Question about credit ratings

[coolred]

I am looking into getting a new car and while looking at an add I noticed in the fine print it says "Payments are with approved credit(720+ beacon score)for 72 months...

Is there a way I can find out what my beacon score is?

 

[Viper GTS]

http://www.truecredit.com/

Be sure to add the score option.

Viper GTS

 

[coolred]

Thanks Viper, also can someone tell me how good a score 720 is? Is it average, above average or excellent. I believe my credit to be good as I have paid all my bills on time all the time, but I am only 21 years old, have never taken out a loan other then school loans and I do have quite a bit of credit card debt( I am paying it off every time on time though) but I would imagine with all these factors that i would prolly be well below 720, you think?

 

[Ameesh]

having a high limit on your cards and low debt will raise your score as will having gone through a car loan or a morgate payment. 720 is a pretty high score, its considered AA credit

 

[vi edit]

720 is quite high.

Good is in the 690-710 range. Excellent is 720-750 or so. Anything above 750 and you in the credit rating elite

Also, 72 months is a terribly long time to finance a car. You'll more than double the cost of the car in interest payments.

 

[Ameesh]

<< 720 is quite high.

Good is in the 690-710 range. Excellent is 720-750 or so. Anything above 750 and you in the credit rating elite

Also, 72 months is a terribly long time to finance a car. You'll more than double the cost of the car in interest payments. >>



i agree either get a less expensive car to get your payments down or get a lease.

 

[kranky]

If your score doesn't make 720, all it will mean is a slightly higher interest rate on a loan.

And DO NOT get a 6-year car loan! If that is the only way you can afford the payments, then you need to get a less expensive car. Not only will the total amount of interest you pay be very high, but for the majority of your loan period you will owe the bank much more than your car is worth. That means if your car is totaled or stolen, you are going to have to cough up a big pile of money over and above what you get from your insurance company, at a time when you are without a car. Not a position you want to be in. (If you are making a large down payment, this doesn't apply, but since you have large credit card debt I'm guessing you're not.)

Are you paying more than the minimum each month on your credit card(s)?

 

[StageLeft]

<< That means if your car is totaled or stolen, you are going to have to cough up a big pile of money over and above what you get from your insurance company, at a time when you are without a car. >>

You can pay extra for your insurance to cover that loss of value, but like you say it sucks.

Don't be the guy with the 72 month payment. Buy something costing less.

 

[coolred]

I wasn't planning on buying the car that i was alking about right now, I just wondered about the credit score thing. By the way that was for a Honda civic at either 2.9 or 4.9%, I don't recall wich one. I will probablly end up either leasing one for a while till I can afford higher payments or getting a used one. Most likely the latter.

I am paying more then the minimum payments on my credit cards, and by a large amount of CC debt, I mean in the range of 2500.00 dollars. I just thought I would make that clear since to a lot of people they may not see that as a large amount. Like I said I make my payments on time every month. Is having that debt hurting my credit at all? I mean I know it is costing me quite a bit ininterest every month, but is it hurting my credit even though I am making the payments?

 

[NesuD]

<< Anything above 750 and you in the credit rating elite >>



finally found a way to make elite credit score is 804

 

[timelapse]

on a side note, my father was recently told by someone wh ochecked his credit rating, that in her 15 year career she had never seen someone with such a great credit that would make our family blessed or soemthing i guess hehe

 

[Vic]

<< having a high limit on your cards and low debt will raise your score as will having gone through a car loan or a morgate payment. 720 is a pretty high score, its considered AA credit >>



Actually, 720 and above is AAA.
I work as a mortgage loan officer and I can tell you that anyone with a 720 or above is an almost automatic approval. I don't know of any lenders who make any distinctions in loan program with regard to credit score once the customer's score is above 720 (other criteria, of course, still apply).

I also agree with the people who said not to take out a 72 month car loan. Your payments will not be able to keep up with the depreciation for the first few years and you could find yourself upside-down in it.