Credit Scores???

[Strip Poker 388]

Originally Posted by dean51267

I do a LOT of money stuff with people, and credit scores are a common topic. The best answers I have heard are that credit scores are a FUTURE indicator of cash flow and character, this is why an inquiry is a negative, it looks like you will be reducing cash flow in the future.

once bills start being paid off it increases cash flow and the score comes back up. lots and lots of unused credit is a negative, such as credit cards with bizillion dollar limits but no activity, because it COULD reduce future cash flow.

One trick I learned from a commercial banker friend is that if you have one card maxed out, and one with no use, transfer 1/2 the balance to the unused card and them pay them both down equally. This step is good for 10 to 20 points. A maxed card is always a huge negative.

I would worry about the intrest rate on the 2nd card more than worring about the 10-20 pionts on my credit score.


When a person is above 800 does it really matter ?

[carney]

Isn't credit where your buddy lends you 100 and you barrow 50 from two others to pay the first back.

[offshoredrillin]

Originally Posted by 42PLAYBOY

that should count against you should be a prm inquiry and show that they checked your overall status for either credit line increses or credit line decreses

i have a form i would be glad to fax you i made it about 3 yrs ago and it can delete stuff off your credit works about 40% of the time it used to work about 85% of the time. let me know i can probably get that 30 day off and those inquiry off for you.
thanks mike

it shouldnt count against me if they do it randomly, if I were to ask for an increase then fine, but to just arbitrarily do it and hold it against me is wrong. All the forms have been filed and I'm still waiting for an answer.

[Cash Bar]

I have been saying(not doing ) this for years. With EVERYONE asking or needing your SS this days I think congress should pass a law that the only person that should EVER see your inquiries is you. I don't want to be shopping for a car and the dealer knows I have been to others. Same for boats, mortgages, everything. Inquiries should not penalize, and no one should know about them except the individual. All a bun ch of BS......

[Von Bongo]

Originally Posted by CASH BAR

I have been saying(not doing ) this for years. With EVERYONE asking or needing your SS this days I think congress should pass a law that the only person that should EVER see your inquiries is you. I don't want to be shopping for a car and the dealer knows I have been to others. Same for boats, mortgages, everything. Inquiries should not penalize, and no one should know about them except the individual. All a bun ch of BS......

I agree about not penalizing you, however I think they should show since it takes 30-60 days for a new account to make it to your credit report.

You would be amazed at how many people "forget" to list a new loan or car they got in the last month on their credit application or financial statement.

[tblrklakemo]

I used to be a broker. No, not many people above 800. We offered the best rates to people with 780 and above....that is really as good as it gets. 720 and above is great credit, and you shouldn't have any issues getting the best rates with that score. 680 - 720 is mid grade, where you might take a small ding. It really depends on the investor, product, and your payment history. You start out with great credit(i had a 798 when i first looked), but no payment history which is just as bad as a low credit score. We look for 1. good credit score 2.good payment history(no late payments, few lowest payment options 3. not too many CC, but a mortgage, and a car loan are +'s.

[AeroSpeedMarine]

Originally Posted by offshoredrillin

it shouldnt count against me if they do it randomly, if I were to ask for an increase then fine, but to just arbitrarily do it and hold it against me is wrong. All the forms have been filed and I'm still waiting for an answer.

im sorry typo i meant it to say shouldnt.

[berns29scarab]

Originally Posted by tblrklakemo

I used to be a broker. No, not many people above 800. We offered the best rates to people with 780 and above....that is really as good as it gets. 720 and above is great credit, and you shouldn't have any issues getting the best rates with that score. 680 - 720 is mid grade, where you might take a small ding. It really depends on the investor, product, and your payment history. You start out with great credit(i had a 798 when i first looked), but no payment history which is just as bad as a low credit score. We look for 1. good credit score 2.good payment history(no late payments, few lowest payment options 3. not too many CC, but a mortgage, and a car loan are +'s.

5 outta 7 of the lenders i deal with just lowered there A+ rates to 681 and up

[damdonzi]

Originally Posted by 42PLAYBOY

that should count against you should be a prm inquiry and show that they checked your overall status for either credit line increses or credit line decreses

i have a form i would be glad to fax you i made it about 3 yrs ago and it can delete stuff off your credit works about 40% of the time it used to work about 85% of the time. let me know i can probably get that 30 day off and those inquiry off for you.
thanks mike

I'm in a somewhat similar situation to Offshoredrillin: Business pushed my score down, and now it's coming back up, but my bureau's are all over the place. 1 is 800, 1 is 760 another is 690. Go figure. Would love to see a copy of that form if you don't mind sharing.

[AeroSpeedMarine]

Originally Posted by damdonzi

I'm in a somewhat similar situation to Offshoredrillin: Business pushed my score down, and now it's coming back up, but my bureau's are all over the place. 1 is 800, 1 is 760 another is 690. Go figure. Would love to see a copy of that form if you don't mind sharing.

here it is.