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Credit Scores

Old 08-01-07, 01:31 AM
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timmyquest
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Credit Scores

I've been curious for a while. I use my credit cards frequently, responsibly (most the time). A few weeks ago my friend applied for a student loan that i have gotten each semester for the past 2 years and he was denied. I had always thought i would have had a decent credit score but this really got me wondering.

So i went to annualcreditreport.com and ran my report, 10 accounts in good standing, never missed or had a late payment. Then for $5 i could get a credit score, what the hell...

I also did the freecreditreport.com thing (which i'm calling tomorrow to cancel, which is the catch)

727/830: "Excellent" Plus score from experian (this one claimed i had a good amount of 'cushion' between what i owe and what i can borrow)
791/990 "C" Vantage score from experian (this one said i owed too much based on what i could borrow)

As of tomorrow i will owe $0...i'm guessing the 2nd just didn't get the payment.

It didn't occur to me but i just paid off my credit cards yesterday, i suppose i should have waited. I wonder if one of them saw it and one didn't.

Either way, i think i'm happy with both of them since i'm only 21 and in college...but the truth is i don't know. Thoughts, elders?
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Old 08-01-07, 01:51 AM
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linux_author
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- over a 700 is a good FICO score... see:

http://www.bankrate.com/brm/news/cc/20010223a.asp

- you can get a free FICO estimate here:

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

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Old 08-01-07, 03:08 AM
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Over 700 is good. Carrying a small balance, but never owing more than one third (1/3) of your available credit, will help too. Sounds obvious, but they like to see you use it responsibly. Not having more than one or two cards helps. Get a line of credit from your bank, rather than a student credit card. Ask your bank about credit reports (talk to a loan officer, not a teller). They can tell you how to get a full report and how soon it becomes current after making payments. For some reason, every time you check your credit your score is affected, so avoid checking it too often. Sometimes if you link a savings account to a checking account for an auto deposit, for example, that helps too. Keeping everything with one bank and using online banking makes things more manageable. Try to consolidate your student loans (when you're done borrowing) with that same bank. I am by no means a financial adviser. Good luck.
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Old 08-01-07, 07:35 AM
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Student loans are not based upon credit scores, they are based upon the US Department of Edication's need analysis calculation, unless your friend was attempting to get an "alternative" student loan. Alternative loan is just another term for unsecured credit, and without a viable job, credit score, or mom/dad's co-signature, MOST students are denied.
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Old 08-01-07, 08:24 AM
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Originally Posted by apclassic9 View Post
Student loans are not based upon credit scores, they are based upon the US Department of Edication's need analysis calculation, unless your friend was attempting to get an "alternative" student loan. Alternative loan is just another term for unsecured credit, and without a viable job, credit score, or mom/dad's co-signature, MOST students are denied.
It was a private loan...
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Old 08-01-07, 08:39 AM
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Originally Posted by PDXJeff View Post
For some reason, every time you check your credit your score is affected, so avoid checking it too often.
Checking your own credit report results in a soft inquiry that lenders cannot see and it *does not* affect your credit score in any way. It is the hard inquiries resulting from seeking credit that lower your score.
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Old 08-01-07, 09:00 AM
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Originally Posted by timmyquest View Post
727/830: "Excellent" Plus score from experian (this one claimed i had a good amount of 'cushion' between what i owe and what i can borrow)
791/990 "C" Vantage score from experian (this one said i owed too much based on what i could borrow)

Either way, i think i'm happy with both of them since i'm only 21 and in college...but the truth is i don't know. Thoughts, elders?
Fact is, those numbers are basically meaningless as you presented them. Are they the new number from the credit bureaus; the Vantage score? Looks like the second one is but I have no idea what the "Plus" score is. No one's really using those at the moment, so other than as a general feel good about where you stand, they're not worth much.

Most lenders still use the FICO score to determine credit, insurance rates, job worthiness, rental decisions and just about anything else you can think of. FICO is the one you want but unfortunately, that one costs about $50 to get. Check out www.myfico.com if you're really curious.
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Old 08-01-07, 10:41 PM
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midschool22
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I'm working to have a zero credit score. Only a few more years....
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