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Joined: Sep 2002
Posts: 2,978
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Sep 2002
Posts: 2,978 |
Originally posted by ryanblacksvt:
i am not meaning to flame you but your insurance agent lied to you dude.
Well then maybe I have been lied to. But really, what does an insurance agent have to gain from lying to me? The car insurance I have takes credit score into account, so wouldn't they tell me it is lower to get more money? I don't know.
I'm not trying to start anything here, but i'm just saying. I don't carry balances, and i was 'told' that i have a very good score. Keep in mind I have been paying off some small school lones and a car loan as well. Good luck!
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Joined: Jul 2003
Posts: 2,571
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jul 2003
Posts: 2,571 |
ok ok i was giving advice cause i am in the finance buisness, what do you do??? and hey i am stating facts.....nothing more there smart one.
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Joined: Oct 2000
Posts: 4,149
Hard-core CEG'er
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Hard-core CEG'er
Joined: Oct 2000
Posts: 4,149 |
Originally posted by ryanblacksvt:
ok ok i was giving advice cause i am in the finance buisness, what do you do??? and hey i am stating facts.....nothing more there smart one.
Just because you're in the field doesn't mean your post is any less full of crap. It only makes it more disgraceful.
-- 1999 SVT #220 --
In retrospect, it was all downhill from here. RIP, CEG.
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Joined: Jul 2003
Posts: 2,571
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jul 2003
Posts: 2,571 |
ok well if you knew the facts like i do then you would know what i am saying is true, i have done approval and denials,credit worthyness evaluations for other finance companies, and now i am the military liasion and do international collections for a large finance company i think i know what i am talking about, so get off your man period cause what you think you know, you really dont. you are arguing just for the sake of arguing and people like you should be banned for that
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Joined: Oct 2000
Posts: 4,149
Hard-core CEG'er
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Hard-core CEG'er
Joined: Oct 2000
Posts: 4,149 |
Originally posted by ryanblacksvt:
ok well if you knew the facts like i do then you would know what i am saying is true, i have done approval and denials,credit worthyness evaluations for other finance companies, and now i am the military liasion and do international collections for a large finance company i think i know what i am talking about, so get off your man period cause what you think you know, you really dont. you are arguing just for the sake of arguing and people like you should be banned for that
Shall we review what you said earlier?
Originally posted by ryanblacksvt:
with a beacon score of 800 which 920 is perfect you can get about anything you want even if you cant afford it. at 21 you could go and get a $500,000 house and a $80,000 car in the same day.
That's flat out wrong. Ever heard of debt-to-income ratio?
Originally posted by ryanblacksvt:
getting a beacon of 800 unfortunatly takes years and years of building credit and unfortunatly you cannot even get a credit card till you are 18 by law unless you are imancipated. i am not meaning to flame you but your insurance agent lied to you dude.
My previous statement is completely valid. "Do you know him, or his insurance agent? So HTF are you saying it's 'impossible' for him to have an 800?" With prudent financial planning it is entirely plausible that an individual in his/her mid to late 20's could have a score in excess of 800 points. How you can "flame" him for something you know nothing about escapes me.
Originally posted by ryanblacksvt:
i know people with 2 houses and a few cars and has never ever been late on a bill before in thier life that are my age 28 and thier beacon is only like 700-750
Again, I suspect MANY people on here have scores higher than 750. Frankly, 750 isn't really worth bragging about.
-- 1999 SVT #220 --
In retrospect, it was all downhill from here. RIP, CEG.
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Joined: Jul 2003
Posts: 2,571
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jul 2003
Posts: 2,571 |
yeah and debt to income ratio to alot of companies is irelivant belive it or not, sounds stupid but its true how do you think people get overextended.....  and 750 is a good score not perfect but good. when you go under 700 then you need to be worried about getting approved for things
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Joined: Oct 2003
Posts: 669
Veteran CEG\'er
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Veteran CEG\'er
Joined: Oct 2003
Posts: 669 |
Pay it off in full, this way you will incrue no intrest on previous purchases then put the stuff on the card and make your payments on it as you can afford. It is always best to pay the whole thing off if possible and maintain a zero balance, you will not be paying interest AND YOU WILL BUILD CREDIT! GOOD CREDIT> EXCELLENT CREDIT
1999 Mystique Sport 2nd owner bought it in Sept 03
120000km 4 door, leather, loaded pics on cardomain, coatsy
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Joined: Feb 2001
Posts: 1,756
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Feb 2001
Posts: 1,756 |
Russell, how long is the 0% period? If the 0% is good for another 6 months, then as long as you can commit to paying it off before that interest rate changes, you're OK. It's costing you nothing to keep a small balance on the card. Whatever you decide to do, just make sure you pay it off or pay off as much as you can before the 0% introductory period ends (someone already mentioned this).
FICO scores only go up to 850 and many many many lenders use FICO. I've never come across any financial institution that didn't use FICO scores.
As for the other arguments, debt-to-income really is a big deal. The higher your DTI, the lower your score.
And 750 is a good score if you ask me. It's hard to believe someone who is 20 having a score over 800, but I've seen stranger things. Just to give a quick example, most of the loans for vehicles that are advertised as 0% interest are usually reserved for Tier I status, which is usually scores over 700 and is described as excellent credit.
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Joined: Dec 2003
Posts: 2,203
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Dec 2003
Posts: 2,203 |
Long as we are on this topic, I'm also trying to build some credit. My plan/history is this:
1st credit card at 18. Charged ~ $700 on it, payed it off with slightly higher than minimum payments on it monthly.
Took out a loan to buy the SVT, ~$8,000. Been paying it off about 400 per month, w/ a minimum payment of 230 per, and am now down to $4,300
Kept the 1st card and got another. Charged ~ 500 on it, and am currently paying it off with slightly higher than minimum payments on it.
Now for future finances, should I close out the card I don't use anymore, and get another and charge to that? I've heard that creditors also look for variety in your credit score, so I am trying to use multiple credit card company's. Is this a good idea, or should I just keep paying off and rebuying on the same card?
Last edited by PlatoSVT; 05/26/05 01:36 AM.
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Joined: Dec 2003
Posts: 203
CEG\'er
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CEG\'er
Joined: Dec 2003
Posts: 203 |
I dont think that opening and closing accounts is good at all. Just keep the ones you have and work on them, 2 or three is the best especially when you have some time with them already. Unless you have a ton of credit accounts and want to close alot after paying them off (having too many isnt very good) you should just keep 2 or 3 that are your best and longest standing.
-ivan
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