The Current State of Credit Scores in America

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Replied by Joeyman on topic Re: The Current State of Credit Scores in America

I pay daily on my CU Visa, only because I can transfer instantly from my CU checking account. So I basically run all my regular transations through my CU Visa if possible. Now, my Cap One card is for "long-term purchases?" I have a 0% APR until next year. I'm working on paying that down now, I call that card the devil card! My Elan card is lame, my credit monitoring service runs through that, nothing more. I don't care to use it anymore. The balance is $50 so it doesn't close...


I have 17.5% ult at the moment, with $3900 total credit. My goal is to make it 10% ult within 1-2 months.
9 years 2 months ago #16

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Replied by smcc on topic Re: The Current State of Credit Scores in America

You know Wanderer, you sound like me, trying to weather the storm until things get better. If you can live through this (current economy) and come out unscathed, you will be in a good place (credit score wise )
9 years 2 months ago #17

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Replied by Wanderer on topic Re: The Current State of Credit Scores in America

When I read the story uzipolo I thought of people who had good credit and because of the state of the economy, i.e. layoffs, working less hours, medical, that some people, through no fault of their own, were just not able to keep up with their bills.

then you have others who were making minimum payments on their accounts and the economy "reached out and touched them" also.

I think a lot of us here at FG have made it a priority to pay down / off our revolving accounts and use our cards when we have a plan on how to pay it ( the balance ) off before we make the transaction.

To give you and idea, I went on vacation recently, do you know I accounted for all my daily expenses at the end of everyday and sent that amount to AMEX through bill pay with BOA. I was paying off my expenses every night. The next day AMEX would show my expenses on their website from the previous day and I would go back and cross reference the charges against what I entered in my EXCEL spreadsheet.

I have said this before "Credit has never been so close to cash as it is now, I treat it ( credit ) like a priority................


Hmm... very un-American "cash"... :cash: Yeah! Actually, I don't pay off every day but it is getting so weekly I submit payment. Also, I limit myself to certain cards that I will use each month (rotate and yes it is a pain). The others cards stay paid in full. Frankly, I would like to downsize more cards but the market place is so fussy I stopped closing accounts for now. Closed five bank credit card accounts since the fall of 2009 eliminating $24,850 in credit lines (not bad). Cooling it for now. Someone on the site mentioned creditors are too nosey. I agree. They seem to live by the credit bureaus. I watch my timing so bills are paid by the cutoff date the bank uses for credit reporting (and no it is NOT always the statement cutoff date).
9 years 2 months ago #18

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Replied by smcc on topic Re: The Current State of Credit Scores in America

When I read the story uzipolo I thought of people who had good credit and because of the state of the economy, i.e. layoffs, working less hours, medical, that some people, through no fault of their own, were just not able to keep up with their bills.

then you have others who were making minimum payments on their accounts and the economy "reached out and touched them" also.

I think a lot of us here at FG have made it a priority to pay down / off our revolving accounts and use our cards when we have a plan on how to pay it ( the balance ) off before we make the transaction.

To give you and idea, I went on vacation recently, do you know I accounted for all my daily expenses at the end of everyday and sent that amount to AMEX through bill pay with BOA. I was paying off my expenses every night. The next day AMEX would show my expenses on their website from the previous day and I would go back and cross reference the charges against what I entered in my EXCEL spreadsheet.

I have said this before "Credit has never been so close to cash as it is now, I treat it ( credit ) like a priority................
9 years 2 months ago #19

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Replied by uzipolo on topic Re: The Current State of Credit Scores in America

A must read, in today's USA TODAY]http://www.usatoday.com/money/economy/2010-07-12-americans-credit-scores_N.htm[/URL]


the funnest part of the article was the comments..(lol) but seriously lets get down to business........



A customer with a score of 679 recently walked away from buying a house because he could not get the best interest rate on a $100,000 mortgage. Had his score been 680, the rate he was offered would have been a half-percent lower. The difference was only about $31 per month, but over a 30-year mortgage would have added up to more than $11,000.

..i tried..and i tried..and i tried..i cant get no..(dah da dahh!)

i mean they should have went further in this discussion
but i guess it depends on the person, it seems and more than l8ikely this was a condo, a duplex, or a townhouse but what about what monies did the customer have up front? is this a family? single person that was getting the loan?
but overall he should at least try to come back in 3-6 months to get his credit to be where it needs to be which in this case 680 which i think would have been easy if he was around people to give him some sound advise, like us, on credit management or the CCC.or his actuall lender or bank that i guess would have issued the check
speaking of the bank, if he would have went that route, couldnt he have just negotiated with the owner who is selling the property to get the price down by 10,000? like i said alot of un answerd questions and not enought info on this statement.......






"There was nothing derogatory on his credit report," Workman said of the customer. He had, however, recently gotten an auto loan, which likely lowered his score.


..i think this plays with not being informed by his bank, his realotor, or whoever he was around at the time of the house purchased they should have told the customer that you just cant buy things like that ..especially that big of a purchase while trying to buy a home, they preach this to you like a religion
unless...he did this without knowing he was going to purchase a home in the future and just did it on a hum bug or did it because he needed to do something fast or his back was against the wall...like i said alot of empties in this discussion that we dont know about....




Studies have shown FICO scores are generally reliable predictions of consumer payment behavior, but Workman's experience points to one drawback of credit scoring: Lenders can't differentiate between two people with the same score. Another consumer might have a 679 score because of several late payments, which could indicate he or she is a bigger repayment risk.

wow didnt think you could have a 679 score with LATE PAYMENTS..wow! he must have had a 800 score to begin with..

says uzipolo-king of decatur
9 years 2 months ago #20

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was created by smcc

9 years 2 months ago #21

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