Cedit scores are a joke.

posted 3 years ago in Money
Post # 3
Member
1287 posts
Bumble bee

1 thing that slams your credit score is constantly looking at it or applying for something where creditors are looking at it to get your score. That lowers your score also.  Any “hits”, so to speak, on your credit, gets marked and effects it.

 

 

 

Post # 4
Member
2783 posts
Sugar bee

@thenewmrsmax:  I will say that when I put in the hypothetical car loan on credit karma it actually made my credit go down. Does he have higher credit limits than you? 

Post # 5
Member
4441 posts
Honey bee
  • Wedding: January 2013 - Harbourfront Grand Hall

@rickhurst35:  +1

DH has a higher score than me because he has more “trade lines.”  I only have one credit card that I’ve had forever and the limit hasn’t been raised because I never use all of it!

Post # 7
Member
4513 posts
Honey bee
  • Wedding: October 2013

I got my first credit card at 18, always paid on time and it never had a high balance. My DH got his first credit card at 23, always paid on time and never had a high balance. I have a car loan that I completely paid off ahead of time, while he was given his first car by his parents. I have a longer credit history than him and more built credit, yet he has a higher score. It makes no sense to me.

And I NEVER look at my credit so I know it isn’t from checking too much.

Post # 8
Hostess
24457 posts
Honey Beekeeper
  • Wedding: June 2009

The way that they are calculated is sort of a mystery based on those categories.  It could be because one of you has gotten credit inquiries lately, or had a higher balance on your credit card the last time it was reported.  As long as they are both good, that’s all that matters!

Post # 12
Member
4513 posts
Honey bee
  • Wedding: October 2013

I have heard that if you have super high credit limits it hurts your score more than it helps. I don’t know the logic of it all, especially since it helps in terms of utilization (as long as its low, of course lol), but I do remember hearing that in the past. That’s why a lot of people that are offered credit increases turn them down.

Post # 13
Member
1287 posts
Bumble bee

@thenewmrsmax:  That’s not what my financial advisor told me.  I’ve flipped many houses over the years and always getting loans/mortgages..etc.   He said to get a report of it once a year and check your score and check for anything fraudulant.  He said to keep your score outstanding, not to continuously check your credit score.  Who do you think gets the reports? Equifax, Experian, Credit Karma…They are, so to speak, putting hits your credit by getting you reports.  It shows up on reports as hits and those people getting access to your reports. 

Post # 14
Member
4513 posts
Honey bee
  • Wedding: October 2013

@rickhurst35:  +1 This is what I have always heard, too. Not to check your credit too often unless you really suspect that there is some issue going on.

Post # 15
Member
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@thenewmrsmax:  They absolutely get more points for being a male.  I got hit hard when I got divorced.  Went from a 750+ to a 550 overnight.

Post # 16
Member
1287 posts
Bumble bee

@adoc86:  Not true.  My credit score is in the highest range. I can get a loan in seconds.  But then again, the amount all depends on income and any other outstanding loans you may have (mortgages, home equity loans, car loans especially because these are usually the higher based loans a person takes out).  My score is high because I borrow and pay back and on time. I’m never late with payments. I usually pay off loans well in advance.  

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