Credit Scores???

Strip Poker 388 · 09-08-2006, 06:12 PM

Lenders do you see many people that have a scores above 800?

Rob

Bryan Rose · 09-08-2006, 06:41 PM

Quote:

Originally Posted by Strip Poker 388

Lenders do you see many people that have a scores above 800?

Rob

Dont know good question , mine is hovering at 805 just up from 778

Bryan

Von Bongo · 09-08-2006, 07:05 PM

Some, yes, many..no but it isn't like..WOW an 800+ score!!! I suppose it depends on the lending you do and the area of the country.

If you do a lot of A+ mortgage lending you see quite few. A lot less if you specialize in c or D paper.

I've been lending for almost 20 years so I've seen my share. No doubt though its a good number. I think the highest I have seen is 820+ and that is rare. Also depends as the credit bureaus used to use slightly different ranges so a 800 Equifax wasn't an 800 Experian.

Also since some lenders only report to 1 of the 3 you may have scores vary 10 to 40 points or more between bureaus. I think they are trying to standardize it more.

AeroSpeedMarine · 09-08-2006, 07:06 PM

2 out of every 100 i finance about 200 cars a month and about 10 boats a month in the car industry i see very few in the high dollar boats i see alot more . but you know i see people every day with perfect credit 15 yrs of established good credit no derog not over loaded and a 670 score then ill see a 22 yr old with young fresh credit over buying and a 740 beacon .. if you could figure that out we could make millions.

Jupiter Sunsation · 09-08-2006, 08:35 PM

I make my wife buy her own cars and pay/have her own credit cards. Dropped into a local Audi dealer and she wanted the new A8L they had on the lot. I worked the deal and she signed up. Finance guy shot out of the office with her 812 score and told her she could drive away with any car on the lot she wanted. Not bad for 29 years old!

We knew she could but she got a huge ego boost after that!

Cash Bar · 09-09-2006, 12:23 AM

Quote:

Originally Posted by 42PLAYBOY

i see people every day with perfect credit 15 yrs of established good credit no derog not over loaded and a 670 score

Sounds REAL familiar........

offshoredrillin · 09-09-2006, 09:06 AM

Quote:

Originally Posted by 42PLAYBOY

2 out of every 100 i finance about 200 cars a month and about 10 boats a month in the car industry i see very few in the high dollar boats i see alot more . but you know i see people every day with perfect credit 15 yrs of established good credit no derog not over loaded and a 670 score then ill see a 22 yr old with young fresh credit over buying and a 740 beacon .. if you could figure that out we could make millions.

Couldnt agree more, in 9 mos time mine went from 751 to 609 because of growing the business, so now the business is paying me back and I'm paying down the debt so it will go back up. Its a crazy cycle. Had one -30 because of an account error and have been fighting it for months, it sucks paying everything on time and still being looked at as a crook/liar...What really burns my ass though is the way card companies can run your credit anytime, and it shows up on your report, each time they do it's like a 5-10 point whack

AeroSpeedMarine · 09-09-2006, 11:38 AM

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

dean51267 · 09-09-2006, 12:54 PM

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.

berns29scarab · 09-09-2006, 01:10 PM

best way to keep score high is limit inquiries, and never let a revolving acct balance exceed 50% of its limit...ex 10K limit never let it go over 5k