Skip to comments.My Credit Score is Better Than Yours (VANITY)
Posted on 08/21/2007 1:00:50 PM PDT by the_devils_advocate_666
I just went through the process of getting my wife a new (well, 2006 anyway) car. I had wanted to save enough to pay cash but my old car wasn't going to hold out quite that long. So off to the bank to secure the extra funds. In the process I found out today that my credit score was 819. The loan officer said he'd only seen one higher score. He's young, so maybe it isn't all that great, but...
What does a credit score like 819 do for me? Is there anyway I can leverage this to my advantage in the future? What's the highest possible credit score?
LOL, you are so right. It's a great thread, I'm glad it was posted.
Several credit card companies will give a recently-bankrupted person a $300 limit on an unsecured, but high-fee, credit card.
It’s actually a good way to re-establish yourself. The companies charge such high fees to start with, they figure they have little to lose issuing the card. Besides that, a person can’t file bankruptcy again for 7 years, so they can’t walk away that easily.
Since I never use debt, I have no reason to know my credit score.
My credit Score is in the dumper...so you win! Congrats!
I had a 825, paid off my house, 1 yr later when I went to get a loan for 30 k to buy a new house, it went down to 809. I never paid a dime of interest on a credit card, have always paid off any car loan in 6 months, and dump thousand a month to get rid of this 30k loan which is now down to 8k. These good rates generally get you a better rate when getting any loan. they also refer to how much debt a bank is willing to risk on you.
That is a commonly held misconception. If you are shopping for a mortgage or an auto loan, a number of credit checks from various inststutions over a reasonable time period are expected. You are, after all, only seeking one mortgage or car loan. On the other hand, if you are shopping equity loans, personal lines of credit and new credit cards all at the same time, that becomes a red flag to the lenders.
My dog has a credit card, and his credit score is really high. It’ll probably get shaved a few points next week when he buys a fishing boat.
Last time I checked my Trans Union credit score it was +931 out of a possible +934.
One other thing to try is use an interest only line of credit to buy your car. I have one as my 1st lein on my mortgage. on a 10k loan you may only pay 72$/mo for this 10 k, which gives you xtra money to apply to the principle. as your principle goes down so does your payment, but if you end up short of money in a month, you arent stuck with a 250$ car payment, howver as your balance gets down to 5 k etc.. your interest payment is very small. this is how I went about paying off a 90k mortgage in 4 yrs.
My wife and I have a 1725.
All wives are higher don’t know why.
yaughts (?) = yachts
I carry 8 figures of debt on my commercial properties.
I pay several hundred thousand a month in debt service every month....never late...going on two decades
I’m 50....5 kids.....home(s) mortgages etc.....never late
I pay about ten thousand a month in leases on equipment and vehicles.....never late
No tax liens (yet..lol)
I had 2 heart surgeries for a deformed heart/obstruction in 2004/2005 and assumed around 60,000 in my end after insurance....a few thousand here and there late a few months but all paid off.
I get probably 20-30 credit inquiries annually just in the course of doing business and private life. If my LLC or C or S corp borrows and I do at least three times a year and always through 4-5 banks then they all run credit.
hence in spite of having fairly robust history of paying off pretty large debt month in month out..(they don't count that)..I get penalized for paltry sums late on medical and on inquiries...about 8-10 points per inquiry.
I doubt my credit is over 630 right now yet some kid in an apartment who pays his car and target card on time may be at 800.
Which means guys like me end up paying cash a lot or we stick with banks and leasing agents that know us beyond a credit score.
I also bet (and I’m going to go look right now) that somewhere is an incorrect entry on one of the Big 3 on my report. I found one last time where they were still charging me for an AMEX card from the early 80s which I had canceled but they kept running the fee and claimed I owed it...for 22 years....I called some hack in India and he took it right off.
The credit scoring system in ripe for some tort lawyers to sue for class action damages. I hear there are law and paralegal firms out there that repair credit like mine...?
now where is this guaranteed 10% annual interest
“My Nigerian uncle is looking for someone just like you. You see, he has $10 million, and needs to transfer it...”
There sure are a lot of rich Nigerians cause my uncle is also looking for some help transferring his inheritance.
I’m in my 40’s @ 804.....I’ll catch up!!!! :-)
as I said in post 155....i pay back millions..literally over 500K/year on time
and my score is 605
two late radiology bills from 2 years ago totaling 875 bucks
and 63 credit inquiries since august 2004
someone told me there is so much more exposure on inquiries now
used to just be inquiries for car and home
now it’s on and on.......it’s actually kind of silly
LOL! Thanks. And just like I would tell my Mom “I tried looking it up in the dictionary (spell check) - but how am I supposed to find the word if I don’t know how to spell it?”