They are basically the same thing..
Credit Score / Report Gurus
- Thread starter musclefan21
- Start date
Not really.
There are three different credit unions. All will have different numbers for you.
FICO scores will be different and are a combination of Experian, Transunion and Equifax.
When we applied for a home loan many years ago, the lender cared nothing about our credit scores, but, more so the FICO number itself.
Late payments on credit cards can affect your FICO, but, will have a greate impact on the individual credit union score (Experian, TransUnion or Equifax)
There are three different credit unions. All will have different numbers for you.
FICO scores will be different and are a combination of Experian, Transunion and Equifax.
When we applied for a home loan many years ago, the lender cared nothing about our credit scores, but, more so the FICO number itself.
Late payments on credit cards can affect your FICO, but, will have a greate impact on the individual credit union score (Experian, TransUnion or Equifax)
Update on my credit score. Went from 760 to 811.
Next time slow the knee jerk reaction. I think you were fine to begin with, it was just responding to credit utilization and all. Since there's a latency built into the reporting periods, most of your actions don't reflect until much later.
This.
I make sure my bills annoy the **** out of me because I don't want to miss any of them.
Also, for anyone who knows, will paying off my mortgage hurt my score? I just paid off everything I owe on.
Similar thing happened to me recently. My dumb ass signed up for one of those American Airlines platinum credit cards and later decided I didn't want it but little did I know that it charged me $90 for opening it. My credit drop from like 760 to 620 or something crazy for missing the payment. Had 0 missed payments prior to this.
did it go back up fast? or does it really take years to build the loss points back up?
I paid off the card and closed the account about 35 days ago, i'm up about 16 points since then so I guess it all depends. I only use a credit card for monthly payments like insurance.
I am obsessed with maintaining perfect credit score. My trick is to have a few different cards and use for very small purchases and pay off immediately. If you have a car note pay it off early. If you have a mortgage pay more than monthly payment. Most effective is to call you card companies often and request increases in credit amount. A bump in credit amount will supercharge your FICO.
This is where I'm having issues.
My wife doesn't pay off her cars early like I "do" (sell), I have more credit history than she does, my "credit score" in the apps is higher than hers is but applying for the new mortgage she pipped me by like 8 points.
The only thing I can think is that I don't have my car loans for as long as she does.
yes never "close it", just pay it off, and shred it. Older cards actually improve your credit.
The reason the credit limit increases help your score improve is because it lowers your overall credit utilization %. If you have little to no balance each month, requesting limit increases could actually hurt you because the cards perform credit inquiries before granting an increase. If you rack up too many inquiries in a short amount of time (1-2 years, as inquiries take 2 years to drop off), the overall number of inquiries can impact your FICO score as well.
All of these things are factored in when determining your FICO score:
- Payment history
- Average age of credit accounts - the older the better
- Derogatory remarks - things such as bankruptcies, liens, collections, etc
- Mix of types of accounts - loans, credit cards, etc.
- % of credit utilized - typically want that to be under 20-30% of your total available credit
- # of inquiries - these are hard inquiries, like applying for loans, cards, credit limit increases, etc. Soft inquiries aren't factored, like the ones insurance companies perform when you shop for auto insurance, or the ones credit card companies perform when they mail you all those annoying offers to sign up for a new card with them.
My card companies did not run an inquiry. They asked my income and approved on the spot. I have done this multiple times. Also I do not run balances and rarely even use my cards so your point of utilization is not correct, either. My FICO IS 850.
Missing CC payment isn't the end of the world Erdal, do this!
1. Call the CC company and explain the bill must have been routed to the wrong address and beg them to please not let it go to collections.
2. PAY IT OFF IMMEDIATELY IN FULL
3. Have a beer, kick your feet up
Sh*t happens in life but most loaners will forgive if you're willing to pay the balance off and they also will waive any late fee charges. FICO scores only really matter when your delinquent on a mortgage, that's when your ass cheeks will be spread.
1. Call the CC company and explain the bill must have been routed to the wrong address and beg them to please not let it go to collections.
2. PAY IT OFF IMMEDIATELY IN FULL
3. Have a beer, kick your feet up
Sh*t happens in life but most loaners will forgive if you're willing to pay the balance off and they also will waive any late fee charges. FICO scores only really matter when your delinquent on a mortgage, that's when your ass cheeks will be spread.
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Agreed. I have one card I make like 1 purchase a year with and back in the sock drawer it goes. The card has worthless rewards, but I've had the account like 12 years. It's my oldest card. Second oldest is a SouthWest which I would drop due to the $90 a year fee, but I should be house shopping soon, and I just repaid it. Hopefully I can drop it next year.
Totally agree! Open credit is never a bad thing but a blessing when looking for a loan!
Hell I have 6 CC's and only use one and I get renewed but only use one because they keep upping my points and credit line
Ok I lied, out of the six I use two.
American Express - food/gas (Monthly payments)
Discover - ebay, amazon, etc (bonus points)
American Express - food/gas (Monthly payments)
Discover - ebay, amazon, etc (bonus points)
need to make more money. That debt to income ratio affects the rsting. You went thru a serious swing over 7k.
I know that now. Not when I did it. The 7k was for a down payment on my truck. Couldn’t get to a bank to get cash so I used my card.
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