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Pestilence
06-11-2009, 02:36 PM
What the hell is a good credit score?

I pulled my credit reports and scores and this is how they are listed.

Transunion - 677
Experian - 673

I thought it wasn't bad.....but then I looked at their grade and it says that I have a D for my rating.

Plus....I have a credit card through Juniper and they send me a free credit score each quarter. The last time that they sent me a credit score it was 520 and they go through Transunion. They sent that to me not even a month ago.

So I have a couple of questions.

1. Can your credit score really change that much in less than a month?
2. What is a "good" credit score? I thought that around 670 was a fair score....but apparently it isn't.
3. I'm working on paying off my credit cards as we speak and I was wondering which is a better way to pay off the CCs.

example:

Credit Card #1 - $900 balance with a 14% APR
Credit Card #2 - $3000 balance with a 23% APR (Yeah I know....I'm dumb)

Say for instance.....I have $900 to put towards one of the two CCs. Would it be better to pay off CC#1 because then I wouldn't owe anything on it and it would show as a 0 balance on my credit report. Or should I pay off CC#2 because I would be paying less interest over time?

Thanks and rep your way.

KCChiefsMan
06-11-2009, 02:37 PM
thats pretty good

Mr. Flopnuts
06-11-2009, 02:43 PM
Get the 2nd card paid off asap. The interest rate is ridiculous. As far as your score, there are 3 major credit bureaus and you could have a different score with all of them. A lot of companies report to all 3, but many of them will just pick 1 because it's cheaper.

wutamess
06-11-2009, 02:44 PM
thats pretty good

For a bum.
Nowadays you're not getting looked at unless you have 700+.

600+ isn't what it used to be.
FWIW: That's what I've been told. I haven't experienced any of this personally.

Gonzo
06-11-2009, 02:50 PM
I'm over 800...

Giggity.

BWillie
06-11-2009, 02:51 PM
As long as you are paying your min payment on your credit card, that doesn't hurt your credit does it? I don't know why on earth ANYONE would want to just pay a min payment on a credit card, but I don't know how that affects your credit in the long term. I mean, that is a credit card companies dream. I bet they hate me, never pay anything late, charge everything including 10 cent bubble gum at Kum and Go and they never make any interest off of me.

Pestilence
06-11-2009, 02:56 PM
Get the 2nd card paid off asap. The interest rate is ridiculous. As far as your score, there are 3 major credit bureaus and you could have a different score with all of them. A lot of companies report to all 3, but many of them will just pick 1 because it's cheaper.

So start paying off the higher interest card then....check.

Pestilence
06-11-2009, 02:56 PM
As long as you are paying your min payment on your credit card, that doesn't hurt your credit does it? I don't know why on earth ANYONE would want to just pay a min payment on a credit card, but I don't know how that affects your credit in the long term. I mean, that is a credit card companies dream. I bet they hate me, never pay anything late, charge everything including 10 cent bubble gum at Kum and Go and they never make any interest off of me.

I always pay at least double or triple what my minimum payment is.

CoMoChief
06-11-2009, 02:59 PM
332, beat that chumps.

Mr. Flopnuts
06-11-2009, 03:00 PM
For a bum.
Nowadays you're not getting looked at unless you have 700+.

600+ isn't what it used to be.
FWIW: That's what I've been told. I haven't experienced any of this personally.

You're right. Spot on right.

Mr. Flopnuts
06-11-2009, 03:00 PM
So start paying off the higher interest card then....check.

The reason being that your debt to income ratio stays the same regardless of where the $900 goes. You may as well save a few bucks in the process of it.

Arrowhead Pride
06-11-2009, 03:01 PM
1/3 of your credit score is your debt to credit limit.

What are the limits on those credit cards? That's the key.

Every few months, I call up the bank and get my credit line increased. That reduces my debt to credit ratio and improves my score with barely any effort.

Chris

El Jefe
06-11-2009, 03:03 PM
I'm over 800...

Giggity.

Likewise, and im younger.....giggity giggity.....giggity goo.

Pestilence
06-11-2009, 03:04 PM
1/3 of your credit score is your debt to credit limit.

What are the limits on those credit cards? That's the key.

Every few months, I call up the bank and get my credit line increased. That reduces my debt to credit ratio and improves my score with barely any effort.

Chris

And that works? I figured they wouldn't do it....if you asked.

Pestilence
06-11-2009, 03:04 PM
The reason being that your debt to income ratio stays the same regardless of where the $900 goes. You may as well save a few bucks in the process of it.

Ok.....I'll just put it towards that card then.

Mr. Flopnuts
06-11-2009, 03:05 PM
And that works? I figured they wouldn't do it....if you asked.

No. They would love to provided your payment history is perfect. I wouldn't suggest it though. People need to close credit cards, not increase their limits. The only bigger pitfall for a credit score than medical bills, is credit cards. They're the bane of financial security.

Mr. Flopnuts
06-11-2009, 03:06 PM
No. They would love to provided your payment history is perfect. I wouldn't suggest it though. People need to close credit cards, not increase their limits. The only bigger pitfall for a credit score than medical bills, is credit cards. They're the bane of financial security.

That said, Bwillie does it perfectly. Keep 1 card with a high limit, charge everything to it, then pay it off every month leaving something like a $100 balance. Pay a minimal amount of interest to leverage your score and save yourself money on the interest rates that count. I.E Cars, houses, boats, bitches, etc.

Pestilence
06-11-2009, 03:08 PM
That said, Bwillie does it perfectly. Keep 1 card with a high limit, charge everything to it, then pay it off every month leaving something like a $100 balance. Pay a minimal amount of interest to leverage your score and save yourself money on the interest rates that count. I.E Cars, houses, boats, bitches, etc.

That's what I'm planning on doing once I get these paid off. I'm dumb though like most Americans...and end up screwing myself by charging on my credit card.

NO MORE FOR THIS FUCKER!!!! NO MORE!!!!!

El Jefe
06-11-2009, 03:08 PM
No. They would love to provided your payment history is perfect. I wouldn't suggest it though. People need to close credit cards, not increase their limits. The only bigger pitfall for a credit score than medical bills, is credit cards. They're the bane of financial security.


Good stuff

That said, Bwillie does it perfectly. Keep 1 card with a high limit, charge everything to it, then pay it off every month leaving something like a $100 balance. Pay a minimal amount of interest to leverage your score and save yourself money on the interest rates that count. I.E Cars, houses, boats, bitches, etc.

Boats and hoes brother.

El Jefe
06-11-2009, 03:09 PM
That's what I'm planning on doing once I get these paid off. I'm dumb though like most Americans...and end up screwing myself by charging on my credit card.

NO MORE FOR THIS ****ER!!!! NO MORE!!!!!

I hear ya, my CC is 23% but ive never carried over any from a month, thank the Lord, some people live off their CC's.

Mr. Flopnuts
06-11-2009, 03:12 PM
Good stuff



Boats and hoes brother.

Mah baaaad.

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Mr. Flopnuts
06-11-2009, 03:12 PM
That's what I'm planning on doing once I get these paid off. I'm dumb though like most Americans...and end up screwing myself by charging on my credit card.

NO MORE FOR THIS FUCKER!!!! NO MORE!!!!!

Good for you. Discipline will serve you here better than it has probably ever served you before.

tomahawk kid
06-11-2009, 03:12 PM
I hear ya, my CC is 23% but ive never carried over any from a month, thank the Lord, some people live off their CC's.

More people used to than you think.

tomahawk kid
06-11-2009, 03:23 PM
So how much does this hurt my credit? Four years ago I pulled my credit report and I had a collection agency saying I owed $129.00. I called them and it was for a past due medical bill. Apparently I had gone to the doctor, we moved, they billed the old address and I never recieved the bill. I paid it right then over the phone. Today after seeing this thread I pulled up the report again and It was still listed but showed that it was paid. I called the collection agency and talked to a women who said it normally would stay on the report for 7 years but that she could take it off. Can she take it off and if not how much would that hurt my score? I have never had any late fee's or payments. I only have a mortgage payment now and $250 balance on a $13,000 limit credit card?

If she pulls off the late payment, I would think your score will probably jump.

BWillie
06-11-2009, 03:32 PM
So how much does this hurt my credit? Four years ago I pulled my credit report and I had a collection agency saying I owed $129.00. I called them and it was for a past due medical bill. Apparently I had gone to the doctor, we moved, they billed the old address and I never recieved the bill. I paid it right then over the phone. Today after seeing this thread I pulled up the report again and It was still listed but showed that it was paid. I called the collection agency and talked to a women who said it normally would stay on the report for 7 years but that she could take it off. Can she take it off and if not how much would that hurt my score? I have never had any late fee's or payments. I only have a mortgage payment now and $250 balance on a $13,000 limit credit card?

If it went to collections, it hurt your credit score. I should of took the advice of this board years ago. I had a similar debt with an apartment complex and it was about 130 if I remember right. When I got a loan for my house they said it likely dropped my credit from 800 to about 730. To me, that is a pretty huge drop for such a small debt and something that I didn't even feel was a fair amount they were charging me.

Mr. Flopnuts
06-11-2009, 03:37 PM
Buzz, if they pull it off your credit, it will be like it never happened. Your score will jump up.

BWillie
06-11-2009, 04:21 PM
Buzz, if they pull it off your credit, it will be like it never happened. Your score will jump up.

How do you get something that went to collections off your credit score? My understanding is even if you pay, it's still on there, so after a while it really doesn't make much of a difference if you pay it or not cuz it's not goin away. Maybe I'm not correct?

Mr. Flopnuts
06-11-2009, 05:13 PM
How do you get something that went to collections off your credit score? My understanding is even if you pay, it's still on there, so after a while it really doesn't make much of a difference if you pay it or not cuz it's not goin away. Maybe I'm not correct?

Check out Dunit's thread from last night.

http://chiefsplanet.com/BB/showthread.php?t=208873

stlchiefs
06-11-2009, 07:13 PM
Right now you need a 740 or better to get the best rates on a home loan. It's crazy.

BigRedChief
06-11-2009, 08:14 PM
1/3 of your credit score is your debt to credit limit.

What are the limits on those credit cards? That's the key.

Every few months, I call up the bank and get my credit line increased. That reduces my debt to credit ratio and improves my score with barely any effort.

Chris
correct, I accepted a $13K limit credit card recently to help with the debt to income ratio. Shot my credit score up 35 points.

BWillie
06-11-2009, 08:44 PM
Right now you need a 740 or better to get the best rates on a home loan. It's crazy.

I got a 4.75% w/ a 730.

stlchiefs
06-11-2009, 09:11 PM
I got a 4.75% w/ a 730.

any points?

We had a house under contract 3 weeks ago and I could have locked a 4.65, we put an offer in on a house yesterday and I called my mortgage broker. Rates are now up to 5.75%! AWESOME!

DaFace
06-11-2009, 09:12 PM
any points?

We had a house under contract 3 weeks ago and I could have locked a 4.65, we put an offer in on a house yesterday and I called my mortgage broker. Rates are now up to 5.75%! AWESOME!

Yeouch. We got set up at 5.00% in Mid-March.

stlchiefs
06-11-2009, 09:16 PM
Yeouch. We got set up at 5.00% in Mid-March.

Yeah rates have jumped more than a point in the past 3 weeks. Hopefully they starting heading back down a bit. Both for me personally and the overall housing market. High rates are going to put a damper on people's purchasing power.

luv
06-11-2009, 09:41 PM
So how much does this hurt my credit? Four years ago I pulled my credit report and I had a collection agency saying I owed $129.00. I called them and it was for a past due medical bill. Apparently I had gone to the doctor, we moved, they billed the old address and I never recieved the bill. I paid it right then over the phone. Today after seeing this thread I pulled up the report again and It was still listed but showed that it was paid. I called the collection agency and talked to a women who said it normally would stay on the report for 7 years but that she could take it off. Can she take it off and if not how much would that hurt my score? I have never had any late fee's or payments. I only have a mortgage payment now and $250 balance on a $13,000 limit credit card?

Can I borrow your credit card?

DeezNutz
06-11-2009, 09:43 PM
any points?

We had a house under contract 3 weeks ago and I could have locked a 4.65, we put an offer in on a house yesterday and I called my mortgage broker. Rates are now up to 5.75%! AWESOME!

What happened to the house you had under contract?

stlchiefs
06-11-2009, 09:52 PM
What happened to the house you had under contract?

We could come to terms after the inspection. They refused to credit much on a couple of things we felt were major problems so we canceled the contract.

Yesterday we lost a house in a bidding war. The first multiple offer the Seller's agent had in 2.5 years and of course it was a house we wanted. 2 offers on the same morning :banghead:

DeezNutz
06-11-2009, 09:55 PM
We could come to terms after the inspection. They refused to credit much on a couple of things we felt were major problems so we canceled the contract.

Yesterday we lost a house in a bidding war. The first multiple offer the Seller's agent had in 2.5 years and of course it was a house we wanted. 2 offers on the same morning :banghead:

Damn, man. Good luck. Something will turn up.

What were the issues with the inspection, if you don't mind me asking?

stlchiefs
06-11-2009, 10:02 PM
Damn, man. Good luck. Something will turn up.

What were the issues with the inspection, if you don't mind me asking?

Just a few of them: Vent pipe that was venting into the attic, not through the hole in the roof as it was not properly replaced after a bathroom renovation, bad wiring in the basement, no metal flashing on the roof but rather the use of tar as a temporary flashing which our inspector cautioned against. The biggest was a rather large deck which was about 12 feet off the ground and found to be unstable and rotting. They were willing to work on all the previous stuff but claimed the deck was fine. I wasn't going to pay that much for the house knowing the deck needed immediate attention knowing I had a quote to replace it at $10,000.

Sorry to hijack the thread.

DeezNutz
06-11-2009, 10:10 PM
Just a few of them: Vent pipe that was venting into the attic, not through the hole in the roof as it was not properly replaced after a bathroom renovation, bad wiring in the basement, no metal flashing on the roof but rather the use of tar as a temporary flashing which our inspector cautioned against. The biggest was a rather large deck which was about 12 feet off the ground and found to be unstable and rotting. They were willing to work on all the previous stuff but claimed the deck was fine. I wasn't going to pay that much for the house knowing the deck needed immediate attention knowing I had a quote to replace it at $10,000.

Sorry to hijack the thread.

Hmm...probably wasn't meant to be.

The right house will turn up for you guys.

luv
06-11-2009, 10:18 PM
NO! :banghead: I already have one thorn in my foot! but what are you wearing?


:dom:

An MU football t-shirt. Yeah, that's all. ;)

BWillie
06-12-2009, 01:13 AM
We could come to terms after the inspection. They refused to credit much on a couple of things we felt were major problems so we canceled the contract.

Yesterday we lost a house in a bidding war. The first multiple offer the Seller's agent had in 2.5 years and of course it was a house we wanted. 2 offers on the same morning :banghead:

It was the first multiple offer the seller's agent had in 2.5 years? What does she do sell houses in Detroit? That happened to me three times when I was looking for a house, and everytime I was too stubborn to budge and go way up and nab it like someone did.

BWillie
06-12-2009, 01:16 AM
any points?

We had a house under contract 3 weeks ago and I could have locked a 4.65, we put an offer in on a house yesterday and I called my mortgage broker. Rates are now up to 5.75%! AWESOME!

No points, I just bought at the right time. It was at 5.5, then it dropped to 4.75 and I scurryed and made an offer on every house I could find.