Question about credit scores..

[Nine76Chris]

I have an setup with transunion called zendough (zendough.com) where I monitor my credit scores and reports. With my credit score of 801 they say 48% of all consumers have a better credit score than me. Top of the scale is 950. So my question is does anybody here have a score in the 900s? I'm perfect with all my payments. How do you do it?

EDIT: I bought a house in July and it hasn't showed in the credit reports as of yet...do they do it once a year or something?

[shhaker]

what 801 isnt good enuff?

it goes off your debt ratio, available credit, bla bla bla. with my 800 credit score i got a 4.25 interest rate on my new bike.

[Yam M1R]

The bad thing about that is last yr the highest credit score was a 850 now it 950 Damn keep moving the score up and up!!! What's next pay cash for everything or u can't get it

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[neihouma]

What's your APR if you don't mind me asking? I have a 768 and I locked in a 3.75% for a
30 year mortage.

That very same day I went in and out of a Bank of America, Chase, and Wells Fargo
and the lowest APR they offered was a 3.52%

[greenc51]

just closed on a house last friday with a 3.75% rate

refinanced my car two days ago and got a 4.2% rate

801 is damn good already. why the quest to get better than that? it just means taking on more debt and managing it well.

[Maxxym]

Originally Posted by Nine76Chris

I have an setup with transunion called zendough (zendough.com) where I monitor my credit scores and reports. With my credit score of 801 they say 48% of all consumers have a better credit score than me. Top of the scale is 950. So my question is does anybody here have a score in the 900s? I'm perfect with all my payments. How do you do it?

EDIT: I bought a house in July and it hasn't showed in the credit reports as of yet...do they do it once a year or something?

That score is not a FICO score.. it's called FACO score. FACO scores have higher range. FICO score only goes to 850

If you want really accurate score, buy it from myfico.com

[kickarsmann]

You guys should check out PenFed. I refinanced my car with them, 1.49%. I came from a 5.69. Saved my monthly payments by 50 dollars every month. Credit scores are BS, I hate how we're discriminated by it. I have a 739/850 or 900...

[FactoryPilot]

High credit scores are not based purely on on-time payments. They are also based on account age and total debt ratio along with many other factors.

[Nine76Chris]

Originally Posted by neihouma

What's your APR if you don't mind me asking? I have a 768 and I locked in a 3.75% for a
30 year mortage.

That very same day I went in and out of a Bank of America, Chase, and Wells Fargo
and the lowest APR they offered was a 3.52%

Mine is 3.75% fixed 30 year VA

[neihouma]

Originally Posted by Nine76Chris

Mine is 3.75% fixed 30 year VA

Cool beans thanks for replying... I'm at a bank of America now and their signs are now offering 3.51%...

I wonder wonderbwhat score do you need to get such lower interests...

[greenc51]

well the apr actually depends on the market on a day to day basis. the banks dont decide that really, from my understanding

[ALTON05R1]

I locked in my rate at 3.75% a few months ago on my house. i went through a mortgage broker i was told that they can typically get you a lower APR than some banks, at the time the 3.75 was a few points lower than most banks. Also the brokers were alot easier to work with than big corporation banks.

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[greenc51]

my mortgage application process was the most pain in ass process i have ever gone through for anything. i used wellsfargo

[polakw/aR1]

right now I am sitting at 870ish and slowly climbing. keep your payment history clean(most important), and dont be quick to pay shit off right away, do it, but just build good clean payment history first then pay it off. also dont open and close bank accounts most people dont realise it but opening and closing them will effect you score poorly, why i dont exactly know but it does. Also stay away from department store cards, the bigger amount of credit that you can use can effect your score also, 1 or 2 cards max, and keep them, opening and closing credit cards will also effect you. I had a target card once and I only got it because I got 30% off on my first purchase with it(first puchase was everything for my kitchen at the time) and I turned around payed the bill off and closed the account well it reflected negatively on my credit score so keep that in mind. In the next couple of years I am hoping to break into the 900's. I am 31 by the way. and I have been in the 800's for a long time. Payment history is key!

[stop2think]

Originally Posted by Yam M1R

The bad thing about that is last yr the highest credit score was a 850 now it 950 Damn keep moving the score up and up!!! What's next pay cash for everything or u can't get it

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Different agencies have different scores. It is the FICO score which is 850. There is really no benefit to anything over about 770(FICO), so getting concerned about miniscule drops is pointless. Credit is very simple, although there are some stupid tricks to raising it and even more stupid reasons it may temporarily drop, showing a long history of regular payments is still the foundation. Pay your bills, on time and in full, and getting the best rates should never be an issue as long as you have more than 7-8yrs of credit history.

Those with the best credit are usually those who don't need it.

[stop2think]

Originally Posted by polakw/aR1

also dont open and close bank accounts most people dont realise it but opening and closing them will effect you score poorly, why i dont exactly know but it does.

This is actually one of the most important things for maintaining your score: even if you do not ever use it, do not close credit accounts where you have a long history. If you've had an AMEX for 15yrs but never use it, DO NOT CANCEL IT.

[lobsterhound]

Ive never even heard of anyone refinancing a car? Its already a low interest rate to begin with. Figure in a 3 year term on average and I would think the fees to refinance would be more than the savings.

[stop2think]

Originally Posted by lobsterhound

Ive never even heard of anyone refinancing a car? Its already a low interest rate to begin with. Figure in a 3 year term on average and I would think the fees to refinance would be more than the savings.

Penfed currently offers 1.49% refinancing up to $70k, the process literally costs a few bucks and takes 15min. Definitely worth it in a lot of cases. I know a handful of people that have taken advantage of it, including my idiot brother who refinanced all 3 of his vehicles which he got terrible initial rates on.

I'd never finance a car, but if you have to rates right now are barely higher than mid-term CDs and offer the inherent inflation hedge.

[lobsterhound]

Originally Posted by stop2think

Penfed currently offers 1.49% refinancing up to $70k, the process literally costs a few bucks and takes 15min. Definitely worth it in a lot of cases. I know a handful of people that have taken advantage of it, including my idiot brother who refinanced all 3 of his vehicles which he got terrible initial rates on.

I'd never finance a car, but if you have to rates right now are barely higher than mid-term CDs and offer the inherent inflation hedge.

I would never finance toys (bikes, sleds, etc) however a work vehicle or a primary source of transportation makes sense to finance with rates as low as they are. With interest rates so low I could keep my own money working somewhere and making more than the small amount of interest on the banks money for the short term of the loan (3 years)

I never finance a vehicle more than 3 years. They way vehicles depreciate and wear out it only makes sense. After 5 years if the vehicle is used much at all your paying on a worn out piece of equipment. Basically a vehicle is the worst possible investment that everyone has to make.

[greenc51]

My car is financed yes. My bike....paid for with straight cash. I'd never finance a bike or any toy either. If I'm in a bind....the first thing to go?...the bike


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