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SVTPerformance's Chain of Restaurants
Road Side Pub
Advice with credit cards, and which ones?
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<blockquote data-quote="Gpcalero" data-source="post: 16721838" data-attributes="member: 155311"><p>4stang6, well depending on where you get your score from, it may change depending on the bureau or where you source it from. The score <em>number</em> is used by analyzing a bureau's credit report of you, and each bureau may or may not have a different credit report of you. They generate the credit score number from a bureau's credit report by a scoring model (essentially an algorithm). And there are over 30 different scoring models.</p><p></p><p>The reason I say this in response to your question is... when you monitor your score, make sure you pull it from the same source, because pulling it from different places <em>could </em>give you different scores. Whether they pull it from a different bureau, use a different scoring model, etc. Most places use FICO 8 as the main scoring model. There are others, like FICO 10 (the latest), VantageScore, or even FICO 2 (which a lot lenders use as the model to give you a score when you apply for a mortage).</p><p></p><p>SO IT ALL CAN BE DIFFERENT!</p><p></p><p>Main recommendations are:</p><p></p><p>- Always pay your monthly balances on time</p><p>- Obtain copies of your credit reports from different bureaus and monitor for any discrepancies or debts you didn't pay, collections, etc. </p><p>- Avoid using more than 50% of a card's limit. Some scoring models use "over utilization" of a card as a score modifier (essentially can lower score depending on scoring model) </p><p>- Avoid credit inquires --- Avoid hard hits on your credit. Don't finance a car, then try to finance a boat later, or a trailer etc... </p><p>- When buying a home (or other), don't shy away from get quotes from other lenders. Additional inquires after the first one, will count as "inquiries" still, but won't <strong>hurt </strong>your score anymore than the first one did, for 14 days. </p><p>- Avoid closing your oldest credit line/account (good example is your first credit card). Many lenders look to see what the oldest/longest active credit account is. I still have my very first credit card active and plan to keep it active because it is my oldest account. --- if that makes sense.</p></blockquote><p></p>
[QUOTE="Gpcalero, post: 16721838, member: 155311"] 4stang6, well depending on where you get your score from, it may change depending on the bureau or where you source it from. The score [I]number[/I] is used by analyzing a bureau's credit report of you, and each bureau may or may not have a different credit report of you. They generate the credit score number from a bureau's credit report by a scoring model (essentially an algorithm). And there are over 30 different scoring models. The reason I say this in response to your question is... when you monitor your score, make sure you pull it from the same source, because pulling it from different places [I]could [/I]give you different scores. Whether they pull it from a different bureau, use a different scoring model, etc. Most places use FICO 8 as the main scoring model. There are others, like FICO 10 (the latest), VantageScore, or even FICO 2 (which a lot lenders use as the model to give you a score when you apply for a mortage). SO IT ALL CAN BE DIFFERENT! Main recommendations are: - Always pay your monthly balances on time - Obtain copies of your credit reports from different bureaus and monitor for any discrepancies or debts you didn't pay, collections, etc. - Avoid using more than 50% of a card's limit. Some scoring models use "over utilization" of a card as a score modifier (essentially can lower score depending on scoring model) - Avoid credit inquires --- Avoid hard hits on your credit. Don't finance a car, then try to finance a boat later, or a trailer etc... - When buying a home (or other), don't shy away from get quotes from other lenders. Additional inquires after the first one, will count as "inquiries" still, but won't [B]hurt [/B]your score anymore than the first one did, for 14 days. - Avoid closing your oldest credit line/account (good example is your first credit card). Many lenders look to see what the oldest/longest active credit account is. I still have my very first credit card active and plan to keep it active because it is my oldest account. --- if that makes sense. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Advice with credit cards, and which ones?
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