Credit report numbers ...

[purbeast0]

I am just wondering because today I went to try and attempt to co-sign a loan for my girlfriend for about $9,000 to get a new car. When they went to check my credit, the girl came back and said I actually have very good credit, that anything over a 700 was good, and I currently have a 754. I have had a CC since I was 17 (i'm 22 now) and it has a $3000 limit, and I think i sent 1 payment late, but it was only a day or so late. So everything went well and I co-signed for the loan.

now my question really is ... what do those numbers reflect? the actual number of 700 being very good, and 754 as mine ... what can i take from those numbers, aside from just 'having good credit'. thanks.

 

[rudeguy]

dont quote me on this, there are more knowledgeable members here. It reflects a lot of things: number of recent inquiries, payment history, number of accounts open, amount owed, and a lot of other things. I would think with a score of 754 you have to have had more than one account in the past 5 years.

 

[TuxDave]

A higher credit I guess would mean lower risk for the credit guys. You've shown that you are capable of taking out credit and always paying them back. That's less risky than a guy who takes out credit and doesn't pay and less risky than a guy that never took out credit before.

If you want the math, it's somehow depends on the number of open credit lines you have, (including retail), the amount of outstanding credit, number of closed credit cards, etc...

 

[boyRacer]

why are you cosigning for your girlfriend?

 

[purbeast0]

Originally posted by: GoodDad
dont quote me on this, there are more knowledgeable members here. It reflects a lot of things: number of recent inquiries, payment history, number of accounts open, amount owed, and a lot of other things. I would think with a score of 754 you have to have had more than one account in the past 5 years.

Sorry, I also forgot to state that I took student loans out, and I graduated in May 2004. I will have to start paying those back as soon as I get a 9-5 job. I also applied for the preferred customer account on Dell and passed. But aside from those 2 i just added now, all I have had is that one credit card. the card started with a $300 limit, and now its up to $3000. is 754 about average for people with good credit?

 

[purbeast0]

Originally posted by: bR
why are you cosigning for your girlfriend?

because I care alot for this girl and I love her and she doesn't have any past credit. she has been living on her own for the past 11 months paying $600/mo for rent, and she is moving back with her mom in a month so she won't have to pay rent anymore, so she will more than EASILY be able to pay off the loan.

 

[StageLeft]

Depending on which score range you're looking at, it goes from around 550-850. Often the three bureaus, since they have slightly different scores, are averaged. High 600's is what lenders look for, and 700+ is considered good. 750 would defintely be above average. It's just a numerical representation of your credit worthiness. I went from a sub 600 (just moved to the US, so had no history) to about 715 in less than a year, with only one credit card. Once you get started it's very easy to build good credit as long as you don't over extend.

Oh yeah, don't co-sign for your girlfriend. Let her build credit. If she doesn't have it she doesn't need a car, which is why I bought one for $2300 when I had no credit. If she has no credit, she doesn't need a $9k car.

 

[klah]

HowStuffWorks: How Credit Scores Work

 

[JustinSampson]

Originally posted by: bR
why are you cosigning for your girlfriend?

Yup, it might be hard to say no but that was probably not the bestest of ideas.

How long until we see another post, "My GF dumped me and now I have to pay for her car: What do I do?"

 

[oog]

um, it's good? you're likely to be approved for a loan? keep up the good work?

 

[purbeast0]

Originally posted by: JustinSampson

Originally posted by: bR
why are you cosigning for your girlfriend?

Yup, it might be hard to say no but that was probably not the bestest of ideas.

How long until we see another post, "My GF dumped me and now I have to pay for her car: What do I do?"

yea she's not a little kid. she also knows it will fvck up her credit. trust me, that is nothing i am worrying about. i brought it up kinda joking around and she knows that it would do no good for her to do that if we were to break up, and she wouldn't do that because she is a responsible adult. also, if things go right, we plan on being together forever

 

[rudeguy]

Originally posted by: purbeast0

Originally posted by: JustinSampson

Originally posted by: bR
why are you cosigning for your girlfriend?

Yup, it might be hard to say no but that was probably not the bestest of ideas.

How long until we see another post, "My GF dumped me and now I have to pay for her car: What do I do?"

yea she's not a little kid. she also knows it will fvck up her credit. trust me, that is nothing i am worrying about. i brought it up kinda joking around and she knows that it would do no good for her to do that if we were to break up, and she wouldn't do that because she is a responsible adult. also, if things go right, we plan on being together forever

and a bankruptcy comes off your report in 10 years....I see your logic now

 

[spidey07]

bookmark

waiting for the inevitable

"I'm screwed an my girlfriend screwed up my great credit" thread.

 

[purbeast0]

Originally posted by: spidey07
bookmark

waiting for the inevitable

"I'm screwed an my girlfriend screwed up my great credit" thread.

blah blah blah ... say what you want. i was just tryin to ask wtf the numbers meant.

 

[Smolek]

Originally posted by: purbeast0

Originally posted by: JustinSampson

Originally posted by: bR
why are you cosigning for your girlfriend?

Yup, it might be hard to say no but that was probably not the bestest of ideas.

How long until we see another post, "My GF dumped me and now I have to pay for her car: What do I do?"

yea she's not a little kid. she also knows it will fvck up her credit. trust me, that is nothing i am worrying about. i brought it up kinda joking around and she knows that it would do no good for her to do that if we were to break up, and she wouldn't do that because she is a responsible adult. also, if things go right, we plan on being together forever

Actually if your co-signing and it gets defaulted on, it's going to hurt you a lot more then it will her.

 

[fredtam]

Originally posted by: Smolek

Originally posted by: purbeast0

Originally posted by: JustinSampson

Originally posted by: bR
why are you cosigning for your girlfriend?

Yup, it might be hard to say no but that was probably not the bestest of ideas.

How long until we see another post, "My GF dumped me and now I have to pay for her car: What do I do?"

yea she's not a little kid. she also knows it will fvck up her credit. trust me, that is nothing i am worrying about. i brought it up kinda joking around and she knows that it would do no good for her to do that if we were to break up, and she wouldn't do that because she is a responsible adult. also, if things go right, we plan on being together forever

Actually if your co-signing and it gets defaulted on, it's going to hurt you a lot more then it will her.

not really. He is also defaulting on the loan.

 

[fredtam]

Originally posted by: purbeast0

Originally posted by: spidey07
bookmark

waiting for the inevitable

"I'm screwed an my girlfriend screwed up my great credit" thread.

blah blah blah ... say what you want. i was just tryin to ask wtf the numbers meant.

Say what you want but it is a really bad idea

 

[badluck]

there is a reason all of these people are telling you it was a bad idea to co-sign for her. perhaps you should listen and try to change the situation ASAP.

 

[purbeast0]

Originally posted by: badluck
there is a reason all of these people are telling you it was a bad idea to co-sign for her. perhaps you should listen and try to change the situation ASAP.

and could you explain that reason to me, Mr. knows-more-about-my-gf-than-I-do ? thanks cause it might help

 

[mugs]

What are you looking for here? The number is a FICO score, higher is better. There are dozens of factors that are considered in determining your score - length of credit history, past late payments, current debt... Your score is high because you've apparantly been responsible, paid your bills on time, and you haven't carried a lot of credit card debt. Good job. I agree with the others who say you're making a mistake co-signing for her, but I hope it works out for you.

How did you get a credit card when you were 17? Don't you have to be 18?

 

[NascarFool]

Cosigning a loan is the worst thing you can do. I did it for my daughter a few years ago and now I am stuck paying for a 1998 Gran Am. The car is in my possesion and she will never get it back. I cannot buy a house now because of this car loan and I can't sell it because it isn't worth what's owed on it. What happens to you when your GF decides to dump you ? That's right, she gets pissed and skips a few payments and you get stuck with the payments and/or a bad credit report.

 

[dafatha00]

Uh Oh!!!

 

[badluck]

Originally posted by: purbeast0

Originally posted by: badluck
there is a reason all of these people are telling you it was a bad idea to co-sign for her. perhaps you should listen and try to change the situation ASAP.

and could you explain that reason to me, Mr. knows-more-about-my-gf-than-I-do ? thanks cause it might help

wait unitl then you get screwed over...then we'll see who is talking sh*t. everybody is jumping on your back because they know what happens when the relationship goes sour. good luck.

 

[DurocShark]

Nobody was being a d!ck to you... They were stating fact. You can't see the future. None of us can. The situation with your GF may be great now, but she's got 5 years to pay for that car. Are you so absolutely positively certain that she'll still be with you and still be responsible for the entire 5 years?

No job loss? No breakups?

Co-signing is something you REALLY need to think about before doing it. I'm very familiar with the stars you see when you look at her. I just hope for your sake those stars don't stop shining for 5 years...

 

[Vic]

Not getting into the whole co-signing thing, 754 is an excellent credit score. Not good, excellent. "AAA" credit. Generally, any score above 720 is approved on the basis of credit alone, but contrary to popular myth, there are other factors involved than just credit when getting approved for a loan, like the actual financial capacity to repay the loan, and collateral.

edit: don't let your GF screw that good credit up. You are just as responsible for the loan now as she is, and any payment that she might miss will show up on your credit too. Plus, that loan payment could be included in your debt ratio calculations for any other loan you might try to get approved for, like a home loan for example, and could prevent you from being approved.