Post # 1
Having just gone through the process of getting a mortgage for our first hoome purchase, I’ve got credit scores on my mind.
The entire credit score process (in terms of how your score is calculated) seems so arbitrary sometimes. My parents, for instance, have had credit for decades and never had a single blemish on their credit report. Yet their score could technically be higher. But how do they make it higher if they are doing everything “right” already? It seems quite complicated.
Darling Husband and I were quite pleased to learn how good our scores are already depite being only 24 (me) and 25 (DH). I had a 777 and Darling Husband had a 726. But I still don’t understand why they aren’t higher.
Do you know what your credit score is? How often do you check it? Is your score comperable to your SOs?
Post # 3
@Mrs.KMM: It’s like you read my mind! FI and I were checking our scores the other day and I swear it’s completely random how they figure it out. He couldn’t be doing anything more to improve his credit (or have a better credit history) but it’s still below 800 and considered a “moderate risk”. Thankfully after being a homeowner in the past, I’m happy to rent the rest of my life!!! lol
Post # 4
@Mrs.KMM: Ever since my wallet was stolen a few years back I’ve been a bit OCD about my credit score. It’s in the high 700 range at the moment, but could be better because I’m carrying student loans and a credit card balance from a stint as an unemployed grad student couple years ago. Darling Husband has a much better score than I do, his is in the mid 800s. We’re in the process of buying a house so my score has been fluctuating a bit, but hopefully the mortgage will end up bumping it up a bit since it’s technically ‘good’ debt to have. I check my score once a month through my American Express. I feel better know that I’m on top of it and I know where I stand.
Post # 5
Mine is somewhere around 750. But that’s through Credit Karma which I’ve heard isn’t as accurate. It docks me for not having enough credit cards (I have 2) and their average age of each credit line isn’t very old. Sorrrrrrrrrry that I’m young! Lol!
Post # 6
@MadameTussaud: I know! Neither Darling Husband nor I have any blemishes in our history (the fact that we are so young and our history is semi-short is our biggest problem I think).
Darling Husband does have student loans on his (his parents took them out and pay them back but they are still in his name and therefore on his report). Our only other debt is one car loan that is paid on time every month. We don’t carry a balance (ever) on our credit cards – they are paid in full every month.
Hopefully making the monthly payments on our mortgage will pull it up some more.
Post # 7
We are both in the 800s. The process is pretty stupid sometimes, even if you pay your cards on time and never have a late payment you could have a bit lower score because of your mix of credit or the credit to debt ratio.
Post # 8
Mine is nearly 800 but the actual score is not as important as your credit history and worthiness. my husbands credit score is much lower than mine but he has a more solid credit history he has bigger loans etc so he always gets approved for things that I dont. He even had to cosign for me for a credit card because they said I didnt have a long credit history since i was out of the country for a while. SO even though I have a higher score than him, he technically has better credit.
Post # 9
Mine is about a 720 and my DH’s is in the high 700’s.
Post # 10
You can get full, free credit reports once a year from all the major agencies. They give you the info on what is impacting your score – very interesting stuff. It can be the number of cards you have, old delinquencies, etc etc . Make sure you go to the right place though – some places try to trick you into the free report but are actually singing you up to a subscription service (with a “free” trial period). Everyone should do this – it is also a good way to spot frauds or other things that could be impacting your score that you don’t even know about!
get your free reports:
read about the program from the FTC
Post # 11
Both just under 750 but his slightly higher. We are hoping that mortgage will increase it.
Post # 12
Look how awesome our credit scores are!!! There should be a poll about our men’s haha, there would probably be a huge difference! Us women are so responsible 🙂 woo-hoo!