Hi All
Well, the Holidays are now over and I was just sitting here bored.
Something happened to me during my Christmas shopping that made me ponder my credit score.In October I was approved for a Mortgage of $300k
A no dock loan with a 5.9 interest rate.My last big loan was for 60k in 1995 when I purchased my 95-E320Cabriolet paid in full in 2000.
I have a cash business and pay cash for everything. So here is what happened during Christmas. Whet to buy a dinning room set. The store offered a 15% discount if you open an account.The set was $6200.00
I agreed to put down $1200.00 and Finance 5k. They ran a credit check and I was denied credit. The salesman all of 22 years old said that my credit score must be low that almost everyone gets approved.
So I ask do you know your credit score? Sorry this is so long and boring!!!
Thanks,

JM

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joe moon/95Benzman

Yes, I know (should say knew) my credit score. An extremely high credit score can actually get you discounted loans. I encountered the concept when I used to have a mortgage.

When I refinanced my loan a few years ago, I was told they couldn't do it because my credit score was too low.

I just about flew out of my chair as my credit score should've been perfect. I've never missed a payment or written a bad check in my life.

Ran my credit report and found out that someone had used my identity to obtain credit with a number of credit card companies, as well as utilities, like the phone company, gas company, etc.

Naturally, all of the accounts went into default, and ruined my credit rating.

It took my nearly a year of hard work: hours and hours on the phone, letter upon letter, nervous waiting, etc. to get it cleared up.

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Paul S.

2001 E430, Bourdeaux Red, Oyster interior.
79,200 miles.

1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".

From my understanding, anything over 670 and you're in great shape. Over 700 and you are golden.

I am currently hovering around 650 and moving on up as I recently paid off a bunch of stuff.


My fathers is an absurd 780.

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Enough about me, how are you doing?

Just checked: 777... it's gone up!

You can get a free one-time score from eloan.com. You can get a free credit report from freecreditreport.com, and $5 buys an updated credit score...

I work in the mortgage/ investment finance industry and my professional hobby is understanding credit, it's workings and how to improve it on short notice.
For the record, the mean credit score in this country is 720, below it you are below average, above it etc. The point at which you enter the realm of Alt A credit, which is the next category below A credit is 680 - 700 depending on the lender.
Your chances of obtaining 100% financing go up greatly if your credit score is above 720.
Interestingly, something like 75% of the credit reports out there contain at least one error, I don't remember the % with serious errors but it's not much below that figure.
There are at least a couple of different "models" for pulling credit, ie: a mortgage model, a consumer credit model, etc. and your scores can vary 20-30 points depending on the model you pull. If you are talking mortgages and want to pull a mortgage model bureau go this website www.myfico.com and order the tri-merged (or deluxe) 3 bureau. Cost is $38.99? but it will give you accurate mortgage scores and a chance to view any errors on your report.
Best news is that because it's a consumer pull it won't decrease your credit score at all. Too many pulls will decrease your score by a maximum of 10%.
Hope that explains and helps.
*Now my first and only plug for business ever on this site. If you are financing residential multi-family investment property (4 family house's and less) my firm can provide 100%+ financing. We'll also do high end single family and condominium residences $2-5M. Commercial side of business goes to $300M.

your score is probably low right now since you just bit for 300k a few months ago. other factors may effect your score amongst the ones mentioned by lk1.

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72 W114/M130

RedMeat cartoon

I subscribe to Experian Equifax and Trans Union because my credit score literally puts food on the table. I've noticed Equifax (fico) has been pulling credit scores back inch my inch lately and my partners in the mortgage business have noticed the same trend. Current currently Experian is making the most money because of large lender alliances. These companies help other companies make money be getting you DENIED so they can ding you for a higher interest rate.

Credit scores for no doc's were averaging 700 a year ago now they are running in the 720 range. unless you missed a payment there are two things that dropped your score.

1. Credit inquires, it may be possible that your 21 year old lender pulled your report 3 or 4 times, I've seen this hit scores by 80 points.

2. High balance on your credit cards. Pay off your credit cards then monitor you scores that you subscribed to when they are back up apply.

Dump the lender your with it's unlikely a 21 year old can creatively help you out. We call these guys mortgage bum's.

773.

I thought my score would be higher.

The only debt I have is my home mortgage, and two credit cards. One credit card I use for business expenses, which average around $6K / month, and the other credit card I use for personal expenses. Nevertheless, both cards are paid off in full every month.

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Paul S.

2001 E430, Bourdeaux Red, Oyster interior.
79,200 miles.

1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".

The only reason you're not higher is your age and number of open accounts, I know of 1 person that is under 45 and has above an 800 credit score, he has 30 or 40 personal lines of credit all due to the nature of his business which is entertainment. He's also takes home a couple million a month which helps pay the bills.

MedMec

At 2 million a month. Who needs credit?

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joe moon/95Benzman

I pondered the same thing he's always taught me to use other people's money.

I run mine once a year just to make sure all is well - I was somewhat shocked this year that my mortgage company (TX house) showed me with a late payment for October 04. I sold the house in September 04 the closing company didn't settle with bank until 10/08/04, so it went pass the 10/01/04 due date---my fault ? I am not done with them yet -but they (Union Planters Bank) are being real buttholes about this.

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BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
15 VW Passat TDI
00 E420
98 E300 DT
97 E420 Donor Car - NEED PARTS? PM ME!
97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)

Boy, they'll let *anyone* into this club, won't they?

Mine is a little low because I had a charge-off w/AMEX that took me about 7 months to resolve as well as an incorrect entry by a cell phone company, Both have been deleted and I expect it to go up in a couple of months as I do not have much debt and all else has always been paid on time.

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Enough about me, how are you doing?