what is a good credit score?

**BrandonDrecksage** · 03-09-2006, 06:47 PM

I just checked my credit for the first time and it is a 694...is that good?

**INandOUTBurger** · 03-09-2006, 06:49 PM

i believe off the top of my head that a 680+ is getting into a nice range to get more favorable rates

**BrandonDrecksage** · 03-09-2006, 06:56 PM

Originally Posted by INandOUTBurger

i believe off the top of my head that a 680+ is getting into a nice range to get more favorable rates

hmm...well..I checked with the other two credit people..and one i'm rated at 701..and the toher at 668. maybe its time to refinance my car loan.

**INandOUTBurger** · 03-09-2006, 07:32 PM

Originally Posted by BrandonDrecksage

hmm...well..I checked with the other two credit people..and one i'm rated at 701..and the toher at 668. maybe its time to refinance my car loan.

most places will average them

and it is never a good time to refinance a car unless you just like to waste cash

MUCH better would be to pay more.....as often as possible with 2 checks with a notation on the check for the extra amount that says it is for the principle only

**SoCalTom** · 03-09-2006, 07:39 PM

I had always heard 700 was a good score to have but then a bank told me 720 was their threshold for A-1 credit. Mine was 713 at the time so I think they were just blowing smoke up my a$$.

BIGRED Z · 03-09-2006, 08:13 PM

Originally Posted by BrandonDrecksage

hmm...well..I checked with the other two credit people..and one i'm rated at 701..and the toher at 668. maybe its time to refinance my car loan.

Refinancing should be a decision based on your interest rate, not your credit score.

Credit scores are called Beacon Scores, the highest possible being 850, the lowest being 400. I will try to find a linky explaining what other factors determine your score. They include length of time on your job, at current residence, credit history, payment history etc.

BIGRED Z · 03-09-2006, 08:16 PM

http://www.thecreditreportcenter.com/beacon.htm

Here's a link that details why different credit reporting agencies will give you different scores.

http://www.free-credit-report-fast.c...edit-score.php

Learn something new everyday...

Lori

**BrandonDrecksage** · 03-09-2006, 08:20 PM

well..right now my interest rate is 7.01 percent on my 01 ss that I bought last year..I wanted to get that to be lower..so i pay less for the car. I figured since my credit score is okay..i should be able to get a much better interest rate.

BIGRED Z · 03-09-2006, 08:25 PM

Originally Posted by BrandonDrecksage

well..right now my interest rate is 7.01 percent on my 01 ss that I bought last year..I wanted to get that to be lower..so i pay less for the car.

That's a pretty good rate, you can always check around with your local institutions, but chances are that one will be hard to beat. Around here used car rates are almost 10% and thats with a beacon score of about 740. Not sure how close this compares to refi rates though.

Generally speaking, rates on new cars will always be the best, then increase for used cars especially as they get older.

L

**BrandonDrecksage** · 03-09-2006, 08:26 PM

Originally Posted by BIGRED Z

That's a pretty good rate, you can always check around with your local institutions, but chances are that one will be hard to beat. Around here used car rates are almost 10% and thats with a beacon score of about 740. Not sure how close this compares to refi rates though.

Generally speaking, rates on new cars will always be the best, then increase for used cars especially as they get older.

L

thanks...I'll check around..that is the rate I got last year..when i pretty much had zero credit..not sure how I got it..lol.

**CaptainCaveMan** · 03-09-2006, 08:30 PM

Originally Posted by BIGRED Z

That's a pretty good rate, you can always check around with your local institutions, but chances are that one will be hard to beat. Around here used car rates are almost 10% and thats with a beacon score of about 740. Not sure how close this compares to refi rates though.

Generally speaking, rates on new cars will always be the best, then increase for used cars especially as they get older.

L

I had to finance my old Grand National when i bought it and since no regular bank would loan out for a 18 year old car i talked to eloan. They gave me the loan for 4.9% I couldn't believe i got that kind of rate on a old car like that. I plan on doing business with them in the future.

**INandOUTBurger** · 03-09-2006, 08:34 PM

Originally Posted by BrandonDrecksage

well..right now my interest rate is 7.01 percent on my 01 ss that I bought last year..I wanted to get that to be lower..so i pay less for the car.

dude i VERY seriously doubt that you will be able to get anywhere near as low as 7% on a 5 year old car (5 is a big cutoff year time) or even a 4 or 3 year old car

and going from 7% to 4% on 15Gs over 3 years saves you barely 20 a month

http://www.bankrate.com/brm/auto-loan-calculator.asp

and man hate to break it to you, but if 20 bucks a month is going to make it that much easier for you in life then you can't afford that fucking car and you need to unload it

PS there is not a chance in hell of getting 4% for 3 years on a 5+ y/o car so it will never happen and you will be saving WAY less than 20 a month whatever you MIGHT be able to do....and they ain't going to refinance for free so in the end you might be able to lower your payment and pay .5% interest less and spread the loan out over a longer time and in the end pay WAY damn more for the car than what you are doing now and all for less than 20 a month

just plain piss poor math and a bad idea and probably not even do able on a 3-4-5 y/o car

this is what you do with a HOUSE....not a depreciating asset like a car

hey it is always good to save cash, but 7% on a car that old is pretty good for most anyone and the "savings" is almost if not non-existant

BIGRED Z · 03-09-2006, 08:40 PM

Originally Posted by CaptainCaveMan

I had to finance my old Grand National when i bought it and since no regular bank would loan out for a 18 year old car i talked to eloan. They gave me the loan for 4.9% I couldn't believe i got that kind of rate on a old car like that. I plan on doing business with them in the future.

I have heard good things about them, will have to check them next time I need to make a major purchase.

Ron wants to sell the 84 and buy an LT1 or maybe even LS1 TA or WS6, but I want the Z06. He says ok...both. I told him to get that money tree planted and we'll see...

**BrandonDrecksage** · 03-09-2006, 09:18 PM

Originally Posted by INandOUTBurger

dude i VERY seriously doubt that you will be able to get anywhere near as low as 7% on a 5 year old car (5 is a big cutoff year time) or even a 4 or 3 year old car

and going from 7% to 4% on 15Gs over 3 years saves you barely 20 a month

http://www.bankrate.com/brm/auto-loan-calculator.asp

and man hate to break it to you, but if 20 bucks a month is going to make it that much easier for you in life then you can't afford that fucking car and you need to unload it

PS there is not a chance in hell of getting 4% for 3 years on a 5+ y/o car so it will never happen and you will be saving WAY less than 20 a month whatever you MIGHT be able to do....and they ain't going to refinance for free so in the end you might be able to lower your payment and pay .5% interest less and spread the loan out over a longer time and in the end pay WAY damn more for the car than what you are doing now and all for less than 20 a month

just plain piss poor math and a bad idea and probably not even do able on a 3-4-5 y/o car

this is what you do with a HOUSE....not a depreciating asset like a car

hey it is always good to save cash, but 7% on a car that old is pretty good for most anyone and the "savings" is almost if not non-existant

dude, CHILL!. when did I say I NEEDED to save money each month? I want to pay less for the car in total...not each month....hence trying to lower the interest rate. I never said i couldn't afford the car..or the car payment. I was just throwing the idea out sicne I finally checked my credit score and thought if i refinanced..i'd get a lower rate and pay less for the car overall. Since I don't know what a good credit score is..I obviously know nothing about this shit..I don't see why you ahve to jump down my throat.

ps..how mcuh would refinancing cost?

**INandOUTBurger** · 03-09-2006, 09:42 PM

sorry if i came off as harsh

that interest rate is very good

with the fed funds rate at 4.5% now you will almost surely never beat 7%

even if you do get less than 7% not a chance of getting less than 5% use the calculator...you will save at most 8 bucks a month on a 20,000 loan over 3 years

a refi could go from free with a higher interest rate (probably higher than 7%) to $200 and up

just not worth it....send in extra each month that is the answer to paying less

**Nastyfoot** · 03-09-2006, 09:44 PM

Originally Posted by BrandonDrecksage

hmm...well..I checked with the other two credit people..and one i'm rated at 701..and the toher at 668. maybe its time to refinance my car loan.

Caution for you. The more "inquiries" into your credit, the lower it goes. Don't let everyone and they're brother "check" your credit for you.

**INandOUTBurger** · 03-09-2006, 09:47 PM

Originally Posted by Nastyfoot

Caution for you. The more "inquiries" into your credit, the lower it goes. Don't let everyone and they're brother "check" your credot for you.

agreed that is why when you car shop you tell them no, no credit pull until i have picked a car....don't give in

**Hi-Po** · 03-09-2006, 10:20 PM

Originally Posted by BIGRED Z

I have heard good things about them, will have to check them next time I need to make a major purchase.

Ron wants to sell the 84 and buy an LT1 or maybe even LS1 TA or WS6, but I want the Z06. He says ok...both. I told him to get that money tree planted and we'll see...

Lori Lori Lori, I only want the zo6. Ron has made his choice.

BIGRED Z · 03-09-2006, 11:31 PM

Originally Posted by Hi-Po

Lori Lori Lori, I only want the zo6. Ron has made his choice.

He he, wrong Ron. Huh, say that 3 times fast.

**Scorch** · 03-10-2006, 06:09 AM

When someone checks your credit, how long does that stay on your credit? Such as banks, credit card co's and such? I had applied maybe twice for one last year and when I checked my credit maybe a year down the road it wasn't on there. So I was just wondering how long they stayed on there.