My Credit Score is Better Than Yours (VANITY)

me | 8/21/07 | me

[rabscuttle385]

Every time your credit is checked, even if you check it yourself, your point rating will drop...go figure.

Wrong!

Every hard inquiry on your credit file briefly lowers your score. "Hard inquiry" occur when you apply for a credit card, car loan, mortgage, etc. They can also happen when you apply to rent an apartment or open an insurance policy.

Soft inquiries have no impact on your score. "Soft inquiries" include promotional inquiries (those credit card and insurance offers you receive in the mail), ongoing inquiries by your credit card issuer (periodically checking up on you), and all the times that you examine your own credit report.

[RockinRight]

Your employment status has nothing directly to do with it.

Only in the sense of your ability to pay your debts...but the scoring matrix knows nothing about your income or employment status.

[rock_lobsta]

Congrats to all! Enjoy the junk mail.

Especially Crapital One... They’re the worst.

[OrthodoxPresbyterian]

819 is phenomenal.

Why didn't you pull a home equity loan against your house to get an even lower rate?

Just curious.

[RockinRight]

Temporarily, and not much unless you have 10-15 pulls in a short period of time.

[Red Badger]

How do I find out MY credit score?............

[Reagan79]

amen. I was thinking how silly it is to finance a vehicle anyways.

[Sax]

http://freecreditnumber.ytmnd.com/

[twigs]

I’m really glad that you explained that. Thank you!

[RockinRight]

www.myfico.com is the most accurate source. Cost you $45 to get all three credit bureaus. You can get “free” ones else where, but they show “fake” FICO scores and not the ones that a bank or lender actually uses.

[rabscuttle385]

However, it’s worse for cancelling the cards than just paying them off and leaving them open.

Not necessarily.

By canceling the cards, he locks in the account terms, including interest rates.

If those are credit cards, some issuers engage in "universal default" (if you default with any lender, you default with them, too) and predatory interest rate increases, including hikes to as high as 40% APR.

[Lazamataz]

I have a negative-50 credit score.

I know, it's impossible.

They had to make one up just for me.

[rabscuttle385]

See post 26.

[RockinRight]

If you do it, either put a lot down, or finance under 3 years. Otherwise you’re almost guaranteed to be upside down for a while.

[Tijeras_Slim]

I have a negative-50 credit score.

I find that hard to believe. I know how you believe in payback. :)

[Frapster]

I got divorced - now my credit report has this line that says “0% of the population has a score lower than you”. Is that bad?

[DCBryan1]

We are tied. I was 830 until my unit made me get a govt travel card and it dropped me to 819.

I guess I just have one to many credit cards to warrant the drop.

[the_devils_advocate_666]

You will now get x4 the number of credit card offers monthly.

Hey, the loan officer showed me the fancy paper that said they'd keep my info confidential. I do wonder if those Capital One folks will ever stop sending me offers. I swear I get one a week!

[RockinRight]

Happy to help. :)

[rabscuttle385]

I was thinking how silly it is to finance a vehicle anyways.

Depends on the rate, the terms, and how you structure your purchase.

For example, many credit unions offer GAP (Guaranteed Asset Protection) plans for about $200, rolled into the loan.

If you roll off the lot and get T-boned by an illegal without insurance, your insurer will generally give you less than what you paid for the vehicle. Without such things as GAP coverage, you could end up owing money for a vehicle you no longer have.

Note that this is totally irrelevant if you buy older, used vehicles (and search for them to get the really good ones).