help me understand credit scores.. ITT credit stuff.. :confused:

elpmis said:
I think it's more than that

But if you check it say 5 times in two weeks, it will only count as checking it once (they give you a two week window for things like shopping around for best mortgage rates)

I only know this shit because I'm currently house shopping and I called a ton of banks
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however, on a similar note, this guy over at the FatWallet finanace forums does what he calls an app-o-rama every once in a while where he applys for like 15 cards in one day to limit the damage a new credit card does to your score. LOL
 
Bubbles said:
Who needs credit? I have never owned a credit card..........

because they won't let me have one.
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Anyone can get a Credit card if they're over 18. You just have to find a company and the APR will be through the roof (not that the latter should ever matter)
 
fly said:
however, on a similar note, this guy over at the FatWallet finanace forums does what he calls an app-o-rama every once in a while where he applys for like 15 cards in one day to limit the damage a new credit card does to your score. LOL
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yeah i don't fuck with those cats over at fatwallet forums, they know their shit
 
elpmis said:
I might be wrong but I think you are allowed one from check from each major credit org
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Yes you are allowed 1 check per year from each of the three credit bereaus. Also if you are denied credit/loan for any reason, you can request another credit check.
 
I thought you were actually supposed to maintain a high credit ratio on your credit cards, because it counts against you if you have credit but don't use it.

For example, if you have a card with a $2,000 limit, it's more beneficial to show you have a balance of $1,500 than it is to show $200. With a $200 balance you have $1,800 of unused credit, which is bad in terms of your score. Why do you have it if you don't use it, that sort of thing. That's what Suze Orman said, anyway.
 
Lord Flaccid said:
I thought you were actually supposed to maintain a high credit ratio on your credit cards, because it counts against you if you have credit but don't use it.

For example, if you have a card with a $2,000 limit, it's more beneficial to show you have a balance of $1,500 than it is to show $200. With a $200 balance you have $1,800 of unused credit, which is bad in terms of your score. Why do you have it if you don't use it, that sort of thing. That's what Suze Orman said, anyway.
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Nope. Actually if you get a new credit card, you shouldn't cancel your otherone since it keeps the history. I personally have 5 Credit Cards and only use 1. My Credit score is currently just 791.
 
Lord Flaccid said:
I thought you were actually supposed to maintain a high credit ratio on your credit cards, because it counts against you if you have credit but don't use it.

For example, if you have a card with a $2,000 limit, it's more beneficial to show you have a balance of $1,500 than it is to show $200. With a $200 balance you have $1,800 of unused credit, which is bad in terms of your score. Why do you have it if you don't use it, that sort of thing. That's what Suze Orman said, anyway.
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nope. high debt to max ratio is bad.
 
Bubbles said:
Who needs credit? I have never owned a credit card..........

because they won't let me have one.
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I imagine it'd be a little difficult to get a house mortgage or a car loan without it, although I got a small personal loan at a low interest rate when I turned 18 that allowed me to get a card with an excellent APR 2 years later.
 
elpmis said:
yeah i don't fuck with those cats over at fatwallet forums, they know their shit
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Yeah they do. Saved me a shitload of cash on my student loans. Full of elitest assholes, but they are elite for a reason.
 
Lord Flaccid said:
I thought you were actually supposed to maintain a high credit ratio on your credit cards, because it counts against you if you have credit but don't use it.

For example, if you have a card with a $2,000 limit, it's more beneficial to show you have a balance of $1,500 than it is to show $200. With a $200 balance you have $1,800 of unused credit, which is bad in terms of your score. Why do you have it if you don't use it, that sort of thing. That's what Suze Orman said, anyway.
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That's what I've heard.
 
fly said:
nope. high debt to max ratio is bad.
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But if you have more credit than you need it's bad, right? Like for example if you had 4 credit cards but never used 3 of them? It's the same principle, isn't it?
 
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