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Even though it’s within the “fair” category, you can still do quite a bit in terms of loans. An FHA home loan, for example, only requires a score of 580 to qualify and take advantage of the program’s 3.5% down payment.
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:
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.
Finally, to ensure that you have the best credit scores possible, you should thoroughly check over the details of your individual credit history to determine if there are any inaccuracies. If you see anything that is not correct, then you should dispute the error.
That’s because credit scores are a snapshot in time, and can change with regular financial behaviors such as opening new credit lines or loans, paying off loans, taking on debt, and making on-time payments (or missing them) as time goes on. Those who have a high credit score will probably see their credit score change slightly if they apply for new credit, for example, when an issuer makes a hard inquiry on their credit report to check their creditworthiness. But take heart – when you have a high credit score, you’re more likely to be approved for that application anyway.
You can get a free VantageScore 3.0 and a credit score from Experian through Credit.com. Credit Karma provides a free VantageScore and a TransUnion credit score with its credit report card. And Quizzle offers a free VantageScore 3.0 from Equifax. Or you could pay $19.95 per FICO score from each of the three bureaus at myFICO.com.
You can see a significant increase in your credit score shortly after you pay down highly utilized credit accounts, Detweiler says. If your credit cards are maxed out and you can’t pay them off quickly, she recommends consolidating your balances with a personal loan from a bank because the so-called credit utilization ratio (total credit balance divided by total credit limit) for those loans isn’t calculated in the same way and doesn’t weigh heavily on your score.
I have friends who believe that having everything paid for in cash and no credit cards or loans is the way to live, and yes, that would be ideal, but what happens when you suddenly need a line of credit to buy a home, a large purchase (appliances) or need to pay medical bills. You suddenly need a loan and lenders cannot know whether they can trust you to payback a loan without a history, and you may not be granted the loan. 
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 ?
My brother just purchased a home. He has a great paying job, and he set a number he wanted when he went looking. He went to a bank to get approved for a loan. He did not want to know what that amount was, he just asked if his number he wanted to spend was within that amount. It was.
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.
There is no pre-set credit score requirement to qualify for a mortgage. Different lenders set different criteria. That being said, to get the lowest rates, you’ll need a credit score of 760 or higher, but you’ll certainly qualify for a mortgage with a score above 660. Anything below that brings a bit of uncertainty into the equation. You still might qualify, but the interest rates will be higher and lenders will rely on other criteria to make their decision, such as source of income and assets. A low credit score can indicate you’re a risky borrower, and a high score can significantly improve the mortgage terms you’re offered. So it’s important to know what you can do to improve your credit. It is always a good idea to check your credit report and score several months in advance, so you have time to improve your credit standing. You will be able to find some guidelines on how to improve your credit score here. Hope this helps!
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]
Consumers in their thirties are also showing an average credit score lingering around the 620 mark because this age group is more likely to need credit for major expenses and other debt that they had begun to accumulate.
Experian states that 30% of Americans have lower than a 601, placing them in the “bad” rating category. In this situation, you might want to consider monitoring your credit score as you begin to make financial improvements.
Your race, color, religion, national origin, sex or marital status (U. S. law prohibits credit scoring formulas from considering these facts, any receipt of public assistance or the exercise of any consumer right under the Consumer Credit Protection Act.)
Are you checking your credit scores regularly? Here’s how to monitor your credit score for free. Thirty percent is the maximum you should put on the cards, but you can get around that by paying early, so that the balance will be low relative to the limit whenever it is reported. Your paid-off student loan should help your credit if the payments were made on time. You could also consider a small “credit builder” loan from a credit union. But checking your free annual credit reports (go to AnnualCreditReport.com) for errors and disputing them, and keeping tabs on your scores, plus making sure you are using credit lightly and paying on time are the very best things you can do.
Teddy you should make sure no one is using your SS#. I knew a woman that had similar issues like you and one day she ran her reports and found there was a 2012 Camaro on her report. Whomever purchased this car used her name and address and SS#. Strangely they were making payment for the past 5 months then stopped. Now she is fighting to get it off her name.

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Your credit scores don’t include information on your marital status. (See What Happens to Your Credit When You Get Married?) However, if you choose joint accounts or adding a spouse as an authorized user, it might. You can find more information in this post: 3 Ways Love Can Affect Your Credit Scores
Here are some financial tips to get there: 1) Merely paying your bills on time is no longer enough. Don’t get me wrong about this fundamental habit; the consequence of not paying what you owe on time is the ding on your credit history every time. Since we’re talking about shooting for the highest score, you’ve got to do more than pay on time. Instead of paying one time per month, why not do two payments per month or on a bi-weekly basis? Show the credit card companies how prudent you are. 2) Spend no more than 10% of the credit limit, consistently. If your credit limit is $1,000, then the magic number for you not to cross is $100. Think creatively in advance what you can do with a $100 budget. Could it be your gas bill, eating out, books, etc?  Use your imaginations, and best of luck!
Ulzheimer says an 850 FICO score isn’t needed to gain the best interest rates or APRs on credit cards and loans. In fact, he adds, there’s not much difference in that regard between, say, 800 and 850. More than anything else, arriving at 850 merely gives you “bragging rights,” Ulzheimer says.
Of course, a specific score doesn’t guarantee that you’ll be approved for credit or get the lowest interest rates, but knowing where you stand may help you determine which offers to apply for – or which areas to work on before you apply.
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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?!
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.
To become eligible for the very best credit cards, loans, and mortgages, you’ll need a credit score of 740 or above. That’s right at the top of the “good” category, just ten points shy of “excellent.” So how can you do it? Here are a few simple tips.
Cleveland credit guru Jay Seaton, president of Consumer Credit Counseling of Northeast Ohio, said it’s possible Pavelka’s near-perfect score was the ultimate alignment of the planets. If someone had checked his score a week later, or today, it might be only 835. Or it could be 849. Credit scores swing slightly on what bill you just paid or what you just charged.
There are a lot of people out there with incomes into the six figures that have bad credit. The reason is not that they don’t make enough money or that they aren’t saving enough. The reason is that they have made bad choices with their debt.
Without even knowing it you might be doing things that are damaging your credit score, which affects your ability to get credit and the interest rate you pay when you do get credit. A 2014 survey by Credit.com found that consumers sometimes don’t understand which actions will and will not help them improve their credit scores.
When you get your FICO score from Experian, you’ll also get a list of the factors that are impacting your individual score the most. Tackle these personal factors first to see the greatest improvement in your credit score.
The three major credit bureaus rely on five types of information to calculate your credit score. They collect this information from a variety of sources, and compile it to give you an overall score. The score is comprised of 35% payment history, 30% amount owed, 15% credit history, 10% new credit, and 10% credit diversity.
Disclaimer: This content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This site may be compensated through the affiliate program of the credit card issuers.
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.
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.
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.
Below, we’ll take a closer look at what it takes to build perfect credit and pick the brains of people who have come close to reaching the top of the credit totem pole. If you’d like to see how far you are from credit perfection at the moment, you can check your latest credit score for free on WalletHub. We update your score every day, so you’ll always know where you stand.
Instead of going into debt and making monthly loan payments, first put your money into monthly savings. Then when you have accumulated enough, you can use those savings to pay for that car, TV, or vacation you’ve wanted. You’ll save a bundle on interest and sleep better at night without worrying about how you’ll be able to pay all your bills.
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).
Cut all mine in half 20 years ago, paid them all off. Never went back. Married, 2 kids, 4 cars and a decent mortgage rate. Live on cash and savings and lay away plans. In 20 years I have learned one thing, credit cards are GARBAGE. Live within your means even if its poor and making balogna sandwiches for lunch and telling people at the office “Nope, packed my lunch.” and driving a beat up car. Trust me. Never went back, have more left on my paycheck to save and put away and best thing I ever did. I still can buy a car and house juuust fine. The offers come in the mail, I rip then in 1/2 and throw them in the trash without a second thought.
I’m seeing a lot of young people with this type of credit. A high score doesn’t always equate to good credit, or even if you have a high score, lenders will not always pick up for a loan. Young people tend to have hyper inflated scores because in reality, they have no credit. 1 year of paying off your card is not good enough. Lenders don’t really start taking you serious until you have had quite a few years under your belt. It took me about 3 years to get a good visa card from my credit union with a limit of $7500, and only then they did it after I had several installment loans that I paid off, and an auto loan. In the same way, not using your credit but having several open accounts is also bad. Lenders will the potential debt you could get into, and if you have 10 cards with $1000 limits each,  you have the potential debt of $10,000 and they actually take that into consideration when they look at your debt to income ratio. The best way is to open maybe 2 cards (major cards not store as they have high interest rates) and use them only occassionally being sure to pay them off in 1 month.

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There are a lot of people out there with incomes into the six figures that have bad credit. The reason is not that they don’t make enough money or that they aren’t saving enough. The reason is that they have made bad choices with their debt.
One thing is always for certain: All credit scores are generated from the information you find on your credit report. One of the ways to make sure your credit score is as high as possible is to examine your credit reports from each of the three credit bureaus for any errors or discrepancies.
If a person gets an injunction to pay issued by the Enforcement Authority, it is possible to dispute it. Then the party requesting the payment must show its correctness in district court. Failure to dispute is seen as admitting the debt. If the debtor loses the court trial, costs for the trial are added to the debt. Taxes and authority fees must always be paid on demand unless payment has already been made.[18]
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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.
See the online credit card applications for details about the terms and conditions of an offer. Reasonable efforts are made to maintain accurate information. However, all credit card information is presented without warranty. When you click on the “Apply Now” button, you can review the credit card terms and conditions on the issuer’s web site.
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.
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.
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 still don’t really have savings (outside of the 401k I just started and can’t really touch), and don’t really expect to be able to properly invest in a proper emergency fund for about a year. I am pushing to raise my credit now because I’d like to have the ability to actually buy a home. It won’t be easy, but it’s cheaper than renting.
The average American doesn’t even reach the “Good” level for their credit score. If you find that you are falling under the average, you don’t need to worry. In about 12 month’s time, you should be able to significantly improve your credit score if you are responsible with your credit. If you are planning to take out a car loan, then you could raise your score during those 12 months, save up for a larger down payment, and in the end get the car you want, pay less in interest, and have it paid off sooner.
Pavelka and his wife weren’t always so well off. He grew up in Cleveland, off Buckeye Road, raised with his brother by his single mother after his father died when he was 1. The three lived in the upstairs of a house owned by his grandfather, surviving on Social Security and VA death benefits. His wife, Helga, an immigrant from Austria, had a similarly tight upbringing.
I have a score between 690 and 720 depending on the reporting agency. Seems to be no problem getting a CC but was turned down by 5 out of 6 banks for a car loan. Their reason was a prior bankruptcy and not enough credit. Seems that the credit score ultimately has little importance. I am retired with pretty good income and paid for home and cash in the bank. What’s the point of a good credit score if I get turned down anyway?
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The credit management career field could be a great career choice for students who enjoy making tough managerial decisions and have a knack for figures. To learn more about what it takes to become a credit manager, take a look at the following resources from Study.com.
As a member of Internal Audit Services, the incumbent assists with an independent, objective, assurance and advisory activity designed to add value to governance and improve operations. She/he will assist by bringing a systematic, disciplined approach to e…
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.
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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:
I know some of these score factors can seem very frustrating. First of all, it sounds like you are on the right track in terms of getting your credit together after your divorce. So congratulations for that.
The use of credit information in connection with applying for various types of insurance or in landlord background checks has drawn similar amounts of scrutiny and criticism. This is because the activities of finding secure employment, renting suitable accommodation and securing insurance are the basic functions of meaningful participation in modern society, and in the case of some types of auto insurance for instance, are mandated by law.[32]
But things could also be a lot better. Scores lower than 630 are considered poor, so you might be denied for credit cards and loans or pay high interest rates for the ones you do receive. A low credit score signals to lenders that you’re more likely to default on your debts.
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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.
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Do you have some kind of credit monitoring service with Experian? If you don’t then I would be concerned that this is some kind of phishing attempt to get your personal information. If you do have their service, then it sounds like you have reached a credit score goal…
As shown in WalletHub’s 800 Credit Score analysis, 14.5% of people have a credit score of 800 or higher. This credit score qualifies as perfect, since improving your score further is unlikely to save you money on loans, lines of credit, or car insurance – you can qualify for pretty much any credit card or loan you want. A credit score of 800 or higher means that you’ve been using loans, credit cards and other lines of credit responsibly for several years, paying your monthly bills on time and keeping your credit report clear of negative information. Hope this helps!
Never borrow what you can pay back with a unemployment check. And if it’s not a emergency. Save for it. Don’t charge. You might not get your flat panel TV today but when you do it will actually cost you less so you can buy a bigger one. The banks broke your country by manipulating you into to having it now. So let’s break the banks by putting your cash in your pocket instead of thier pockets.
Having good credit is important because it determines whether you’ll qualify for a loan. And, depending on the interest rate of the loan you qualify for, it could mean the difference between hundreds and even thousands of dollars in savings. A good credit score could also mean that you are able to rent the apartment you want, or even get cell phone service that you need.
Rather than putting money into an account and then borrowing against it (which will entail interest payments), a person should apply for a secured credit card and pay off the balance in full each month. This will help build credit. Once a credit history is established, then decide if you want to apply for a few other credit cards in order to build a more substantial credit history.

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What are the primary reasons they list for your score being what it is? What credit scoring model are they using? (You may have to dig a little to figure that out.) If you get your free credit score from Credit.com, you’ll also get the reasons your scores are what they are, and an action plan for your credit.
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.
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
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.
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.
I disagree strongly. The FICO system isn’t biased. It is a good indicator of ones ability to pay back debt. It’s also possible to have a very poor credit rating and within 7 years have an excellent rating. As already mentioned paying your monthly payment on time and staying under 20% of open credit line will benefit huge. It’s takes several years to get an excellent credit score and about 90 days to have a poor score. People that have paid their debts on time and show a long history of this should get the best rates. They earned it. It wasn’t just given to them. While it is true that those with hits on their credit will pay a much higher interest rate they will also be required to put down a substantial down payment and have co-signer(s) willing to put up collateral. Their past history will typically follow suit. Lenders want people to pay their loans. They aren’t in the business to foreclose or recover assets from non paying borrowers. If the general public would smarten up and stop living paycheck to paycheck burdened with debt and get ahead of it then they would never have to worry about if they are approved. If they stopped missing payments and filing for bankruptcy protection the interest rates would drop down for everyone and borrowing would be much easier. It’s already been proven that having a lot of high risk loans has a huge detrimental impact when they aren’t paid back. Housing bubble = huge lending mistake. People were approved for mortgages that shouldn’t have been period. This caused a surge in real estate price then pop. Here we are now. All they did is just set back all the debtors who borrowed during that time and didn’t default on their loans. Instead they are upside down in their mortgage. What are they getting from the government? Not a thing. Instead their property value will barely cover the inflation rate for years to come.
I had a car dealer apply for a loan thru 2 different banks. I got approved with both but went with the lower interest one. after about 3 months with my new car, I started receiving letters from the bank I didn’t have a loan with telling me I was late on my payments. I called them and told them I didn’t have a loan with them which they said yes you do. I ended up having to get a lawyer and I still could not get it removed from my Credit report. I disputed it and everything. Unreal. Come to find out the lawyer I hired played golf with the car dealer.. They were both worthless..
If you are under 21, you must have a cosigner or be able to demonstrate that you have an adequate source of income to pay back any credit that is extended. With responsible usage, a parent cosigning a credit card (or adding you as an authorized user to one of their accounts) is a great way to help establish a positive credit history.

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Because the FICO credit score can only be determined by information found in the individual’s credit file, it is essential to look over your credit reports each year to find any inaccuracies or discrepancies to ensure that everything is accurate and up to date. Click here to learn more about how you can obtain your free credit reports. As a consumer, you are entitled to one free credit file disclosure from the three bureaus every twelve months.
Credit Management Company, headquartered in Pittsburgh, PA, has been providing full service accounts receivable and collection management programs across several industry segments since 1966. Their clients reside in the healthcare, government, education, and consumer industry sectors.  Their primary services include: First Party A/R Management, Debt Recovery and Customer Care.
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]
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.
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?
The average American doesn’t even reach the “Good” level for their credit score. If you find that you are falling under the average, you don’t need to worry. In about 12 month’s time, you should be able to significantly improve your credit score if you are responsible with your credit. If you are planning to take out a car loan, then you could raise your score during those 12 months, save up for a larger down payment, and in the end get the car you want, pay less in interest, and have it paid off sooner.
You can begin rebuilding your credit by ensuring all the information on your credit report is accurate. If any information is inaccurate, you may file a dispute. If negative information is accurate, you won’t be able to have it removed from your credit report until it cycles off. Meanwhile, you can take actions to improve any poor credit habits that caused the negative information to appear on your report in the first place.
That’s pretty solid advice. Also, taking out a secured loan from a bank or credit union is a great way to build credit and to maintain a positive credit history. I don’t just give credit advice, I also have an 820 credit score.
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.
Pavelka found out about his stellar credit score after he went shopping recently at Bass Pro Shop outside of Toledo. Pavelka is an avid hunter, and the store had a sale on a piece of equipment. Plus, if you used a Bass Pro credit card, the store would pay your sales tax, which would amount to more than $50 for his big purchase.
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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.
But things could also be a lot better. Scores lower than 630 are considered poor, so you might be denied for credit cards and loans or pay high interest rates for the ones you do receive. A low credit score signals to lenders that you’re more likely to default on your debts.
As soon as the credit reporting agencies have the updated balances any credit score that is calculated will reflect that new information. It usually happens within 30 days or less, but depends on the reporting cycle. (Most lenders report monthly.)
That is so true. I am proved to the Credit bureau that a billed is not mind. They still did not changed it. I did what Juanita suggested. I paid off everything then my score came down. Now I save up money and buy the items or use layaway. As I said before Operator head space. (JIJO). Creditors want your credit to be bad so that they can charge you higher interest rates.
How do you do that? If i borrow say $5,000.00 how much will you have to pay back on loan like this? I dont wanna even spend the money, just put it into an account and pay it back to build credit up even more..
It’s no surprise that The Villages, Fla., an upscale retirement community, has the nation’s highest average credit score (779). As mentioned in the Average Credit Score by Age section, older people tend to have the best credit. Unfortunately, the cities with the lowest credit scores aren’t all that surprising, either. Camden, N.J., (566) and East Saint Louis, Ill., (572) both have long struggled with high crime and unemployment rates.
There’s no quick fix. Improving your credit health takes time, but the most important behaviors can be summed up as this: Pay your bills on time (and if possible, in full) and reduce the amount you owe. It also helps to check your credit reports regularly and dispute any errors you see, such as a collections account that hasn’t been removed from your reports after seven years from the original delinquency date.
Whole thing seems to be a scam to me. I have credit cards, two mortgage payments, car payments – never missed – never late and my credit score drops because I shop for better rates. My thought … someone does not want to do business with me – fine by me but so far when the question comes up – I demand the interest rate of the day and somehow they always come through when I threaten to walk. Home loan #1 3.2, Home loan #2 4.2 – will redo it when the value of the property increases, car loan #1 1.9, car loan #2 1.9. Yes I have a card that is loaded to capacity because I transferred others to it because it’s 0% interest. So my thought is – let the reporting agencies play their games – I’ll keep playing mine
Jump up ^ Use and impact of credit in personal lines insurance premiums pursuant to Ark. code Ann. §23-67-415 (September 1, 2006) – A report to the legislative council and the Senate and House committees on insurance and commerce of the Arkansas General Assembly (as required by Act 1452 of 2003)
We shouldn’t use our credit cards as an instant loan for things we can’t afford? What happens when you need something right away like a car repair and don’t have the money? Save up for it instead? What if you don’t make enough money to save? It’s so easy to say you can pay off credit card(s) in full every month when you have the sufficient income to do so but what do you do when you lose a job at no fault of your own and can’t get another one right away to pay your bills on time or at all? BTW, my elders did a fantastic job at raising me, religiously or not; the true problem lies with those in the work place who can’t seem to accept and allow people to remain at a job which reasonably leads to people defaulting on their credit!
Here is my problem. Our credit history only dates back 1 year 10 months…We got 2 bad credit, credit cards when we started out. They have low lines of credit at $600 and $700. They charge us $75 a year for them. We now have good credit and way better cards and would like to drop the first two. They are only about 3 months older than our better cards. They hold us hostage with those fees because we are afraid to close them and drop our credit. We had a Kohls card for 3 months and decided to close it because we just didn’t use it and it dropped our credit by 15 points! How much will it drop if we close these 2 cards then?
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.
Cleveland credit guru Jay Seaton, president of Consumer Credit Counseling of Northeast Ohio, said it’s possible Pavelka’s near-perfect score was the ultimate alignment of the planets. If someone had checked his score a week later, or today, it might be only 835. Or it could be 849. Credit scores swing slightly on what bill you just paid or what you just charged.
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.
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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.
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.
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.
Rather than putting money into an account and then borrowing against it (which will entail interest payments), a person should apply for a secured credit card and pay off the balance in full each month. This will help build credit. Once a credit history is established, then decide if you want to apply for a few other credit cards in order to build a more substantial credit history.
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]
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Fair Isaac Corp. produces the credit scoring algorithm used for the majority of lending decisions in the United States. Most FICO scores range from 300 to 850, and the higher the score, the better. (Some versions of the FICO score, such as those for the auto and credit card industries, are on different scales.)

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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).
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.
“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.
Studies have shown scores to be predictive of risk in the underwriting of both credit and insurance.[21][22][23] Some studies even suggest that most consumers are the beneficiaries of lower credit costs and insurance premiums due to the use of credit scores.[22][24]
FICO scores are used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. For most mortgages originated in the United States, three credit scores are obtained on a consumer: a Beacon 5.0 score (Beacon is a trademark of FICO) which is calculated from the consumer’s Equifax credit history, a FICO Model II score, which is calculated from the consumer’s Experian credit history, and a Classic04 score, which is calculated from the consumer’s Trans Union history.
When it comes to your credit score, the higher it is, the better – as your score increases, so will the perks and rewards, while the interest rates and fees decrease. However, a credit score above 750 is already considered excellent, and striving to achieve a perfect 850 will not provide much of a difference. Once an individual is in the excellent credit range, there’s little more he or she can do to get access to even greater interest rates and financing.
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.
Because a significant portion of the FICO score is determined by the ratio of credit used to credit available on credit card accounts, one way to increase the score is to increase the credit limits on one’s credit card accounts.[25]

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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.”)
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.
Payment history is the most heavily weighted factor in many credit scoring models. Typically, it can account for more than a third of your credit score. Paying all your bills on time per your agreement with the lender shows potential lenders that you are responsible about paying what you owe.
* They eat out frequently at nice restaurants and take pride in their collection of vintage red wine, but their frequent vacation spots are Columbus, Chicago, Pittsburgh and Niagara Falls (Pittsburgh’s “very eclectic Mattress Factory Art Museum is must-do,” he said.)
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.
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.
But that doesn’t mean you should apply for every line of credit you’re offered. Multiple inquiries from lenders for your credit reports in a short period can trim your score, especially if you don’t have many credit accounts or you have a short credit history. Be especially careful when car shopping because Detweiler has heard lots of complaints from consumers whose scores dropped when they had several dealers pulling their reports for financing options. Rather than let a dealer shop your credit, choose a lender you like beforehand and get pre-approved for a loan.
Engineered Reality, what do mean “by taking out a secured loan against himself.” I am out of bankruptcy for over a year now and tryin to rebuilt my credit. these past few monthsn I have seen my credit score jump from 649 to 682 now.
Gerri Detweiler – high credit scores are so highly sought after that the alternate route of building wealth is nearly inconceivable. I am curious to see if there is an answer to my question…if i maintain payments on my credit card at 10% utilization, how long will it take me to acquire a million dollar net worth??
When my ex left, she just left. She didn’t care about the credit cards, hardly asked about her daughter, and I had to change bank accounts just to stop her from taking money from me. I had no choice but to take all the debt on for both of us, as she wasn’t working on any of it (as far as I could tell).
With a score this high, you won’t face any problems securing a loan. Your personal loan interest rates for credit score 798 and above should range from 13% to 15% on average, but lower rates are definitely available. Shopping around will be in your best interest, because you’ll qualify for nearly every loan. However, be sure to do your shopping in a brief period of time so your credit score doesn’t take a dip.
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.
Getting approved for a car loan typically requires a score in the low- to mid-600s, although it’s not unheard of for someone in the mid-500s to get approved. It depends on the lender and of course, the lower your credit score, the higher your interest rate will be.
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.
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I took out an equity loan, (no mortgage), and asked the the equity limit be limited to the actual the loan amount, so I could not draw any more out. My credit score was dropped 40 points by Experian. I called to ask why, and they explained that the loan I took out was at the credit limit, so my score was dropped. I explained, (and followed up with a letter to no avail), that the limit was one that I chose not the bank. I explained that the bank would have loaned me, or raised the limit to 3 times what I borrowed
When you start analyzing the average credit score in relation to an individual’s income, you can see that the higher the income level, the higher their average score may be. Likewise, a lower income level may be indicative of a lower average credit score.
As mentioned previously, a good credit score can help you a lot with your financial health. But how exactly does it help? MyLendingTree’s Free Credit Score can help you visualize the effects of having various levels of credit.
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:
The three major credit bureaus rely on five types of information to calculate your credit score. They collect this information from a variety of sources, and compile it to give you an overall score. The score is comprised of 35% payment history, 30% amount owed, 15% credit history, 10% new credit, and 10% credit diversity.
Credit scores are designed to measure the risk of default by taking into account various factors in a person’s financial history. Although the exact formulas for calculating credit scores are secret, FICO has disclosed the following components:[4][5]
A professional litigation staff will provide expert attention to all delinquent accounts. If the debtor is in the same geographic area as the creditor, an asset search is conducted to determine the feasibility of litigation. When the services of an Affiliate or an attorney are required for a debtor outside of the creditor’s service area, noncontingent suit fees and costs must be advanced by the creditor.
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.
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.
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]
That’s pretty solid advice. Also, taking out a secured loan from a bank or credit union is a great way to build credit and to maintain a positive credit history. I don’t just give credit advice, I also have an 820 credit score.

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credit management

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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).
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.
I had the same problem! I saw that  my credit score was high so I was thinking hmmm why not go and apply for a credit card, thought I could manage it but then temptation got out of hand. So my credit score is EXTREMELY low, very shortly after opening up the accounts. Its good to know that if I just pay off the balances and keep the balance lower than 30% my credit will shoot back up 🙂

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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.
“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.
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.
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Credit scores are used by lenders, including banks providing mortgage loans, credit card companies, and even car dealerships financing auto purchases, to make decisions about whether or not to offer your credit (such as a credit card or loan) and what the terms of the offer (such as the interest rate or down payment) will be. There are many different types of credit scores. FICO® Scores and scores by VantageScore are two of the most common types of credit scores, but industry-specific scores also exist.
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.
1. Pay on time. Payment history is the top factor in most credit scoring models, says Gerri Detweiler, director of consumer education at Credit.com. So payments that are 30 days or more late can quickly drag down your credit score. And one late payment is enough to hurt your score, she says. According to myFICO.com, 96% of consumers with a credit score of 800 pay credit accounts on time; 68% of those with a score of 650 have accounts past due.
The amount of credit you’re using compared to the total amount you have available is your credit utilization ratio, and is an important credit scoring factor. You can calculate your credit utilization rate by adding up your balances on your revolving credit accounts (such as credit cards) and dividing by your credit limit. Most experts recommend keeping your credit utilization ratio below 30% – so, for example, if you have a total credit limit of $10,000, you’d want to keep your balance below $3,000.
It’s a new environment for me; being surrounded by people who aren’t doing poorly. I won’t be doing as well as those whose spouses can work as well as themselves, but my family will build back up, and be stronger for it.
My credit was excellent and then I decided to get a new car, motorcycle & some of those cc’s with good points, rewards. That dropped my score down to bac down fair at the moment! I have quite a few cc’s and all are paid in full each month. So I know my score will go back up. Actually, I”m trying to raise it as high to 850 as I can. It seems after following these forums, you can see what you need to do to have an excellent score. I had a mortgage a couple cc’s. Not enough to get that “excellent” score. I’m starting to see they want you to be able to “handle” your credit very wisely. A higher cl but a very low utilization seems to do the trick with a various mix of loans. Thanks everyone for your input. I would be stuck in the 600’s forever if I didn’t start reading this forum!
The average American doesn’t even reach the “Good” level for their credit score. If you find that you are falling under the average, you don’t need to worry. In about 12 month’s time, you should be able to significantly improve your credit score if you are responsible with your credit. If you are planning to take out a car loan, then you could raise your score during those 12 months, save up for a larger down payment, and in the end get the car you want, pay less in interest, and have it paid off sooner.
Yeah, keeping credit cards even if your home and cars paid off and no loans.the cards can keep your credit active and maintain it..really no need to punish people by dropping their score for paying off all their depts..even if no credit cards..thats not right morally
i don’t understand how i have a 671 score on experian, a 745 on transunion, and a 756 on equifax. experian says i have 12 late payments, that i don’t see on my other credit reports. i am not understanding this at all. if i buy something for 5.00, my score goes down, debt ratio goes up? what is going on? i have 100% payment with transunion and equifax, which is excellent with them, but experian gives me a f, for payment history! really? you cannot win. you will only win when you die! terrible!
I am frustrated with my vantage score 3.0. It dropped over 50 points in a week after I used a credit card to make a deposit. I only had the deposit held on there for three days, and it was only 2800 on a card with a 10000 limit. I have no mortgage and no car payment since I own everything. Why the drastic jump off one purchase?
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.
I’m a big advocate for personal responsibilty — so nothing I’m about to say is shedding any fault away from myself, but I didn’t grow up in a family that was…remotely…responsible when it came to paying bills on time or spending within their means. When they were poor, only the most threatening bill was paid first. When they were making over $300k a year, they spent $.99 out of every dollar. 
Although there are many different credit scores, your main FICO (Fair Isaac) score is the gold standard that financial institutions use in deciding whether to lend money or issue credit to consumers. Your FICO score isn’t actually a single score. You have one from each of the three credit reporting agencies – Experian, TransUnion and Equifax. Each FICO score is based exclusively on the report from that credit bureau. The score that FICO reports to lenders could be from any one of its 50 different scoring models, but your main score is the middle score from the three credit bureaus. If you have scores of 720, 750 and 770, you have a FICO score of 750. (And you need to take a hard look at your credit reports because those three numbers are considered wildly different.)
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.
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.
Companies like Bear Sterns, Lehman brothers, Bradford & Bingley, Loyds all received AAA credit ratings two months before they all went bankrupt – which then led to the global meltdown. The “Credit Score” system is a scam, it was created by the banking industry aka wealthy elite, to exploit the people who actually DO work; which allows the wealthy to actually do nothing and play their unscrupulous games with all of our hard earned money. I worked in the banking industry for years, these are NOT nice people. The best advice is: Avoid using the banking system as much as you can. Pay with cash or debit if it’s necessary. In other words… don’t let the “credit rating system” control you – it is the way the banks get the upper hand, and steal more of you hard earned money. They steal enough already, don’t let them take more.
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.
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.
Lenders may also apply their own set of ranges when evaluating credit scores. For example, one lender might consider loan approval for anyone with a credit score above 700, while another may limit the best offers to consumers with a score above 750.
I have children fifty years old that have yet to learn what you did in a few short years. You are an perfect example of one who uses their head for something besides growing hair.My congratulations to you and whoever raised you.
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.
Have you looked at your score since you got the secured card? (Here’s how to monitor your credit score for free.) You’re not far from having a score that is considered “fair” (650-699) rather than poor, and that will give you more options for credit cards. And yes, a higher limit could help, because part of your credit score is related to how much of your available credit you are actually using. (Try to keep is below 30%; below 10% is even better.) But paying on time, which you are already doing, is the very best thing you can do for your credit. You’ll find other tips here:
I’m not sure what you are doing that results in your score. Perhaps it’s because you haven’t had credit with the same companies for long enough? My score is 819. I don’t have a car loan or a mortgage either, and have never paid late. I also don’t have a student loan. Perhaps it was credit related to your divorce? By the way, my credit score was 794 for a long time because I got a new credit card. Now that all my credit cards are at least 6 years old, and one is over 20 years old, they raised my score.
Although all the four credit information companies have developed their individual credit scores, the most popular is CIBIL credit score. The CIBIL credit score is a three-digit number that represents a summary of individuals’ credit history and credit rating. This score ranges from 300 to 900, with 900 being the best score. Individuals with no credit history will have a score of -1. If the credit history is less than six months, the score will be 0. CIBIL credit score takes time to build up and usually it takes between 18 and 36 months or more of credit usage to obtain a satisfactory credit score.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers. Widespread use of credit scores has made credit more widely available and less expensive for many consumers.[1][2]
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.
Considering these things, your credit score is one of the most important numbers in your life. It can affect every action you take, from the house you live in to the car you drive. Taking steps to improve your 798 credit score is the best way to save money and make your life easier down the road. There’s no excuse to not improve your credit score!
There are a lot of elements that go into a GREAT credit score including education, discipline, time. What I mean by that is the fundamentals of how credit works should be taught throughout your highshool education. There is no background on how credit cards, debt to income, and leaving within your means. I have been very blessed with not the money as my parents were not very well to do financially as my dad was a sole income earner working on a factory floor and my mom stayed at home. They saved 20% of their income paying themselves first every paycheck NO MATTER WHAT. They never lived beyond their means and budgeted their money accordingly.  I learned these principles from my parents who have taught me more than I could ever put on paper, but the financial message that I received was (1. It’s not what you earn, but what you spend that matters, 2. Never leave beyond your means 3. No one cares more about your financial future than you do, so plan as if there is no assistance).  They are now just a few years from retirement and they should be set for the rest of their lives,not because of how much they earned, but because of what they did with their hard earned money. 
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.
See the online credit card applications for details about the terms and conditions of an offer. Reasonable efforts are made to maintain accurate information. However, all credit card information is presented without warranty. When you click on the “Apply Now” button, you can review the credit card terms and conditions on the issuer’s web site.
If the applicant is declined for credit, the lender is not obliged to reveal the exact reason why. However industry associations including the Finance and Leasing Association oblige their members to provide a satisfactory reason. Credit-bureau data sharing agreements also require that an applicant declined based on credit-bureau data is told that this is the reason and the address of the credit bureau must be provided.
Sweden has a system for credit scoring that aims to find people with a history of neglect to pay bills or, most commonly, taxes. Anyone who does not pay their debts on time, and fails to make payments after a reminder, will have their case forwarded to the Swedish Enforcement Authority which is a national authority for collecting debts. The mere appearance of a company, or government office, as a debtor to this authority will result in a record among private credit bureaus; however, this does not apply to individuals as debtors. This record is called a Betalningsanmärkning (non-payment record) and by law can be stored for three years for an individual and five years for a company.[16] This kind of nonpayment record will make it very difficult to get a loan, rent an apartment, get telephone subscriptions, rent a car or get a job where you handle cash. The banks, also use income and asset figures in connection with loan assessments.[17]
To become eligible for the very best credit cards, loans, and mortgages, you’ll need a credit score of 740 or above. That’s right at the top of the “good” category, just ten points shy of “excellent.” So how can you do it? Here are a few simple tips.
For example, if you have no credit history, it will take a minimum of six months to establish a credit score. Credit score formulas require an active credit account to be present for at least six months before a score is generated.
and see a “grade” for each of the factors that determine your score. It’s also smart to check your free annual credit reports for accuracy and dispute any inaccuracies that could be holding your score down. Because there can be many different factors that make a score what it is, there is no one-size-fits-all solution to raising a score.
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It’s not easy to just ‘quit living paycheck to paycheck’. Most people that do don’t have a choice because they don’t have the money to do otherwise. Granted, they are unlikely to be a safe bet to loan money to, but that’s the way it is. It is far too easy to talk about people just doing things differently when you don’t live the same way as they do. Paycheck to paycheck is *the* reality for a lot of people.
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.
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.
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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.
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FICO scores will also vary depending on what purpose the borrower is borrowing. This means that a lender will often use different scores when a borrower is applying for a car loan compared to applying for a credit card. This is because different formulas are being used, such as FICO Auto Score. FICO Auto is an example of a FICO score that surpasses the classic 850 maximum score. FICO Auto possesses scores that range from 250-900 compared to a basic FICO score which ranges from 300-850. In addition to FICO Auto there are other FICO options for certain circumstances that allow a score greater than 850 but they are specialized scores and not a classic FICO score.
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.
Never borrow what you can pay back with a unemployment check. And if it’s not a emergency. Save for it. Don’t charge. You might not get your flat panel TV today but when you do it will actually cost you less so you can buy a bigger one. The banks broke your country by manipulating you into to having it now. So let’s break the banks by putting your cash in your pocket instead of thier pockets.
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A good credit score can also get you a lower interest rate when you borrow. That means you will pay less over time. For example, if you’re buying a $300,000 house with a 30-year fixed mortgage, and you have good credit, then you could end up paying more than $90,000 less for that house over the life of the loan than if you had bad credit. So, in the end, it really pays to understand your credit scores and to make them as strong as possible.
If your FICO score is 840, for example, you’re just 10 points shy of the highest score possible, and your credit is “super-prime.” But if you have an 840 VantageScore 2.0, it’s not as spectacular because you’re 150 points away from the highest possible score.
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.
I have a collection account on my credit reports for a Best Buy credit card through HSBC Bank that I never applied for, therefor never used. I have formally disputed this account numerous times with the CRA’s asking for some sort of proof that I was the one using the account. All times I have successfully won the dispute and am informed that the account will be removed from my report….which does happen. HOWEVER, within a couple of months of the removal the account shows back up on my credit reports under a different collection agency. Not to mention, the original account is over 11 years old and should have been removed due to statute of limitations here in California. What can I do to keep this ugly, incorrect monster from reappearing? Thank you.

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Credit scores reflect the information in your credit report. To get good scores, you must take care of your credit report. Instead of focusing on the number, work to maintain a good credit history. You will probably never get a perfect credit score, but that shouldn’t be your goal.
Gerri Detweiler – high credit scores are so highly sought after that the alternate route of building wealth is nearly inconceivable. I am curious to see if there is an answer to my question…if i maintain payments on my credit card at 10% utilization, how long will it take me to acquire a million dollar net worth??
Credit managers oversee the credit lending process for banks, credit card companies and other financial institutions that issue or deal with credit. Managers may develop credit rating criteria, define credit ceilings and oversee credit collection accounts. Both small and large financial institutions utilize credit management specialists, and those who work for smaller institutions are usually also responsible for assisting customers in filling out credit applications, responding to complaints made by customers and determining the company’s credit regulations. Credits managers can be found working in banks, credit card companies, credit unions, investment firms or in non-financial institutions that deal with consumer credit or investments, such as corporations, universities and hospitals.
Never Miss a Payment: If there’s one thing you can control when it comes to credit building, it’s payment history. Payment history accounts for at least 35% of most credit scores. And you can avoid forgetting to pay your bill by setting up automatic monthly payments from a bank account. You just need to make sure there’s enough cash available in the account every month to cover the payments.
OMG. I just read some of these comments. Tell me I’m not the only person who thinks the entire system sucks! I am flabbergasted by the manipulation. It seems like our whole credit system has little connection to reality. I always thought it was unfair and discriminatory – the rich pay less, and the the poor pay more. Now, I’m sure of it. If you don’t know how to play the game, you lose without even knowing it. George Bailey is turning over in his grave!
It is not the same. The point is that you are paying interest on the secured loan, whereas with the secured credit card you are not, provided of course that you pay off the balance in full each month. Once you build some credit by making payments on time each month (and in full, to avoid interest charges), you can then apply for an unsecured credit card and, once approved, you can cancel the secured card and get your money back, just as you would have with the loan – with the advantage being that you won’t have paid any interest at all to the bankers. Again, the point is to avoid paying interest.
Your race, color, religion, national origin, sex or marital status (U. S. law prohibits credit scoring formulas from considering these facts, any receipt of public assistance or the exercise of any consumer right under the Consumer Credit Protection Act.)
Rather than putting money into an account and then borrowing against it (which will entail interest payments), a person should apply for a secured credit card and pay off the balance in full each month. This will help build credit. Once a credit history is established, then decide if you want to apply for a few other credit cards in order to build a more substantial credit history.

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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.
We just love to be judged. Who decided the rules? The banks? The credit card companies? Screw all of them and pay with cash. Get in line sheep and baaah for your “credit scores”. After all, we are all just a number.
If accounts are illegally reaged or if you have disputed them and they don’t get removed you may want to consult a consumer law attorney. You may have a case for credit damage, and in the case of a collection agency it may be a FDCPA violation as well.
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.
Ray the banks set people up to fail by making unreasonable often times high interest rates that are purpotrated on the poor or middle class. If a poor person was given a low interest rate and reasonable payments like the rich often get then I guarantee you they wouldn’t be struggling or failing in paying back loans. In addition the whole system is rigged. There are numerous articles out you can find online that talk about how banks want people to fail on their loans. The reason being is they actually make money on bank loan defaults and foreclosures. That is why they won’t work with people on better monthly terms to salvage people who are struggling in payments due to unexpected economic downturns or losses. You can even read about this in the book called “Greedy Bastards” by Dylan Ratigan who talks about this. It is called “extractionism”. What they did that helped cause the crash of 08 was take their “risky loans” and bundle them up with Triple A rated loans and sell them off to unsuspecting people who were investing in the market. They bought insurance on the faulty loans because they knew they would be loans that would default so that not only did they get money selling them, they got money on the insurance default of those loans. They got paid billions on all those bad loans. They set it up that way on purpose and use the excuse that people who are poor are higher risk, which in fact is not always true. Many people in the US have bought into this crap about “well they are higher risk therefore we charge them more”. Just like people bought into the “trickle down” economics.
When my ex left, she just left. She didn’t care about the credit cards, hardly asked about her daughter, and I had to change bank accounts just to stop her from taking money from me. I had no choice but to take all the debt on for both of us, as she wasn’t working on any of it (as far as I could tell).
The credit bureaus Experian, Equifax, and Transunion, are required to investigate any disputes that are submitted due to the Fair Credit Reporting Act. However, if they are too quick with the investigation, then the errors may still be on the credit report and may still read as accurate.
FICO scores are used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. For most mortgages originated in the United States, three credit scores are obtained on a consumer: a Beacon 5.0 score (Beacon is a trademark of FICO) which is calculated from the consumer’s Equifax credit history, a FICO Model II score, which is calculated from the consumer’s Experian credit history, and a Classic04 score, which is calculated from the consumer’s Trans Union history.
Everyones credit is falling. Why? Because the average american lives wayyyy beyond their means. They extend themselves via their credit cards as far as they can moderately hold in front of themselves while BARELY maintaining stability. Hence why when the slightest hickup comes along, credit scores come crashing quickly. We all know we do this, why do we pretend we don’t? The fact that we even use credit cards beyond 5-10% utilization PROVES that we live beyond our means. When bad times happen, you weren’t prepared for it financially. Hence why you use your CC more.
When you get married, your credit scores (or reports) won’t merge with your spouse’s. Joint accounts you share may appear on both of your credit reports, but your credit history will remain independent.
We can’t tell you that with any certainty. Credit scores fluctuate (so even if you get it there, it won’t stay). Things like what your balance is on a credit card on the day it is checked can affect your score. And there are so many variables in play that credit is generally classified within ranges — it’s best not to obsess over a few points up or down. For more, see:
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?
Your credit scores don’t include information on your marital status. (See What Happens to Your Credit When You Get Married?) However, if you choose joint accounts or adding a spouse as an authorized user, it might. You can find more information in this post: 3 Ways Love Can Affect Your Credit Scores
The average American doesn’t even reach the “Good” level for their credit score. If you find that you are falling under the average, you don’t need to worry. In about 12 month’s time, you should be able to significantly improve your credit score if you are responsible with your credit. If you are planning to take out a car loan, then you could raise your score during those 12 months, save up for a larger down payment, and in the end get the car you want, pay less in interest, and have it paid off sooner.
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.
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6. Choose credit cards carefully. People with excellent credit usually get the best credit card offers. But they’re smart about the cards they choose. For example, even though retailers often offer discounts on purchases when you sign up for their credit cards, these cards often have low credit limits, which can hurt your credit utilization ratio if you carry a balance on those cards.
Why are credit scores so different between each credit reporting agency? Mine are about 70 points different. I have a year of on time payments, but score is still in the 600 area, no credit previously.
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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.
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.
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?

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When it comes to your credit score, the higher it is, the better – as your score increases, so will the perks and rewards, while the interest rates and fees decrease. However, a credit score above 750 is already considered excellent, and striving to achieve a perfect 850 will not provide much of a difference. Once an individual is in the excellent credit range, there’s little more he or she can do to get access to even greater interest rates and financing.
Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Digital finance companies such as online lenders also use alternative data sources to calculate the creditworthiness of borrowers. Credit scoring also has much overlap with data mining, which uses many similar techniques. These techniques combine thousands of factors but are similar or identical.
FICO scores range from 300 to 850, where 850 is considered to be the best score achievable. According to myFICO.com, a division of the Fair Issac Corporation, only 13% of the U.S. population has a FICO score greater then 800, while only 2% has a FICO score lower then 500. The largest proportion of the population, 27%, has a FICO score between 750 and 800. (To learn more about how your FICO score is calculated, see How Is My Credit Score Calculated?)
This is not true. I have 5 utilities I pay each month and only People’s gas reports may payments. Also I’ve never had a landlord report that I’ve made all my payments monthly. It’s a valid concern because they will report missed payments, evictions, or collections but not positive payment history.
I had the same problem! I saw that  my credit score was high so I was thinking hmmm why not go and apply for a credit card, thought I could manage it but then temptation got out of hand. So my credit score is EXTREMELY low, very shortly after opening up the accounts. Its good to know that if I just pay off the balances and keep the balance lower than 30% my credit will shoot back up 🙂
If your FICO score is 840, for example, you’re just 10 points shy of the highest score possible, and your credit is “super-prime.” But if you have an 840 VantageScore 2.0, it’s not as spectacular because you’re 150 points away from the highest possible score.
There was a time when banks were reluctant to give home loans to Americans. Thanks to FHA loans, many Americans got the opportunity to buy a house. Buying on credit used to be something you did at your local general store or department store—and you had to build a relationship of trust with the managers of the store before you got that kind of deal. I think our modern generation doesn’t understand why credit is a luxury rather than an entitlement. It’s still a system of trust—-although it has been tainted by the mortgage scandals of the late 2000s. The older generation of Americans saved up their money and bought stuff with one payment. Credit cards didn’t exist. We are very lucky to have access to credit, but it’s not a necessity.
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Credit score talk is all over the place these days, from online forums to the office break room. That’s because your credit score affects just about every aspect of your life: your ability to get a mortgage, qualify for a car loan, or rent an apartment.
I looked at my credit score this week and saw that it is at 681; which is up from the 674 it was at last month. I’m assuming it went up because the credit cards are going down. However, I don’t have any installment loans and I’m nowhere near needing to buy a new car. Any advice on how to bring it back up over 700 again? Thanks!

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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.
Continue paying down the cards. You don’t have to have an open installment loan to have good credit. Yes it helps, but credit mix is only 10% of the score while debt usage (utilization) is a much bigger factor.
But if you have fair credit, all hope is not lost. While lenders typically prefer credit scores to fall in the good to excellent range, people with fair credit scores are still considered viable applicants for many loans. Additionally, with some work, persistence and responsible credit usage, you can improve your credit score.
I am frustrated with my vantage score 3.0. It dropped over 50 points in a week after I used a credit card to make a deposit. I only had the deposit held on there for three days, and it was only 2800 on a card with a 10000 limit. I have no mortgage and no car payment since I own everything. Why the drastic jump off one purchase?
How do you do that? If i borrow say $5,000.00 how much will you have to pay back on loan like this? I dont wanna even spend the money, just put it into an account and pay it back to build credit up even more..
If you score is high enough on the GMAT to get into your top-choice graduate school, do you need to take the exam again in an attempt to raise your score further? Likewise, if your credit score is already excellent, what is the benefit of making it perfect and what would be the cost of doing so?
Credit managers oversee the credit lending process for banks, credit card companies and other financial institutions that issue or deal with credit. Managers may develop credit rating criteria, define credit ceilings and oversee credit collection accounts. Both small and large financial institutions utilize credit management specialists, and those who work for smaller institutions are usually also responsible for assisting customers in filling out credit applications, responding to complaints made by customers and determining the company’s credit regulations. Credits managers can be found working in banks, credit card companies, credit unions, investment firms or in non-financial institutions that deal with consumer credit or investments, such as corporations, universities and hospitals.
Credit scores reflect the information in your credit report. To get good scores, you must take care of your credit report. Instead of focusing on the number, work to maintain a good credit history. You will probably never get a perfect credit score, but that shouldn’t be your goal.
Hope you see this. It has been almost half a year. 6 more months and my equity loan becomes a CAR LOAN. SOME credit unions will accept certified notary papers explaining your predicament and WILL consider such in any decisions concerning loans. You can and SHOULD also have an addendum added to your FICO or credit report. You may need a lawyer for this. It will be a lot faster and cheaper than TRYING to have the ex’s obligations removed. If i were to see your divorce papers i could advise you better but the man stating that you are still responsible could be mistaken. I am NOT an expert in finance. I practice criminal behavior. Any lawyer worth his spit will tell you.. “If you can afford it i can make it happen” Sorry, just trying to make you smile. 616 is not the end of the world and certainly better than MANY AMERICANS TODAY! I HATE CREDIT CARDS. I advise 12 month loans of 1.5-2k from a credit union. Have the loans paid directly out of your checking or savings. To be sure there is NO MISTAKES. Ask for your exact total interest payment. Be certain you add this to the account that will be paying off the loan. Be smart. Make sure there are no other fees or costs.Check on your loan at least once a month. At a decent credit union a loan like $1500 shouldn’t cost you more than $150 for the year and the next one less and less… 616? you may even end up paying way less on a 12 month loan… Anyway, that is how I did it. Or should i say my wife?? Think of this. Every year I have a giant 4th of July party. Every June I take a personal loan of $1500 from my CU. I purchase fireworks wholesale and set up a stand. By the time of my party on the first Saturday AFTER the 4th of July. I have not only financed the entire party but also have all the money to pay back my loan. These loans usually cost me $40. Now imagine I did this with a credit card instead? Let’s say the standard store credit finance charge of 29%. That is making me sick….. So, GOOD LUCK…. let me know how you made out.
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.
You might be — or there could be a big car repair, a medical emergency and a roof leak at pretty much the same time. Good credit does not have to be used, but it can be handy in an emergency. And there is, as you point out, a factor of ease and safety. Travel reservations and easier and more secure, and credit cards have chargeback rights that cash and debit cards do not. But it is absolutely not necessary to be in debt to maintain good credit.
There’s no quick fix. Improving your credit health takes time, but the most important behaviors can be summed up as this: Pay your bills on time (and if possible, in full) and reduce the amount you owe. It also helps to check your credit reports regularly and dispute any errors you see, such as a collections account that hasn’t been removed from your reports after seven years from the original delinquency date.
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. 
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.
You might think you have to have no debt to have a really high credit score, but that’s not true. Credit scores are formed in part based on your payment history. If you never have debt, you have no track record for repaying it.
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.
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.
My credit was destroyed early on during my time in the Marine Corps (hello predatory lending) somehow, My score is in the “good” range, yet I’m still turned down by Ebert credit card I apply for. And I don’t apply for many because of that reason. Pretty soon I’ll be down in the depths because of student loans. Hopefully I can get a job out of college (I chose a skill that is actually in demand -computer science) instead of a liberal arts degree that is not usable in the real world.
4. Have a lengthy credit history. Those with a credit score of 800 have an average account history of 11 years (with oldest account opened 25 years ago) versus an average account history of seven years (with the oldest account opened 11 years ago) for those with a score of 650, according to myFICO.com. So opening several new accounts at once can shorten the average age of your credit history, Detweiler says. And closing old, inactive accounts also can hurt. This move can increase your credit utilization ratio since closing an account means you no longer have access to that available credit.

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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:
Pay off your balances – Reducing the number of active debt accounts you have is a good way to improve your credit. To accomplish this, you should choose the lowest balances and pay those off first. Once your balance is paid off, keep the card account open, but do not continue to make purchases using the cards.
As soon as the credit reporting agencies have the updated balances any credit score that is calculated will reflect that new information. It usually happens within 30 days or less, but depends on the reporting cycle. (Most lenders report monthly.)
My credit was excellent and then I decided to get a new car, motorcycle & some of those cc’s with good points, rewards. That dropped my score down to bac down fair at the moment! I have quite a few cc’s and all are paid in full each month. So I know my score will go back up. Actually, I”m trying to raise it as high to 850 as I can. It seems after following these forums, you can see what you need to do to have an excellent score. I had a mortgage a couple cc’s. Not enough to get that “excellent” score. I’m starting to see they want you to be able to “handle” your credit very wisely. A higher cl but a very low utilization seems to do the trick with a various mix of loans. Thanks everyone for your input. I would be stuck in the 600’s forever if I didn’t start reading this forum!
Most credit scores – including the FICO score and VantageScore 3.0 – operate within the range of 300 to 850, and a score of 700 or above is generally considered to be good. Within that range, there are different categories, from bad to excellent. They generally look like this:
Very sorry to hear what you been through, especially as a result of predatory lenders while you were serving our country. Have you thought about trying to rebuild your credit using a secured credit card? If you have your free credit score, which areas of your credit are strong, and which are getting low grades?
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.
By increasing your credit score, you will have access to better financial opportunities, such as lower interest rates and better credit card offers. To see what credit card offers are available to you, check out our CardMatch tool or review or list of fair credit cards and cards for those with no credit history.
A friend who worked at costco signed me up for an amex to boost her sign up participant numbers and there I was, 19, $10k limit amex. It ended HORRIBLY. I’m still making up for it five years later 🙁 At least you didn’t dig yourself a whole as deep as I did. Had I known the things I know now back then, I’d be in a much different situation. I totally agree that working at a bank forces you to look at your own situation and better yourself. I started working in retail and my paychecks normally went back into what ever store I was working at. 
The three main credit bureaus are Equifax, Experian, and TransUnion. Each bureau gives you a score, and these three scores combine to create both your 798 FICO Credit Score and your VantageScore. Your score will differ slightly among each bureau for a variety of reasons, including their specific scoring models and how often they access your financial data. Keeping track of all five of these scores on a regular basis is the best way to ensure that your credit score is an accurate reflection of your financial situation.
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 !!!
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.
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
Don’t Rush Things: Credit-scoring models compare the types of accounts on your credit reports to those of people your age or folks with a similar financial profile. This reflects how well-rounded of a borrower you are and the extent to which your financial responsibility has been tested. But while demonstrating financial versatility is necessary to achieving a perfect credit score, rushing things is a recipe for disaster. So wait to get a car loan, mortgage, etc., until you’re truly ready.
They seldom open new accounts. Their oldest credit account was opened an average of 25 years ago and their most recently opened credit account averages was 28 months ago. Overall, their average credit account is 11 years old.
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.
You say that,”our assumption is the arrogant one.” It’s clear that your assumption is, but you’ve used the first person plural, which indicates that you are not alone in your arrogance. Who is with you?
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.
I know some of these score factors can seem very frustrating. First of all, it sounds like you are on the right track in terms of getting your credit together after your divorce. So congratulations for that.
When I was 16 I had a credit card in my name that was connected to my parents account. Because of this I had enough credit when I was on my own. Then when I shared apartments I made sure to have a utility in my name. You can get a credit card with maybe $1000 limit but do not charge more than 10% off that limit a month! That’s how I started out my credit and my first score was 750! Years later after building I’m at 812. You can’t get much higher than that.
Your credit scores don’t include information on your marital status. (See What Happens to Your Credit When You Get Married?) However, if you choose joint accounts or adding a spouse as an authorized user, it might. You can find more information in this post: 3 Ways Love Can Affect Your Credit Scores
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.
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
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.
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).
There are a lot of elements that go into a GREAT credit score including education, discipline, time. What I mean by that is the fundamentals of how credit works should be taught throughout your highshool education. There is no background on how credit cards, debt to income, and leaving within your means. I have been very blessed with not the money as my parents were not very well to do financially as my dad was a sole income earner working on a factory floor and my mom stayed at home. They saved 20% of their income paying themselves first every paycheck NO MATTER WHAT. They never lived beyond their means and budgeted their money accordingly.  I learned these principles from my parents who have taught me more than I could ever put on paper, but the financial message that I received was (1. It’s not what you earn, but what you spend that matters, 2. Never leave beyond your means 3. No one cares more about your financial future than you do, so plan as if there is no assistance).  They are now just a few years from retirement and they should be set for the rest of their lives,not because of how much they earned, but because of what they did with their hard earned money. 
@Jag1972 I cannot disagree with you more. First of all, a person in their last few working years should not have their money invested in aggressive funds which make it susceptible to downward market trends, or a crash. The money should be moved to a much less aggressive fund such as treasury bonds. That would allow your money to continue to earn interest at a higher rate than it would in a savings account. Putting your money in your mattress, or a safe at the bank are ludicrous ideas to say the least because the money is not creating interest in any way.
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.
Don’t let yourself worry. You shouldn’t be checking your credit score every day or expecting changes overnight. Just adopt good habits, like the ones above, and keep working towards gradual improvement.
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.

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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.
Credit bureaus also often re-sell FICO scores directly to consumers, often a general-purpose FICO 8 score. Previously, the credit bureaus also sold their own credit scores which they developed themselves, and which did not require payment to FICO to utilize: Equifax’s RISK score and Experian’s PLUS score. However, as of 2018, these scores are no longer sold by the credit bureaus. Trans Union offers a Vantage 3.0 score for sale to consumers, which is a version of the VantageScore credit score. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models.
Paying on time is the No. 1 thing you can do to help your credit score. The second is keeping debt levels low. Ideally, that means keeping the balances on your credit cards at less than 10% of your credit limit. (Thirty percent should be as high as they EVER get.) If yours are higher, you could lower them one of two ways. You could ask the creditor for a higher limit (no guarantees this will work, but it sometimes does) or you could pay the cards down until you are paying off the balance each month. You can read more here:

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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.
Experian has the Plus Score for educational use only with a score range between 330 and 830. Equifax has the Equifax Credit Score of between 280 and 850. TransUnion’s New Account Score in the website Credit Karma is between 300 and 850, and Experian National Equivalency Score in Credit Sesame and Credit.com ranges from 360 to 840. CreditXpert offers a simulation score to estimate the impact various actions on a score range of 350 to 850. Several websites (TransUnion, Equifax, Credit Karma, Credit Sesame etc.) offer different credit scores to consumers.
As someone with a 798 credit score, at the top of the population, you could potentially qualify for a no financing auto loan. In other words, you wouldn’t owe any interest at all. And in the event that the lender expects you to pay interest, it will be an extremely low rate averaging around 3.6%. This is true independent of the type of car, used or new, that you’re looking to buy.
He adds: “As I grew older, I became more aware of how good credit opened opportunities for advancing and enhancing my life. So I continued to work on getting an ever-better score. After a while, it not only became a goal but … a total obsession.”
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
Experian states that 30% of Americans have lower than a 601, placing them in the “bad” rating category. In this situation, you might want to consider monitoring your credit score as you begin to make financial improvements.
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.
Scores by VantageScore are also types of credit scores that are commonly used by lenders. The VantageScore was developed by the 3 major credit bureaus including Experian, Equifax, and TransUnion. The latest VantageScore 3.0 model uses a range between 300 and 850. A VantageScore above 700 is generally considered to be good, while above 750 is considered to be excellent.
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.
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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It sounds like you are taking the right steps. As the information gets older is does have less impact. Have you obtained your free credit score from Credit.com? If so I’ll be happy to try to help you understand it.
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!
Your credit scores don’t include information on your marital status. (See What Happens to Your Credit When You Get Married?) However, if you choose joint accounts or adding a spouse as an authorized user, it might. You can find more information in this post: 3 Ways Love Can Affect Your Credit Scores

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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.
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.
Talk with a consumer law attorney. You may have a case for credit damage and their actions may violate debt collection laws too. California in particular has a strong state law – the Rosenthal Act – in addition to the federal Fair Credit Reporting Act.
If you still qualify for the loan buy your score falls below that number, you’ll need to put down 10% of the loan price at the time of closing. For conventional loans, lenders usually require a minimum score of 660. So if your credit score is close to the average American’s, your mortgage prospects look promising.
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?
I know some of these score factors can seem very frustrating. First of all, it sounds like you are on the right track in terms of getting your credit together after your divorce. So congratulations for that.
In 2009, TransUnion representatives testified before the Connecticut legislature about their practice of marketing credit score reports to employers for use in the hiring process. Legislators in at least twelve states introduced bills, and three states have passed laws, to limit the use of credit check during the hiring process.[24]
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FICO scores are used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. For most mortgages originated in the United States, three credit scores are obtained on a consumer: a Beacon 5.0 score (Beacon is a trademark of FICO) which is calculated from the consumer’s Equifax credit history, a FICO Model II score, which is calculated from the consumer’s Experian credit history, and a Classic04 score, which is calculated from the consumer’s Trans Union history.
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Immediate Action Service: When fast results are needed on a problem account, Affiliate collection services are a trusted choice. The experienced Affiliate collection staff uses professional techniques to effect collection. If the debtor fails to respond or is uncooperative and further action is required, the account is forwarded to the Litigation Service. If the debtor is outside of your service area, the account may be forwarded to an NACM Affiliate or attorney in the debtor’s area.
Georgia, along with several other southern states, ranks lowest in the nation for credit with an average score of just 636. In fact, based on the ranges above, that is considered poor credit. States with lower credit scores also tend to have higher debt balances and delinquency rates. That makes sense because both of those factors contribute to lower credit scores.

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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.
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?
Be smart when shopping for a loan. Applying for several loans or credit cards in a row can drastically hurt your score. But most lenders will give you a “grace period” where your credit score won’t be impacted. If you do all of your loan shopping in a three-week period, for example, there’s a good chance it won’t count against you. Reaching out to one of the bureaus is a good way to find out their exact policy.
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.
Consumers have the right to receive a free copy of all data held by credit bureaus once a year. At present Schufa, the main provider of credit file data, provides scores for about three-quarters of the German population.
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.
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.
Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser’s responsibility to ensure all posts and/or questions are answered.
It is always good to have a high credit score; however, it may take years to achieve a perfect score. We are talking about a lot of effort here. Of course, you can save money with an excellent FICO credit score. A good example would be a mortgage loan — with an excellent credit score, you can get low interest rates, thus you can save money on the interest that you pay back.
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.  
If you’re paying them off before they report, it is harming you more than helping.  Be cautious of paying back too often or too quickly.  And don’t forget that your debt to income ratio is a high factor when being considered for loans, mortgages, financing, etc.  If it doesn’t look like you’re pulling more money into an account than you’re spending on your bills each month your dti ratio might keep you from utilizing that good credit score,
The number of new credit accounts you’ve applied for are considered hard inquiries on your credit report and can negatively affect your credit score. The impact of hard inquiries reduces over time. (Note that checking your own credit does not impact your credit score.)
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.
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.
There is no pre-set credit score requirement to qualify for a mortgage. Different lenders set different criteria. That being said, to get the lowest rates, you’ll need a credit score of 760 or higher, but you’ll certainly qualify for a mortgage with a score above 660. Anything below that brings a bit of uncertainty into the equation. You still might qualify, but the interest rates will be higher and lenders will rely on other criteria to make their decision, such as source of income and assets. A low credit score can indicate you’re a risky borrower, and a high score can significantly improve the mortgage terms you’re offered. So it’s important to know what you can do to improve your credit. It is always a good idea to check your credit report and score several months in advance, so you have time to improve your credit standing. You will be able to find some guidelines on how to improve your credit score here. Hope this helps!

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Why does my FICO scre continue to change? It fluctuates fron 832 to 826. I do nothing different…..pay my cards of constantly and some have negative balances (meaning I overpaid and the CC owes me money).
Are you checking your credit scores regularly? Here’s how to monitor your credit score for free. Thirty percent is the maximum you should put on the cards, but you can get around that by paying early, so that the balance will be low relative to the limit whenever it is reported. Your paid-off student loan should help your credit if the payments were made on time. You could also consider a small “credit builder” loan from a credit union. But checking your free annual credit reports (go to AnnualCreditReport.com) for errors and disputing them, and keeping tabs on your scores, plus making sure you are using credit lightly and paying on time are the very best things you can do.
6. Choose credit cards carefully. People with excellent credit usually get the best credit card offers. But they’re smart about the cards they choose. For example, even though retailers often offer discounts on purchases when you sign up for their credit cards, these cards often have low credit limits, which can hurt your credit utilization ratio if you carry a balance on those cards.
Credit scores are decision-making tools that lenders use to help them anticipate how likely you are to repay your loan on time. Credit scores are also sometimes called risk scores because they help lenders assess the risk that you won’t be able to repay the debt as agreed.
A good credit score can also get you a lower interest rate when you borrow. That means you will pay less over time. For example, if you’re buying a $300,000 house with a 30-year fixed mortgage, and you have good credit, then you could end up paying more than $90,000 less for that house over the life of the loan than if you had bad credit. So, in the end, it really pays to understand your credit scores and to make them as strong as possible.
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Pay off your balances – Reducing the number of active debt accounts you have is a good way to improve your credit. To accomplish this, you should choose the lowest balances and pay those off first. Once your balance is paid off, keep the card account open, but do not continue to make purchases using the cards.
Credit Score Simulator – What could happen to your score if you lower your credit card balances or open a new credit account? Use our Credit Score Simulator to see how certain financial decisions might impact your credit.
For some outside perspectives on just how realistic reaching the top of the credit-score scale is and how fruitful of an accomplishment that would be, we posed the following questions to a panel of personal finance experts. Meet them and see what they had to say, below.
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.
Late Payments and Past Due Accounts: Late payments will remain on your credit report for seven years after the original delinquency date, which is when the account first became delinquent, or past due.
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 had a car dealer apply for a loan thru 2 different banks. I got approved with both but went with the lower interest one. after about 3 months with my new car, I started receiving letters from the bank I didn’t have a loan with telling me I was late on my payments. I called them and told them I didn’t have a loan with them which they said yes you do. I ended up having to get a lawyer and I still could not get it removed from my Credit report. I disputed it and everything. Unreal. Come to find out the lawyer I hired played golf with the car dealer.. They were both worthless..
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.