wow, FICO score went up 76 points since May 12th

[lokiju]

Originally posted by: DBL

Originally posted by: lokiju

Originally posted by: DBL

Originally posted by: Beattie
You do realize that the best credit score is 0, right?

How is your one room shack in Montana?

I hear comments about credit like this all the time.

If you have no credit you can still very easily get loans for a home or car or whatever.

As long as you have the (provable) income to back it, and underwriter can easily get you approved.

I was making a joke. How does this make no credit the best credit score?

Well I agree with you on that.

 

[jagec]

Originally posted by: Beattie
Based on your comment of making money off rewards programs it seems that you have credit cards. If you use them, you are accumulating debt and I am guessing then paying it off. This helps your FICO score.

Also, you can get a good mortgage with no credit. You just need a broker that will look at something other than FICO (pay stubs/bank statements for example).

Paying them off in full is not "accumulating" debt.😉

Also, I never said that it was impossible to get loans without a FICO score...but I fail to see how it's actually better to have no score than a good score that was built without ever paying interest.

 

[Beattie]

Originally posted by: jagec

Originally posted by: Beattie
Based on your comment of making money off rewards programs it seems that you have credit cards. If you use them, you are accumulating debt and I am guessing then paying it off. This helps your FICO score.

Also, you can get a good mortgage with no credit. You just need a broker that will look at something other than FICO (pay stubs/bank statements for example).

Paying them off in full is not "accumulating" debt.😉

Also, I never said that it was impossible to get loans without a FICO score...but I fail to see how it's actually better to have no score than a good score that was built without ever paying interest.

Not accumulating, but if you look at a credit report, look at whatever your credit card bank is. There will be a value there that's about the amount of revolving debt that you have. Basically the average of how much you charge a month.

And it's not necessarily better to have no FICO, but it's better to have no debt payments. And that in turn means no FICO. If you have and can handle credit cards and dont get too pissed off if you miss a payment by accident or they post it wrong and charge you that interest then that's fine. You can sometimes get that refunded if you complain loudly anyway. I tend to just use cash or a check card.

 

[LS20]

i just paid off auto loan account
and CC balances are at 0

feeeels so good. 0 debt / high credit line ; 10k student loan

 

[jamesave]

Originally posted by: krunchykrome

Do you know off the top of your head if any of these credit cards offer free fico scores?

AMEX
Citi
HSBC
BOA

🙂

link?

 

[Special K]

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

 

[novasatori]

myfico is awesome
mine is apparently 738 - I have one CC I pay every month that I've had for like 3 years, and 9k fed subsidized loans..
how am I doing AT?

 

[JohnCU]

Originally posted by: Special K

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

i got a 2.9% interest rate with nissan

 

[richardycc]

Originally posted by: TwiceOver
Just got a house and my wife has a 0 credit score or as the loan officer put it "Nothing". Not sure if there was a number associated with it. I can honestly say that a credit of "0" did not help as much as a bad credit score would have.

Ended up taking her off the loan just to get it approved faster without having to jump through so many hoops.

is she a mailorder bride??

 

[kranky]

Originally posted by: Beattie
Not accumulating, but if you look at a credit report, look at whatever your credit card bank is. There will be a value there that's about the amount of revolving debt that you have. Basically the average of how much you charge a month.

And it's not necessarily better to have no FICO, but it's better to have no debt payments. And that in turn means no FICO. If you have and can handle credit cards and dont get too pissed off if you miss a payment by accident or they post it wrong and charge you that interest then that's fine. You can sometimes get that refunded if you complain loudly anyway. I tend to just use cash or a check card.

OK, you have missed the boat a couple of times on this topic. First, if you have no debt, it does not mean you have "no FICO". A FICO score is an indication of how creditworthy the person is, not a meter that measures debt on a scale.

You can have high FICO scores with debt, you can have low FICO scores with debt. You can have high FICO scores with no debt, and you can have low FICO scores with no debt.

 

[spidey07]

Originally posted by: kranky

Originally posted by: Beattie
Not accumulating, but if you look at a credit report, look at whatever your credit card bank is. There will be a value there that's about the amount of revolving debt that you have. Basically the average of how much you charge a month.

And it's not necessarily better to have no FICO, but it's better to have no debt payments. And that in turn means no FICO. If you have and can handle credit cards and dont get too pissed off if you miss a payment by accident or they post it wrong and charge you that interest then that's fine. You can sometimes get that refunded if you complain loudly anyway. I tend to just use cash or a check card.

OK, you have missed the boat a couple of times on this topic. First, if you have no debt, it does not mean you have "no FICO". A FICO score is an indication of how creditworthy the person is, not a meter that measures debt on a scale.

You can have high FICO scores with debt, you can have low FICO scores with debt. You can have high FICO scores with no debt, and you can have low FICO scores with no debt.

Nah. I'm going to beat the system and never have any credit!

But boy these 20% loans sure are nice!

 

[Special K]

Originally posted by: JohnCU

Originally posted by: Special K

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

i got a 2.9% interest rate with nissan

New or used car?

 

[jagec]

Originally posted by: Beattie
Not accumulating, but if you look at a credit report, look at whatever your credit card bank is. There will be a value there that's about the amount of revolving debt that you have. Basically the average of how much you charge a month.

And it's not necessarily better to have no FICO, but it's better to have no debt payments. And that in turn means no FICO. If you have and can handle credit cards and dont get too pissed off if you miss a payment by accident or they post it wrong and charge you that interest then that's fine. You can sometimes get that refunded if you complain loudly anyway. I tend to just use cash or a check card.

It's impossible to miss a payment "by accident." Either the CC company screwed up, in which case they're pretty good about fessing up and removing the charges, or YOU screwed up and deserve what happened. Me, I have all my CCs set up to pay the minimum balance automatically if I haven't paid that month already. Not that I ever need to...online payments are so easy these days, it's always paid off in full by the end of the month.

How is me charging something on my card and then paying it off in full prior to any interest charges ANY different than you using a check card? Funneling my money through an intermediary (and collecting a percentage for myself😎) is not "worse" than paying directly from my bank account, or carrying around a lot of cash to get stolen. In fact, a responsible credit card user ends up saving money even without a rewards card, since the liability if your credit card gets stolen, vs if your check card or cash gets stolen, is so much lower.

 

[UNCjigga]

LOL, mine went down from 754 to 722 just by joining Gold's Gym. I kid you not. Its like the credit bureau automatically knows that Gold's is gonna cause some sort of hassle with my account!

 

[novasatori]

Originally posted by: UNCjigga
LOL, mine went down from 754 to 722 just by joining Gold's Gym. I kid you not. Its like the credit bureau automatically knows that Gold's is gonna cause some sort of hassle with my account!

hah, I've heard plenty of horror stories about gyms ripping people off though...
would be interesting if it actually had that much of an impact or if its just a coincidence.

 

[JohnCU]

Originally posted by: Special K

Originally posted by: JohnCU

Originally posted by: Special K

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

i got a 2.9% interest rate with nissan

New or used car?

new 07 altima

 

[kranky]

Originally posted by: UNCjigga
LOL, mine went down from 754 to 722 just by joining Gold's Gym. I kid you not. Its like the credit bureau automatically knows that Gold's is gonna cause some sort of hassle with my account!

Did you sign a credit agreement when you joined? My wife's credit got a large ding some years ago when she took a 12 months/no payments/no interest deal at some store when buying something. Turns out the credit deal was through Household Finance (HFC) and although we did get a free loan for a year, the fact that a subprime lender like HFC was on her credit record showing a balance did hurt her score.

 

[smack Down]

Originally posted by: Special K

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

Pay to much for the car and they will give you what ever interest rate you want.

 

[rky60]

Originally posted by: krunchykrome

Originally posted by: Dacalo
Which site is the best for credit monitoring service?

I like myfico.com. They have a 30 day free trial.

Maybe i'm missing something here. The 30 day free trial/plan only includes the Equifax score and report. And it costs $8.95 per month or $89.95 annual. I understand it provides daily monitoring and alerts.

Wouldn't FICO Deluxe be a better option at $42.84 per year. Just login whenever and monitor it myself.

I don't know, is there something special about the daily monitoring? Want to sign up, just making sure i'm getting the right plan 🙂

 

[Special K]

Originally posted by: JohnCU

Originally posted by: Special K

Originally posted by: JohnCU

Originally posted by: Special K

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

i got a 2.9% interest rate with nissan

New or used car?

new 07 altima

Ah, OK. I guess it's not uncommon for manufacturers to offer stuff like that on new cars. If you don't mind me asking, how much of the car's price did you finance?

 

[JohnCU]

Originally posted by: rky60

Originally posted by: krunchykrome

Originally posted by: Dacalo
Which site is the best for credit monitoring service?

I like myfico.com. They have a 30 day free trial.

Maybe i'm missing something here. The 30 day free trial/plan only includes the Equifax score and report. And it costs $8.95 per month or $89.95 annual. I understand it provides daily monitoring and alerts.

Wouldn't FICO Deluxe be a better option at $42.84 per year. Just login whenever and monitor it myself.

I don't know, is there something special about the daily monitoring? Want to sign up, just making sure i'm getting the right plan 🙂

the Deluxe doesn't update, that's just a one time purchase so if you bought it today and your score changed tomorrow, you wouldn't know it. the $8.95 a month constantly monitors your FICO.

 

[JohnCU]

Originally posted by: Special K

Originally posted by: JohnCU

Originally posted by: Special K

Originally posted by: JohnCU

Originally posted by: Special K

Originally posted by: Lithium381
not an attempt to hijack your thread but i just bought a car too, financed it. 9k over 5 years at 2% how much will this help my credit? i'm at 750 now

How did you get a car loan at only 2% interest?

i got a 2.9% interest rate with nissan

New or used car?

new 07 altima

Ah, OK. I guess it's not uncommon for manufacturers to offer stuff like that on new cars. If you don't mind me asking, how much of the car's price did you finance?

all of it.

 

[zerocool1]

Originally posted by: lokiju

Originally posted by: DBL

Originally posted by: Beattie
You do realize that the best credit score is 0, right?

How is your one room shack in Montana?

I hear comments about credit like this all the time.

If you have no credit you can still very easily get loans for a home or car or whatever.

As long as you have the (provable) income to back it, and underwriter can easily get you approved.

what about when they use credit for insurance?