Credit Score, Report???

JGriffis

New Member
Hey everyone, I got a credit report last week just to make sure everything was correct on it. Plus i'm going to apply for a loan in a few months and didn't want there to be any surprises! Everything was accurate and my score was a 691. What does this mean?? I don't mean for people to give their personal info, just wanted some insight for my situation...thanks a lot!
 

TheWife

New Member
691 is really good, it means you are worthy of credit. Ours are in the 750's which is a great number to be at-you can get the best interest rates when you have high scores. 800's are the highest I have ever seen. A good balance of available credit, but not too much, and good payment history is what will get you the high scores.
 

JGriffis

New Member
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691 is really good, it means you are worthy of credit. Ours are in the 750's which is a great number to be at-you can get the best interest rates when you have high scores. 800's are the highest I have ever seen. A good balance of available credit, but not too much, and good payment history is what will get you the high scores.

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Well I have nothing deliquent on mine, I think the reason i'm not in the 700's yet is I only have about 3 years of credit, as i'm 24. So I should be able to get finance with a 691 right? Thanks for your imput!
 

TheWife

New Member
Oh yeah, you should be fine. Mortgage companies prefer over 700 but you are close, and sometimes the only way to get higher is to just keep waiting and building years. But for a car or any other kind of loan you won't have any problems. It's like the higher the score the more you can get awya with. If you have scores in the 800's they requre a lot less paperwork when you close on a home. I hear a lot of parents instructing their children to NOT get any credit cards or anything and that always frustrates me. I don't condone maxing your cards of course, but young adults need to learn about credit and how to establish their credit history responsibly. I was 22 when we bought our house and we were able to do it because I started building my credit at 18. Corbin's brother couldn't even get a cell phone once when he was 22 cause he had never established any credit.
 

fender_jag

Well-Known Member
JGriffis,

Are you looking into buying a home or qualifying for a loan? If you're purchasing a home, you should be able to get "interest only" with your score, which is based upon your outstanding debt (including any student loans, credit cards, and the like). You should also have no problem obtaining a loan; that's a very good score. Good luck!
 

JGriffis

New Member
I'm sorry everyone, I should've been more specific. It is not for a mortgage, but for a career training loan (Sallie Mae). Just wanted to know where I would be viewed from.
 

jjm

Well-Known Member
I also heard that your credit rating goes up if you don't always pay things like your credit card bill in full. (If you pay on time, that's good)... but if you don't pay the full amount, loan agencies kind of like that b/c they have a better chance of gaining more interest on you.
But I'm not too sure--- I gotta go check out that "how stuff works" website-- that sounds neat...good tip.
J
 

JDMcFly

New Member
I don't know of most people who do pay their credit card payments off in full, the credit card companies prefer that you do not. Kind of take the point away from paying off big purchases
.

I don't know how it affects your credit score though.
 

EatSleepFly

Well-Known Member
[ QUOTE ]
I also heard that your credit rating goes up if you don't always pay things like your credit card bill in full. (If you pay on time, that's good)... but if you don't pay the full amount, loan agencies kind of like that b/c they have a better chance of gaining more interest on you.

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Great, they should love me!
 

JGriffis

New Member
[ QUOTE ]
I don't know of most people who do pay their credit card payments off in full, the credit card companies prefer that you do not. Kind of take the point away from paying off big purchases
.

I don't know how it affects your credit score though.

[/ QUOTE ]

They prefer to have about 30% of the balance. That is when your credit score is at the highest.
 

JGriffis

New Member
Should've been more specific...30% of the credit limit used. i.e. ( 3,000 credit limit, your balance should stay around $300)
 

JDMcFly

New Member
My credit score is probably hovering somewhere around the area of 'no credit', or whatever you have if you haven't established a credit yet. My paperless checking account might slowly raise it by .05 points every 5 years, at least It won't go down since I don't write checks.
 

fr8dog

New Member
i think it has to do with debt ratio.....but i kinda dummy with this !
I never paid late, I cancel my unsuded cards and my cr, score still sucks...



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at least It won't go down since I don't write checks.


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bad...
 

Wm226

New Member
[ QUOTE ]
[ QUOTE ]
I also heard that your credit rating goes up if you don't always pay things like your credit card bill in full. (If you pay on time, that's good)... but if you don't pay the full amount, loan agencies kind of like that b/c they have a better chance of gaining more interest on you.

[/ QUOTE ]

Great, they should love me!


[/ QUOTE ]

And me too... starting next year!
 

rhs

New Member
[ QUOTE ]
I also heard that your credit rating goes up if you don't always pay things like your credit card bill in full. (If you pay on time, that's good)... but if you don't pay the full amount, loan agencies kind of like that b/c they have a better chance of gaining more interest on you.
But I'm not too sure--- I gotta go check out that "how stuff works" website-- that sounds neat...good tip.
J

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Hm. I always pay my balance in full each month (which is usually more than 50% of my credit limit) and I think I have a very good credit rating. Maybe having a mortgage and one car loan helps??
 

Mr_Creepy

Well-Known Member
I've been paying them off in full for a couple of years now. First, they keep raising my credit limit. Now, they keep sending me the "checks" that will count as a cash advance. They go right to the trash!

Credit ratings can go over 1000 btw.
 
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