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Occulis
RealPoor Jedi
Joined: 11 Oct 2002
Posts: 13293
Location: Moral Relativity Central
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 Posted: 10/15/03 - 15:27 Post subject: Another good credit question
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Hopefully Paco will chime in on this one since he's got like a 999 rating or something.
How long do you think it takes for your credit rating to go from Awesome to s****y?
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compusmack
RealPoor Master of Posts
Joined: 15 Oct 2002
Posts: 6354
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Posted: 10/15/03 - 15:43 Post subject:
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2 Missed payments (more than 60 days late) and you've probably lost 150 points or more.
just being late (30 days) can take a fico score from 1250 to 1200 bumping you from the best credit rating to the second best.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 10/15/03 - 15:49 Post subject:
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Depends. I have really good credit, but when I run a credit report I have two negatives. One is from refinancing my house several months back, because I had a couple checks run. The second is from a credit card that I was late paying back in early 1999 when I was in college. Even with those two things counting against me (the former of which can easily be explained) my credit is good enough to qualify and get the lowest rate possible on a loan.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 10/15/03 - 15:50 Post subject:
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| compusmack wrote: | 2 Missed payments (more than 60 days late) and you've probably lost 150 points or more.
just being late (30 days) can take a fico score from 1250 to 1200 bumping you from the best credit rating to the second best. |
Max possible score is 850.
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compusmack
RealPoor Master of Posts
Joined: 15 Oct 2002
Posts: 6354
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Posted: 10/15/03 - 17:01 Post subject:
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| WheresNWS wrote: | | compusmack wrote: | 2 Missed payments (more than 60 days late) and you've probably lost 150 points or more.
just being late (30 days) can take a fico score from 1250 to 1200 bumping you from the best credit rating to the second best. |
Max possible score is 850. |
yeah. well i couldn't remember if it was like 1250 or 850. Not my field of expertise.
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Xarpolis
RealPoor Guru
Joined: 15 Oct 2002
Posts: 2884
Location: Philly, PA
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Posted: 10/15/03 - 17:19 Post subject:
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What's funny is... I, a 22 year old, am toting a 756 credit rating.
How wonderful ^
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Clevinger
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3765
Location: Austin
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Posted: 10/15/03 - 17:32 Post subject:
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where does your credit rating start at?
i dont even have an idea if i have one
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Paco
RealPoor Jedi
Joined: 13 Oct 2002
Posts: 12939
Location: Jacksonville, FL
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Posted: 10/15/03 - 22:14 Post subject:
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| WheresNWS wrote: | | compusmack wrote: | 2 Missed payments (more than 60 days late) and you've probably lost 150 points or more.
just being late (30 days) can take a fico score from 1250 to 1200 bumping you from the best credit rating to the second best. |
Max possible score is 850. |
hehe, and Dunn, my score's around 835-842. 
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kireol
RealPoor Master of Posts
Joined: 02 Aug 2003
Posts: 9517
Location: Royal Oak, MI
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Posted: 10/15/03 - 22:24 Post subject:
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I look at approx 8-10 different credit reports each day. My experience they break down like this.
499 and under - multple P&L writeoffs. multiple lates. possible chp 7 or 13. multiple 60 or 90 date + lates. possible forclosures
500-550 - possible 7 or 13. a few 30 and 60 day lates. a few P&L writeoffs
550-600 - chp7 or 13 unlikely. seceral 30-60 lates.
600-650 - high balances on credit cards. few 30 day lates
650-700 - good credit average
700-800 - no 30 date lates. no 7 or 13 in the last 7 years. 10 or more open trade lines in perfect standing
800 + - 15 or more open trade lines. All open trade lines with previous high balances. all or most accounts open but paid off
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