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I finally found out my credit rating.
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View this Thread in Original format
| Demoted |
704.
I went to freecreditreport.com. What does this even mean? I thought I had perfect, immaculate credit. I have paid all my car payments on time, all my credit card payments on time, and all my phone payments on time. How do I have anything less than perfect credit?
Kind of a bummer though I don't care too much, just a tad curious. |
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| aNYthing |
| quote: | Originally posted by Demoted
704.
I went to freecreditreport.com. What does this even mean? I thought I had perfect, immaculate credit. I have paid all my car payments on time, all my credit card payments on time, and all my phone payments on time. How do I have anything less than perfect credit?
Kind of a bummer though I don't care too much, just a tad curious. |
I'M STEALING YOUR CREDIT HISTORY AND BUYING A YACHT!
704 is very good. Means you should have little problem qualifying for most credit cards/car leases/even mortgage.
you're considered a "preferred" tier (depending on your line of outstanding credit and duration).
but if you went to BMW dealership and asked for a lease on M3 or M5 with no money down, chances are you'd get a preferred rate in a heartbeat. Meanwhile, bum like me would be laughed at by computer, keyboard, mouse - and even a printer (not mentioning the finance manager). |
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| Demoted |
| quote: | Originally posted by aNYthing
I'M STEALING YOUR CREDIT HISTORY AND BUYING A YACHT!
704 is very good. Means you should have little problem qualifying for most credit cards/car leases/even mortgage.
you're considered a "preferred" tier (depending on your line of outstanding credit and duration).
but if you went to BMW dealership and asked for a lease on M3 or M5 with no money down, chances are you'd get a preferred rate in a heartbeat. Meanwhile, bum like me would be laughed at by computer, keyboard, mouse - and even a printer (not mentioning the finance manager). |
Eh, I'd doubt that. I haven't built up TOO much credit, and I'm only 21 :p
Still, I was thinking that I'd be above 760 since I've paid literally EVERYTHING on time. I am overly punctual about everything I do so I always make payments on time, or preferably before they are due.
It's kind of a blow to my very minute amount of pride to not have a higher score :/ |
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| aNYthing |
also keep in mind that part of your score is not just your payment history it is:
1. accuracy of info in your report - e.g. address, etc.
2. debit/credit ratio - e.g. what you earn vs what you owe. if they don't have info about your income, that may lower the score
3. employment history - usually not listed but helps to have it there (double edge sword, as some companies doing background check may potentially uncover who you worked - so, if u pissed someone off, best not list it)
4. duration of your lines of credit. if you had a car loan for 3 years and paid it on time it helps. but if you had a mortgage for 20 years that you paid on time - that helps even more. if you're young and just starting out, don't expect to see much higher scores until later in life.
read on |
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| aNYthing |
| quote: | Originally posted by Demoted
Eh, I'd doubt that. I haven't built up TOO much credit, and I'm only 21 :p
Still, I was thinking that I'd be above 760 since I've paid literally EVERYTHING on time. I am overly punctual about everything I do so I always make payments on time, or preferably before they are due.
It's kind of a blow to my very minute amount of pride to not have a higher score :/ |
im complete opposite. I could have money in the bank and not pay.. i'm lazy. procrastinator. forgetful. irresponsible. i teh sucks. :( |
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| gehzumteufel |
demoted answer these questions for me.
how long have you had a credit card?
have you ever been 30days late?
how long have you had a car payment?
have you ever been 30 days late?
do rent an apartment?
ever been 30 days late?
and just an fyi...700 is NOT "very good"...700 is an AVERAGE rating...very good credit is high 700s. like 760 or higher. :)
700 will get you in the upper half of the scale but its the low end of that half.
btw i used to work for wells fargo home mortgage. |
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| gehzumteufel |
| quote: | Originally posted by aNYthing
2. debit/credit ratio - e.g. what you earn vs what you owe. if they don't have info about your income, that may lower the score |
debt to income ratio. credit = whats available. debit means a charge going against your bank account. |
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| Demoted |
| quote: | Originally posted by gehzumteufel
demoted answer these questions for me.
how long have you had a credit card?
have you ever been 30days late?
how long have you had a car payment?
have you ever been 30 days late?
do rent an apartment?
ever been 30 days late?
and just an fyi...700 is NOT "very good"...700 is an AVERAGE rating...very good credit is high 700s. like 760 or higher. :)
700 will get you in the upper half of the scale but its the low end of that half.
btw i used to work for wells fargo home mortgage. |
Yeah, I haven't been accruing credit all that long. Still... :whip:
I wanna be in the upper mo'in' bracket.
me
[]<--- where I wanna be
\/|//\/|/\\/ <--- garden of Eden or something. |
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| aNYthing |
| quote: | Originally posted by gehzumteufel
debt to income ratio. credit = whats available. debit means a charge going against your bank account. |
that's what I meant. duh.:wtf: thx |
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| gehzumteufel |
| quote: | Originally posted by Demoted
Yeah, I haven't been accruing credit all that long. Still... :whip:
I wanna be in the upper mo'in' bracket.
me
[]<--- where I wanna be
\/|//\/|/\\/ <--- garden of Eden or something. |
it takes a good solid 5yrs of credit building to get to a really good credit rating. |
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| Demoted |
| quote: | Originally posted by gehzumteufel
it takes a good solid 5yrs of credit building to get to a really good credit rating. |
*sigh*
by then I'll be... old :( |
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| gehzumteufel |
| quote: | Originally posted by Demoted
*sigh*
by then I'll be... old :( |
lol shut up. in 5yrs ill be 28! you will barely be 25! |
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