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cc credit score

Old 09-16-2014, 11:25 AM
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Default cc credit score

I've always had good credit, but I got my cc statement and my score is near perfect, how much faith do you put into these scores?
Old 09-16-2014, 11:42 AM
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Not sure. Which card are you referring to? I have very good rating. I recently applied for a Discover card only because it's 18 months interest free, no annual charge and lot's of cash back incentives. They give you your FICA score every month, mines 811.
Old 09-16-2014, 12:37 PM
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That happened to me when I bought my first house. 775 when I applied for the mortgage and 835 a few months later. I guess they figure if you own a house they can track you down for collateral a lot easier.
Old 09-16-2014, 12:40 PM
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Originally Posted by Mark Y View Post
Not sure. Which card are you referring to? I have very good rating. I recently applied for a Discover card only because it's 18 months interest free, no annual charge and lot's of cash back incentives. They give you your FICA score every month, mines 811.
Referring to discover, I get my statement every month and it changes from month to month a dozen points or so, today I came in at 849.
Old 09-16-2014, 01:11 PM
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The score should be very accurate at that point in time. They simply do a soft credit pull from one of the agencies to determine your score. Noticed the same thing on my Discover card. Some of the others used to offer the same thing (Capital One comes to mind).
Old 09-16-2014, 01:40 PM
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What company are they getting their info from? Trans Union went to a different algorithm a while back. Now with TU a score of 800 to 900 is "good, while a 900 to a 960 is excellent.
Folks not knowing might think their out of the park with this score. Not so..

Just find out who their pulling from.
Old 09-16-2014, 01:44 PM
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What I've learned recently is that your credit score probably isn't what they tell you.
Like what DL said, they are giving you a very soft score. If you want to get an accurate
score and know exactly what you have in debt etc. I would go talk to your bank.
Old 09-16-2014, 01:53 PM
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Originally Posted by Seefood Man View Post
What company are they getting their info from? Trans Union went to a different algorithm a while back. Now with TU a score of 800 to 900 is "good, while a 900 to a 960 is excellent.
Folks not knowing might think their out of the park with this score. Not so..

Just find out who their pulling from.
Max credit score is 850, how are you seeing 960
Old 09-16-2014, 02:10 PM
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I've never really paid much attention to my credit score, regardless of where that number came from. I've always been offered loans for way more than I was willing to borrow and have never been turned down.......including 7 figure equipment purchases for my business.

If your over 800 it seems you don't need to worry about it either......unless you know you have a few dings from the past.
Old 09-16-2014, 02:13 PM
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Originally Posted by amofgreenville View Post
Max credit score is 850, how are you seeing 960
TRANS UNION score I did say 960, I meant 990. TU has a different scoring levels now.

http://www.transunion.com/personal-c...ing-works.page

Understanding Your Credit Score and How Credit Scoring Works



So you might be asking yourself, "How does credit scoring work?"

To help you better understand scoring, TransUnion has introduced a new and improved way to help you manage your credit, with access to three VantageScores – an easier and more effective way to understand your credit rating.

Unlike previous formulas, VantageScore® was developed in 2006 by the three major credit reporting companies – TransUnion, Equifax and Experian.
The three credit reporting companies developed VantageScore to improve the consistency, accuracy and predictive quality of consumer credit scores, and to enable more consumers with limited credit histories to receive a credit score for the first time.
Consumer scores fall within a range of 501 to 990, with higher scores representing a lower likelihood that consumers won’t pay back their debts. Along with your VantageScore, you’ll receive a letter grade (A-F) to help you assess how lenders view you and how you compare with other consumers, and help you understand how credit scoring works.

I just pulled all three just last week. Equifax and Experian issued mine based on my FICO and TU on the BS "Vantage Score"
Old 09-16-2014, 03:37 PM
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If it ain't FICO, it generally ain't worth a crap credit-wise. FICO is still the industry standard with lending institutions. It is what the government writes mortgage lending policy to. For example, if you want an FHA loan, you need a minimum 580 FICO to even be considered. For 2014, FHA lowered this from 620 due to the credit hits many folks took on short sales, foreclosures, etc. during the mortgage meltdown, in an effort to stimulate the economy a bit through home sales/mortgage lending.

I know this because I live it, I teach it. Banks often have their own standards for their portfolio products (loans that are kept and serviced by the bank, not conforming loans sold to investors like Fannie or Freddie). For example, we require a tri-merge credit report (reports from all three major credit bureaus with a merged FICO average) and a minimum FICO score of 700 for certain products, like jumbo loans or professional program loans. They are higher dollar mortgage loans with better interest rates, so we require a higher credit standard. This is true of most banks.

Same is true with credit cards. You can get a basic card, a gold card, or a premium black card, but there's a different credit standard applied to each of those options as you get higher credit limits and move up the credit chain, obviously, because the bank is increasing its risk should you default.

All that said, I do have issues with using the FICO score for anything outside of mortgage/credit. It is commonly used now during background checks and when you apply for insurance (home, auto or life). It's become a measure of responsibility to other industries, not just a measure of credit worthiness. So if you have a tough stretch in life, say due to medical issues or something, and have to declare bankruptcy, you can expect to pay more for insurance or even be refused employment for not passing some arbitrary standard on a background check.

As said, I don't agree with it, so don't shoot the messenger here, that's just the way business operates these days. ;?

Last edited by Dulcecita Lures; 09-16-2014 at 04:05 PM.
Old 09-16-2014, 07:44 PM
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any credit score from 635 to 800 plus we roll the car if the bureau shows no anomalies..

635 and under may require special needs depending on the bureau shows ie all bills paid then we would roll some collection or late payments need a harder look.

Never seen anything over 825 so this 900 is a scale we don't use.

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