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Offline CG6468

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Credit Scores
« on: February 09, 2013, 02:49:30 PM »
I hadn't checked our credit score for about 6 years. No need to; the reports were OK.

I did it today. It's 817, and it only goes up to 850.

I guess my fetish about paying things early or at least on time paid off.
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Offline rich_t

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Re: Credit Scores
« Reply #1 on: February 09, 2013, 03:16:26 PM »
Quote from: CG6468 on February 09, 2013, 02:49:30 PM
I hadn't checked our credit score for about 6 years. No need to; the reports were OK.

I did it today. It's 817, and it only goes up to 850.

I guess my fetish about paying things early or at least on time paid off.

I haven't checked mine in several years either, but it was over 800 when I co-signed for a car for my son back then.
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Offline Freeper

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Re: Credit Scores
« Reply #2 on: February 09, 2013, 09:30:03 PM »
I checked mine and was excited that it said 850, then I noticed the minus sign in front of it.  :-)



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Offline Delmar

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Re: Credit Scores
« Reply #3 on: February 10, 2013, 12:44:44 PM »
Quote from: Freeper on February 09, 2013, 09:30:03 PM
I checked mine and was excited that it said 850, then I noticed the minus sign in front of it.  :-)





What, did you buy a new $8,000.00 bike or something?

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Offline Freeper

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Re: Credit Scores
« Reply #4 on: February 10, 2013, 09:11:18 PM »
Quote from: Delmar on February 10, 2013, 12:44:44 PM
What, did you buy a new $8,000.00 bike or something?



No, I bought 2 of them.

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I may not lock my doors while sitting at a red light and a black man is near, but I sure as hell grab on tight to my wallet when any democrats are close by.

Offline ExGeeEye

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Re: Credit Scores
« Reply #5 on: February 10, 2013, 09:50:18 PM »
Does anyone know why looking at it hurts your credit score?

Seems to me that could be abused...wanna wreck somebody's credit?  Don't bother stealing a credit card number and charging up a bunch of stuff...just look at their credit score.  Like, every day and twice on payday.
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Offline Karin

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Re: Credit Scores
« Reply #6 on: February 11, 2013, 10:48:11 AM »
I don't understand that either, ExGee, and I have another question that I hope someone who wanders by can help with. 

Why does closing a credit account on your own accord hurt the score?  Say you have some crappy Capital One account, that charges an annual fee.  You'd like to shitcan this card and avoid this fee.  Why would closing this account hurt a score?  It doesn't seem right, or logical. 

 
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Offline IassaFTots

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Re: Credit Scores
« Reply #7 on: February 11, 2013, 10:52:50 AM »
Quote from: Karin on February 11, 2013, 10:48:11 AM
I don't understand that either, ExGee, and I have another question that I hope someone who wanders by can help with. 

Why does closing a credit account on your own accord hurt the score?  Say you have some crappy Capital One account, that charges an annual fee.  You'd like to shitcan this card and avoid this fee.  Why would closing this account hurt a score?  It doesn't seem right, or logical. 

 

I "Think" and I could be wrong, that your credit score is based on your line of credit, and how much you owe towards that.  So, if you have a credit card that is paid off, it is added into your total line of credit, and improves your debt to credit ratio.  If you close it, it decreases your available line of credit.
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Offline Evil_Conservative

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Re: Credit Scores
« Reply #8 on: February 12, 2013, 09:39:56 PM »
I see my credit report every month.  I'm signed up through my employer since it's a financial institution.  It also provides protection and reports of any inconsistencies.  It works like Lifelock, sort of.
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Offline Evil_Conservative

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Re: Credit Scores
« Reply #9 on: February 12, 2013, 09:42:12 PM »
Quote from: IassaFTots on February 11, 2013, 10:52:50 AM
I "Think" and I could be wrong, that your credit score is based on your line of credit, and how much you owe towards that.  So, if you have a credit card that is paid off, it is added into your total line of credit, and improves your debt to credit ratio.  If you close it, it decreases your available line of credit.

You are correct.  I have a bunch of zero balance credit cards still opened for this reason.  It's nice to have that credit there whenever I get around to buying a new vehicle.
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Offline IassaFTots

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Re: Credit Scores
« Reply #10 on: February 12, 2013, 10:10:49 PM »
Quote from: Evil_Conservative on February 12, 2013, 09:42:12 PM
You are correct.  I have a bunch of zero balance credit cards still opened for this reason.  It's nice to have that credit there whenever I get around to buying a new vehicle.

Yay me!  I got something right!   :-)
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“Political Correctness is about turning a blind eye to painful reality because your comfortable feelings are more important to you than saving lives and providing quality of life to people who work their ass off to be productive and are a benefit to this great American Dream"  ~Ted Nugent

Offline RobJohnson

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Re: Credit Scores
« Reply #11 on: February 13, 2013, 03:28:14 AM »
Quote from: ExGeeEye on February 10, 2013, 09:50:18 PM
Does anyone know why looking at it hurts your credit score?

Seems to me that could be abused...wanna wreck somebody's credit?  Don't bother stealing a credit card number and charging up a bunch of stuff...just look at their credit score.  Like, every day and twice on payday.

If the consumer does not authorize the inquiry, it does not hurt the score. If you are just checking the score as a soft inquiry, without seeking a line of credit, it does not hurt your score.

Car dealerships like to trick people into thinking that multiple inquiries while car, rate or loan shopping will hurt your credit, this is not true as long as you end up getting a loan within 30 days.  "If you don't buy the car from us and you back out now, you won't be able to get the same loan any place else."
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Offline ExGeeEye

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Re: Credit Scores
« Reply #12 on: February 13, 2013, 04:27:37 AM »
Quote from: RobJohnson on February 13, 2013, 03:28:14 AM
If the consumer does not authorize the inquiry, it does not hurt the score. If you are just checking the score as a soft inquiry, without seeking a line of credit, it does not hurt your score.

Car dealerships like to trick people into thinking that multiple inquiries while car, rate or loan shopping will hurt your credit, this is not true as long as you end up getting a loan within 30 days.  "If you don't buy the car from us and you back out now, you won't be able to get the same loan any place else."

The most recent note I got from my bank on the subject said that my score was lower than it might have been because there had been too many requests for it in the past year.  OK, then.  How many is too many?  And does it matter that the only such requests I know about have been from that bank, pursuant to my pre-application for a mortgage?
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Offline Dacabeti

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Re: Credit Scores
« Reply #13 on: February 13, 2013, 01:56:42 PM »
My credit score fluctuates pretty heavily. in 1998 I was traveling through Midway airport and dropped my wallet. In it was my Drivers license and SS card (I know that was really dumb). Having a Spanish last name made it real easy for Illegals to steal my Identity. Every couple of months I have to write letters and get affidavits from the MN, IL and MO Attorney General to fight this fraud and get my credit score back up and the illegal charges removed. I have found that the credit score companies give a rats ass what they put on there. 

Around 2 times a year I have to call the Phone, water, power or cable company and get them shut off at an address in Cicero, IL. It's always the same address. The Illegals name is Miguel and him and I have had a few conversations over the years. The last one had the Cicero police pulling me off of Miguel so I could spend the night in the lockup (no charges filed). They refuse to do anything to Miguel, because as the cops said it's the Post Masters jurisdiction who will tell you it's a victimless crime.

I was on the phone with ComEd fighting a particular charge. The girl on the phone asked me if I ever met the man at that address. I said yes I have confronted him on a few occasions. At that point she said "Well you know him which tells me you gave him permission to use your SSN so we are not taking it off your report". I stayed very calm and asked her her full name which she provided. WHile keeping her on the phone I logged onto the ComED site and looked up the address of their call center and then went to Intellus and looked up her information using the work address and name as a reference. From that I got her home address, phone number and SSN. I then very politely thanked her for the meeting and time. My final comment was "Oh and by the way since we met I thank you for allowing me to use your address and SSN of XXX-XX-XXXX to get credit" and hung up. less than a minute later I got a call back from her telling me they will be removing that fraudulent charge from my credit report.
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Offline CG6468

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Re: Credit Scores
« Reply #14 on: February 13, 2013, 02:09:53 PM »
"Fight fire with fire!"

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Offline BEG

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Re: Credit Scores
« Reply #15 on: February 13, 2013, 02:13:12 PM »
Quote from: IassaFTots on February 11, 2013, 10:52:50 AM
I "Think" and I could be wrong, that your credit score is based on your line of credit, and how much you owe towards that.  So, if you have a credit card that is paid off, it is added into your total line of credit, and improves your debt to credit ratio.  If you close it, it decreases your available line of credit.

A few years ago I cancelled all the accounts we never use. It wasn't right before we were about to buy anything though. When we got this house our credit rating was well over 800. I don't think canceling the unused credit hurt our score at all.
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