2p2 Creditworthiness
 

How creditworthy are you, 2p2?

This might be a post geared more towards the 25+ demo (those of us who've needed to get car loans or mortgages approved definitely have a good feel for this), but really anytime you apply for any kind of credit this comes up, so it's good to know.

The poll below is broken out by ranges for FICO scores, the critical factor in determining the features of your loan in the States.

Most lenders view less than 620 as subprime.

And of course feel free to chime in on any other credit issues!

Re: 2p2 Creditworthiness
 

Last time I checked, I was around 750. FWIW, I'm 23.

Re: 2p2 Creditworthiness
 

is there a good way to estimate your credit score? i have a copy of my free credit report but those don't give you your FICO score

Re: 2p2 Creditworthiness
 

Somewhere around 750 last time I checked, might be slightly worse now.

Re: 2p2 Creditworthiness
 

This thread will waste no time turning into a brag fest.

Oh yeah, mine is like negative eleventy. Beat that! I'm just lucky a credit check wasn't necessary to become a mod.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
is there a good way to estimate your credit score? i have a copy of my free credit report but those don't give you your FICO score

[/ QUOTE ]

Mason - you can buy it here. One of my credit cards offers a credit-monitoring thing with FICO score as a free service, so that's how I get mine.

Also, I believe or any of the 3 major credit bureaus sell it online at their respective websites.

-Al

Re: 2p2 Creditworthiness
 

[ QUOTE ]
Somewhere around 750 last time I checked, might be slightly worse now.

[/ QUOTE ]

Re: 2p2 Creditworthiness
 

[ QUOTE ]
[ QUOTE ]
is there a good way to estimate your credit score? i have a copy of my free credit report but those don't give you your FICO score

[/ QUOTE ]

Mason - you can buy it here. One of my credit cards offers a credit-monitoring thing with FICO score as a free service, so that's how I get mine.

Also, I believe or any of the 3 major credit bureaus sell it online at their respective websites.

-Al

[/ QUOTE ]

yeah i don't want to spend money so i'll estimate mine is around 1100

Re: 2p2 Creditworthiness
 

If I gave the bank a $20 they wouldn't loan me a $10.

Re: 2p2 Creditworthiness
 

Mason - haha oh... yeah I donno how to get the exact calculation for this. Fair Isaacs developed a scoring model to make scores consistent between the 3 credit bureaus - I'm not sure they would release the exact calculation.

Here's a link that explains the basic parts of the score

-Al

Re: 2p2 Creditworthiness
 

anyone over 720 score missed a mortgage payment?
also, can I apply UB online bonus credits directly to my FICO account?

Re: 2p2 Creditworthiness
 

johhnylovescandy,

how does it feel to win the coveted "worst new poster" award?

Re: 2p2 Creditworthiness
 

I feel like the poster boy...

Re: 2p2 Creditworthiness
 

This thread is now depressing me, because I just wish I was in a position to do something where my credit score actually mattered.

Seattle + 40K a year = apartments.

Lord I need to marry rich.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
Mason - haha oh... yeah I donno how to get the exact calculation for this. Fair Isaacs developed a scoring model to make scores consistent between the 3 credit bureaus - I'm not sure they would release the exact calculation.

Here's a link that explains the basic parts of the score

-Al

[/ QUOTE ]

yeah i was hoping someone knew like "hey each year of each good account is worth about 10 points and each collection is worth about -50 points etc"

or even "400-500 means you've had 4 collections and a write off, 500-600 means 2 accounts in good standing, up to 5 late payments" etc etc


maybe it's all too complicated for that kind of stuff though

Re: 2p2 Creditworthiness
 

I have a horrible credit rating. I just put down my parent's address as my last place of residence though. Theirs is like triple-A so I can get whatever I want. [img]/images/graemlins/heart.gif[/img]

Re: 2p2 Creditworthiness
 

I maxed all my credit cards during a cross country move, and my FICO score dropped 70+ pts in one month. Paid cards off within 2 months and FICO score was restored 1 month later. While a mortgage broker, I had a friend at credit bureau who told me FICO scores improve more quickly by maintaining approx. 30% balance on your credit cards at any given time. This among other things, too, of course...

Re: 2p2 Creditworthiness
 

806

35 years old

Mortgage, car loan, CC with <$1,000 balance. On-time payments for all.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
Oh yeah, mine is like negative eleventy. Beat that! I'm just lucky a credit check wasn't necessary to become a mod.

[/ QUOTE ]

I'm surprised - lots of companies run credit checks on prospective employees, always figured Mason et al were pretty thorough people...

-Al

Re: 2p2 Creditworthiness
 

515 or something. I have 0 history of credit...never had a credit card etc plus had couple of collections late payments.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
This thread is now depressing me, because I just wish I was in a position to do something where my credit score actually mattered.

Seattle + 40K a year = apartments.

Lord I need to marry rich.

[/ QUOTE ]

Seattle is on the high side, but it could be worse [img]/images/graemlins/frown.gif[/img]

actually, if you look at just the coasts (all of the West, north of DC) Seattle becomes reasonable. cheaper than:

San Fran/Bay area
LA
San Diego
New York
DC
Boston

Re: 2p2 Creditworthiness
 

I think it's around 600. Hooray for terrible decisions while 18!

Re: 2p2 Creditworthiness
 

I've never had a credit card, taken a loan out for anything, and have paid all tickets and fines in a timely manner. What is my credit score?

Re: 2p2 Creditworthiness
 

[ QUOTE ]
I think it's around 600. Hooray for terrible decisions while 18!

[/ QUOTE ]

I made a lot of these around 21, and by the time I was like 25 or 26 mine was back into pretty good shape.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
[ QUOTE ]
This thread is now depressing me, because I just wish I was in a position to do something where my credit score actually mattered.

Seattle + 40K a year = apartments.

Lord I need to marry rich.

[/ QUOTE ]

Seattle is on the high side, but it could be worse [img]/images/graemlins/frown.gif[/img]

actually, if you look at just the coasts (all of the West, north of DC) Seattle becomes reasonable. cheaper than:

San Fran/Bay area
LA
San Diego
New York
DC
Boston

[/ QUOTE ]

Your point is that Seattle is reasonable relative to like the top 6 housing markets in the nation?

It's just frustrating in a "world is unfair" way that I could afford a nice ass house in my hometown, but without doubling my income one way or anything, if I want to stay here (which I do) I'm pretty much hosed.

Re: 2p2 Creditworthiness
 

Here's a FICO estimator. It was accurate with me.

http://www.bankrate.com/brm/fico/calc.asp

Re: 2p2 Creditworthiness
 

One retarded thing I did when I was in college was open a Banana Republic charge card (for the 10% discount or whatever), proceeded to forgot about it... bank eventually charged it off which is a pretty significant derogatory in of itself, coupled with a 90+ days late derogatory. The outstanding amount was like $70 or so.

When I found out about this I actually tracked down the issuing bank, which took forever to find, paid the charge-off (so that got knocked out) and they switched it from 90+ days to 30 days late. Can't remember how much this improved my credit score since it was a while ago, but I think it really helped. This is my only derogatory, and was many years ago (not sure exactly how this works, but I think after 4 years or so, minor stuff doesn't really impact your score that much, if at all).

-Al

Re: 2p2 Creditworthiness
 

[ QUOTE ]
One retarded thing I did when I was in college was open a Banana Republic charge card (for the 10% discount or whatever), proceeded to forgot about it... bank eventually charged it off which is a pretty significant derogatory in of itself, coupled with a 90+ days late derogatory. The outstanding amount was like $70 or so.

When I found out about this I actually tracked down the issuing bank, which took forever to find, paid the charge-off (so that got knocked out) and they switched it from 90+ days to 30 days late. Can't remember how much this improved my credit score since it was a while ago, but I
think it really helped. This is my only derogatory, and was many years ago (not sure exactly how this works, but I think after 4 years or so, minor stuff doesn't really impact your score that much, if at all).

-Al

[/ QUOTE ]

congrats on 7k

Re: 2p2 Creditworthiness
 

[ QUOTE ]
I have a horrible credit rating. I just put down my parent's address as my last place of residence though. Theirs is like triple-A so I can get whatever I want. [img]/images/graemlins/heart.gif[/img]

[/ QUOTE ]
Not sure I understand this. Putting their address down shouldn't have any effect on your credit score. In fact, putting your name on their credit card won't have any effect anymore.

Re: 2p2 Creditworthiness
 

"congrats on 7k"

Didn't read Al's post closely and in the context of this thread, this comment made me have compounding interest nightmares.

Re: 2p2 Creditworthiness
 

Dids - hahah I actually didn't understand what he meant at first either (thought "7k" was some weird credit score term or something, even googled it).

Thanks KK - actually I'm always trying to quit 2p2 so it's a bit of a mixed milestone for me haha [img]/images/graemlins/smile.gif[/img]

-Al

Re: 2p2 Creditworthiness
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
This thread is now depressing me, because I just wish I was in a position to do something where my credit score actually mattered.

Seattle + 40K a year = apartments.

Lord I need to marry rich.

[/ QUOTE ]

Seattle is on the high side, but it could be worse [img]/images/graemlins/frown.gif[/img]

actually, if you look at just the coasts (all of the West, north of DC) Seattle becomes reasonable. cheaper than:

San Fran/Bay area
LA
San Diego
New York
DC
Boston

[/ QUOTE ]

Your point is that Seattle is reasonable relative to like the top 6 housing markets in the nation?

It's just frustrating in a "world is unfair" way that I could afford a nice ass house in my hometown, but without doubling my income one way or anything, if I want to stay here (which I do) I'm pretty much hosed.

[/ QUOTE ]

well, it all depends on you look at it. if being near the ocean, having access to cool outdoors stuff, and being in a good sized, cosmopolitan city is important to you, then Seattle can be a reasonable choose. those are things which contribute to high valuations. it helps explain why a Dallas or Chicago or Las Vegas or Denver can be cheaper.

so, other major, nice cities near the coasts are probably better comps than smaller towns further inland.

Re: 2p2 Creditworthiness
 

and contributing something to this thread besides a hijack: 700.

I could be better at paying credit card bills on time and I have a decent chunk of loans outstanding. no bad debt, just lots of it.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
I've never had a credit card, taken a loan out for anything, and have paid all tickets and fines in a timely manner. What is my credit score?

[/ QUOTE ]

Don't know, but probably not that good because your lack of a record makes you a wild card in the eyes of lenders. Are you a student? There was a thread in BFI or the dorm recently about student credit cards that you should look into.

Re: 2p2 Creditworthiness
 

Eff Experian. I'm 740+ on the Transunion and Equifax, but I've been fighting Experian for four years over my credit report. Just when I get rid of the crap, they put more new crap on it. I'm 650 on Experian because they've doubled outstanding loans (twice), they've put someone else's crap on my report (four times), they magically added a long paid-for college loan, and they added a 10 year old debt that was challenged and cleared 10 years ago. I couldn't buy a car from the dealer a few years ago because that dealer used Experian exclusively and returned a sub-600 credit score. I was stunned. I had to find a dealer that used one of the other two while I fought Experian.

DIAGF EXPERIAN!

Credit agencies are one of the biggest scams going and somehow it's all legal.

Re: 2p2 Creditworthiness
 

[ QUOTE ]
[ QUOTE ]
I think it's around 600. Hooray for terrible decisions while 18!

[/ QUOTE ]

I made a lot of these around 21, and by the time I was like 25 or 26 mine was back into pretty good shape.

[/ QUOTE ]

I don't particularly care that my credit is bad - it's actually sort of a good thing. It stops me from making even more stupid decisions, and forces me to think about paying for things in cash, which is nice.

Re: 2p2 Creditworthiness
 

I've never had a credit card, and I've never borrowed from a bank, so my credit score probably does not exist yet.

Re: 2p2 Creditworthiness
 

Quick - my parents enrolled me in student credit cards to start building up my credit history back in college.

In general I think it's pretty important to establish some kind of credit history. The difference between a subprime credit score (<620) and a very good one means not only a ton of interest money out the door on all your debt, but could severely impact your ability to even get a loan.

-Al

Re: 2p2 Creditworthiness
 

I'm around 720, would be higher but I have a high amount of revolving debt right now due to balance transfers (but fortunately almost all of it is locked at 0% for life).

Re: 2p2 Creditworthiness
 

[ QUOTE ]
[ QUOTE ]
I have a horrible credit rating. I just put down my parent's address as my last place of residence though. Theirs is like triple-A so I can get whatever I want. [img]/images/graemlins/heart.gif[/img]

[/ QUOTE ]
Not sure I understand this. Putting their address down shouldn't have any effect on your credit score. In fact, putting your name on their credit card won't have any effect anymore.

[/ QUOTE ]

I live in the UK, not US. Also my rating was trashed while in Ireland. Here they ask for your current and previous address and how long you were there and somehow work it out from that.