Checked my credit score this morning.

Discussion in 'Getting Ahead: Careers, Finance and Productivity' started by blackbrah, Dec 17, 2014.

  1. blackbrah

    blackbrah Well-Known Member

    Saw my credit score went up 35 points, putting me at 718...fuck yes. It was in the gutter a few months back (not in the gutter per sae) and now I'm back up.

    Two of my creditors report it both at 718 but Equifax has it much higher, about 20-30 points higher IIRC.

    A few years ago I had more debt from college and such and I have paid that off. I got a car payment that is a loan and also my CC so things are going well.
  2. The Dark King

    The Dark King Well-Known Member

  3. RRoyce55

    RRoyce55 Active Member

    I used to work in finance so I will give a few tidbits of advice that the average joe don't know:

    credit score doesn't mean anything really. You can have an 800 score and still not get a car note without established history.

    Proper history to avoid any and all credit issues:

    Minimum 3 lines of credit need to be open, and kept current. My best advice for newbies is to have a credit line and maybe a couple charge cards. Use them ONCE A MONTH, and pay the shit off.

    When you open student loans they tell you this, but you really need to take note. They can/will have an adverse affect on credit. Although they are technically LINES OF CREDIT, they help your credit standing in NO WAY, but can hurt you if you are late on payments. Example: you have 4 students loans and no other lines of credit in your history. You WILL need a co-signer on any "legitimate" auto loans. When I say legitimate, i mean those that don't jack your interest rate up to 21% with 1 missed payment (those that know, know what I'm talking about. The buy here / pay here scammers). I sold vehicles at one point people. I didn't last cause I actually have a heart.

    Do not open any credit card accounts with what is known as a "variable rate". That is a bullshit scam. Basically you are signing off on the creditor to jack up your rate the moment you are late on 1 payment. When your young, you don't know any better. When someone says "credit line", your immediate response will be YES 99% of the time.

    *Biggest Secret you don't know* Bankers and finance people are liers in general. They profit off regulations that the general public know nothing about. Case in point:

    You go in to a car dealership and find a car you want to buy, new/used, doesn't matter. You think you qualify for a certain rate. If you finance through the dealership, they are allowed to bump any approved rate 2 points simply for profit. It gets far more technical but I really don't have the energy to go into it all at this moment. Simply put, if they say they can get you a rate of 4.2, it could very well (and most likely is) approved for a lower rate. Any rate you agree to above the approved rate is profit for the business, straight cash on the monthly homie. Except it goes back to the bank.

    If you have 3 lines of credit, open consistantly for over 1 year with no delinquencies (late payments), your credit will hit the moon in no time and any credit check will bring no shame. All those advertised APRs, Mortgage rates and special loan rates are qualified, even if some asshole(s) lies and says something is holding you back. TRUST ME ON THAT.

    These are things I wish my parents had let me know before I entered the real world. Thank god I had jobs that clued me into the real deal.
    Last edited: Dec 17, 2014
  4. Stizzy

    Stizzy Well-Known Member

    Big ups homie.
  5. Raudi

    Raudi Member

    Thanks for your insight, rep coming your way.:cool:
  6. Ches

    Ches Well-Known Member

    I second that.
  7. lippy

    lippy Well-Known Member

    I watch my credit tracker constantly though capital one. On CC you need to find a happy medium...don't use all your credit and don't not use all your credit...they will ding you points if you are on one end or the other of the spectrum

    Every month is a chance to raise your score

    Do not request CC that you don't need...having more isn't better...every time someone pulls a credit reporting you it effects your score
  8. blackbrah

    blackbrah Well-Known Member

    770-790 now. Been working hard to get it there.

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