the local bank and signed papers. I figured they looked at our credit, but never occured to me that I had "score"


when did all this start?

Rain Man
06-26-2006, 01:29 PM
when did all this start?

Sometime in the 1600s, I think.

tomahawk kid
06-26-2006, 01:30 PM
I think anything above about 700 is good. I think it caps at around 850. Then again, I could be thinking of the SAT.

That'e basically true,

Ours was around 780 when we went to buy our car last summer and the Sales Manager basically bowed before us.

800-850 would be considered "immaculate".

jlscorpio
06-26-2006, 01:31 PM
is 470 bad?

Donger
06-26-2006, 01:32 PM
I think the max is 850. Anything above 800 is considered excellent/god-like.

chagrin
06-26-2006, 01:32 PM
Get way out of town dude, how do you make it through (how ever old you are) that many years in life and not know about a credit score?

Donger
06-26-2006, 01:32 PM
Sometime in the 1600s, I think.

ROFL

Mr. Flopnuts
06-26-2006, 01:32 PM
You have an impeccable record of paying many bills on time. Most of them would be paid off though to have a credit score that high.

Rain Man
06-26-2006, 01:33 PM
is 470 bad?

Only if you want to buy something.

mac58
06-26-2006, 01:34 PM
above 800 is outstanding credit. . .In my business I run about 20 credit scores a day. . .and the highest Ive ever seen was 830 in 5 years

chagrin
06-26-2006, 01:34 PM
When I was a mortgage loan officer for Citibank, I did around 50 loans a month - from New Yourk City to California and all states in between. I did a purchase for an executive VP of Dow friggin Jones and I only saw a score at or above 800 on two occasions.
I don't believe you. That doesn't mean, though, that it doesn't happen

Donger
06-26-2006, 01:34 PM
You have an impeccable record of paying many bills on time. Most of them would be paid off though to have a credit score that high.

Is that correct? I still have a mortgage and a car payment, just for fun, and my credit score is 815 last I checked.

I've never had a late payment, though.

Mr. Flopnuts
06-26-2006, 01:36 PM
Is that correct? I still have a mortgage and a car payment, just for fun, and my credit score is 815 last I checked.

I've never had a late payment, though.


You have had other accounts that you have paid off in a timely fashion. Not neccessarily meaning quickly, but rather on time everytime. In order for your score to be that high you must have a very good history of paying your bills, as well as a low debt to income ratio. Meaning you don't owe much monthly compared to what you make.

Mr. Flopnuts
06-26-2006, 01:38 PM
You have had other accounts that you have paid off in a timely fashion. Not neccessarily meaning quickly, but rather on time everytime. In order for your score to be that high you must have a very good history of paying your bills, as well as a low debt to income ratio. Meaning you don't owe much monthly compared to what you make.


FTR for those of you fortunate to have this kind of credit score. This means you can pretty much borrow whatever you want, for whatever you want, whenever you want.

Donger
06-26-2006, 01:38 PM
You have had other accounts that you have paid off in a timely fashion. Not neccessarily meaning quickly, but rather on time everytime. In order for your score to be that high you must have a very good history of paying your bills, as well as a low debt to income ratio. Meaning you don't owe much monthly compared to what you make.

Yes, that's all accurate.

Rain Man
06-26-2006, 01:39 PM
I think there are probably some scoring elements that aren't obvious to what most of us would consider "good credit". There's probably a bunch of us here who always pay our bills on time and don't have a lot of debt, which would seem to indicate a very high or perfect score.

However, I think they mark you down for some things like the number of open credit cards you have, and maybe even volume through your credit cards. I bet that, by cranking up your credit limit when you pay on time, the credit card companies also cost you points on your credit rating since you now have more open potential debt.

I think they also mark off if you don't have enough of a loan history. If they don't see you regularly making loan payments, they don't assume that you're a perfect risk because they don't have data. It kind of makes sense that a 21 year-old who's never borrowed should be downgraded because their risk is unknown, but at the same time I think it also hurts a 45 year-old who's never borrowed, which may make less sense.

These are just theories, by the way. I've read occasional blips about this stuff, but know little about it.

Mr. Flopnuts
06-26-2006, 01:41 PM
You have had other accounts that you have paid off in a timely fashion. Not neccessarily meaning quickly, but rather on time everytime. In order for your score to be that high you must have a very good history of paying your bills, as well as a low debt to income ratio. Meaning you don't owe much monthly compared to what you make.


Furthermore if you borrow money and pay it back too quickly, it won't affect your score as positively because the bank frowns on loaning money and not making an "acceptable" return. An example would be if you finance a car and pay it off within a year, it does virtually nothing for your credit.

ChiTown
06-26-2006, 01:46 PM
Last time I saw it, it was 815 (January 2005) - I was getting a biz loan from my local banker.

Since then, I've paid off both of our car loans. I would guess it has improved a little because of that. The only current monthly debt I have is our home loan, which I have more equity than debt. I don't carry any credit card balances. I don't like carrying debt, even though my business would suggest to the contrary.............

DaKCMan AP
06-26-2006, 01:48 PM
and who says the planet isn't educational...

KCChiefsMan
06-26-2006, 01:53 PM
I did a credit check about a month ago and I have a score of 780, which they said was "excellent" so ya, yours is almost perfect....show off :)

Rausch
06-26-2006, 01:55 PM
So it's not a percentage?

****...

oldandslow
06-26-2006, 01:55 PM
On the other hand, my Mom and Dad (who are close to 90) have never owned a credit card, have not applied for a loan in 40 years, owe no debts, have quite a bit of savings, own a farm, pay cash for new vehicles, etc. have a lousy credit score.

But besides Logical could probably buy out most of us on the planet.

Bill Lundberg
06-26-2006, 01:57 PM
3 things that factor most into your credit score.

1. Payment History
2. Ratio of Account balances to Account Limits
3. Length of time credit has been established

Predarat
06-26-2006, 01:58 PM
I got a 100 on mine and thought I was hot stuff and tried to get a loan but couldn't and didnt know why. Reading this thread and realizing its an 850 point scale goes a long way to explain that.

ChiTown
06-26-2006, 02:00 PM
On the other hand, my Mom and Dad (who are close to 90) have never owned a credit card, have not applied for a loan in 40 years, owe no debts, have quite a bit of savings, own a farm, pay cash for new vehicles, etc. have a lousy credit score.

But besides Logical could probably buy out most of us on the planet.

Yep.

That's one of those, "use it, or lose it" deals. No credit history is INITIALLY the same as bad credit history. Now, when they look at your folks assets, cash, income, etc vs their bills, out going cash, etc., they would probably be rated pretty highly for a couple that haven't applied for a loan for that long of a stretch.

By the way, if they would like to buy me out, I am for sale..........

Donger
06-26-2006, 02:05 PM
3. Length of time credit has been established

I remember that my mother opened a joint credit card for me when I went to college. She told me to only use it for emergencies and paying for books. When I asked why, she said, "To establish your credit history, dumbass!"

Thanks Mum.

Iowanian
06-26-2006, 02:11 PM
I think our last credit check we were around 815, which basically causes loan-officers to offer to fellatiate you. I only owe on our house, and have paid off several loans, all early.

There is a big difference between 800-850...

I wonder what Bill Gates and Warren Buffet would be?

I believe we're all entitled to 1 free credit report per year....I think the website is freecreditreport.com and there are 3-4 options available. I used the last one I did a couple of years ago(due to a thread here) to go in and finalize the closing of a couple of credit cards I'd stopped using years ago.

Iowanian
06-26-2006, 02:15 PM
One thing I advised my parents to do a few years ago, was to put a credit card and some stuff in my mom's name...Everything was typically in Dad's. If something happens to him, she wouldn't have much for credit, even though she's been part of their credit history under his/their name.

I default to the gurus like Lumberg, but assume thats correct.

Mr. Flopnuts
06-26-2006, 02:19 PM
One thing I advised my parents to do a few years ago, was to put a credit card and some stuff in my mom's name...Everything was typically in Dad's. If something happens to him, she wouldn't have much for credit, even though she's been part of their credit history under his/their name.

I default to the gurus like Lumberg, but assume thats correct.


Absolutely. I'm surprised he didn't put her on all the accounts all along.

Bill Lundberg
06-26-2006, 02:30 PM
Two things to add.

1. No one has a credit score of 100. The range is from 300 to 850.

2. It is www.annualcreditreport.com There is nothing free about freecreditreport.com. It's a joke

Rain Man
06-26-2006, 02:36 PM
I got a 100 on mine and thought I was hot stuff and tried to get a loan but couldn't and didnt know why. Reading this thread and realizing its an 850 point scale goes a long way to explain that.

Apparently you should seek medical care immediately, if breathing will get you 300.

DanT
06-26-2006, 02:40 PM
I just went to www.annualcreditreport.com, which lets you look at your credit reports from the big 3 companies for free. Two of those companies will also let you pay a fee to see your credit score: $5.95 to TransUnion for the TransUnion score and $7.95 to Equifax for your FICO score.

I'm not sure how they compute the numbers, but the top 10% of FICO credit scores are in the range from 800-850, according to the EquiFax report.

John_Locke
06-26-2006, 02:44 PM
When I was a mortgage loan officer for Citibank, I did around 50 loans a month - from New Yourk City to California and all states in between. I did a purchase for an executive VP of Dow friggin Jones and I only saw a score at or above 800 on two occasions.
I don't believe you. That doesn't mean, though, that it doesn't happen


Paper wife printed off from annualcreditreport.com was 825

Only thing we owe on is the house. Everything else is ours. in 22 years of marriage, I believe we were late on the gas bill once.

I knew there were credit reports, I just didn't know everything revolved around a score.

Mr. Flopnuts
06-26-2006, 02:45 PM
Paper wife printed off from annualcreditreport.com was 825

Only thing we owe on is the house. Everything else is ours. in 22 years of marriage, I believe we were late on the gas bill once.

I knew there were credit reports, I just didn't know everything revolved around a score.



General utility bills are not reported to the bureaus. Unless of course they charge off and are placed in collection agencies.

John_Locke
06-26-2006, 02:48 PM
Paper wife printed off from annualcreditreport.com was 825

Only thing we owe on is the house. Everything else is ours. in 22 years of marriage, I believe we were late on the gas bill once.

I knew there were credit reports, I just didn't know everything revolved around a score.




I think she is hinting about a new vehicle. :banghead:

Donger
06-26-2006, 02:50 PM
I think she is hinting about a new vehicle. :banghead:

Heh. Mine's rather subtly hinting for new carpet in the other house.

On that note, is it just me, or is $35 a square yard a little pricey for carpet?

DanT
06-26-2006, 02:50 PM
There was a 27-point difference between my FICO score and my TransUnion score. The TransUnion score was higher. Equifax said that my balance on one of my credit cards is too high, both absolutely and as a percentage of my credit limit, and that I don't have a history of recent non-mortgage installment loan information. Those are true complaints, but both factors will change now that grad school is done and I can go back to working full-time.

Iowanian
06-26-2006, 02:51 PM
Thanks Lundberg....annualcreditreport is what I meant.....the damn commercial stuck in my mind.


Absolutely. I'm surprised he didn't put her on all the accounts all along.

She Was "on" the accounts. Thats not the same as being the primary.
She has to have something IN her name(loan, credit cards) to build personal credit.

I don't remember where/when I learned that(probably after an uncle or someone died early) but I was baffled and surprised when I heard it.

John_Locke
06-26-2006, 02:53 PM
Heh. Mine's rather subtly hinting for new carpet in the other house.

On that note, is it just me, or is $35 a square yard a little pricey for carpet?


for that price, the carpet better suck out any stains on its own

Donger
06-26-2006, 02:56 PM
for that price, the carpet better suck out any stains on its own

Oddly enough, the color she picked out is called Alpaca. She didn't see the name and when I pointed it out, she crossed it off the list.

DanT
06-26-2006, 03:28 PM
It turns out that a 830 on the TransUnion scoring system isn't all that great: it's at the 77%-ile, in the region where "Good" overlaps with "Very Good". The Trans Union scoring system ranges from 400 to 925. It said that a factor keeping my score low was that I have too few accounts in good standing. That's true. I have two accounts, both of which are in good standing. ;) I think this is an example of what Rain Man meant when he said that the credit-risk scoring systems don't necessarily reflect what we might think of as "good credit".

SLAG
06-26-2006, 03:33 PM
I'm In the process of buying my first home... im 21 married and have two kids...

For only being 21 i think i have a good score of 620

am i wrong for thinking this?

KingPriest2
06-26-2006, 03:38 PM
It turns out that a 830 on the TransUnion scoring system isn't all that great: it's at the 77%-ile, in the region where "Good" overlaps with "Very Good". The Trans Union scoring system ranges from 400 to 925. It said that a factor keeping my score low was that I have too few accounts in good standing. That's true. I have two accounts, both of which are in good standing. ;) I think this is an example of what Rain Man meant when he said that the credit-risk scoring systems don't necessarily reflect what we might think of as "good credit".


Take it from a loan officer 830 is a excellant score on all 3. I have been doing loans for 6 years and only 2 times I have seen scores over 800

KingPriest2
06-26-2006, 03:38 PM
I'm In the process of buying my first home... im 21 married and have two kids...

For only being 21 i think i have a good score of 620

am i wrong for thinking this?


It is right below average. You could still get a loan.

Ari Chi3fs
06-26-2006, 03:40 PM
sweet now some of you can be targeted for identity theft... see you suckas on a Citibank commercial soon!!


hahahahahaha

ChiTown
06-26-2006, 03:40 PM
I'm In the process of buying my first home... im 21 married and have two kids...

For only being 21 i think i have a good score of 620

am i wrong for thinking this?

yes

Donger
06-26-2006, 03:41 PM
I'm In the process of buying my first home... im 21 married and have two kids...

For only being 21 i think i have a good score of 620

am i wrong for thinking this?

Yes, but you lose 20 points for each time you neglected to pull out.

vailpass
06-26-2006, 03:41 PM
sweet now some of you can be targeted for identity theft... see you suckas on a Citibank commercial soon!!


hahahahahaha

ROFL Those commercials rule.

Mr. Flopnuts
06-26-2006, 03:52 PM
I'm In the process of buying my first home... im 21 married and have two kids...

For only being 21 i think i have a good score of 620

am i wrong for thinking this?



You are what would be referred to as a "Non prime" borrower. Your interest rates won't be phenominal, but you will qualify and won't pay 24% on your car loans either.

KingPriest2
06-26-2006, 03:54 PM
You are what would be referred to as a "Non prime" borrower. Your interest rates won't be phenominal, but you will qualify and won't pay 24% on your car loans either.


Not necessarily. It depends on compensating factors. He could prob also quailfy for a FHA loan.

SLAG
06-26-2006, 03:56 PM
You are what would be referred to as a "Non prime" borrower. Your interest rates won't be phenominal, but you will qualify and won't pay 24% on your car loans either.

at this point I am prequalified to buy a house at a 6.8% Interest rate on the Conventional 30yr Mortage.


I was just thinking that I am On my way to good credit as long as i keep up with all my payments on my car and the new House note.

KingPriest2
06-26-2006, 03:56 PM
at this point I am prequalified to buy a house at a 6.8% Interest rate on the Conventional 30yr Mortage.


I was just thinking that I am On my way to good credit as long as i keep up with all my payments on my car and the new House note.


Those are the going rates right now.

SLAG
06-26-2006, 03:57 PM
if anyone wants to PM about lending me Loans feel Free

KingPriest2
06-26-2006, 03:58 PM
if anyone wants to PM about lending me Loans feel Free

What do you want to know.

Donger
06-26-2006, 03:59 PM
if anyone wants to PM about lending me Loans feel Free

I had a Feel Free Loan once. Then I got married, and realized that I had only been deferring interest the whole time.

SLAG
06-26-2006, 04:01 PM
I had a Feel Free Loan once. Then I got married, and realized that I had only been deferring interest the whole time.
:LOL:

ROFL ROFL
What do you want to know.

I thought you or another might have a better loan deal for me heh thats all...

Valiant
06-26-2006, 04:02 PM
Mine was just a few below 800 last time I checked...

KingPriest2
06-26-2006, 04:06 PM
:LOL:

ROFL ROFL


I thought you or another might have a better loan deal for me heh thats all...


NO you have a good deal. Keep it. how much are you putting down.

suds79
06-26-2006, 04:09 PM
Why do you want to know what your credit score is so bad?

That's just a measure of how you've done in borrowing money staying current etc. Most people seem to think it's a measure of financial success. It's not.

As Randy Moss would say (one of the few smart things he's ever said) "Straight cash homey". That'll take you a long way.

If you're intrested, check out this guy Dave Ramsey (DaveRamsey.com) "The Total Money Makeover". A great read.

Jenny Gump
06-26-2006, 04:15 PM
I'm lucky because my weight, iq, credit score, and monthly salary are all the same...750.

ImAWalkingCorpse
06-26-2006, 04:16 PM
850 is the max, and last time I looked mine was 805.

jab0450
06-26-2006, 04:59 PM
My score is 681 which is considered good. And im 20 yrs old. Pretty proud of it.

KChiefs1
06-26-2006, 05:12 PM
I was once a Branch Manager of a finance company who did a lot of small personal loans at very high percentage rates.

I've only seen one 800 score ever. It was an older gentleman in his early 70's who wanted a loan for $1000. I pulled his CB, saw the score & about shit my pants. The guy had an extensive credit history, home ownership, never a late payment & very few unsecured credit accts. I told the guy I would be willing to loan him up to $5000 if he needed it. He asked at what rate & I told him 29% & he didn't say a word, just got up & walked right out the door.

I about died laughing because it was one of the funniest things I'd ever seen. Just thinking about it still makes me laugh.

Rain Man
06-26-2006, 05:15 PM
I was once a Branch Manager of a finance company who did a lot of small personal loans at very high percentage rates.

I've only seen one 800 score ever. It was an older gentleman in his early 70's who wanted a loan for $1000. I pulled his CB, saw the score & about shit my pants. The guy had an extensive credit history, home ownership, never a late payment & very few unsecured credit accts. I told the guy I would be willing to loan him up to $5000 if he needed it. He asked at what rate & I told him 29% & he didn't say a word, just got up & walked right out the door.

I about died laughing because it was one of the funniest things I'd ever seen. Just thinking about it still makes me laugh.

29%? Did you work for the mafia?

KChiefs1
06-26-2006, 05:25 PM
29%? Did you work for the mafia?

funny you should mention that...:hmmm:

Herzig
06-26-2006, 07:05 PM
Weird. I just ran mine yesterday. 817....

listopencil
06-26-2006, 07:14 PM
I just pay the bills, we been in the same house our 22 years of marriage never thought of it before, but wifey says we "need to know"


how many of you all know your score



just what exactly is a "good" score?


just askin


Yeah, but how long is your penis?

Frazod
06-26-2006, 07:38 PM
748. And there was much rejoicing.

yaaaaaaaaaaaay

BigMeatballDave
06-27-2006, 12:51 AM
I read, just recently, that only 1% of the population have earned a perfect credit score...

Rausch
06-27-2006, 12:53 AM
I'm lucky because my weight, iq, credit score, and monthly salary are all the same...750.

Full of $3it on all fronts.

Getting a woman to be honest is like telling a snake to sit...

BigMeatballDave
06-27-2006, 12:57 AM
You have an impeccable record of paying many bills on time. Most of them would be paid off though to have a credit score that high.I've been told you need to keep an open revolving account to keep your score up.

BigMeatballDave
06-27-2006, 01:01 AM
On the other hand, my Mom and Dad (who are close to 90) have never owned a credit card, have not applied for a loan in 40 years, owe no debts, have quite a bit of savings, own a farm, pay cash for new vehicles, etc. have a lousy credit score.

But besides Logical could probably buy out most of us on the planet.Yeah, if you have a lot of cash to throw around, you can tell TransUnion, Experian, and Equifax to **** off!

BigMeatballDave
06-27-2006, 01:19 AM
I was once a Branch Manager of a finance company who did a lot of small personal loans at very high percentage rates.

I've only seen one 800 score ever. It was an older gentleman in his early 70's who wanted a loan for $1000. I pulled his CB, saw the score & about shit my pants. The guy had an extensive credit history, home ownership, never a late payment & very few unsecured credit accts. I told the guy I would be willing to loan him up to $5000 if he needed it. He asked at what rate & I told him 29% & he didn't say a word, just got up & walked right out the door.

I about died laughing because it was one of the funniest things I'd ever seen. Just thinking about it still makes me laugh.29%?! WTF?

Herzig
06-27-2006, 06:59 AM
Weird. I just ran mine yesterday. 817....

I think mine is so good because I always pay on time, never pay the minimum, pay things off quick, carried 2 mortgages for 2 years when I rented out my house, always close lines of credit when they are no longer needed, and have a pretty good chunk of savings since selling my rent house and making almost 90% profit over what I paid for it in 2001.

KC Jones
06-27-2006, 07:29 AM
It used to be there was one and only one credit score for individuals - FICO. Today, some financial institutions are branching out so you might have a score that's on a 1,000 point range rather than 850. For FICO, anything above 750 is excellent.

Inspector
06-27-2006, 09:48 AM
I don't think I would want to know what my credit score is. It would be pretty awful.

We haven't borrowed money for a couple of decades, and have had absolutley no debt for about that long. I've always heard that would cause my credit score to be low.

Doesn't matter anyway. I have no intentions of borrowing money anyway. It just costs too much to rent dollars.

Rain Man
06-27-2006, 10:16 AM
I don't think I would want to know what my credit score is. It would be pretty awful.

We haven't borrowed money for a couple of decades, and have had absolutley no debt for about that long. I've always heard that would cause my credit score to be low.

Doesn't matter anyway. I have no intentions of borrowing money anyway. It just costs too much to rent dollars.


I hate borrowing money. We're about to redo our kitchen, and I keep thinking how much cheaper it would be if we started making payments now into a savings account, and then paid cash once we had enough money saved. It's so much better to be on the end that's being paid interest rather than the end that's paying interest.

The problem is, I can't convince my wife to wait for another 15 years until we've got the cash.

KChiefs1
07-18-2006, 04:32 PM
5 Ways to Destroy Your Credit

1. Late Payments
The easiest way to lower your credit score is through delinquent payments or by skipping out on a bill altogether.

Since your payment history makes up 35 percent of your credit score, failing to make the minimum payment within 30 days of the due date could send your score plummeting, says Craig Watts, a spokesperson for Fair Isaac.

Say for example you've never missed a payment and have a credit score in the high 700s or low 800s. If you were to miss the 30-day grace period, your score could drop by 100 points or more.

"That first delinquency puts you in a different class of consumers," says Watts. "You can make up that 100 points but it will take a lot longer than it took for that score to fall."

2. High Card Balances, Low FICO Score

Maxing out your credit cards or pushing your account to its limit is another surefire way to bring down that FICO score, says Watts.


Experts say that consumers should aim to keep the balance on their credit card accounts no higher than 35 percent of their credit line. That means if you have $1000 credit limit on your card, try to keep the balance no higher than $350.

"The lower your debt compared to your credit limit, statistics show you are a better credit risk and that you have more self-control," says Watts.

That also means you might want to reconsider consolidating all of your credit card debt onto one account, especially if that means the new balance is close to your credit limit.

3. Closing Credit Cards
Ok, OK, we know what you're thinking: 'I've got an unhealthy number of credit cards in my wallet, I think I'll start closing those out to help my credit score.' Not so fast, warns Steven Katz, a spokesperson for TransUnion, one of the country's three major credit reporting agencies.

Since part of your score is based on the length of time certain lines of credit have been open, closing out that 10-year-old credit card could take a bite out of your credit score.

"It's negative because it's taking away a reference to a positive credit history," says Katz.

And if you are trying to trim down your debt by hopping from one low-interest rate offer to the next, closing cards along the way, Katz warns that kind of behavior could send a message to future potential lenders that you might be a credit risk.


4. Too Many In-Store Cards

It's always a temptation at the checkout line, but signing up for a Home Depot, Macy's or any in-store credit card just to get a 10 percent or 15 percent discount may work against your FICO score.

Even if you vow to promptly pay them off, opening up several of these accounts in succession could spell trouble for your score because opening multiple lines of credit in short period of time is considered abnormal behavior by credit agencies, according to Fair Isaac, and it suggests that you might be more of a credit risk.

5. Fines That Add Up

A $30 library fine or a $75 parking ticket. Who cares, right? Well, that could be changing, says Watts.

More often nowadays, municipal governments are turning outstanding fines over to collection agencies, who have the ability to trash your credit rating if you don't pay up. Watts says that if a collection agency reports you were not able to pay that overdue library fees or parking ticket, that could drop your credit rating by 100 points or more.

"That will hammer your score," says Watts. "Make good on that bill because you don't know who is or who is not reporting to collection agencies."

And while you may think you can't be bothered with those petty fines now, just imagine how much more they'll end up costing you if the collection agency mangles your credit score and you end up with a higher interest rate on that 30-year mortgage.

Bob Dole
07-18-2006, 04:35 PM
Bob Dole is thinking about making a commercial touting his credit score.

Though it's probably a bad plan, since Bob Dole has no earthly idea what the hell it is. (Nor does Bob Dole really give a shit...)