How's your credit? - Page 3

**alnorth** · 10-23-2005, 07:31 PM

This may be a bit controversial, but I am very new to the whole concept of credit scoring, so we'll see what happens. I just got my FICO score today from Experian. I'll need to get a car loan next summer so I'll need to work on my credit till then, but I wanted to see how it compares with a random sampling of chiefs planet fans who are inclined to anonymously vote their range in a poll.

**BigRedChief** · 10-23-2005, 10:22 PM

Quote:

Originally Posted by mmaddog

Work in Credit?

mmaddog
*******

nope.

**luv** · 10-23-2005, 10:42 PM

Quote:

Originally Posted by ENDelt260

Bah. I was raised in a household where you drive a car until it dies. My truck's paid off. Has been for awhile. It gets me from point A to point B consistently. I'll replace it when that changes.

Like when your repair bills get to be worth more than the value of the truck.

**Nzoner** · 10-23-2005, 10:43 PM

Quote:

Originally Posted by ENDelt260

Buck up. I have a friend who was denied a BMG membership.

Seriously.

That's pitiful,I've never heard of anyone being denied by BMG until now.

KingPriest2 · 10-24-2005, 11:53 AM

Quote:

Originally Posted by DTLB58

You can get a mortgage without having a good FICO score. Car debt is waaayyy different than a mortgage also.

What do you consider a bad score? Where is the breaking point in where you can't get a loan?

Do you know what type of loan you can get with bad credit?

KingPriest2 · 10-24-2005, 11:58 AM

Quote:

Originally Posted by joesomebody

I rent and have a car loan... BOooo...

My credit sucks, its between 630 and 670 depending on whom I check through and when I check. I'm currently trying to become debt free, which is a very long process.

Working on credit is a pain. Get someone who has to co sign for you instead, credit cards are the debil.

Actually your creidt is decent. You can still get a great rate on a mortgage.

GoTrav · 10-24-2005, 12:09 PM

Quote:

Originally Posted by recxjake

also don't buy cars, lease them, much lower payments, get a new car every 2 or 3 years... investing money in cars is really stupid unless you get an employee discount and sell w/ in 6 months so you save the 15% most people loose when they drive off the lot

I actually thought about leasing, but a few things I don't like are paying the "fees" to get into the lease, which IMO, your just p1ssing your money away. And also the way they cap your mileage at a ridiculously low number.

I need to run a more recent credit report. I plan on upgrading to a new home next spring. What are some decent online sites?

Cntrygal · 10-24-2005, 04:53 PM

Quote:

Originally Posted by ENDelt260

Bah. I was raised in a household where you drive a car until it dies. My truck's paid off. Has been for awhile. It gets me from point A to point B consistently. I'll replace it when that changes.

How many tailgates has it had now?

Mr. Laz · 10-24-2005, 06:43 PM

789 last time i checked

**alnorth** · 10-24-2005, 06:44 PM

Quote:

Originally Posted by KingPriest2

What do you consider a bad score? Where is the breaking point in where you can't get a loan?

Do you know what type of loan you can get with bad credit?

No clue for mortgages, but for car loans, under 630 is when the interest rate begins to escalate dramatically, and some lenders who stick with safe risks will deny you. Under 600, you begin to get denied by a lot of lenders and have to pay the rate given to high-risk borrowers.

Under 550, if you can find a lender at all, youll pay insane interest. Fortunately, it is very difficult to get a score so bad that its under 550.

**alnorth** · 10-24-2005, 06:46 PM

Quote:

I need to run a more recent credit report. I plan on upgrading to a new home next spring. What are some decent online sites?

There are 3 credit reporting agencies, Experian, Transunion, and Equifax. I use Experian, but that was luck of the draw, I didnt have a preconception of which was better, so I picked one of the 3 at random. Dont bother with any 3rd parties, order it directly from these guys online, or send a letter for your once a year free credit report. (Think you gotta pay for the score, though)

**Skip Towne** · 10-24-2005, 06:48 PM

Quote:

Originally Posted by ENDelt260

He was the first I'd ever heard of being denied, too. We bust his balls about it. A lot.

What is BMG?

**KcMizzou** · 10-24-2005, 06:52 PM

Quote:

Originally Posted by Skip Towne

What is BMG?

A mail order music company... like "Columbia House"

You sign up for X number of CD's for a penny each.... and they send you (and bill you for) one a month for the rest of your life.

GoTrav · 10-24-2005, 06:53 PM

Quote:

Originally Posted by KcMizzou

A mail order music company... like "Columbia House"

You sign up for X number of CD's for a penny each.... and they send you (and bill you for) one a month for the rest of your life.

lol, my mom saved me from them when I was like 14.

**Iowanian** · 10-24-2005, 07:06 PM

My credit is excellent. 800+
I only borrow money when I need it, I don't spend it on stupid things(often), I don't live outside our means, I pay extra on loans and pay them off early(years early) by paying a little extra on principle each month.

My first house was affordable(and a mess), I've remodeled it, moved to a larger and signed an offer for double what I paid this week.

Good credit is not difficult to build...pay your bills on time, and don't try to live like a rock star if you are on a fast food workers budget.

**alnorth** · 10-24-2005, 07:24 PM

Quote:

Originally Posted by Iowanian

I pay extra on loans and pay them off early(years early) by paying a little extra on principle each month.

Ooh, you reminded me of another subtle point many people dont think of.

In general, obviously paying some extra towards the principle on your loans to retire them early is a good idea... IF the interest is above 6%.

For mortgages and car loans, most people will have an interest rate high enough for it to make sence to pay off early.

HOWEVER, if your loan has an interest rate at about 3% or so, then you should not pay that loan off one microsecond earlier than you have to. Why? 3% is cheap money, you can do better than 3% in the market even with safe investments. Take the extra money you were going to use to paying off principle, and use it on an investment instead and youll come out ahead.

This only works if youve got the discipline to invest the money. If your going to blow it on beer and smokes, then you should use it on the loan instead. 3% is better than nothing.

View Poll Results: What's your FICO score?
Terrific (750+)	19	25.00%
Great (700-749)	16	21.05%
650-699	4	5.26%
600-649	9	11.84%
550-559	2	2.63%
You dont want to know (365-549)	7	9.21%
I dont know/I dont need credit so I dont care	12	15.79%
Gaz stole my identity and ruined my credit.	7	9.21%
Voters: 76. You may not vote on this poll

10-23-2005, 07:31 PM
alnorth . Join Date: Dec 2002 Casino cash: $57156239	How's your credit? This may be a bit controversial, but I am very new to the whole concept of credit scoring, so we'll see what happens. I just got my FICO score today from Experian. I'll need to get a car loan next summer so I'll need to work on my credit till then, but I wanted to see how it compares with a random sampling of chiefs planet fans who are inclined to anonymously vote their range in a poll.
Posts: 36,130

10-24-2005, 06:43 PM	#38
Mr. Laz Don't Tease Me Join Date: Dec 2000 Location: KS Casino cash: $11047037	789 last time i checked __________________
Posts: 95,626

10-24-2005, 07:06 PM	#44
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $4558454	My credit is excellent. 800+ I only borrow money when I need it, I don't spend it on stupid things(often), I don't live outside our means, I pay extra on loans and pay them off early(years early) by paying a little extra on principle each month. My first house was affordable(and a mess), I've remodeled it, moved to a larger and signed an offer for double what I paid this week. Good credit is not difficult to build...pay your bills on time, and don't try to live like a rock star if you are on a fast food workers budget.
Posts: 61,568