SPINOFF: Do you have a good credit score?

posted 3 years ago in Money
  • poll: What is your credit score?
    800+ : (35 votes)
    12 %
    750-800 : (89 votes)
    29 %
    700-750 : (82 votes)
    27 %
    650-700 : (31 votes)
    10 %
    600-650 : (19 votes)
    6 %
    550-600 : (15 votes)
    5 %
    500-550 : (12 votes)
    4 %
    Below 500 : (6 votes)
    2 %
    I have no credit! : (13 votes)
    4 %
  • Post # 3
    Member
    1864 posts
    Buzzing bee
    • Wedding: March 2014

    @Lily_of_the_valley:  You need an option for “don’t know” as I haven’t got a clue. I do pay my student loans and credit card bill on time every month, though. I’m pretty anal about that stuff so I’m assuming mine is good? Though my credit card is almost maxed out and I know that’s bad. But hopefully by summertime I will have the whole thing paid off.

    Post # 4
    Member
    4043 posts
    Honey bee

    Just got my credit score printed yesterday (we are applying for a mortgage), it was 781 (Equifax, I think). DH beat me though…787. 

    I think our scores are considered to be in the excellent range.

    Post # 6
    Member
    2062 posts
    Buzzing bee
    • Wedding: August 2012

    I was divorced. My credit is average…a heck of a lot better than it was after the divorce!

    Post # 7
    Member
    2358 posts
    Buzzing bee
    • Wedding: November 1999

    775 and 780 with DH and I

    Post # 9
    Member
    4043 posts
    Honey bee

    @Diamond84: Have you at least run a free credit report (even though it doesn’t give you a score free)? You can run it three times a year for free (different companies give a score) through annualcreditreport.com (the government site). 

    I would recommend doing it so you know that nothing incorrect is on your credit report. I also use creditkarma. It’s not 100% accurate, but gives you a good idea. 

    Also, carrying a high balance (and not paying it off monthly) can negatively effect your credit score. But if you plan on paying it off in the summer, it can improve over time. If possible, asking for a credit limit increase (but not increasing the debt) can help your credit.

    Post # 10
    Member
    4043 posts
    Honey bee

    @Lily_of_the_valley:  We hoping/expecting the approval process to go well…but the idea of taking on a mortgage and increasing our monthly expenses is the daunting part!!!

    Post # 11
    Member
    1864 posts
    Buzzing bee
    • Wedding: March 2014

    @bmo88:  Thanks for the tip! I know I need to get that balance down ASAP, hopefully even before summer. FI and I will be renting the first couple years, maybe longer, but I do hope that by the time we decide to buy, my credit will be better than it is now considering I haven’t been able to get my credit card down. 

    I am going to check out those websites right now. 🙂 I did run a credit report once years ago, I remember nothing from it, though I have a recollection that it wasn’t as bad as I thought it would’ve been at that time. 

    Post # 13
    Member
    10487 posts
    Sugar Beekeeper
    • Wedding: January 2011

    I’ve paid for it once, and I forget what it was.  Here, you can’t get it for free and even if you can, it isn’t the score that a company might use anyway.

    All I know is it’s excellent.  DH and I were approved for a LOC without having a full credit check, and we were told it was excellent when we got our mortgage.  Since then, it might have dropped a bit, as we’ve gotten new CCs.

    Post # 14
    Member
    552 posts
    Busy bee
    • Wedding: June 2014

    @AB Bride:  

    It’s the same for me. The bank checked my credit when I bought my condo and said it was excellent,  but I can’t remember if there was a number attached. I assume it’s still excellent because I make my mortgage payments on time and pay my credit card off every month.

    Post # 15
    Member
    7385 posts
    Busy Beekeeper

    We don’t have scores here (Australia). Basically if you have a default of any kind then you are on the bad credit list. A default lasts 5-7 years depending on the state you live in. Defaults are if you pay your bills or loans late and are usually issued after a couple of warnings from the company/bank. You are also on that list if you declare bankruptcy.

    When applying for credit or loans it doesn’t matter if you have never had credit before, infact it is rewarded if you have never had it because it show financial responsibility, it just matters what your income/committments/savings are, that you aren’t on the bad credit list and what assets you have.

    I got my first mortgage at 18 (for $200K) without ever having credit before. They just looked at my employment, savings and assets. They obviously weigh risk differently here. 

    Post # 16
    Member
    1549 posts
    Bumble bee
    • Wedding: June 2013

    YEP I have really good credit…. the banks love me. I have loads of debt and i pay them ontime with interest every single month of my life. Its my “i’m in a lot of debt” score.

    My sister however has zero debt and no credit score – hmm i wonder whose better off.

    Only thing i ever plan on financing ever again is our second home which we plan to be our “forever home”. Our mortgage payments will be enough to keep our score up enough by that point. If not i’ll find a bank that will look more at our income. I know they do income only if you have no credit score so i’m hoping theylll do that if we just have our house that is being sold.   

     

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