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In addition to the varying scales used, one scoring system may weigh certain elements in your credit report differently than another, so it’s likely that the number you receive will differ somewhat depending on which credit scoring system is used to calculate it.
And we, the taxpayers, bailed them out. That’s the icing on the cake. And Congress, the REAL bastards who were supposed to be on our side, didn’t force these banks to renegotiate the loans so Americans could keep their houses. These politicians smile in your face, shake your hand, and claim to feel your pain—in reality: they have NO IDEA what it’s like to struggle to pay their bills because we, the people, pay their bills every month.
I assume your asking if getting more credit cards lower your scores–is that correct? The answer is “it depends,” A new account will affect your scores but usually it levels out after a few months. But that doesn’t mean you want to load up on a wallet full of cards in a short period of time.
Yes, I know. I started with them but now have prime cards with good rewards. I did want to say that my score has never gone over 750 with just the mtg, car payment & cap one card. I have good cash in the bank. But only use my cards for what I would normally pay for with my debit cards. Now I get rewards with these cards. I did do well for Xmas. Still collecting rewards!!! I hope the new cards & car payment will get my score over 800 & as close to 850 as possible. Thank you for all of your help.
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Getting a higher credit limit can help a credit score. The higher the credit limit on the credit card, the lower the utilization ratio average for all of a borrower’s credit card accounts. The utilization ratio is the amount owed divided by the amount extended by the creditor and the lower it is the better a FICO rating, in general. So if a person has one credit card with a used balance of $500 and a limit of $1,000 as well as another with a used balance of $700 and $2,000 limit, the average ratio is 40 percent ($1,200 total used divided by $3,000 total limits). If the first credit card company raises the limit to $2,000, the ratio lowers to 30 percent, which could boost the FICO rating.
Well what is YOUR suggestion to those of us who are sick and all that there are, are medical bills. Some btw were paid with my insurance and are still reporting negative. I have fought one for 5 years now. When will everyone understand these 3 bureaus are not in it for us. Its bad enough to be sick but to be financial affected everyday for 7 days and I promise they all don’t just drop off. It will always be my word against them and working with a collections agency is just a waste of my time and money. They lie!!  I got one of KC’s cc offers 3 weeks ago as they suggested to raise my score…I was just about to get me a new car since 1994 well that next week my credit dropped 70 points for a $300.00 credit..My credit union has no for my car loan.I thought KC was a blessing…wrong I guess… 
Gerri, since the statement had a $0 balance, there was nothing reported for the payment. It wasn’t reported late, they simply reported nothing since there was no balance on the statement to be paid. I thought it odd, then just waited until the statement came out and paid it, sure enough they reported on time payment. I am using several different sites to follow my score, each showing different variations, but all have been rising in the 10 months since I started tracking them, I started below around and below 650 on all, and have seen changes to 677 here and a transunion score that isn’t showing my older late stuff that will be removed in 2017 is currently showing a 751 score. That shows just how varied scores can be from one reporting agency to the next.
However, credit scores are usually not the only things lenders will look at when deciding to extend you credit or offer you a loan. Your credit report also contains details which could be taken into consideration, such as the total amount of debt you have, the types of credit in your report, the length of time you have had credit accounts and any derogatory marks you may have. Other than your credit report and credit scores, lenders may also consider your total expenses against your monthly income (known as your debt-to-income ratio), depending on the type of loan you’re seeking.
Why aren’t lenders allowed (or mandated) to explain to borrowers how taking a larger HELOC (if one qualifies) may be beneficial to their credit scores. Lenders could give ‘disclaimers’ & explain that they’re not trying to up-sell (though they ALWAYS ARE, of course), but that the 3 main credit bureaus score ‘down’ on HELOCS that are maxed out as opposed to HELOCS where the borrower takes less than their highest limit. (There’ll always be the nay-sayer complaining that the lender is being self-serving or deceptive…but that’s where the disclaimer & explanation from the 3 Bureaus would help.) NO one HAS to take a higher HELOC, but knowing how it could affect one’s credit scores would be very helpful info. If ‘qualifying’ for more than you need doesn’t cost anything, I think knowing a larger HELOC could actually HELP the borrower, is valuable info. [Re: another comment on this page: Asking to ‘quality’ for a lesser amount because one doesn’t trust themselves with an available pot of money at the bank, suggests a bigger personal issue.] Then again, the novice (myself included) might not try to qualify for more than they actually need simply because they don’t trust the ‘salesperson’ at the bank. Bottom line, I believe an informed decision is always best.
All negative information will eventually be removed from your credit report and will stop impacting your credit score. In the interim, you can do your best to build a more positive credit history by bringing your accounts current, paying bills on time, and reducing your credit card balances. Over time, your credit score will improve and you’ll qualify for better interest rates and terms.
Wow, when i bought my house back in 99, over 600 was a decent credit score…. Sitting at 700 only because of my wife’s due diligence I thought that I was KING of the credit score… After paying my house off 19 years early JP Morgan-Chase thought it would be funny to place a foreclosure and bankruptcy upon my credit report. I am NOT kidding. The worst thing I ever did regarding my home loan was to be maybe a week late with a payment. I only noticed this egregious error after agreeing to co-sign a loan for my brother-in-law. I am still thinking of suing. A year later after many phone calls and one where I asked for a manager telling her she was being recorded and That I was being filmed for a Michael Moore movie did i finally get results. So where was I? Well it’s 2014 the kids are getting older and my wife wants a new kitchen and siding on the house. Me? I’d rather live in the woods in a trailer. Anyway, she is my queen and i am her fool so she gets what she wants. Securing 30k while living in a house wort 200k should be no problem, or so I thought. With under 7k in debt besides my wife’s auto loan I figured that I would be the shot caller on this loan. Yes, the banks wanted to give but they wanted to give way more than the 30k i was seeking. They also wanted 15 year agreements… Things went south quick and i headed to the SAFE HAVEN of a CREDIT UNION. Nope! I’ve been done with banks for years and NOW—– I plan on keeping it that way. At the credit union I was a PERSON. I actually knew the loan officer and a few board members. Not that this insured my loan but it gave me great confidence that my voice would be heard even with the mathematical formulas that decide your credit score and ones ability to re-pay loans. We all know what happens when banks lend in a predatory manner… Think 2008…. The credit union is not in the business of loosing money nor is it in the business of making your life a living hell like Jp Morgan did for me.
Considering that if you took all the credit card debt in the U.S. and spread it out among all the households, each household would be over $15,000 in debt, it is tempting to think that most American’s have terrible credit.
The highest credit score for any given credit scoring model is typically somewhere around 850, and if you have ever hit this mark, even for a moment, count yourself a rare financial creature.1 Is it even possible to hit this level of perfection in the realm of credit worthiness? Yes, some people have done it.2 Is attaining the highest credit score a worthwhile goal? Probably not.
Soft inquiries (when you check your own score) are never reported. Hard inquiries (when you apply for credit) stay on for two years, but in most scoring models, they have no impact on your score after 6 months.
BBB reports on unauthorized use of the Better Business Bureau’s name and/or logo for as long as the business continues to use it in any advertising, or for one year after the business ceases any repeated unauthorized uses.
The higher your credit score, the more likely you are to get approved whenever you apply for credit, and to qualify for the best terms and rates on any money you borrow. If you’re starting out from “good,” you can move your scores into the realm of “very good” or “exceptional” for an even better financial outlook.
Remember that even though your credit reports are free every twelve months, your credit score is not included. It’s a separate calculation that is requested when your credit is pulled by third parties such as lenders and creditors. There are several monitoring services if you’d like to check out your score on a regular basis, or you can pay a one-time fee to FICO to access your score.
It is hard to get accurate late payments removed. Sometimes consumers will dispute them, and if they aren’t confirmed they will be removed. But even if they remain, over time they carry less weight. Please read: How Long Does It Really Take to Improve Your Credit?
The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by FICO and is called FICO score. FICO is a publicly traded corporation (under the ticker symbol FICO) that created the best-known and most widely used credit score model in the United States. FICO produces scoring models which are installed at and distributed by the three largest national credit repositories in the U.S (TransUnion, Equifax and Experian) and the two national credit repositories in Canada (TransUnion Canada and Equifax Canada). FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market.

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No matter where your credit score lays in comparison to everyone else’s, just remember that “personal finance” is called that for a reason: each individual has personal reasons for spending and saving money as they do.
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication. Our Policies for Ask Experian: The information contained in Ask Experian is for educational purposes only and is not legal advice. You should consult your own attorney or seek specific advice from a legal professional regarding your particular situation. Please understand that Experian policies change over time. Posts reflect Experian policy at the time of writing. While maintained for your information, archived posts may not reflect current Experian policy. The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future post. © 2018 Experian Information Solutions, Inc. All rights reserved. Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
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Good morning. Your admission of your issues is the 1st biggest step on the road to a better place financially speaking. The closest thing I’ve ever seen to something like what you mention is Dave Ramsey. He is a nationally syndicated talk show host and a best sellers list famous author that talks about what you asked. He and his books and courses are the best financial education I’ve ever received. I’ve read 3 of his books and have listened to his talk show a lot. You can start off by going to your local library and borrowing some of his books for free. After that, I went to Amazon to buy some other gently used books and courses of his, which were worth every penny. It’s hard to put it in a paragraph, but he deals with the A-Z’s of financial literacy and if you’ve read up on him, you’ll be in an AWESOME position not to repeat any of these types of mistakes ever again. Just my humble opinion, but I’m teaching my own kids what Dave taught me, so they aren’t doomed to repeat the same mistakes I’ve made when I fell flat on my face since my parents didn’t teach me fiscal and financial smarts. Take care and God Bless!
Revolving credit such as credit cards have a higher impact on your credit score, 30%, than non-revolving accounts such as loans. It’s better to pay off credit card than loans. I got a personal loans to consolidate all of my credit cards and my scores went up between 61 and 75 points. It was the best thing I could have done for my credit. Get a loan for consolidation, not a credit card,

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Hard Inquiries: Hard inquiries appear on your credit report when you apply for new credit and can negatively impact your credit score. (Checking your own credit is a soft inquiry and does not impact your credit score.)
Stephanie – It depends on what’s bringing down your credit scores. If you get your free credit score from Credit.com you will also get an action plan for your credit. It will suggest next steps. (It’s truly free – no credit card required.) Does that sound like a reasonable next step to you?
I am just as frustrated and angry as most of you. My score is 676 and my hubby is 664. We have paid every bill every month for the last 5 years with no delinquency (in the last 5 years and NEVER a mortgage delinquency) and just got a new car loan after our cars (paid off for more than 8 years) finally died. I have seen my score go up slightly with the new loan and payments. Our utilization is below 15%. We are trying to get above 720 to get a good home loan but I feel like we are in a Catch 22 and we cannot figure out how to get our scores any higher. If they go up it is by only a pont or two a month. What can we do to increase faster?!
In the United States, a credit score is a number based on a statistical analysis of a person’s credit files, that in theory represents the creditworthiness of that person, which is the likelihood that people will pay their bills. A credit score is primarily based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income and employment history (or lack thereof) are not considered by the major credit bureaus when calculating credit scores.
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You can never ensure that but if they have the ability to check credit then they have been screened and informed of their duties under federal law. You can also monitor your credit scores each month for unusual activity. Here is how to get your free credit scores.
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My daughter has been paying ccs on time for the past 16 months, after a period of being irresponsible. Only 1 company reduced her exorbitant interest rate though ALL stated they’d do that if she paid on time for 6 months. She’s been at her job for 6 years & just got a new car (she traded in her older car to the same company, so they ‘ignored’ her ‘average’ FICO). [Also, it’s a smaller car, so smaller monthly payment.] I’d love her to get a
What do you need credit for? You have a car and a house. Pay for everything with cash, start saving for the new car you know you will need in the future, and when it comes time for you to get a new car, pay for it in full. Besides the ease and safety of paying for things with a credit card, you have no need for credit anymore so you have no need for any kind of credit score… Am I right?
According to the experts at MyFico.com,[28][29] credit scores are enhanced by having multiple credit cards, the use of credit cards, and having installment loans. However, financially secure individuals who do not use multiple credit cards and/or self-finance installment type expenses may be inaccurately assessed a lower credit score.[30]
I raised my score 200 points in 3 years with alot of hard work…got a personal loan and now have 3 credit cards instead of 11….pay before the due date..dont use over 30% of your credit line…pay balance every month..if you dont need it dont buy it!!!!  Maintain your residance…dont keep moving every couple years…lendars look at that though they wont tell you it effects your outcome!!   By the way…my score was 560 41 months ago !!!
Under the Fair Credit Reporting Act, a consumer is entitled to a free credit report (but not a free credit score) within 60 days of any adverse action (e.g., being denied credit, or receiving substandard credit terms from a lender) taken as a result of their credit score. Under the Wall Street reform bill passed on July 22, 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit score.[28]
Greg – We explain in this article that there are many different scoring models. The two we show are scores used by lenders, not estimations. Also, are both pulling from the same bureau? (Ours is Experian.) 3 Reasons Why Your Free Credit Score Looks Wrong
For instance, someone with FICO scores in the 620 range would pay $65,000 more on a $200,000, 30-year mortgage than someone with FICOs over 760, according to data gathered by Informa Research Services.

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Gerri, since the statement had a $0 balance, there was nothing reported for the payment. It wasn’t reported late, they simply reported nothing since there was no balance on the statement to be paid. I thought it odd, then just waited until the statement came out and paid it, sure enough they reported on time payment. I am using several different sites to follow my score, each showing different variations, but all have been rising in the 10 months since I started tracking them, I started below around and below 650 on all, and have seen changes to 677 here and a transunion score that isn’t showing my older late stuff that will be removed in 2017 is currently showing a 751 score. That shows just how varied scores can be from one reporting agency to the next.
The comments posted below are not provided, reviewed or approved by the card issuers or advertisers. Additionally, the card issuer or advertiser does not assume responsibility to ensure that all posts and/or questions are answered.
No, Credit Score reflects the discipline and responsibility characteristics of a person. I started at 690 after my divorce, through discipline and hard work I have raised my credit FICO score to 840. Discipline, accountability and responsibility unfortunately are terms our “liberal” society does not want to address!!
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Bankruptcies: Bankruptcies remain on your credit report from seven years (if you file Chapter 13 bankruptcy) to ten years (if you file Chapter 7 bankruptcy) and can significantly harm your credit scores.
In Germany, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company’s existing client base.
We researched and analyzed over 160 credit cards designed for people in the fair credit range and evaluated them against several different criteria: rates and fees, rewards, customer service, ability to improve credit lines, and more. Below are our top picks and several tips to help you decide and improve your credit for the future. Here, we look at:
Be careful when opening or closing accounts. When you close an unused account, it can affect your credit utilization ratio by reducing your overall credit limit. In general, it’s a good idea to keep credit card accounts open, unless you’ll be tempted to use the card and increase your debt. Alternatively, applying for new credit can also impact your credit score. When you apply for credit, a hard inquiry is added to your account, which has a temporary negative impact on your credit score. (This is because too many applications for credit in a short period of time can represent risk to lenders.) The impact of hard inquiries fades over time, and they are totally removed from your credit report after two years.
Suggest that you avoid debit card. Get a secured credit card ( you pay a certain amount up front ) and pay it down 100% every month. You will start to establish a credit history. Most young people do not have bad credit, they just have no credit history. You can’t start off with a car loan, start off small with credit card and build it from there. Banks and credit rating agencies want to see a history of paying back loans, and income to support continued repayment of loans.
Very old system, low pay no raises offered, hard to hit goals, & no advancement within the company. Managers blame you for why people are not paying their medical debt. Even after averaging 150-200 calls a day, VERY repetitive. And when raffling prizes it is ridge in the CEO favor of his favorites. Managers are very patient if you have a problem and/or a concern with a accounts. Also benefits are pricey, and bonuses aren’t nice when you finally hit goals. I’d strongly suggest working elsewhere !
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According to the experts at MyFico.com,[28][29] credit scores are enhanced by having multiple credit cards, the use of credit cards, and having installment loans. However, financially secure individuals who do not use multiple credit cards and/or self-finance installment type expenses may be inaccurately assessed a lower credit score.[30]
A 650 credit score on the FICO score scale of 300-850 is considered fair. People with this credit score may be considered subprime borrowers and may be offered higher interest rates or less ideal terms for credit cards and loans.
Pippy – It’s very hard to tell. Have you ordered copies of your credit reports? It’s possible there is a mistake on them. Or their could be a collection account you aren’t aware of (such as a medical bill that went to collections). Here’s how to get your free annual credit reports. That’s where I suggest you start.
The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by FICO and is called FICO score. FICO is a publicly traded corporation (under the ticker symbol FICO) that created the best-known and most widely used credit score model in the United States. FICO produces scoring models which are installed at and distributed by the three largest national credit repositories in the U.S (TransUnion, Equifax and Experian) and the two national credit repositories in Canada (TransUnion Canada and Equifax Canada). FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market.
If you have something on your credit bureau that is 30 years old, it has to come off. It is quite easy to do these days. Just contact the Consumer Financial Protection Bureau (CFPB) and file a report against the company holding your credit hostage (if the credit bureaus are the one’s refusing to remove it, then file the complaint against them. If the debtor company is refusing to remove it, then file the complaint against them…or both).
If you continue to pay your bills on time, keep your balances low, and apply for credit judiciously, you will be able to maintain excellent credit scores and get the credit you deserve when you need it, at the best rates available – even though your score isn’t perfect
“I don’t know anybody who has a perfect credit score,” said Rod Griffin, director of public education for Experian, one of the three major credit bureaus, whose California company provided the basis for Pavelka’s score.
And it’s not like you can know with absolute certainty what is affecting your credit score. FICO says 35% of your score derives from your payment history and 30% from the amount you owe. But in actually calculating the score, each of these categories is broken down even further, and FICO doesn’t disclose how that works. (See also: Do You Understand Your Credit Score?)
Charging a higher interest rate for those with a low credit score seems punitive. On the surface, it looks like those who have a low score would be less likely to afford the loan, and ultimately less likely to build their credit score. But we have to remember: low credit doesn’t mean bad with money.
First credit scores and the bureau’s are the biggest jokes out there. How come they only look at loans and credit cards. Why not look at everyone’s normal bills like rent or mortgage, gas bills, electric bills and you get the drift. It’s a scam out there. Then if you have bad credit you can find someone with good credit and have them put you on there credit cards without even using it. The credit world is bad and that’s why the big banks are hurting.
“As many do in their 20s, I experienced financial instability and suffered some setbacks that greatly impacted my credit scores. That credit also limited my economic flexibility,” says Stevens, managing partner of a private car service in Austin.
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Use CreditCards.com’s CardMatch tool to get prequalified for an offer that suits you. This will also help you avoid applying for cards that may reject you – which will have a negative impact on your score.
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Individuals with fair credit can still qualify for mortgages, car loans and some credit cards with a sufficient income. For example, many mortgages require a minimum credit score of 620. But keep in mind that with a fair credit score, you will more than likely pay a higher interest rate than if you had good or excellent credit.
For others, the best way to establish credit may be to work with your bank or credit union to open an account with a small credit limit to get you started. Opening a secured credit card is another way to get started building your credit. Then, with time and good account management, a good credit history (and scores) will be within your reach.

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Revolving credit such as credit cards have a higher impact on your credit score, 30%, than non-revolving accounts such as loans. It’s better to pay off credit card than loans. I got a personal loans to consolidate all of my credit cards and my scores went up between 61 and 75 points. It was the best thing I could have done for my credit. Get a loan for consolidation, not a credit card,
The highest credit score for any given credit scoring model is typically somewhere around 850, and if you have ever hit this mark, even for a moment, count yourself a rare financial creature.1 Is it even possible to hit this level of perfection in the realm of credit worthiness? Yes, some people have done it.2 Is attaining the highest credit score a worthwhile goal? Probably not.
I had a score of 800, paid off a loan early and the next month it was 780. I too have no missed payments and a credit card that I carry a low balance on because I was told a factor was showing you can make regular payments. A note: if you go to a car dealer and let them run your credit it actually will show multiple requests because they send them to a number of companies to try and get you the best rate. Instead I took s copy of my credit report and had them give me an estimate based on my score.
Remember that even though your credit reports are free every twelve months, your credit score is not included. It’s a separate calculation that is requested when your credit is pulled by third parties such as lenders and creditors. There are several monitoring services if you’d like to check out your score on a regular basis, or you can pay a one-time fee to FICO to access your score.
Credit Management Control is committed to treating our clients’ customers with respect and understanding. We employ bilingual collectors, record calls to ensure compliance with regulations on the part of our collectors and train our collection staff to take a “here’s what I can do for you” approach to collections, offering consumers solutions that will help them fulfill their financial obligations to our clients.
In Austria, credit scoring is done as a blacklist. Consumers who did not pay bills end up on the blacklists that are held by different credit bureaus.[4] Having an entry on the black list may result in the denial of contracts. Certain enterprises including telecom carriers use the list on a regular basis. Banks also use these lists, but rather inquire about security and income when considering loans. Beside these lists several agencies and credit bureaus provide credit scoring of consumers.
There is no minimum credit score needed to apply for most loans or credit cards. However, you are less likely to qualify for a loan or credit card and less likely to receive favorable rates when your credit score is low. If you are trying to qualify for a conventional loan or credit card with a low credit score, you may wish to wait until your credit improves, so you can ensure you get the best rates possible.
The FICO scoring model will treat each late payment the same and will carry the same weight. However, the VantageScore model will look at each late payment differently which means they may have an even more significant impact on your credit.
If you have fair credit, you will typically pay higher interest rates on loans than if you had good to excellent credit. The amount of interest, though, depends on the type of loan and the amount you are borrowing. For example:
Anonymous, you hit it right on the nail. My family and I are very loyal to our homeowner, who we’ve been renting a home from for almost 9 years (all payments made on time), and we now have to move. However, we’ve been having difficulty getting a loan due to our bad credit scores (though we all work very hard). Maybe one day we’ll own a house, though we can only hope.
Both of these scoring models, however, use much of the same information such as the consumer’s payment history, the length and type of credit they have, the amount of their credit usage, and how many recent inquiries they have on their credit file. However, if the length of your credit history is not lengthy, then you may want to more closely monitor your VantageScore because a FICO Score will require a minimum of six months of credit history as well as a minimum of one reported account within the last six months.
My 21 year old son wants to get a credit card, he’s been turned down because he doesn’t have a credit history. I’ve been thinking about making him a co-signer on one of my credit cards, however I have very bad credit (a bankruptcy & a foreclosure) will my bad credit follow him afterwards?
I was wondering Ive been working on credit repair and have had some things removed from my credit to only show back up a month or two later on credit report and how does medical debt collection affect my score I am 100% service connected disabled had to go to er a while back and the va has yet to pay the medical have requested statments from the collection agencys but say they dont have ist that a verifcation of debt not a letter from them saying I owe them
Even if you have no plans to borrow right now, good credit can come in handy in case of a medical emergency or in the event you want to buy a house or car and need to finance it. But if credit cards make you uncomfortable, you don’t need them for good credit. Good luck to you.
The differences in the scores you are seeing are due to the fact that these scores are based on information from different credit reporting agencies, In addition, different scoring models are being used. It’s not a matter of one being more accurate than the other, though if any of your credit reports contain mistakes you will want to dispute them.

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0% for 14 months, then 13.49% – 24.49% Variable Matches your cash back at end of 1st year; 5% cash back on purchases within select categories up to the quarterly maximum (signup required); 1% on all other purchases $0 Excellent, Good, Average
After reading this blog I can see that the average American has no clue as to how credit and credit scores work. If you don’t know how something works it is very hard to fix, or improve, it. No wonder the country is in such a poor financial shape.
New credit scores have been developed in the last decade by companies such as Scorelogix, PRBC, L2C, Innovis etc. which do not use bureau data to predict creditworthiness. Scorelogix’s JSS Credit Score uses a different set of risk factors, such as the borrower’s job stability, income, income sufficiency, and impact of economy, in predicting credit risk, and the use of such alternative credit scores is on the rise. These new types of credit scores are often combined with FICO or bureau scores to improve the accuracy of predictions. Most lenders today use some combination of bureau scores and alternative credit scores to develop better understanding of a borrower’s ability to pay. It is widely recognized that FICO is a measure of past ability to pay. New credit scores that focus more on future ability to pay are being deployed to enhance credit risk models. L2C offers an alternative credit score that uses utility payment histories to determine creditworthiness, and many lenders use this score in addition to bureau scores to make lending decisions. Many lenders use Scorelogix’s JSS score in addition to bureau scores, given that the JSS score incorporates job and income stability to determine whether the borrower will have the ability to repay debt in the future. It is thought that the FICO score will remain the dominant score, but it will likely be used in conjunction with other alternative credit scores that offer other pictures of risk.
There is no requirement that says that you have to have a car, but if you do have one you need to be able to maintain it and if you can’t maintain it that means that you cannot afford one. Cars break down when they are not maintained so the money people think they are saving skipping maintenance always comes back to bite them in the end.
I have a Transunion credit score of 611 which they labeled as “fair”. But on other sites a 611 score is called “bad”. My report also said that I’m using 25% of my credit when I know for a fact that all my credit cards are basically 90% maxed. I also had a bankruptcy like 5 years ago. I’m having trouble refinancing my car so I can start paying down my credit cards. Everytime I try I get offered a lower payment but they tack on years and increase my rate. Not worth it. What can I do? Am I basically stuck?
In Norway, credit scoring services are provided by three credit scoring agencies: Dun & Bradstreet, Experian and Lindorff Decision. Credit scoring is based on publicly available information such as demographic data, tax returns, taxable income and any Betalingsanmerkning (non-payment records) that might be registered on the credit-scored individual. Upon being scored, an individual will receive a notice (written or by e-mail) from the scoring agency stating who performed the credit score as well as any information provided in the score. In addition, many credit institutions use custom scorecards based on any number of parameters. Credit scores range between 300 and 900.
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According to the U.S. Bureau of Labor Statistics (BLS), employment growth for financial managers was predicted to increase by nine percent from 2012 to 2022, which is as fast as the average for all occupations (www.bls.gov). At a rate of five percent, growth is expected to be slower in the depository credit intermediation industry, which includes commercial banking institutions. The BLS reports that, as of May 2013, financial managers earned an annual wage of $126,660 on average.
This tool firmly, but tactfully, gives the past-due customer a final notice to pay in full by a specified date. If the debtor fails to respond, the account automatically receives immediate action service.
I turned 18 in Nov 2012. I got my fist card the (Discover). That summer I got a card through my Credit union. Last fall I got a BOA card. This March I got that limit raised to 5,000. This week I got approved for a Chase Saphire Rewards Card. Total credit avaliable is $14,500. I havwe a 745 credit score. I will be 21 next month. 
Remember that even though your credit reports are free every twelve months, your credit score is not included. It’s a separate calculation that is requested when your credit is pulled by third parties such as lenders and creditors. There are several monitoring services if you’d like to check out your score on a regular basis, or you can pay a one-time fee to FICO to access your score.
You guys are truly all helpful. Would just like to say, thank you. Its too bad that there are so many complicated credit scoring models and too bad that this affects everyone in this country. I used to be one of those people that were afraid to check their credit , but have improved it over the past year. I will recommend applying for a Discover card to get a Free FICO score included in your monthly statement. I would also recommend using credit.com and CK.com to help track your progress , NOT just to simply check your scores. The scores they give you are “guesstimates” but can be close to accurate. I also applied for a secured card and within 6 months, the card became unsecured and credit limit went up from $600 to $1500. I’m assuming it could go up another $1500 if I keep making payments on time, but I would recommend this to anyone with bad credit. My FICO score went from 545 to 684 from 8/2014 to 8/2015. Feels amazing and I know at this point , that you MUST start somewhere! I even paid $80 a month for CreditSaint and/or LexingtonLaw to remove the bigger issues on my credit report. They are both great. If you can afford another $80 a month, help them, help you and cancel when you have a better idea on what to do. You must be responsible and straight forward if you want to move along in life with improving your credit. Use all the free tools to learn and take it from there! Good luck to all and thank you again to all on credit.com and all other blogs contributing to this credit world!
Credit scores convey a lot of information. And you can learn a great deal about the nature of credit-score perfection as well as how to achieve it by analyzing the profiles of people with an 850 rating. So let’s take a quick look at some of their common traits:
Pavelka said he always managed his money well as a bachelor but did occasionally carry a credit card balance. When he got married in 1987, “my wife kind of kicked me in line,” he said. Today, he said his wife still has veto power over his “fun” purchases. He defied her once – when he bought his Harley in 2005. (“To her credit, her concern was more my safety than expense,” he said. “So although I already had my motorcycle endorsement for 20 years, I took Harley’s Rider’s Edge training course.”)
The problem here is buying everything on cash. Cas has no money trail, and therefor leaves you with no credit history. It would be wise to get a small credit card, and use under 30% of your limit, paying it off monthly with your cash. This leaves a money trail, eg., your credit history. 
2. Minimize use of available credit. Usually the second most important factor in your credit score is how much debt you have compared with the amount of available credit you have, Detweiler says. Those with a credit score of 800 use only 7% of their available credit, on average, according to myFiCO.com. But most consumers with a score of 650 have maxed out their available credit.
It takes awhile to establish a good score, and the best ways are to pay debts on time and keep your balances low relative to your credit limits (if you use credit cards). You can also check your credit regularly to check your progress. Here’s how to monitor your credit score for free.
If you are looking for simple ways to effectively improve a bad credit score, you should focus on paying your bills on time as agreed upon, maintain positive payment history with your lenders, pay down all your debt to help improve the credit utilization ratio, and only apply for a credit account when you really need it. Try to keep the hard inquiries on your credit files to a minimum. Too many can have a negative impact on your credit scores.
Just like a professor who grades your college coursework, credit-scoring models grade you on your credit activity. So while you might think you deserve a perfect score, the professor — or in this case, the credit-scoring model — has the final say over your grade.
35%: payment history: This is best described as the presence or lack of derogatory information. Bankruptcy, liens, judgments, settlements, charge offs, repossessions, foreclosures, and late payments can cause a FICO score to drop.
It might take a little time and effort, but if you persevere, you’ll soon start to see a noticeable difference in your credit score. Then, you’ll be able to pat yourself on the back for having above-average credit in both your state and the nation. Even better than that? You’ll start getting better offers on interest rates and other loan terms.
Even if your score is in the low 500s, you may still be able to get credit, but it will come with very high interest rates or with specific conditions, such as depositing money to get a secured credit card. You may have to pay more for car insurance or put down deposits on utilities.
If you have fair credit, you will typically pay higher interest rates on loans than if you had good to excellent credit. The amount of interest, though, depends on the type of loan and the amount you are borrowing. For example:
I think I’m far from being alone in that life experience, which is why I wish there was some sort of national credit course that students (high school or college) could take to help fill in the gaps that their upbringing left. You can take a driver’s ed course to lower your insurance, why can’t you take a credit and finance course that has a positive impact on your credit score and interest rates?
Yes, you can, but not by using the standard credit scoring models. The most popular credit scores, including VantageScore 3.0 and 4.0 and FICO 8 and 9, all use the standard range of 300 to 850, so a credit score of 900 isn’t possible with those models. But some older models, as well as some alternative scores, do go up to 900 (or even beyond). You can learn more about credit scores with unusually high ranges here: https://wallethub.com/edu/900-credit-score/39567/. That being said, a credit score of 900 is not very relevant. You probably won’t encounter these ratings often, so you should rather pay attention to where you stand on the standard credit score range. You can figure that out easily by checking your latest credit score for free on WalletHub. Hope this helps!

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Alternatively, consumers wishing to obtain their credit scores can in some cases purchase them separately from the credit bureaus or can purchase their FICO score directly from FICO. Credit scores (including FICO scores) are also made available free by subscription to one of the many credit report monitoring services available from the credit bureaus or other third parties, although to actually get the scores free from most such services, one must use a credit card to sign up for a free trial subscription of the service and then cancel before the first monthly charge. Websites like WalletHub, Credit Sesame and Credit Karma provide free credit scores with no credit card required, using the TransUnion VantageScore 3.0 model. Until March 2009, holders of credit cards issued by Washington Mutual were offered a free FICO score each month through the bank’s Web site. (Chase, which took over Washington Mutual in 2008, discontinued this practice in March, 2009.)[27]Chase resumed the practice of offering a free FICO score in March, 2010 of select card members to the exclusion of the majority of former WAMU card holders.
0% for first 6 months, then 13.49% – 24.49% Variable 5% cash back on purchases within select categories up to the quarterly maximum (signup required); unlimited 1% on all other purchases $0 Excellent, Good, Average
….You select ‘credit’ (if that is what it is?), then select the radio dial button that says *been over 7 years and follow the rest of the instructions. It doesn’t take long at all. The CFPB will contact this company personally and they will have to respond within 2 weeks and adhere to the laws of removing after 7 years. They will also be reported to the proper authorities for failing to follow the Fair Credit Reporting Act (FCRA). If you’re not sure how to do it, just Google Credit Financial Protection Bureau and give them a call.
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I had credit of 704+. About 5 months ago, (after struggling financially but paying the minimum due every month), I came into a small bit of money. Thinking of the interest that would be saved, I paid off two loans equaling about $7,000 – the balance of my only car, and the remainder of a personal loan I had taken out about 5 years ago. Now, the only thing left on my credit are 4 credit cards which, at the time, were nearly at their limits. Instead of paying them off, I decided to pay much more on them every month to bring them way down in balance. I have been paying about 3 times the minimum on the cards each month without using them.
 Keep your balance at 1/3 $1000 credit line at $300 credit utilazatuion. my credit limit is $3300 with only three CC. My spending limit is $130 a card a month $490 or less total a month…. My Fico is 750 to 785…. credit utilazatuion is (A) less then 9% a month …..
I went through quicken loans for a refinance and my credit score got slammed and I got turned down double slam cause I don’t owe over a $100,000.,can’t win either way you go. From 725 down to 620,i’ll pay off what I have and the hell with this credit score crap and disappear and don’t give a dam what it ever becomes.
Be careful when opening or closing accounts. When you close an unused account, it can affect your credit utilization ratio by reducing your overall credit limit. In general, it’s a good idea to keep credit card accounts open, unless you’ll be tempted to use the card and increase your debt. Alternatively, applying for new credit can also impact your credit score. When you apply for credit, a hard inquiry is added to your account, which has a temporary negative impact on your credit score. (This is because too many applications for credit in a short period of time can represent risk to lenders.) The impact of hard inquiries fades over time, and they are totally removed from your credit report after two years.
Late payments and other negative information on your credit report can have a lasting impact on your credit score. If the information is accurate, you’ll have to wait for it to cycle off your credit report and try to build a more positive credit history in the interim. (If the information is not accurate, you can dispute it.) Usually, the impact of negative information fades over time.
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They take a higher risk because they charge such outrageous interest that they are setting up the lendee to fail. They increase their own risk. It is not fair nor smart business. It is an easy way to gouge people and then foreclose and recoup a large percentage of the loan and write the rest off and recoup the rest in tax write offs. Win win for the lender either way. Has nothing to do with risk and everything to do with gouging those who can least afford it.
I dated a girl many years ago that had 3 maxed out cards and over 12k in debt and every month she would get a new card in the mail. At the time I owned a business that had two 50k lines of credit, owned 2 cars, and received a small inheritance. I personally avoided the use of debt and credit. When I went to get a credit card (after years of personally avoiding them) I was completely denied because I didn’t have enough history. That is when I realized the game is about taking more then you are giving and promoting irresponsibility. Bad credit is better then no credit…
If you continue to pay your bills on time, keep your balances low, and apply for credit judiciously, you will be able to maintain excellent credit scores and get the credit you deserve when you need it, at the best rates available – even though your score isn’t perfect
First credit scores and the bureau’s are the biggest jokes out there. How come they only look at loans and credit cards. Why not look at everyone’s normal bills like rent or mortgage, gas bills, electric bills and you get the drift. It’s a scam out there. Then if you have bad credit you can find someone with good credit and have them put you on there credit cards without even using it. The credit world is bad and that’s why the big banks are hurting.
The two major credit scores in the United States are provided by FICO and VantageScore. FICO is the creator of the first, and still most-widely used score. Both scores range from 300 to 850. Each defines “fair” credit slightly differently.
To check your credit history, go to annualcreditreport.com It is free once a year from each of the three credit bureaus only if you go through this site. Or you can get it free by calling 1-877-322-8228. Or send a request with your name, Social Security number, date of birth, mailing address and previous mailing address (if current address is less than two years old) to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281
Finally, it’s important to note that while many different types of credit scores exist, the most popular ones all use the standard 300 to 850 credit-score range. They’re also based on the same information – your credit reports – and produce very similar results in most cases, according to the Consumer Financial Protection Bureau. So it doesn’t really matter whether an average credit score is based on a VantageScore or FICO model, as long the data is consistent. After all, there isn’t one “real” credit score.
While the FICO score calculation doesn’t directly consider age, 15% of the score comes from the length of your credit history—putting younger people at a natural disadvantage. Likewise, 10% of the score is based on the mix of debt you have; it’s better to have a diverse mix—from a mortgage to student debt to car loans—than a single credit card. (And younger consumers are less likely to have a mortgage; the median age of first-time home buyers is 32, a report last year found.)
You know why auto payments will make your score go down? It’s the minimum payment. They want to see you pay in full or make large payments. They have everything covered I’ve been trying to figure this whole thing out & they want a mix of credit, cc’s, & some other type of loan. Not to mention, you really shouldn’t move too much. Even if you own your home. Anything over 5 years will get you a higher score. My hubby (FLBiker) & I built our last home 3 yrs ago & wanted to do a little more to it. Wanted to charge about 10k and not touch our savings. So I actually had to get some new cc’s so our utilization was over 20%! But I knew that our score would plummet if it went past 20%. Now he rotates the cards to buy lunch so they all get used a bit. Seems like we’re jumping through hoops?lol
Yeah, yeah, everybody’s a winner…we know. But seriously, what good is having your FICO score if you don’t know what the number means on the overall reporting scale? Maybe you have a 740 FICO score. If the maximum score is 750, you’re pretty much a credit genius. If the max is over 1,000 you’re sporting a “C” average – not really all that impressive.
Cards with annual fees also should be avoided, Steele says, unless they’re packed with benefits — such as cash-back rewards and miles that can be redeemed for travel – that outweigh the fee. Those who are smart with credit look for cards that waive that fee for the first year then re-evaluate the card in the second year to see if the benefits outweigh the fee, Steele says. It’s also smart to look for cards that offer a 0% interest rate for the first year, he says.
30%: debt burden: This category considers a number of debt specific measurements. According to FICO there are six different metrics in the debt category including the debt to limit ratio, number of accounts with balances, amount owed across different types of accounts, and the amount paid down on installment loans.[6]
Keep your credit card balances low. The amount of money you owe versus the amount of credit you have impacts your credit rating. The lower your balances are, the higher your score will be. Ideally, your cards should never have more than thirty percent of their available credit line charged. Consolidating your credit card debt via a personal loan could be a great solution to a low credit score. In addition, paying your balance in full every month may not make a difference—some credit bureaus consider the amount on your statement rather than the amount after your payment.
If you reviewed your credit information and discovered that your credit scores aren’t quite where you thought they’d be, you’re not alone. Since your credit scores use information drawn from your credit report, your credit activity provides a continually-updated basis of data about how responsible you are with the credit you’re currently using. At Experian, we provide information that can help you see your credit in new ways and take control of your financial future. You can learn more about:
There is not a direct correlation between credit quality and age, though. In 2016, the average person with bad credit was 11 years older than the average person with excellent credit, as the following table shows.
Disclaimer: AAACreditGuide does its best to maintain accurate and updated information. However, our web content may be different than the information you receive from a financial institution or service provider. We do not offer warranties for any products linked from this site. Before choosing any financial product, read all information, including terms and conditions, from the financial institution or service provider. Finally, the site may receive compensation from third party advertisers. All content is written objectively and meant to provide a neutral opinion.
Consider your credit score a “Debt Score”. Your score really reflects your ability to STAY IN DEBT, and of course, pay bills on time. When the data breach at Target happened, I checked my balances often and was actually downgraded 20 to 30 points on my fico score for accessing my bank balance too many times. How silly is that. Credit scores are a joke. Work hard, save hard and pay with cash. Over a lifetime, the average joe would save $1000’s if not $10’s of thousands in interest charges.

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Collection Actions: Collections are considered continuations of the original debt, so they will also be deleted seven years from the original delinquency date of the original account, which is when the account first became past due.
1 Your CreditXpert® Scores™ are provided by CreditXpert Inc. Although these scores are not used by lenders to evaluate your credit, they are intended to reflect common credit scoring practices and are designed to help you understand your credit. Your scores are based on information from the files at the three major credit reporting agencies. Your scores may not be identical or similar to scores you receive directly from those agencies or from other sources.
I too have no mortgage on my home (PIF), have no loan on my automobile ( cash), have purposely taken out offerings of 0% loans offered to me with payback in 18 months, and have never missed one single payjment. In fact, invested the money and made profits. So unjust. When my husband passed away 3.5 years ago, because his credit cards were cancelled, it also lowered my score instead of raising it, since there was less credit “available” to me. The number is deceiving at best, everyone see’s I pay my credit cards in full each month, purposely borrow money to pay it back timely ( so as to increase my credit score), etc.
Experian, Equifax, TransUnion and their trade association (the Consumer Data Industry Association or “CDIA”) have all gone on record saying that employers do not receive credit scores on the credit reports sold for the purposes of employment screening.[citation needed] The use of credit reports for employment screening is allowed in all states, although some have passed legislation limiting the practice to only certain positions. Eric Rosenberg, director of state government relations for TransUnion, has also stated that there is no research that shows any statistical correlation between what’s in somebody’s credit report and their job performance or their likelihood to commit fraud.[31]
THIS is exactly what I’m talking about. Life happens to people and it can be really harsh. Some people seem to think they’re immune to misfortune but it can happen to anyone, anytime. I wish you luck. I’m working on my credit score now (after a lot of similarities) and it’s slowly going up. Best wishes to you!
A 798 credit score is considered an excellent credit score. If you have a score in this range (FICO score 750 – 850), you’re almost certain to be approved for loans and credit cards. Even better, you’ll be offered the most favorable interest rates and terms on both credit cards and loans. Maintaining credit this high is a good sign that you’re on the right track.
Although logistic (or non-linear) probability modelling is still the most popular means by which to develop scorecards, various other methods offer powerful alternatives, including MARS, CART, CHAID, and random forests.
How in (or why in) God’s name would you want to be retired at 56 with only 22k in annual income. Unless you’ve got some other stash of cash you’re drawing from you’re going to be clipping coupons and eating mac and cheese for dinner every day.
No need to obsess about hitting that 850 mark. But if you want to try and reach it: Pay all your bills on time, eliminate nearly all of your debt (excluding a mortgage) and use, on average, no more than 7% of your available credit from all your accounts.
Individuals with fair credit can still qualify for mortgages, car loans and some credit cards with a sufficient income. For example, many mortgages require a minimum credit score of 620. But keep in mind that with a fair credit score, you will more than likely pay a higher interest rate than if you had good or excellent credit.
I believe the highest score is 850, however, most of the population don’t come anywhere near that. If you have a score in the high 700’s or low 800’s you are in great shape and should be able to get a very competitive rate on a loan.
I don’t think that I would add your son as an authorized user. That means that your bankruptcy and foreclosure will become his. He will inherit your negative credit. He can just get a $300 secured credit card and start from there…
Until Credit Bureaus are truly regulated and focus on cleaning up their error riddled database consisting of anyone using unverified methods of submitting often false or mis-represented credit information to all three credit bureaus. These bureaus have a financial incentive to focus on selling those, who simply want their credit corrected, overpriced worthless monitoring products while making the effort of correcting false reported info difficult and based solely upon “their members” verification. The FCRA needs amended to overhaul the entire credit reporting system and place oversight under ONE entity with power to significantly fine up to $5 mil in egregious errors that are robbing consumers of billions of dollars and lining the pockets of both the creditors and the bureaus. Republicans are blind to the real underlying issues and the current regulations simply need to be enforced.
In general, a FICO credit score above 650 is considered good, although many people strive to be above 750. It is practically impossible to score a perfect 850 FICO score because there are a lot of different items from your credit report which go into calculating your FICO score. Keep in mind that different lenders (mortgage, credit card, automobile loan) will use different methods of credit scoring to assess your credit risk.
Your payment history is the key factor that helps to determine your credit score. In the simplest terms, your payment history is based on how often you pay at least the minimum payment on your bills on time. However, some of the other factors aren’t so simple. The second most important factor is the amount you owe, which is based on the amount of credit you have available compared to the amount of debt you have. This is called your credit utilization ration, and it matters because lenders believe you are more likely to miss payments if your credit cards are maxed out.
FICO scores (the best known and the ones lenders generally use) run from 300 to 850. Anything above 720 is an A. About half the population has A-minus or better credit. Historically, about 10 percent of the population has an 800 or better. Nearly 25 percent of consumers have a rating of C or below.
Exactly. Because the amount of assets doesn’t accurately predict the likelihood that a lender will be repaid. Habits over time are much more predictive (though income is certainly a consideration in credit decisions).
Could we suggest getting your free credit score from Credit.com? It comes with a personalized explanation of why your score is what it is. That is a low score for no issues other than the house sale not being reported. You should also take a look at your free credit reports (one from each of the three major credit reporting agencies) and dispute any errors. Here’s how to get your free annual credit reports. Should you find mistakes, here’s how to dispute them:

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The highest credit score for any given credit scoring model is typically somewhere around 850, and if you have ever hit this mark, even for a moment, count yourself a rare financial creature.1 Is it even possible to hit this level of perfection in the realm of credit worthiness? Yes, some people have done it.2 Is attaining the highest credit score a worthwhile goal? Probably not.
VantageScore 3.0 and FICO 8, the most commonly used credit scoring models, have a range of 300 to 850. Each lender sets its own standards for what constitutes a “good” score. But, in general, scores fall along the following lines:
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As long as you do your best to stay on top of your money and employ smart strategies to boost your score, you could see positive results in as little as 30 days. And that’s something worth bragging about.
A perfect credit score isn’t necessary to get the best possible lending terms but it’s an impressive benchmark that few people meet. Two wizards of credit give tips on how they got the highest possible credit score.
Certain types of inquiries (requests for your credit report). The score does not count “consumer disclosure inquiry,” which is a request you have made for your own credit report in order to check it. It also does not count “promotional inquiry” requests made by lenders in order to make a “preapproved” credit offer or “account review inquiry” requests made by lenders to review your account with them. Inquiries for employment purposes are also not counted.
Going forward, if you tend to carry high balances on your credit card accounts, then you may actually find that it will cost you more per month to carry these higher balances because the minimum amount due may be raised to accommodate for this trend.
In short, live within your means. Spend only what you can afford. Save the rest. Borrow only when it is profitable or absolutely necessary — and only when you know can afford to make all payments on time.
See, there are a lot of different credit scoring models out there. Most follow a range of 300 to 850, but there are some exceptions, and, even if ranges are similar, the scores each model generates based on what’s on someone’s credit report can vary as well. So, pinning down a true average credit score can be downright impossible, but there are some markers out there that can give you an idea of where it may fall.
Lenders typically use your 3-digit credit score to help them decide if they’ll approve you for a loan or credit card. In general, the higher your score, the better your chances of getting approved. Having a good credit score can also help you save on interest rates.
Well what is YOUR suggestion to those of us who are sick and all that there are, are medical bills. Some btw were paid with my insurance and are still reporting negative. I have fought one for 5 years now. When will everyone understand these 3 bureaus are not in it for us. Its bad enough to be sick but to be financial affected everyday for 7 days and I promise they all don’t just drop off. It will always be my word against them and working with a collections agency is just a waste of my time and money. They lie!!  I got one of KC’s cc offers 3 weeks ago as they suggested to raise my score…I was just about to get me a new car since 1994 well that next week my credit dropped 70 points for a $300.00 credit..My credit union has no for my car loan.I thought KC was a blessing…wrong I guess… 
They take a higher risk because they charge such outrageous interest that they are setting up the lendee to fail. They increase their own risk. It is not fair nor smart business. It is an easy way to gouge people and then foreclose and recoup a large percentage of the loan and write the rest off and recoup the rest in tax write offs. Win win for the lender either way. Has nothing to do with risk and everything to do with gouging those who can least afford it.
No matter where your credit score lays in comparison to everyone else’s, just remember that “personal finance” is called that for a reason: each individual has personal reasons for spending and saving money as they do.
You were not being at all arrogant, just giving great advice. Too many people want to demonize people that are responsible and sensible in order to lessen the burden of their own poor decisions. Lost your job? Where is your savings? Why are you in such debt that you can’t recover from being out of work for a period of time, etc… I’m definitely not prepared to lose an income, but I realize that it’s my own decision making in the past that would put me in jeopardy… If you play with fire…
Each individual actually has over 60 credit scores for the FICO scoring model because each of three national credit bureaus, Equifax, Experian and TransUnion, has its own database.[citation needed] Data about an individual consumer can vary from bureau to bureau. FICO scores have different names at each of the different credit reporting agencies: Equifax (BEACON), TransUnion (FICO Risk Score, Classic) and Experian (Experian/FICO Risk Model). There are four active generations of FICO scores: 1998 (FICO 98), 2004 (FICO 04), 2008 (FICO 8), and 2014 (FICO 9).[citation needed] Consumers can buy their classic FICO Score 8 for Equifax, TransUnion, and Experian from the FICO website (myFICO), and they will get some free FICO scores in that moment ( FICO Mortgage Score 2 (2004), FICO Auto Score 8, FICO Auto Score 2 (2004), FICO Bankcard Score 8, FICO Bankcard 2 (2004), classic FICO score 9, FICO Auto Score 9, and FICO Bankcard Score 9). Consumers also can buy their classic FICO score for Equifax (version of 2004; named Score Power) in the website of this credit bureau, and their classic FICO Score 8 for Experian in its website. Other types of FICO scores cannot be obtained by individuals, only by lenders.[citation needed] Some credit cards offer a free FICO score several times per year to their cardholders.
So, pick a score and stick with it to track improvement. Progress you make measured by one score will be reflected in the others. (Here’s how to bump up your credit; these methods apply to whatever score you decide to track.)
Some people assume that younger folks have lower credit scores because they now face a tougher time obtaining credit due to the CARD Act’s restrictions. But you can still get a credit card when you turn 18. You just need to demonstrate that you have access to enough income or assets to afford the minimum monthly payments, which are usually around $15 to start.
Having negative information on your credit report, such as late payments, civil judgments, or too many hard inquiries, can make it more difficult to get approved for credit cards and loans with favorable rates and terms. The good news is that this negative information will be automatically removed from your credit repot after a set time period.
Maximize Your Available Credit: Credit cards are the best credit-building tool available because most people can get approved for one. They all report information to the major credit bureaus on a monthly basis, and they don’t have to cost you a thing. As long as you pay your bills on time and avoid spending more than you can afford, your credit reports will fill with positive information, and your credit score will improve. And you can help things along by keeping your credit utilization below 30% – or even below 10% if you’re really aiming for perfection.You should also consider becoming an authorized user on a family member’s credit card account. Assuming your relative has good credit or better, his or her standing will effectively rub off on you and accelerate your credit-score gains.
If you want to raise your credit score from 650 to a good or even very good credit score, take the first step by getting your free credit report from Experian. Then, check out our Credit Education resources to learn more about how to build your credit.
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Paying your bills in full is a smart move and definitely doesn’t hurt your credit score. And the scores you cite sound like excellent scores. Do the scores that you received show you where you fall in comparison to other consumers (fair vs. good vs. excellent for example)?
It’s an individual thing, really. If you know what factors are the weakest in your credit score, you would focus on addressing those. The two biggest factors in your credit score are on-time payments and amount of debt (this would be the balance relative to credit limit). You can take a look at your free credit report card
Think of your credit scores like a report card that you might review at the end of a school term, but instead of letter grades, your activity ends up within a scoring range. However, unlike academic grades, credit scores aren’t stored as part of your credit history. Rather, your score is generated each time a lender requests it, according to the credit scoring model of their choice.
I’m 20 and my score is 770+, I’ve got 6 credit cards and always have utilization under 20%, often under 10%. I never spend money I don’t have, I always pay in full. My lowest line of credit from any issuer is $6K, which I got when I was 17, at 19 I got a no set limit Amex.
In this particular situation about achieving a perfect credit score, we must first ask why? What is the goal? Let’s think about it in terms of other life choices. If you have an “A” in a class you’re taking and you will be able to maintain that grade regardless of the outcome of your final exam, how hard do you study for the final? If your apartment is sparkling clean, do you get down on your hands and knees to further scrub the corners with a toothbrush?
Lenders typically use your 3-digit credit score to help them decide if they’ll approve you for a loan or credit card. In general, the higher your score, the better your chances of getting approved. Having a good credit score can also help you save on interest rates.
The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by FICO and is called FICO score. FICO is a publicly traded corporation (under the ticker symbol FICO) that created the best-known and most widely used credit score model in the United States. FICO produces scoring models which are installed at and distributed by the three largest national credit repositories in the U.S (TransUnion, Equifax and Experian) and the two national credit repositories in Canada (TransUnion Canada and Equifax Canada). FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market.
I understand where you’re coming from, however you make it seem as though most of us are put in a situation where we are always asking to borrow money. I mean seriously, who likes owing someone else money. Most, if not all, credit card companies send out information about why you should obtain their credit cards and borrow their money. They also put the high spiked interest rates so that it takes longer to pay and collect more money over time. One of the main problems is the fact that you have to have an available credit balance that’s 10,000 dollars plus in order to possibly get over 700, in which time would barley put you in the “good” credit bracket. The only way to obtain that is if you’re making six figures if not that then the extremely high 5 figures. And at that point would there really be any need to have that type of credit balance. What’s happening is their giving money to people who don’t need it and calling it high risk to people who do. I currently make six figures but i refuse to get a lot of credit because of this ignorant outlook on these so called powerful companies.
Even if you can only afford to pay the minimum, always pay on time because that will have a bigger impact on your score than the amount you pay, Detweiler says. Set up automatic bill pay through your credit account or bank account so you don’t miss a payment.
So hopefully people may read this and get some hope. Unfortunately over the last 2 decades I have had to file bankrupt not once but twice. Both times been loss of really good paying jobs and the economy shifting to overseas slave labor. So really partly my fault living for the times not looking too far ahead. However both times I was not only able to still buy a brand new car “3 months after bankrupt” I was able to thrive financially. In fact just 6 years ago was my last file and I now have a new house new car and about 7 low interest credit cards. I started out the 2nd time slow with a high interest $300 credit card and a high interest local finance loan. Paid perfect for a year then went to my credit union got a low interest loan to pay both off. Credit unions are a great place to get you back up after only a year or 2 of being credit broke. Most banks wont even look at your app as soon as they see chapt 7 or 11 your app is trashed. Building a good re-poor with your local credit union you have a much better chance. Direct deposit to them is always a plus in there consideration. Sure you are going to eat 25-31% interest for year or 2 until you can flip it over. Your Fico score is extremely important if your looking for a home loan. You can look it up but basically is your middle score of the three major credit reporting agencies. So by the time we were ready buy a new house my credit cards were actually dragging my score down over 40pts. Carrying high balances is really bad for your credit health. After much reading I found paying them all down to less than 30% usage got my score where I needed it. Over all when I started the process of buying a new house my Fico was 589 I needed a 640 to get my VA backed loan. There was a few things in my report that were wrong 2 things I got removed and paying the credit cards down in 6 weeks I went to a 646. DONT ever be afraid to challenge a credit agency and dont ever stop disputing an item if you feel its incorrect remember thats you they are broadcasting about and all the lenders care about is that score. Forgot to add the first house we got 20 years ago almost now. I was turned down over 22 times by lenders. The 23rd call I got financed be very persistent and dont take no for an answer. They will tell you that hard credit hits in a short time is bad actually thats not true. The credit agencies will compensate hits as long as its in a short time window and for the same type of credit ask. So basically you can shop around to several banks for a home loan but not a home loan credit card and car loan. Good luck hope you all find any of my ventures useful.
I have a 731 credit score and I just turned 21, never got any loans besides a student loan which I started paying automatically in November of last year, my credit history is just over a year old, had several late payments and maxed out one of my 2 credit cards yet my score had went up from 674 in January to 731 in April…and my credit lines doubled…all I did was make most of my purchases with my credit cards and pay the entire thing every couple weeks.
I was wondering Ive been working on credit repair and have had some things removed from my credit to only show back up a month or two later on credit report and how does medical debt collection affect my score I am 100% service connected disabled had to go to er a while back and the va has yet to pay the medical have requested statments from the collection agencys but say they dont have ist that a verifcation of debt not a letter from them saying I owe them
For instance, according to Experian’s seventh annual State of Credit report, the nation’s average credit score was a 673 in 2016. That’s based on the VantageScore 3.0 model, which follows the 300 to 850 range. And the national average FICO score, which also follows a 300 to 850 range, hit 699 in April 2016, an all-time high.  

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Many people out there have struggled through this “depression” and their credit scores have gone down. Yet they have managed to survive and pay their bills. They have paid late, because of loss of jobs etc. Its been reported that 75% of the country have a 620 score or below. An now they are being tagged as poor credit. They are the ones who struggled to stay out of foreclosure, or bankruptcy. You are the middle class who are the victims. Start calling your congressman and woman to change the Dodd Frank banking laws.
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Tom Pavelka, an assistant district director at the Department of Labor’s Office of Workers’ Compensation in Cleveland, has no doubt that some of his ability to manage his finances easily stems from the fact that the couple have no children — just Freddie, a cat from a shelter. They can charge a couple of thousand dollars on a credit card and easily pay it off the next month.
FICO scores (the best known and the ones lenders generally use) run from 300 to 850. Anything above 720 is an A. About half the population has A-minus or better credit. Historically, about 10 percent of the population has an 800 or better. Nearly 25 percent of consumers have a rating of C or below.
To inspire you to achieve the highest score, that goal is 850. The last time I read an article from the WSJ (maybe two years ago); only 3 million U.S. adults have the perfect score. It’s one thing to reach for it, but it’s another to keep it, perpetually. It demands lots of financial discipline.
0% for 14 months, then 13.49% – 24.49% Variable Matches your cash back at end of 1st year; 5% cash back on purchases within select categories up to the quarterly maximum (signup required); 1% on all other purchases $0 Excellent, Good, Average
However, credit scores are usually not the only things lenders will look at when deciding to extend you credit or offer you a loan. Your credit report also contains details which could be taken into consideration, such as the total amount of debt you have, the types of credit in your report, the length of time you have had credit accounts and any derogatory marks you may have. Other than your credit report and credit scores, lenders may also consider your total expenses against your monthly income (known as your debt-to-income ratio), depending on the type of loan you’re seeking.
I had a Bankrupsy 5 years ago and thought I was doing the right thing so applied for every credit card that was offered to me.  I now have about 18 credit cards.  I’m never late with my payments but Im  living pay check to pay check and my score is very poor.  NOW WHAT?
In India, there are four credit information companies licensed by Reserve Bank of India. The Credit Information Bureau (India) Limited (CIBIL) has functioned as a Credit Information Company from January 2001.[11] Subsequently, in 2010, Experian,[11] Equifax[12] and Highmark[13] were given licenses by Reserve Bank of India to operate as Credit Information Companies in India. CIBIL is by far the oldest and the most popular, having its origins in the year 2000. Experian has been in existence since 2006 and achieved a license of operation in 2010. Highmark and Equifax also received operating licenses in 2010.[14]
When disputing any errors on your credit report, always remember to give specific details regarding why you feel the information on your credit report is incorrect and include any evidence you may have that helps to prove the mistake. Always make copies of all the information you send it with your dispute as well, so you have it for your own records.
Most people know the importance of having good credit. With low or no credit, your opportunities to take out a loan are severely limited. Even if you are able to get a loan, you will end up paying a higher interest rate than those with good or excellent credit. What most people don’t know, however, is their actual credit score. This number is what lenders will look at when determining the structure of your loan. Have you ever wondered what the average credit score in America is?
When shopping for an auto loan or mortgage, it’s normal for consumers to shop around to find the best rates. Depending on the scoring model being used, there is a 14-45 day span for these types of inquiries that groups them into only one inquiry. The idea behind this is to give consumers time to shop around, without taking a drastic hit to their scores. FICO score models allow 30 days, while others allow 45 days. One the other hand, the VantageScore model uses only a fourteen-day span. You can always ask a lender which credit scoring model they’re using when applying for a loan.
We are currently seeing a rise in credit card debt and interest rates as we progress through 2018 so it is important to focus on these credit scores to better understand what we can do to help improve our average credit score.
Good for you Retired . I made it to 55 1/2 …. They needed me on the project I was on . Who the heck wants too work till they die . If you know any ” tax loopholes ” for the average guy let me know Can’t afford a lobbyist …
Basically, if the credit card is from the same company, with a duplicate card with another cc number, you would file your complaint against the credit card company and ask them to remove the ‘duplicate’ account # from your credit reports. The cc company should be able to do this very quickly and easily for you.
I had credit of 704+. About 5 months ago, (after struggling financially but paying the minimum due every month), I came into a small bit of money. Thinking of the interest that would be saved, I paid off two loans equaling about $7,000 – the balance of my only car, and the remainder of a personal loan I had taken out about 5 years ago. Now, the only thing left on my credit are 4 credit cards which, at the time, were nearly at their limits. Instead of paying them off, I decided to pay much more on them every month to bring them way down in balance. I have been paying about 3 times the minimum on the cards each month without using them.
YES> The bank doesn’t care and it builds credit without having to pay. Anyone can fix their credit score for free! All you need is a little self education. People say “YOU” need a credit card for emergencies… BS! Good credit and a good credit union will beat a credit card any day of the week!!!
That’s a tough break man and I feel for you, but that kinda drives the point home. This isn’t a debate about fairness of job opportunities and longevity. In that situation you are a risk to a lender. Someone in a bad situation who you can’t be certain can pay back the loan. The score is a risk factor rating. The simplest example I can give is breaking it down to it’s most basic form. Someone wants to borrow money from you. A complete stranger. It’s not about how much you want to help someone in need. You have to decide based on how likely it is that person can pay you back when they’re supposed to. Are you more or less likely to believe they can pay you when they don’t have a job and already have outstanding debt and/or a plethora of other financial obligations?
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A debit card can be convenient for ordering online and so forth, but it won’t help you build credit. If your parents have good credit, you could ask to become an authorized user on one of their cards. You could also consider using your savings to get a secured credit card. In that case, the amount you put on deposit (minus any fees) becomes your credit limit. If you can keep your balance at less than 30% of that amount, you’ll help yourself establish a good score. You’ll find more information here:
NACM Affiliated Association Collection Departments collect your past-due accounts, large or small, as quickly as possible. NACM Collection Departments are firm, but fair, with your customers, with the primary objective to collect your money. Usually, the first step after the account is placed is to notify your debtor and make an immediate demand for full payment. The intensity of the phone calls increases if payment is not made. If direct personal contact is appropriate, NACM Affiliates have many resources, including the ability to draw on a nationwide network of Affiliates—with offices located throughout the nation. When necessary, NACM Affiliates will forward an account to one of the bonded attorneys in its tried and proven network. NACM Affiliates exhaust all collection possibilities before recommending litigation to you. All funds collected are placed in separate trust accounts. NACM Affiliate collection services include:
The three credit bureaus – Equifax, Experian and TransUnion – also have created the VantageScore, which ranges from 501 to 990, and the VantageScore 3.0, which ranges from 300 to 850 (to mimic the FICO range). The VantageScore is growing in popularity among lenders but still isn’t as widely used as the FICO score. No matter the name, scores can vary by credit bureau depending on when the score was calculated and what specific method was used to make the calculation. Each credit bureau has its own formula.
However, being in debt doesn’t mean that you have bad credit. In fact, it likely means the opposite. You have a good enough credit score to have the debt, and as long as you are actively paying it off (not missing payments, not making payments late), then your score will remain high (and keep growing).
10%: recent searches for credit: hard credit inquiries, which occur when consumers apply for a credit card or loan (revolving or otherwise), can hurt scores, especially if done in great numbers. Individuals who are “rate shopping” for a mortgage, auto loan, or student loan over a short period (two weeks or 45 days, depending on the generation of FICO score used) will likely not experience a meaningful decrease in their scores as a result of these types of inquiries, as the FICO scoring model considers all of those types of hard inquiries that occur within 14 or 45 days of each other as only one. Further, mortgage, auto, and student loan inquiries do not count at all in a FICO score if they are less than 30 days old. While all credit inquiries are recorded and displayed on personal credit reports for two years, they have no effect after the first year because FICO’s scoring system ignores them after 12 months.[citation needed] Credit inquiries that were made by the consumer (such as pulling a credit report for personal use), by an employer (for employee verification), or by companies initiating pre-screened offers of credit or insurance do not have any impact on a credit score: these are called “soft inquiries” or “soft pulls”, and do not appear on a credit report used by lenders, only on personal reports. Soft inquires are not considered by credit scoring systems.[8]

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Some people assume that younger folks have lower credit scores because they now face a tougher time obtaining credit due to the CARD Act’s restrictions. But you can still get a credit card when you turn 18. You just need to demonstrate that you have access to enough income or assets to afford the minimum monthly payments, which are usually around $15 to start.
Because you are more likely to default on your loan, the lender must charge more to make it worth their time. As your score improves and you represent less risk, you are rewarded with a lower interest rate.
Its not always true that folks with lower credit scores are not financially responsible, it could be due to unforseen circumstances or situations in life that are beyond their immediate control. Some people feel just because they were born on third base that they scored a triple, if your from a family that bore the financial burden in order to make it easy for you, it may be unfair to critisize others who were born on the opposite side of the tracks. This is by no means an excuse nor should serve as a means to dodge your financial obligations, on the contrary it should motivate you to turn tragedy to triumph. Let’s be a little more empathetic because everyones circumstance is totally unique and markedly different. There is only so much you can scrape and scratch and save with a low income but HUGH financial responsibilities.
Well then you clearly have a high salary and don’t have to worry. And, by the way, you missed my whole point. People sometimes find themselves in financial predicaments through no fault of their own – job loss, illness, divorce, etc. – that can make life less than perfect and certainly not as neat and tidy as you seem to think it will always be. Life has a way of tossing serious curveballs at people. And if you live in a place like the Bay Area, that can knock you off course pretty harshly and very fast even if you think you’re ‘prepared.’
The average credit score by state ranges from 642 in Mississippi all the way to 702 in Minnesota. And both states are fairly representative of their broader regions, as you can see below. If you’re wondering, blue states have a higher average credit score (676) than red states (667).
Payment history has the biggest impact on your credit score. If you are behind on any bills, you should call the creditor and arrange to pay the past due amounts. After making your payments, you can request that the creditor rescind any reported delinquencies so they that will no longer show up on your credit report. While this may be the slowest step, it is essential to improving your credit score.
Even if your score is in the low 500s, you may still be able to get credit, but it will come with very high interest rates or with specific conditions, such as depositing money to get a secured credit card. You may have to pay more for car insurance or put down deposits on utilities.
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Cogin, First off, a bankruptcy stays on your Credit Report for 10 yrs. (hit 1)  If you went and applied for every credit card offered (hit 2 to many). ..the Interest rates you have on those cards, I’m guessing are not below 15% (hit 3 all your payments go to interest and unless you are paying 3-4 times the minimum amt, you’ll be drowning again in no time). Its never a good idea to close credit cards but I would suggest to you that you either take a finance class or find a CPA or financial counselor that would sit down with you and help figure out what your best course of action would be. Having 18 credit cards doesn’t improve your credit score when you are taking them out right after filing bankruptcy, then it hurts you. Ask that Financial person, if in your case, it might not hurt so much to close some of them. I love to watch and listen to Susie Orman, there are others, just my preference. You can probably get some of her online shows on Youtube..Or just look on Youtube for financial guidance..Listen to several and see what makes the most sense to you. Hang in there, one day, with some work, your score will get back up there. Good Luck. 
Your life experience sounds exactly like mine, and I think you’re spot on with the need for financial literacy education. I learned through my parents’ habits which were…non-ideal. I had a really rough 5-6 years crawling out of the hole from my mistakes. I know better now, but I could have saved a lot of stress (and a lot of interest) had I learned lessons the “easy way” ahead of time.
Hi, I am enjoying reading this, and am so frustrated at my credit scores. Trying to get my cc paid off and get my score back up high, but will be a while before I can accomplish that. My husband recently filed for bankruptcy, what is the best way to rebuild your credit after that?
In 2018, the regular annual percentage rate (APR) for fair credit ranges from 13.24 percent to 25.24 percent. These rates are variable, which means that the lender may choose to increase or decrease them. Changes in rates are based on the Federal Reserve’s current federal fund rates.
Credit cards and loans can affect your credit differently. Credit cards are revolving accounts whereas most loans are installment accounts. A mix of different types of accounts can be useful. Do you have any credit cards or loans now?
The FICO site also says that 19.9 percent of Americans have a score over 800 and 34.8 percent have a score between 700 and 799. All in all, 54.7 percent of Americans fall into the “Good” or “Excellent” categories, while 21.9 percent are under 600 in the “Bad” category.
Common ways that consumers improve their credit ratings are by contacting the major credit bureaus (Experian, Equifax and TransUnion) and asking them to remove reporting errors, paying down credit card balances and paying off accounts that have been placed in collections. Another tactic is to ask for an increased credit limit on your credit cards. For people who carry credit card balances, an increased credit limit lowers the credit-to-debt ratio, a key factor in credit scoring.
If you are repairing damaged credit, however, it can take much longer to up your score. A person who only qualifies for a secured card, for example, can generally improve to fair credit within 12 to 18 months – with responsible card usage, of course.
I agree youcan live off if 22k and live good if you always kept your expenses in check and didn’t live above your means. If you don’t have a mortgage payment that’s a big chunk right that you’re not having to spend each month.
Most people know the importance of having good credit. With low or no credit, your opportunities to take out a loan are severely limited. Even if you are able to get a loan, you will end up paying a higher interest rate than those with good or excellent credit. What most people don’t know, however, is their actual credit score. This number is what lenders will look at when determining the structure of your loan. Have you ever wondered what the average credit score in America is?
My strategie is to never charge more on my credit cards than I can pay off in one month.  This has meant learning how to not only budget, but to put my needs before my wants.  Also to all who are just starting out, one of the most important lessons is to pay yourself first……….savings, 401, pension plan, etc.  This is a very important habit to get into.  Fashions come and go, styles change with the seasons, but having a good monetary foundation to fall back on in case of emergency is a must.  Buying a home that has a mortgage that is within reach of one person’s pay check is a must………big homes are beautiful and expensive to maintain, start small and work up to what you really want.  For the last 30 years I have had the equivilent of 6 months net pay in my savings account.  It was very difficult at first, but in the long run kept us from defaulting on our mortgage or falling behind on credit card/loan payments if one of us was out of work.  
Credit History and Mix: Credit scores consider the type of debt you have (such as credit cards and loans) along with how long you’ve had it. Using a variety of credit accounts over a long period of time can improve your credit score.
Greg – We explain in this article that there are many different scoring models. The two we show are scores used by lenders, not estimations. Also, are both pulling from the same bureau? (Ours is Experian.) 3 Reasons Why Your Free Credit Score Looks Wrong

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The accumulation of wealth and experience over time is the most likely explanation for this. As people age, they also tend to grow more financially responsible and secure, qualities that lend themselves to credit improvement. And the more time you have, the more opportunity there is to recover from mistakes. Another reason is the way credit scores are calculated. The length of your credit history accounts for a significant portion of your score (around 15%), for one thing.
I love this question, because it allows us to discuss the underlying economic way of thinking about personal finance in general and credit scores in particular. In economics, we weigh costs and benefits and assume rational decision-makers will only choose to do those things for which the benefits exceed the cost. Further, we make decisions on the margin considering only the next choice, not all or past choices.
The NextGen Score is a scoring model designed by the FICO company for assessing consumer credit risk. This score was introduced in 2001, and in 2003 the second generation of NextGen was released.[13] In 2004, FICO research showed a 4.4% increase in the number of accounts above cutoff while simultaneously showing a decrease in the number of bad, charge-off and Bankrupt accounts when compared to FICO traditional.[14] FICO NextGen score is between 150 and 950.
My credit score 625 has been for the past year I hsbe car note about 5 cards I psy on time I’m trying to start the process for a house loan but would like to to something to get my credit score higher do you have any suggestions ?
When considering complaint information, please take into account the company’s size and volume of transactions, and understand that the nature of complaints and a firm’s responses to them are often more important than the number of complaints.
Do you mean an authorized user? (A co-signer generally uses his or own good credit to help someone with little or no credit history get a card, while an authorized user is allowed to use an account but has no responsibility for paying it off.) And yes, your poor credit could hurt him. Another way to help him get a credit history would be to get a secured card. Here are a couple of Credit.com resources that may be useful to you:
There is no minimum credit score needed to apply for most loans or credit cards. However, you are less likely to qualify for a loan or credit card and less likely to receive favorable rates when your credit score is low. If you are trying to qualify for a conventional loan or credit card with a low credit score, you may wish to wait until your credit improves, so you can ensure you get the best rates possible.
You had to short sell your house due to losing your six figure income? So you hadn’t considered what could happen if you lost your six figure income? You assumed that job and income would always be there for you? You didn’t have any backup saved up for X amount of months backup salary?
One of the most well-known types of credit score are FICO Scores, created by the Fair Isaac Corporation. FICO Scores are used by many lenders, and often range from 300 to 850. Generally, a FICO Score above 670 is considered a good credit score on these models, and a score above 800 is usually perceived to be exceptional.
Below, you can find your city’s average credit score and see how it compares nationally. And in case you’re wondering, the 50 state capitals have a slightly higher average credit score (666) than that of the nation’s capital (664).
Gerri, since the statement had a $0 balance, there was nothing reported for the payment. It wasn’t reported late, they simply reported nothing since there was no balance on the statement to be paid. I thought it odd, then just waited until the statement came out and paid it, sure enough they reported on time payment. I am using several different sites to follow my score, each showing different variations, but all have been rising in the 10 months since I started tracking them, I started below around and below 650 on all, and have seen changes to 677 here and a transunion score that isn’t showing my older late stuff that will be removed in 2017 is currently showing a 751 score. That shows just how varied scores can be from one reporting agency to the next.
Credit scoring is used throughout the credit industry in South Africa, with the likes of banks, micro-lenders, clothing retailers, furniture retailers, specialized lenders and insurers all using credit scores. Currently all four retail credit bureau offer credit bureau scores. The data stored by the credit bureaus include both positive and negative data, increasing the predictive power of the individual scores. TransUnion (formerly ITC) offer the Empirica Score which is, as of mid-2010, in its 4th generation. The Empirica score is segmented into two suites: the account origination (AO) and account management (AM). Experian South Africa likewise has a Delphi credit score with their fourth generation about to be released (late 2010). In 2011, Compuscan released Compuscore ABC, a scoring suite which predicts the probability of customer default throughout the credit life cycle. Six years later, Compuscan introduced Compuscore PSY, a 3-digit psychometric-based credit bureau score used by lenders to make informed lending decisions on thin files or marginal declines.[15]
To check your credit history, go to annualcreditreport.com It is free once a year from each of the three credit bureaus only if you go through this site. Or you can get it free by calling 1-877-322-8228. Or send a request with your name, Social Security number, date of birth, mailing address and previous mailing address (if current address is less than two years old) to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281
Pavelka isn’t sure what the other part of the letter means, that his score is “higher than 100 percent of U.S. consumers.” Fair Isaac spokesman Anthony Sprauve said it does not mean he has the absolute highest score in the nation. There are other 848s, and even 849s and 850s out there. But his score is higher than perhaps 99.7 percent of consumers and the disclosure letter simply rounded up.
And PS, when my brother short sold his home, his credit took a 50pt hit for about a year, then actually increased higher than it originally started (due to less in-debtness afterward). So you definitely have more going on than you speak of….
On my 18th Birthday I went to Discover.com because I had seen promotions for it on TV and also noticed my parents used it on a daily basis. My mom loved her Discover card and they have had it for over 10 years. I was approved for the Discover IT Card with a $500 limit. Over the course of the next year they inceased my limit to $1,500. I was happy I was using it and reaping rewards left and right. I got greedy so I applied for the BestBuy Credit Card because I had worked there for sometime. Fast forward this along about 2 years later I had $3,000 in debt. I applied for 3 cards all on the same day and my limits were raised to $25,000 between all of my cards. I felt like the king. I had a Chase Sapphire Preferred card. It was metal! I was as cool as could be. Well I am now 21 I HAD a score of 780 and yeah its fallen to about 620. To this day I am working on paying my debts down by 0% Balance Transfer Cards but still paying my life away to banks and debt. Be smart about Credit and dont jack it up along the way. Credit runs this world we live in and without a near perfect score you will lose.
While it is great to get a ‘free’ score from credit.com, they miss the mark compared to the actuals due to estimation of a credit score. Credit.com has me in the mid to high 700’s while my actual (on the 850 scale) is over 800. Caveat emptor!!!
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There is a 91-point difference between the average scores of those in the oldest bracket of consumers and those in the youngest group, according to a new analysis that FICO performed for MONEY. With each decade, the average score increases by about 20 points.
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He put part of his purchase on his new credit account and paid the rest with Bass Pro gift cards he bought at Giant Eagle (during a double Fuel Perks promotion). He bought the gift cards with his BP Visa credit card, which gives him gas rebates.
The average credit score by state ranges from 642 in Mississippi all the way to 702 in Minnesota. And both states are fairly representative of their broader regions, as you can see below. If you’re wondering, blue states have a higher average credit score (676) than red states (667).
In Norway, credit scoring services are provided by three credit scoring agencies: Dun & Bradstreet, Experian and Lindorff Decision. Credit scoring is based on publicly available information such as demographic data, tax returns, taxable income and any Betalingsanmerkning (non-payment records) that might be registered on the credit-scored individual. Upon being scored, an individual will receive a notice (written or by e-mail) from the scoring agency stating who performed the credit score as well as any information provided in the score. In addition, many credit institutions use custom scorecards based on any number of parameters. Credit scores range between 300 and 900.
Pavelka said he always managed his money well as a bachelor but did occasionally carry a credit card balance. When he got married in 1987, “my wife kind of kicked me in line,” he said. Today, he said his wife still has veto power over his “fun” purchases. He defied her once – when he bought his Harley in 2005. (“To her credit, her concern was more my safety than expense,” he said. “So although I already had my motorcycle endorsement for 20 years, I took Harley’s Rider’s Edge training course.”)
Under the Fair Credit Reporting Act, a consumer is entitled to a free credit report (but not a free credit score) within 60 days of any adverse action (e.g., being denied credit, or receiving substandard credit terms from a lender) taken as a result of their credit score. Under the Wall Street reform bill passed on July 22, 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit score.[28]
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Finally, it’s important to note that while many different types of credit scores exist, the most popular ones all use the standard 300 to 850 credit-score range. They’re also based on the same information – your credit reports – and produce very similar results in most cases, according to the Consumer Financial Protection Bureau. So it doesn’t really matter whether an average credit score is based on a VantageScore or FICO model, as long the data is consistent. After all, there isn’t one “real” credit score.
The deficit is probably over 18 trillion dollars. People have to buy health insurance whether you have a job or not.. Some states have not seen minimum wage go up over 4 or more years ago. But we need more than minimum wage, we need living wage. Economy is moving up slowly. But getting job is stilll hard. Credit companies want to charge out fee. Having a credit card is a curse.
When you know the kinds of activities in your credit that can affect your scores, you can work to take better care of your credit, too. Things like late payments, liens or bankruptcies all have varying levels of impact in your credit scores since they’re reflected on your credit report, too. Getting familiar with your credit report can help you see the impact these kind of events can have in your credit.
If you have a grandparent or someone who has a very old account, get them to put you as an authorized user and it will skyrocket your length of history and ontime payments.  Then contact the dental company with a goodwill letter just simply asking if you could please have it taken off.  The worst thing they can do is say no, but they usually have no problems if you’re polite.  If the dental bill is in collections or is charged off, don’t contact them.  Just wait for it to fall off unless it is brand new.  Then get yourself a couple secured cards and up your available credit, use them just for gas and things and pay them off each month.  Within a month you can have 100 pts added just from some simple measures.
This happened to millions of people in America back in 08 to 2010. The banks wouldn’t work with people on reworking their payments on their loans because the banks knew they could make more money allowing those mortgages to go into default. They got paid from the insurance on the CDOs and got paid several times over on faulty loans, so many banks were purposefully letting people default. Read the book “greedy bastards”, its a real eye opener on this subject.
Until Credit Bureaus are truly regulated and focus on cleaning up their error riddled database consisting of anyone using unverified methods of submitting often false or mis-represented credit information to all three credit bureaus. These bureaus have a financial incentive to focus on selling those, who simply want their credit corrected, overpriced worthless monitoring products while making the effort of correcting false reported info difficult and based solely upon “their members” verification. The FCRA needs amended to overhaul the entire credit reporting system and place oversight under ONE entity with power to significantly fine up to $5 mil in egregious errors that are robbing consumers of billions of dollars and lining the pockets of both the creditors and the bureaus. Republicans are blind to the real underlying issues and the current regulations simply need to be enforced.
The FICO Small Business Scoring Service (SBSS) score is used to evaluate small business credit applicants.[15] This score can evaluate the personal credit report of a business owner along with the business credit report of the business itself. Financial information of the business may be evaluated as well. The score range for the FICO SBSS score is 0-300. A higher score indicates less risk. Applications for SBA 7(a) loans for $350,000 or less will be prescreened using this score. A minimum score of 140 is needed to pass this prescreen, though most lenders require scores of 160 or less.[citation needed]
Very old system, low pay no raises offered, hard to hit goals, & no advancement within the company. Managers blame you for why people are not paying their medical debt. Even after averaging 150-200 calls a day, VERY repetitive. And when raffling prizes it is ridge in the CEO favor of his favorites. Managers are very patient if you have a problem and/or a concern with a accounts. Also benefits are pricey, and bonuses aren’t nice when you finally hit goals. I’d strongly suggest working elsewhere !
Every time you set a major financial goal, like becoming a homeowner or getting a new car, your credit is likely to be a part of that financing picture. Your credit scores will help lenders determine whether or not you qualify for a loan and how good the terms of the loan will be.
Lenders may choose to use non-FICO credit scores to gain additional insight on consumers, especially those with limited traditional credit history who might be difficult to score. These scores may be added to the FICO score if they provide unique insights or used instead of the FICO score if they provide similar predictiveness. Most of these scores are based significantly on data not available through the national credit bureaus, such as rental, utility, and telecom payment data or public record information such as property deeds and mortgages, liens, personal property titles, tax records, and licensing data.
Your FICO score is used by creditors to determine the overall credit risk of any individual consumer. This score is calculated by using a proprietary tool developed by the Fair Issac Corporation (NYSE:FIC). Each major credit bureau in the United States – Experian, Equifax (NYSE:EFX) and TransUnion – uses Fair Issac’s technology to calculate a FICO score for any borrower. The more information the credit bureau has on you, the more accurate their calculation of the FICO score will be. This is why you may have a different FICO score from each of the three major credit bureaus.
Credit scores look at your reported credit history to gauge the likelihood that you will repay borrowed money; you can be deep in debt and still have great credit scores if you have paid all your bills on time.
I made the mistake of cancelling all of my credit cards after I got work abroad straight out of college. Four years later, I am now trying to apply for credit cards but keep getting rejected. I used to have a credit score in the mid-700’s but not it has been reduced to 665… I didn’t know much about credit scores except that I needed to pay off my credit cards before they were due to maintain a good score (which I did). My salary is so much higher now and I get direct deposits from a US institution to a US bank… the 665 is still a decent score. I’m frustrated with constantly being rejected for credit cards. Any advise?
It can be tricky with low limit cards like that but you are on the right track. Do you know what the closing date is for your statement? If you can pay that balance before the statement closing date your credit report should show a zero balance and then it definitely won’t be a factor!

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My credit score is 782. My wife’s score is very close to that if not higher. We are about to purchase a new home. At the same time, I need to take out a $20,000 personal loan to make a large purchase for the new home. We anticipate no issues with securing the mortgage or the personal loan, but I’d hate for my credit rating to go down if I just acquired the personal loan beforehand. How much of a hit should my credit rating take and would it cause problems securing the mortgage even if we would be well-qualified otherwise?
If you’re at 600 and struggling not to drop further, your situation is different. Maybe you’ve had a series of late payments or have debts in collections. These are signs that your financial situation is unstable.
No need to obsess about hitting that 850 mark. But if you want to try and reach it: Pay all your bills on time, eliminate nearly all of your debt (excluding a mortgage) and use, on average, no more than 7% of your available credit from all your accounts.
Statistics show that credit scores tend to improve as people age. As you can see from the table below, the oldest people have the highest credit scores, on average. And scores decline by age group all the way to the youngest cohort, which has the lowest average credit score.
My credit score is 548. I have some late charges on my credit and would like to have them removed. First, what do you recommend how to remove charges and second, how to get my credit score back on track.
What do you need credit for? You have a car and a house. Pay for everything with cash, start saving for the new car you know you will need in the future, and when it comes time for you to get a new car, pay for it in full. Besides the ease and safety of paying for things with a credit card, you have no need for credit anymore so you have no need for any kind of credit score… Am I right?
There are consumer trend tools available that track the originations for credit applications regarding mortgages, credit cards, and auto and student loans. By watching these tools and paying close attention to current credit trends, we can find ways to warn of potential problems that may exist in a particular market. We can also use this valuable information to further research how credit trends and credit issues are affecting consumers.
I think I’m far from being alone in that life experience, which is why I wish there was some sort of national credit course that students (high school or college) could take to help fill in the gaps that their upbringing left. You can take a driver’s ed course to lower your insurance, why can’t you take a credit and finance course that has a positive impact on your credit score and interest rates?
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They take a higher risk because they charge such outrageous interest that they are setting up the lendee to fail. They increase their own risk. It is not fair nor smart business. It is an easy way to gouge people and then foreclose and recoup a large percentage of the loan and write the rest off and recoup the rest in tax write offs. Win win for the lender either way. Has nothing to do with risk and everything to do with gouging those who can least afford it.
You’re seriously overlooking the whole point of what banks are doing. Your statement proved exactly why you are considered high risk. You had a high paying job, and bought a home and car that reflected that HIGH PAYING JOB income. Then you lost your high paying job. AND HAD NO WAY TO KEEP THE SAME LIFESTYLE. Aka you didn’t prepare for what the future could potentially bring. That by definition is A RISK to a bank. I just got a six figure job. Does that mean I go buy an even more expensive house right now? HELL NO. Because guess how much trouble I’m in when I potentially lose that job? It would spiral downward exponentially faster. Guess when you can go get that even more expensive house? When you have enough backup money saved up for any amount of long term you could potentially be “out of work” while achieving another position of equal value.
Missed payments and late payments of thirty days or more are reported to each of the three major credit bureaus and can even remain on your credit report for up to seven years from the original date of delinquency.
Where are you getting the scores? If it is a free credit score from Credit.com, it should have letter grades that show you which factors are helping your scores and which may be holding it down. That would tell you where to focus your efforts. It’s also a good idea to check your free annual credit reports
Actually, we did this for our daughters and son and it has raised their credit scores by 143 points! We also co-signed for a used car for our son, who in a year, traded it in and bought a new one on his own!

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It is interesting to me how some place blame or accuse others of gloating. Really it is what it is. We try and ssucceed or possibly fail. It doesnt always go well and thats just the way it is. There are outside forces beyond anyones control that can divert a perfect path to an imperfect path. Take it with a grain of salt, keep a good attitude and fight the good fight. No one gets through life with no troubles. Accept it without placing blame, thats life.Blessings.
If you notice that your credit score is well below the American average of 695, or you’re constantly facing roadblocks to your financial goals because of your credit, it might be time to get help from a professional.
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Some banks have reduced their reliance on FICO scoring. For example, Golden West Financial (which merged with Wachovia Bank in 2006) abandoned FICO scores for a more costly analysis of a potential borrower’s assets and employment before giving a loan.[27]
Considering that if you took all the credit card debt in the U.S. and spread it out among all the households, each household would be over $15,000 in debt, it is tempting to think that most American’s have terrible credit.
You know why auto payments will make your score go down? It’s the minimum payment. They want to see you pay in full or make large payments. They have everything covered I’ve been trying to figure this whole thing out & they want a mix of credit, cc’s, & some other type of loan. Not to mention, you really shouldn’t move too much. Even if you own your home. Anything over 5 years will get you a higher score. My hubby (FLBiker) & I built our last home 3 yrs ago & wanted to do a little more to it. Wanted to charge about 10k and not touch our savings. So I actually had to get some new cc’s so our utilization was over 20%! But I knew that our score would plummet if it went past 20%. Now he rotates the cards to buy lunch so they all get used a bit. Seems like we’re jumping through hoops?lol