Credit Scores???
09-09-2006 | 02:51 PM
#11
Thread Starter
Rob
Joined: Aug 2001
Posts: 21,637
Likes: 12
From: Ms
Re: Credit Scores???
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.
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 ?
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09-09-2006 | 03:14 PM
#13
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Joined: Feb 2004
Posts: 12,314
Likes: 1,556
From: Maryland
Re: Credit Scores???
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 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
09-10-2006 | 12:06 AM
#14
Mod Squad Enforcer
Joined: Nov 2002
Posts: 12,968
Likes: 811
From: On the way to a PR near you
Re: Credit Scores???
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......
) 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......
09-10-2006 | 09:15 AM
#15
Registered
Joined: Dec 2001
Posts: 3,904
Likes: 1
From: Iowa - Missouri
Re: Credit Scores???
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......
) 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......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.
09-10-2006 | 01:03 PM
#16
SeaRay Sundancer
Joined: Nov 2005
Posts: 2,914
Likes: 0
From: SW Missouri
Re: Credit Scores???
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.
09-10-2006 | 06:29 PM
#17
Registered
Joined: Nov 2004
Posts: 457
Likes: 0
From: prairieville,la
Re: Credit Scores???
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.
09-11-2006 | 08:21 AM
#18
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Joined: Jul 2004
Posts: 7,152
Likes: 13
From: Toms River, NJ
Re: Credit Scores???
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
Last edited by berns29scarab; 09-11-2006 at 08:22 AM. Reason: spelling
09-11-2006 | 09:31 AM
#19
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Joined: Jul 2003
Posts: 1,932
Likes: 12
From: ME and NH
Re: Credit Scores???
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 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.
09-11-2006 | 07:12 PM
#20
Registered
Joined: Nov 2004
Posts: 457
Likes: 0
From: prairieville,la
Re: Credit Scores???
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.
