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Airehead
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720 is kind of the cut off for "good" mortgages. +800 is golden ticket Sub 600 is Danger Will Robinson zone*

Did they say yup? 

you can get a close approximation from Credit Karma for free. My Capital one card sends it every month

* I once had a 550 when I co signed for a bed set for one of my drivers. He defaulted I got to pay that off. 

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No debt doesn't generate a great credit rating.  A little debt paid off regularly does.  The funny thing is that checking your debt can make your rating go down........anybody checking it.  I had my credit rating dropped by over 100 pts once while negotiating the price of a car.  Each time they tried to find a better deal they ran it past 3 banks.  In the end there were 12 credit checks in 2 hours and I didn't buy the car.  :(  For that I had to complain and write letters.

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I'm still paying for my remodel, haven't used credit cards in years. Sweet young thing at the bank talked me into using their credit card the way I have been using a debit card and get the rewards. That was in July.  We will see how that goes. My credit score is 815

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2 hours ago, Airehead said:

\hmmm, should I be looking to see what the number is with any frequency?

It is interesting to know, but if you check it once and nothing really changes, your score should pretty much stay the same.  Not necessary to keep checking it in my opinion, as long as your financial situation is relatively constant.  Mine has remained in the low 800's ever since I first checked it, several years ago.  

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Last I knew, both of ours were in the 800s.  Mortgage paid on time.  One car loan, paid on time, and several previous ones paid off early, no missed payments.  Utility bills paid on time.

I always looked at it as 650-699, doing okay. 700-799, doing well.  800 and up, excellent.  Age doesn't have much to do with it, it's just whether you pay your bills on time, and if you have a history of paying off loans without missing payments.  Earnings to debt ratio is a factor when it actually comes to getting a new loan, but I don't know that it really affects the credit score itself.

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Greetings to you, Mrs. HeadAire!

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Kuala Lumpur Airport, Nigeria 

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10 hours ago, Road Runner said:

Having no debt actually hurts your rating.

Yup. My credit score is higher than SO's because the house is in my name - even though she makes more than I do. We decided to ditch BoA for our credit cards and go with the credit union, so we were both in the CU at the same time, filling out the paperwork. The lady at the CU told me my score was 803, then told her her's was 799. "YES!!!! I WIN!!!!!“ ? (See? I'm an insufferable asshole all the time)

Also, as bizarre as it sounds, having multiple credit cards ups your score. :blink:  For some reason, I had two and was going to cancel one and was told not to, just let it "die" on its own.

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3 minutes ago, F_in Ray Of Sunshine said:

For some reason, I had two and was going to cancel one and was told not to, just let it "die" on its own.

Most of the credit cards I had died on their own within five years of stopping using them but Discover sent me new cards every year for probably twenty years. I never activated any of them, finally this year they sent me a letter saying that they noticed I haven't been using my Discover cards and if I want to keep them to let them know or just use them one time and they will keep them, otherwise they will close the account at the end of July. I'm really going to miss those Discover cards.:scratchhead:

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10 hours ago, Airehead said:

\hmmm, should I be looking to see what the number is with any frequency?

Not unless you want it to go down.  Somehow the system is rigged so that when your rating is checked by anyone the assumption is that something must be wrong............so down it goes.

 

Personally, I tend to ignore them as I consider the size of the credit rating business to be obscene and a scam that should be allowed to go bankrupt.

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I'm vaguely aware of credit rating but a quick check shows that I can get mine by applying online, paying €6 and waiting for it arrive by post.

As I'm not in the market for a loan I'm not interested enough to pay €6 (about $7) for this information.

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My rating used to be 803, 809, and 796 before the whole Colorado thing.  Now it is crappy, what with my huge load of new debt (had none before 2 years ago), and the fact that feRW was not sending me my bills that weren't automatically being sent to CO.  Yay.

 

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The paper work from the mortgage broker says I"too few accounts paid as agreed."  I just called them because I know wwe don't miss payments.  The woman said, oh that just means you have less credit cards than most people.  She said stop worrying.  

 

I guess I am like FSOG because it makes me mad that mine is 785 and Mr. Aire's is 840.  The house is only in his name.  I should have done something about that 15 years ago.

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6 minutes ago, Airehead said:

The paper work from the mortgage broker says I"too few accounts paid as agreed."  I just called them because I know wwe don't miss payments.  The woman said, oh that just means you have less credit cards than most people.  She said stop worrying.  

 

I guess I am like FSOG because it makes me mad that mine is 785 and Mr. Aire's is 840.  The house is only in his name.  I should have done something about that 15 years ago.

Don't you have some work to do, to keep you mind occupied?:whistle: Please, go play with the pups.

This is from someone that has never knowingly checked their credit rating. I don't have a clue where we stand.

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6 minutes ago, sheep_herder said:

Don't you have some work to do, to keep you mind occupied?:whistle: Please, go play with the pups.

This is from someone that has never knowingly checked their credit rating. I don't have a clue where we stand.

See next post.  I am at home killing time before my lunch date.

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11 minutes ago, Airehead said:

The paper work from the mortgage broker says I"too few accounts paid as agreed."  I just called them because I know wwe don't miss payments.  The woman said, oh that just means you have less credit cards than most people.  She said stop worrying.  

 

I guess I am like FSOG because it makes me mad that mine is 785 and Mr. Aire's is 840.  The house is only in his name.  I should have done something about that 15 years ago.

Wow, 840 is the highest I have ever heard of!  785 is not too shabby, either!

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Generally you should check your credit reports every year to look for signs of fraud.  You don't really need to check your credit score, but if you get it with a credit card monthy, it can be an early sign that something is messed up with your credit history (or fraud).

Paying bills regularly helps your score, but they also look at the length of your credit history.   That's one reason people recommend not closing your oldest credit card.   They also look at your utilization against the maximum, so shutting too many cards in a close time period usually isn't advisable.

Having a mortgage in your name actually helps, as long as you make all your payments on time.

 

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4 hours ago, Longjohn said:

Most of the credit cards I had died on their own within five years of stopping using them

I play that game with Amazon. I get fifty dollars off my order for signing up with their card. Then I let the card die. A few years ago, it was some stuff I bought for my kid, for Christmas.

About a month ago, I got fifty dollars worth of DeFeet and Sock Guy socks for four bucks, then promptly ripped the card out of the list of cards that they have on file for me and never activated the card. Hopefully the socks will last five years until I can do it again....:P

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