Credit ratings - ugh. - Page 11

missy1 · ‎03-10-2010

@KathyPet wrote:
@missy1 wrote:
My credit score is 1500!

THe highest credit score obtainable by Trans Union and Experian is 850. EQuifax goes to 900. I have no idea how and from what source you are getting a score of 1500 from as it certainly is not from one of the three major bureaus.

I achieved my high credit score after reading this book. It's amazing!

151949 · ‎03-09-2010

@missy1 wrote:
@KathyPet wrote:
@missy1 wrote:
My credit score is 1500!

THe highest credit score obtainable by Trans Union and Experian is 850. EQuifax goes to 900. I have no idea how and from what source you are getting a score of 1500 from as it certainly is not from one of the three major bureaus.

I achieved my high credit score after reading this book. It's amazing!

I think she is being sarcastic.

Bridgegal · ‎03-09-2010

@Moonchilde wrote:
@LTT1 wrote:

I agree it is pathetic and wrong.
You can take out two cards, make a minimal charge (couple of dollars) pay it right off and then cancel it.
This way it goes on your history as paid in full.
what a hassle for nothing, right?

Officially "cancelling" a credit card with the company, vs just not using it, is known to lower credit ratings. It signals to the credit monitors that you think your debt is getting out of hand.

Not always. We had an American Advantage CC that we cancelled. Our score went up a bit. We hover in the 820's-830's and use two cards that we pay off every month. No debt besides our mortgage.

Lynnster67 · ‎08-18-2015

The only ding on my FICO is that I don't have sufficient credit diversity ... just a mortgage and my credit cards, which are paid in full every month. I never had student loan debt and by 2006 Camry was paid off 8 yrs ago.

Lynnster67 · ‎08-18-2015

Vantage Score was created by the credit bureaus, so I'm unsure how prevalent its use is. Freddie and Fannie automated underwriting still uses FICO, but they haven't implemented the most recent version.

Financialgrl · ‎03-13-2010

Got an email saying my credit score has dropped - and mine dropped about 40 points. I just bought a new home - so new mortgage and I kept having a lot of "hard" inquiries during this time. I've also been buying furnishings for the house so my credit cards suddenly had a large ding on them but I've been paying them off $1000 at a time and they are almost paid in full.

I figure - hey, I just got a new loan and I won't be needing another one anytime soon so I don't care - but when I had zero debt I got dinged as well. Wished they'd make up their minds!!!

151949 · ‎03-09-2010

@Financialgrl I agree. Obviously the system is flawed badly. If you use your credit your dinged -- if you don't use it your dinged.

151949 · ‎03-09-2010

@Bridgegal wrote:
@Moonchilde wrote:
@LTT1 wrote:

I agree it is pathetic and wrong.
You can take out two cards, make a minimal charge (couple of dollars) pay it right off and then cancel it.
This way it goes on your history as paid in full.
what a hassle for nothing, right?

Officially "cancelling" a credit card with the company, vs just not using it, is known to lower credit ratings. It signals to the credit monitors that you think your debt is getting out of hand.
Not always. We had an American Advantage CC that we cancelled. Our score went up a bit. We hover in the 820's-830's and use two cards that we pay off every month. No debt besides our mortgage.

If you read the OP - we got dinged for only having 2 cc and no balance on them. They try to make you get more credit cards or to carry a balance. People who do not have any debt do not have the highest scores - those who carry a balance do - because the banks make money from them every mon th.

Financialgrl · ‎03-13-2010

@hoosieroriginal wrote:
I have no credit cards, so I can imagine my rating!

My father was (now dead) but was extremely cheap. Years ago he got a letter from GEICO saying he may be eiligible for a discount and all he had to do was agree to a credit check. He did and bc his home had been paid off years ago (no mortgage loan or credit cards) and his credit report came back basically saying he didn't exist - his car insurance rose (only a tiny bit) so unless you have a mortgage/utilities that show a credit history you may not exist on paper either!

VaBelle35 · ‎03-10-2010

I follow my FICO score because it's available through 3 or 4 financial institutions that I do business with.

If my car insurance or some other place I do business with uses a different credit score, I'm sure it will be close enough.

I was at 845 last time I looked and it said that a credit card I have that is new is causing it to lower my score (by 5 points apparently).

I think the last credit card I applied for was Lord & Taylor. The only reason I applied for a new one was beause L&T closed my old account from the 1980s for lack of use and I wanted to use it to take advantage of a good sale incentive they were having.

It was worth the 5 point ding on my credit ;o)

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QVC Shopper - 1993

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