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Bait Masterson
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3842
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 Posted: 05/23/03 - 13:50 Post subject: Whats considered a good score
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on a credit report?
600-1000?
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 05/23/03 - 13:53 Post subject: Re: Whats considered a good score
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| Bait Masterson wrote: | on a credit report?
600-1000? |
700+ is generally considered good credit.
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Paco
RealPoor Jedi
Joined: 13 Oct 2002
Posts: 12939
Location: Jacksonville, FL
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Posted: 05/23/03 - 14:48 Post subject:
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I win!
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Zapper
RealPoor Sensei
Joined: 11 Oct 2002
Posts: 1512
Location: Connecticut
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Posted: 05/23/03 - 15:23 Post subject:
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Your FICO Score consists of:
600-700 is good
700+ is great but hard to get since age of credit and payment history are big factors. so the longer you have credit the better your score is.
go to http://myfico.com for good info
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 15:40 Post subject:
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On a related note, it's so pathetic how these people can keep records of you and shit and you have to PAY to see what they think of you.
f**k that shit
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 15:40 Post subject:
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Although you can just always call them and request a free copy and say you got denied for credit within the last 60 days.
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 15:40 Post subject:
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But that's annoying.
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Paco
RealPoor Jedi
Joined: 13 Oct 2002
Posts: 12939
Location: Jacksonville, FL
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Posted: 05/23/03 - 15:59 Post subject:
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my credit is like 980something
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 16:01 Post subject:
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your FICO score is not 980.
I've only seen 2-3 over 800 and that was in 2 years working at a bank. If you have "really good" credit, then I can almost guarantee that it is between 700 and 800.
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khrath
Guest
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Posted: 05/23/03 - 16:13 Post subject:
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wtf i wanna know my score, prolly like a 2
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 16:17 Post subject:
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I'll give a little guideline from my experience:
Under 500: You are most likely a black person who has 50 credit cards and has maxed them all, doesn't pay any bills, and can't figure out why nobody will sell you a car with 0.0% financing like in all the ads.
500-600: You have delinquent payments and/or high balances on your accounts. You probably have too much credit. You should make a concerted effort to reduce your debt and pay it back on time.
600-650: Your score is pretty much average, though not spectacular and it won't win you any awards. You might have a small amount of late payments, nothing serious, or you may have several credit cards at their limits or close to it, but you pay them ontime. You might have trouble securing additional credit unless your income is really high. (Debt to income ratio should remain under 45% of gross income)
650-700: You have pretty good credit, probably no late payments, you haven't maxed all of your revolving accounts and you will probably have no problems getting loans as long as your income supports it.
700+: You can get anything pretty much as long as your income supports it. You have spent a long time paying all your bills on time and have been prudent and responsible, and you are rewarded with a 700+ FICO score for this.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 05/23/03 - 16:59 Post subject:
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| Rennol wrote: | On a related note, it's so pathetic how these people can keep records of you and shit and you have to PAY to see what they think of you.
f**k that shit |
It's not free to the company to provide that service, and it's not proprietary data, so they can charge as they please. I don't personally have any beef with it because it's pretty valuable info. Why don't you start a credit reportng agency that provides reports for free?
Anyway, I gots me a score over 700, and I'm only 24. I've bought a house and two cars in my short lifetime, though, and never been late for a payment (well...30 days late on a credit card once in college).
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 17:05 Post subject:
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Only idiots would pay $40 for their credit information, you can call any of the credit bureaus and get a free copy as long as you say you were denied for credit in the last 60 days.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 05/23/03 - 17:11 Post subject:
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| Rennol wrote: | | Only idiots would pay $40 for their credit information, you can call any of the credit bureaus and get a free copy as long as you say you were denied for credit in the last 60 days. |
If you rent an apartment, you often have to pay that fee (though $40 is high) as part of your aplication fees. Therefore all people who rent apartments are idiots.
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compusmack
RealPoor Master of Posts
Joined: 15 Oct 2002
Posts: 6354
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Posted: 05/23/03 - 17:19 Post subject:
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I have good credit, don't recall the score though but i never missed a payment or was late on anything.
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/23/03 - 20:32 Post subject:
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Sorry but I've never paid an application fee for an apartment. If a particular apartment tries to charge one I tell them that either they don't charge it or I look somewhere else for a place to live. Usually they will accomodate you... it is amazing how many fees people try to charge in this day and age but if you refuse to use their service then many times they back down and will offer you a break.
When I moved into my newest apartment I paid no fees and got $99 first month rent and a $250 bonus. While there were some fees, the bonus covered all of them in spades, so I had no problem. Prior to the bonus I had said I wouldn't pay a fee, then the bonus was offered, it basically eliminated any fees plus paid for the first month. Not a bad deal IMO.
Places will usually bend over for the customer. It's amazing what you can accomplish by saying 'no'.
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sinrakin
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 7044
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Posted: 05/23/03 - 20:44 Post subject:
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Heh, I wonder what my credit is. Probably crappy. I always paid stuff 2 months late, and then I'd give them 2 months in advance too, and tell them not to bother me for another 4 months because I didn't like to write a lot of checks.
Citibank canceled my credit card. Heh, I called them up and in all seriousness explained that I didn't like to write a lot of checks, but I had plenty of money, and it just wasn't worth my time to write a check for less than $5k, especially $20 or whatever the minimum payment was, and I genuinely thought that we had a tacit gentleman's agreement that I wouldn't hassle them about charging me vast amounts of interest and late fees, and they wouldn't hassle me about alternately skipping several months and then paying the whole balance when I got around to it, since if got around to finding an envelope and pen and stamp and everything I was just going to pay the whole thing off and they wouldn't make any money off me at all. They didn't seem to grasp that they made far more money from me this way.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 05/23/03 - 20:52 Post subject:
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| sinrakin wrote: | Heh, I wonder what my credit is. Probably crappy. I always paid stuff 2 months late, and then I'd give them 2 months in advance too, and tell them not to bother me for another 4 months because I didn't like to write a lot of checks.
Citibank canceled my credit card. Heh, I called them up and in all seriousness explained that I didn't like to write a lot of checks, but I had plenty of money, and it just wasn't worth my time to write a check for less than $5k, especially $20 or whatever the minimum payment was, and I genuinely thought that we had a tacit gentleman's agreement that I wouldn't hassle them about charging me vast amounts of interest and late fees, and they wouldn't hassle me about alternately skipping several months and then paying the whole balance when I got around to it, since if got around to finding an envelope and pen and stamp and everything I was just going to pay the whole thing off and they wouldn't make any money off me at all. They didn't seem to grasp that they made far more money from me this way. |
Um...then how do you pay your electric bill, gas bill, water bill, mortgage/rent, car, etc?
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Paco
RealPoor Jedi
Joined: 13 Oct 2002
Posts: 12939
Location: Jacksonville, FL
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Posted: 05/23/03 - 20:55 Post subject:
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| Rennol wrote: | your FICO score is not 980.
I've only seen 2-3 over 800 and that was in 2 years working at a bank. If you have "really good" credit, then I can almost guarantee that it is between 700 and 800. |
I love it when people tell me something that they don't know about me is not true.
I'm in the middle of buying a house. The dude who preapproved me for a loan at our bank about flipped out when he saw my credit. He didn't say "really good" credit, he said "nearly perfect" credit. He said I'm in the top 1%.
I could give a shit if anyone doesn't believe me. /shrug
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sinrakin
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 7044
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Posted: 05/23/03 - 21:17 Post subject:
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| WheresNWS wrote: | | Um...then how do you pay your electric bill, gas bill, water bill, mortgage/rent, car, etc? |
Well, at various times:
- wait till they nag me then send a bunch of money - was a pain always having utilities and shit turned off
- hired a guy to pay the bills for me, had my billing address set to his office, and opened a joint account with him. Then he tried to embezzle from me after a couple years so I had to dump that scheme
- auto withdrawal - that worked for a few years
- now my wife does it 
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Majy
RealPoor Sensei
Joined: 11 Oct 2002
Posts: 1713
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Posted: 05/23/03 - 23:26 Post subject:
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I believe you Paco! Now you can go purchase a Ferrari w/ me using your credit and I'll pay you off w/ my $10/hour job!
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Paco
RealPoor Jedi
Joined: 13 Oct 2002
Posts: 12939
Location: Jacksonville, FL
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Posted: 05/23/03 - 23:43 Post subject:
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lol, gotcha..$540k for janoth and a ferrari for you..anyone else?
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 05/24/03 - 01:17 Post subject:
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Paco its not that I don't believe you have good credit, it's the fact that 980 isn't on the scale of FICO possibilities..seriously 800 is like astronomically high, 980 would be deific, maybe we're thinking of something different.. I know credit bureaus and scores, I worked with them every day.
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Ralac
Luke Warm
Joined: 16 Oct 2002
Posts: 123
Location: STL
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Posted: 05/24/03 - 01:30 Post subject:
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rennol...your avatar owns.
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kireol
Guest
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Posted: 05/24/03 - 09:55 Post subject:
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Rennol is right on target with his breakdown.
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Kbarr
Guest
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Posted: 05/24/03 - 09:56 Post subject:
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| Majy wrote: | | I believe you Paco! Now you can go purchase a Ferrari w/ me using your credit and I'll pay you off w/ my $10/hour job! |
Or you could sell some of your 500 dollar sneakers and use that.
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Paco
RealPoor Jedi
Joined: 13 Oct 2002
Posts: 12939
Location: Jacksonville, FL
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Posted: 05/24/03 - 11:09 Post subject:
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| Rennol wrote: | | Paco its not that I don't believe you have good credit, it's the fact that 980 isn't on the scale of FICO possibilities..seriously 800 is like astronomically high, 980 would be deific, maybe we're thinking of something different.. I know credit bureaus and scores, I worked with them every day. |
I didn't think it was possible either, but it may have something to do with my wife. She's an accountant. Just imagine my joy.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 05/24/03 - 11:27 Post subject:
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| Paco wrote: | | Rennol wrote: | | Paco its not that I don't believe you have good credit, it's the fact that 980 isn't on the scale of FICO possibilities..seriously 800 is like astronomically high, 980 would be deific, maybe we're thinking of something different.. I know credit bureaus and scores, I worked with them every day. |
I didn't think it was possible either, but it may have something to do with my wife. She's an accountant. Just imagine my joy. |
I think you might be mistaken, Paco.
http://moneycentral.msn.com/content/Banking/Yourcreditrating/P41801.asp
| The Article wrote: | | Credit scores range from 300 to 850. Only about 11% of the surveyed population ranks above 800; 29% ranks between 750 and 799. |
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compusmack
RealPoor Master of Posts
Joined: 15 Oct 2002
Posts: 6354
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Posted: 05/24/03 - 12:04 Post subject:
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| sinrakin wrote: | | WheresNWS wrote: | | Um...then how do you pay your electric bill, gas bill, water bill, mortgage/rent, car, etc? |
Well, at various times:
- wait till they nag me then send a bunch of money - was a pain always having utilities and shit turned off
- hired a guy to pay the bills for me, had my billing address set to his office, and opened a joint account with him. Then he tried to embezzle from me after a couple years so I had to dump that scheme
- auto withdrawal - that worked for a few years
- now my wife does it |
wow.
Why not just suck it up and CONFORM to society.
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sinrakin
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 7044
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Posted: 05/24/03 - 12:34 Post subject:
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| Compusmack wrote: | | Why not just suck it up and CONFORM to society. |
Well, I really would like to conform; it would be a lot easier, but you have to know your limitations. I'm physically incapable of doing anything that bores me. It's like a disease. Paying bills bores the hell out of me. Shopping bores me too. For the first five or so years after I graduated college I paid some woman to buy all my clothes for me.
Actually I never found having a bad credit record that troublesome. I always put down big downpayments on houses so I'd have plenty of equity, and offered to open up bank accounts where I got the mortgage and let them take the money out automatically. That usually satisfied them. Of course I'd have to make up some b******t explanations for all the things I'd payed late, for their "files". As long as you can convince them that you're reliable in the long term, they'll usually find a way to make it work. That's why it p****d me off when Citibank reneged on what I thought of as our gentleman's agreement
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