Members PurityS.L.G. Posted September 17, 2010 Members Share Posted September 17, 2010 *patiently awaiting a 16 year old to chime in this thread and claim an 850 score* Link to comment Share on other sites More sharing options...
Members Ryan Turner Posted September 17, 2010 Members Share Posted September 17, 2010 I need to check. I killed $18k in credit cards and my car last year. Since some of my student loans are in my moms name, I only have one student loan for about $14k right now.This weekend I need to get rid of my old college wells fargo account, the credit card attached to it, and my Amex card. Should I space the two out? I don't know this effect on my credit. It will only affect your score temporarily from the account closures. It won't take a nose dive, but it might move down a bit. It should bounce back up after a few months. As long as your not looking to get any major loans or financing (like a home loan or second mortgage) for the next few months, you should be fine. Link to comment Share on other sites More sharing options...
Members flump Posted September 17, 2010 Members Share Posted September 17, 2010 i don't get the point of knowing your actual score. They'll tell you it if you apply for a car/home loan. I'm 25, and when i applied for the mortgage for my condo last year i was at 780ish for all 3. Link to comment Share on other sites More sharing options...
Members this is paul Posted September 17, 2010 Members Share Posted September 17, 2010 It will only affect your score temporarily from the account closures. It won't take a nose dive, but it might move down a bit. It should bounce back up after a few months. As long as your not looking to get any major loans or financing (like a home loan or second mortgage) for the next few months, you should be fine. Thanks. I figure since none of the 3 have been used in a while that I should free myself of them. Its good to know your score to see if anything is outstanding, and to watch for identity theft. Link to comment Share on other sites More sharing options...
Members mhenson42 Posted September 17, 2010 Members Share Posted September 17, 2010 That's bad... Anyways, 29 and I am right at 800. I think a hinderance is I have two cards with really high limits, so my potential debt amount is high my three averaged at 801. I got dinged for similar reasons. I have couple of credit cards with $30k+ limits and I never carry a balance on them. Too much unused credit. Makes no sense to me.The sad part is my wife's is bette than mine and she hasn't had a job in 7 years. Link to comment Share on other sites More sharing options...
Members JKD Posted September 17, 2010 Members Share Posted September 17, 2010 I {censored}ed my credit so hard that I can't even get another credit card..last time I checked they were low 600s :-( They were all in the high 700s when I got my mortgage approved 7.5 years ago...and that was with several high limit credit cards..... Link to comment Share on other sites More sharing options...
Members la0tsu Posted September 17, 2010 Members Share Posted September 17, 2010 my three averaged at 801. I got dinged for similar reasons. I have couple of credit cards with $30k+ limits and I never carry a balance on them. Too much unused credit. Makes no sense to me. Having a high credit limit doesn't hurt you unless that credit limit is being used. If you have a high limit, but it's not used, that increases your score. Here is a percentage breakdown of a FICO score: Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted September 17, 2010 Members Share Posted September 17, 2010 Whats scary is that even in the past month or so, I have seen credit scores in the high 400's... srsly. and these people are trying to live in the most expensive area of the city... Link to comment Share on other sites More sharing options...
Members 82camaro355 Posted September 17, 2010 Members Share Posted September 17, 2010 What are good ways to increase your credit score? When I turned 18 I opened my first credit card, and was very bad with it. I maxed it out, then couldn't make the payments, and finally it was sent to a collection agency. I just got it paid off a few months ago after being delinquent for about 2 years. I checked my score recently, and it was around a 550 average. I would really like to try to raise up in to the 700s. Link to comment Share on other sites More sharing options...
Members NeloAngelo Posted September 17, 2010 Members Share Posted September 17, 2010 Last I checked, my score was around 670, but I have since paid off my truck and my credit cards, so who knows right now. My score would be better if I didn't have so much debt in student loans, though. I owe what I make in one year on those:facepalm: My debt-to-available-credit ration is screwed up because of those. oh yeah, forgot about that. 18k out in student loans as well on my credit lol. Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted September 17, 2010 Members Share Posted September 17, 2010 What are good ways to increase your credit score?When I turned 18 I opened my first credit card, and was very bad with it. I maxed it out, then couldn't make the payments, and finally it was sent to a collection agency. I just got it paid off a few months ago after being delinquent for about 2 years.I checked my score recently, and it was around a 550 average. I would really like to try to raise up in to the 700s. negative marks stay on your record for 7 years. you can bump it in the mean time, but you wont have a "good" score until those marks fall off. best ways I can think of would be to file for a 0% card. use it on everything you would normally write a check for (while making sure you have the CASH!!!). pay off 75-90% of the balance each month (letting a little ride, but without the penalty of interest) and then on the last month pay it all off. While companies like to see that you can pay the balances in full each time, there is no incentive for them if you pay it off in full each time (they dont get their interest) so you are rewarded for leaving a slight balance each month (you really have to pay attention to this and be careful). Its a game, but one that can result in financial perks or damages. Link to comment Share on other sites More sharing options...
Members mhenson42 Posted September 17, 2010 Members Share Posted September 17, 2010 Having a high credit limit doesn't hurt you unless that credit limit is being used. If you have a high limit, but it's not used, that increases your score. I don't know exactly how it all works, nor do I care, I will say that I just got my credit scores a couple of weeks ago in connection with a mortgage refi. In the bullets where it listed items negatively impacting my scores it said something to the effect of too much available unused credit. So it leads me to believe I was negatively impacted by high credit limit cards. I was still just over 800, so I dont' really care. I have 3 credit cards - two have $30k revolving limits and another that has $25k. I mainly used just one, which averages between $6k to $10k in monthly expenses that I pay off each month. The other two are limited use....on-line stuff and an American Express card I use only at cost-co. Link to comment Share on other sites More sharing options...
Members .homewrecker. Posted September 17, 2010 Members Share Posted September 17, 2010 your potential debt ratio can and absolutely does hurt you. if you have $70k in credit (completely open and clean) but only make $35k a year, they see that you can instantly (litterally) go into debt that would take more than two years worth of your salary to pay for.negative marks stay on your record for 7 years. you can bump it in the mean time, but you wont have a "good" score until those marks fall off.best ways I can think of would be to file for a 0% card. use it on everything you would normally write a check for (while making sure you have the CASH!!!). pay off 75-90% of the balance each month (letting a little ride, but without the penalty of interest) and then on the last month pay it all off.While companies like to see that you can pay the balances in full each time, there is no incentive for them if you pay it off in full each time (they dont get their interest) so you are rewarded for leaving a slight balance each month (you really have to pay attention to this and be careful). Its a game, but one that can result in financial perks or damages. No it can not hurt your credit score, but it can screw you up for loan qualifications. Link to comment Share on other sites More sharing options...
Members shredtilurded Posted September 17, 2010 Members Share Posted September 17, 2010 It's not the limit or potential debt so much that can worsen your number. It's the items you purchase, too. Spending habits. Impulse buys. Link to comment Share on other sites More sharing options...
Members Keebz Posted September 17, 2010 Members Share Posted September 17, 2010 Yes i know my score. Do I wanna share it? No. Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted September 17, 2010 Members Share Posted September 17, 2010 It's not the limit or potential debt so much that can worsen your number. It's the items you purchase, too. Spending habits. Impulse buys. lol Link to comment Share on other sites More sharing options...
Members tommythelurker Posted September 17, 2010 Members Share Posted September 17, 2010 I don't know exactly how it all works, nor do I care, I will say that I just got my credit scores a couple of weeks ago in connection with a mortgage refi. In the bullets where it listed items negatively impacting my scores it said something to the effect of too much available unused credit.I had that too. My mortgage broker said it actually wasn't what it sounded like though and not to worry about it. Link to comment Share on other sites More sharing options...
Members shredtilurded Posted September 17, 2010 Members Share Posted September 17, 2010 lol Did I say something funny? Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted September 17, 2010 Members Share Posted September 17, 2010 Did I say something funny? yes. Link to comment Share on other sites More sharing options...
Members Saturnine10 Posted September 17, 2010 Members Share Posted September 17, 2010 Whats the best way to check your score? Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted September 17, 2010 Members Share Posted September 17, 2010 f-r-e-e that spells freecreditreport.com baby! Link to comment Share on other sites More sharing options...
Members shredtilurded Posted September 17, 2010 Members Share Posted September 17, 2010 yes. I didn't disagree with that point. Learn to read. Your spending habits and what you are buying directly affects your credit score. Link to comment Share on other sites More sharing options...
Members Kenny Powers Posted September 17, 2010 Members Share Posted September 17, 2010 It's not the limit or potential debt so much that can worsen your number. It's the items you purchase, too. Spending habits. Impulse buys. learn to communicate... you clearly said that WHAT YOU ARE BUYING affects your credit score. so if I spend $1000 a month on kitkats, vs $1000 home improvement materials, is my credit score going to go down? of course not. As for impulse purchases, the act itself does NOTHING to hurt your credit score, its the continued behavior that could lead to over spending (as in more debt than what you have funds to cover) and the inability to pay your debts, then resulting in bad credit... If that doesnt clear things up for you, you should probably destroy all of your cards... Link to comment Share on other sites More sharing options...
Members Demonofthefall Posted September 18, 2010 Members Share Posted September 18, 2010 learn to communicate...you clearly said that WHAT YOU ARE BUYING affects your credit score. so if I spend $1000 a month on kitkats, vs $1000 home improvement materials, is my credit score going to go down? of course not. As for impulse purchases, the act itself does NOTHING to hurt your credit score, its the continued behavior that could lead to over spending (as in more debt than what you have funds to cover) and the inability to pay your debts, then resulting in bad credit... If that doesnt clear things up for you, you should probably destroy all of your cards... I believe the type of credit that you are using will affect your credit score. For example, missing a payment for a house mortgage, car loan or credit car will not have the same impact on your credit score. So in a certain way, "what you are buying" could affect your score ... Link to comment Share on other sites More sharing options...
Members shredtilurded Posted September 18, 2010 Members Share Posted September 18, 2010 I didn't disagree with that point. Learn to read. Your spending habits and what you are buying directly affects your credit score. Kenny powers,????? Spending because you want something and spending because you need something are two different things and it's not really hard to see the difference between two. Link to comment Share on other sites More sharing options...
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