what is a good credit score?

[SeVeReDiStOrTiOn]

As far as I know inquiries don't actually lower your credit fica score....having a lot of them just doesn't look good when someone actually looks at the report. There's also different types of inquiries...if you get a full credit report you'll see a shit load of inquiries made by credit cards companies, businesses, basically any of those "pre-approved" places. But those don't go against you at all....it's just useful to see who's checking out your credit....I guess they have the right to do so by law

[Nastyfoot]

As far as I know inquiries don't actually lower your credit fica score....having a lot of them just doesn't look good when someone actually looks at the report. There's also different types of inquiries...if you get a full credit report you'll see a shit load of inquiries made by credit cards companies, businesses, basically any of those "pre-approved" places. But those don't go against you at all....it's just useful to see who's checking out your credit....I guess they have the right to do so by law

Yes it does. Just happened to me recently. Upon inquiring, this is what the bank told me. I was pissed to say the least. But, my fault. Un-educated consumer I suppose. Note: It was for a mortgage, so. Could be different rules applying.

[daferg]

Let me clarify the credit questions:
There are 3 different credit agencies that everyone generally pulls:
Beacon, Experian and Trans Union

Many car finance companies only use Trans Union.

The more pulls on your credit the lower the score
You can shop for a mortgage or a car and pull your credit as much as you want for 30 days and it will only hit your score for one pull. The catch is that if you wait past the 30 day mark each one of those pulls counts as one ie: 700 credit score and credit pulled 10 times within 30 days, new score is about 697. After 30 days your score will be about 670. Each pull hits your credit about 3 points. Hope this helps. I had to take a credit class to be FCRA (Fair Credit Report Act Certified) for moy mortgage licensing. Thanks

Ferg

[whoa guy]

Let me clarify the credit questions:
There are 3 different credit agencies that everyone generally pulls:
Beacon, Experian and Trans Union

Many car finance companies only use Trans Union.

The more pulls on your credit the lower the score
You can shop for a mortgage or a car and pull your credit as much as you want for 30 days and it will only hit your score for one pull. The catch is that if you wait past the 30 day mark each one of those pulls counts as one ie: 700 credit score and credit pulled 10 times within 30 days, new score is about 697. After 30 days your score will be about 670. Each pull hits your credit about 3 points. Hope this helps. I had to take a credit class to be FCRA (Fair Credit Report Act Certified) for moy mortgage licensing. Thanks

Ferg

this guy knows what he's talking about

[SeVeReDiStOrTiOn]

The more pulls on your credit the lower the score
You can shop for a mortgage or a car and pull your credit as much as you want for 30 days and it will only hit your score for one pull. The catch is that if you wait past the 30 day mark each one of those pulls counts as one ie: 700 credit score and credit pulled 10 times within 30 days, new score is about 697. After 30 days your score will be about 670. Each pull hits your credit about 3 points. Hope this helps. I had to take a credit class to be FCRA (Fair Credit Report Act Certified) for moy mortgage licensing. Thanks

Ferg

cool...good to know

[SLIM_DURST]

I wonder what bill gates credit is. mine is 510

[HC2000Z28]

daferg makes sense

and I quote "The following inquiries are "hard" or voluntary inquiries and were generated because you authorized the companies listed to request a copy of your credit report. Most credit scores are calculated using only inquiries from the last 12 months. Your credit score is generally not affected by several inquiries that are posted at about the same time, such as when you shop for the best auto loan or mortgage rates. " www.equifax.com

[HC2000Z28]

your credit score is based on: how old your credit history is, collection agencies (if any), balance to available credit, deliquent accounts.

[BIGRED Z]

Let me clarify the credit questions:
There are 3 different credit agencies that everyone generally pulls:
Beacon, Experian and Trans Union

Many car finance companies only use Trans Union.

The more pulls on your credit the lower the score
You can shop for a mortgage or a car and pull your credit as much as you want for 30 days and it will only hit your score for one pull. The catch is that if you wait past the 30 day mark each one of those pulls counts as one ie: 700 credit score and credit pulled 10 times within 30 days, new score is about 697. After 30 days your score will be about 670. Each pull hits your credit about 3 points. Hope this helps. I had to take a credit class to be FCRA (Fair Credit Report Act Certified) for moy mortgage licensing. Thanks

Ferg

Actually, its Experian, transunion and equifax. Beacon is just the term that applies to your credit score, which only one if the 3 companies uses. The other 2 have different scoring methods.

Also, there are soft pulls and hard pulls. A hard pull will actually lower your score. Like when I was tring to refi the mortgage, my score dropped 20 points in 2 months just shopping around with various places. It rebounds within a few months however. I think they stay on for 30-90 days.

Lori

[MysticZ28]

Actually, its Experian, transunion and equifax. Beacon is just the term that applies to your credit score, which only one if the 3 companies uses. The other 2 have different scoring methods.

Actually it's FICO that provides the scoring model, typically used by lenders. FICO takes the data from each of the 3 credit reporting bureaus and generates a score for each one ... Beacon is the branded name for the Equifax FICO score ... Transunion and Experian also have thier branded name for their FICO scores.

Transunion and Experian also have their own scoring model that is different from FICO ... So in theory you have up to 5 different scores floating around or possibly more - I know of one lender that up until about a year ago took the data directly from the bureaus and applied thier own scoring model.

[BIGRED Z]

I stand corrected, thanks for the clarification.

Lori

[Honboy1]

That's some good information. I'm glad we have some smart people on this site!

[my5thNewUsernameHere]

I don't understand why so many people have such low credit scores...If you don't have the money...Don't spend it!

I don't know my score, but when we got our home loan they said that it was virtually impossible for us to do anything to raise it further.

According to this estimator, my score is 735-785.

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

[ws62001]

Mine checked 1 year ago. 823

Want a vette but don't want the debt.

I told the wife when I'm 50 I'll get it and keep the trans am.

[LS1Chris]

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.

It varies, some last for 6 months, some last up to 2 years.

If your going to shop for a car or a home, shop til you drop but keep it within 2 weeks timeframe, only one pull will be counted. Go beyond 2 weeks and it's going to cost you.