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  1. #1
    BUTTERYGOODNESS's Avatar
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    Good credit score??

    I'm curious as to what a 'good' credit score is. My bank just told me mine is 729. Any clue if that's good bad awesome or horrible?

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    kelkel's Avatar
    kelkel is offline HRT Specialist ~ AR-Platinum Elite-Hall of Famer ~ No Source Checks
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    The breakdown on credit score ranges from good to bad

    Between 700 & 850 = Very good or excellent credit score
    Between 680 & 699 = Good credit score The Average American Credit Score = 682
    Between 620 & 679 = Average or OK score.
    Between 580 & 619 = Low credit score
    Between 500 & 579 = Poor credit score
    Between 300 & 499 = Bad credit score

    There ya are!

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    BUTTERYGOODNESS's Avatar
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    Quote Originally Posted by kelkel
    The breakdown on credit score ranges from good to bad

    Between 700 & 850 = Very good or excellent credit score
    Between 680 & 699 = Good credit score The Average American Credit Score = 682
    Between 620 & 679 = Average or OK score.
    Between 580 & 619 = Low credit score
    Between 500 & 579 = Poor credit score
    Between 300 & 499 = Bad credit score

    There ya are!
    Sweet lol thank you so much. Is it difficult to make it grow?

    Also say I have a small loan that I have them obey to pay off totally. Should I do so or continue to pay the monthly payments? Which route is more beneficial to making my score better?

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    twitz's Avatar
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    I can get someone with a 729 credit score approved for anything It's a good score

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    Quote Originally Posted by twitz
    I can get someone with a 729 credit score approved for anything It's a good score
    Awesome lol I'm feeling better and better about this lol

    What do you do for a living?

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    Quote Originally Posted by BUTTERYGOODNESS View Post
    Awesome lol I'm feeling better and better about this lol

    What do you do for a living?
    Finance Manager. I did it in auto & now in powersports.

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    Quote Originally Posted by twitz

    Finance Manager. I did it in auto & now in powersports.
    Ok cool! I just went and applied for a personal loan trough my bank for a few different things. I have high hopes cuz Everything seems to be great. Except where I recently started a job only 2 months ago.

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    The only time I'm above average is my credit score

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    ElectraMaddox is offline Banned
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    Quote Originally Posted by BUTTERYGOODNESS View Post
    I'm curious as to what a 'good' credit score is. My bank just told me mine is 729. Any clue if that's good bad awesome or horrible?
    You're in great shape

  10. #10
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    Quote Originally Posted by Lunk1
    The only time I'm above average is my credit score
    Lmao

  11. #11
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    Butter if you pull your free credit report it usually will give you recommendations on how to improve your score as well. I pulled mine last year and it recommended getting a credit card and a revolving store card to improve it. The score was already nearly maxed but I did get a credit card which I did not have in years just to see if it helps.

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    ElectraMaddox is offline Banned
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    Quote Originally Posted by BUTTERYGOODNESS View Post
    Sweet lol thank you so much. Is it difficult to make it grow?

    Also say I have a small loan that I have them obey to pay off totally. Should I do so or continue to pay the monthly payments? Which route is more beneficial to making my score better?
    I work in finance... It's depends on your intent and the length of time you've had credit. How Many types of credit you have. Let's say you have 1 year of credit, and one fixed term loan, and you want to raise your credit score, well keep paying it off until term, yes in the long term it cost more but later on it will benefit you for other loans ie. a mtg or car loan and help you get a better interest rate later on and therefore save more in the future.

    If you have had credit for many years, have a diversified portfolio of credit ie, a mtg, fixed term loan, line of credit, credit cards, etc you maintain relatively low balances on your revolving credit and have a long history of fixed term credit the just pay the loan off and it will help raise your score.

    Which avenue you should take really depends on your goals, what you are trying to accomplish as well as what where your credit portfolio stands. Hope this helps

  13. #13
    twitz's Avatar
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    Quote Originally Posted by BUTTERYGOODNESS View Post
    Ok cool! I just went and applied for a personal loan trough my bank for a few different things. I have high hopes cuz Everything seems to be great. Except where I recently started a job only 2 months ago.
    A personal loan is a little different because there is no collateral/asset but they will look at - your credit score (which you know is ok) - your income/job (is your new job in the same field you were in before?) - they may want a letter of employment and/or recent paystub. They will also factor in your TDSR, what the PL is stated to be used for and if you are established to that level of borrowing (previous credit history, if you're new in credit career etc.)

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    ElectraMaddox is offline Banned
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    Quote Originally Posted by kelkel View Post
    Butter if you pull your free credit report it usually will give you recommendations on how to improve your score as well. I pulled mine last year and it recommended getting a credit card and a revolving store card to improve it. The score was already nearly maxed but I did get a credit card which I did not have in years just to see if it helps.
    That's b.c the types of credit have effects on your score. You want to utilize revolving credit but keep it under 30 percent of the available balance... So having the card will show more available credit on your portfolio but using it in an effective manner can def help raise your score for sure.

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    ElectraMaddox is offline Banned
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    Quote Originally Posted by twitz View Post
    A personal loan is a little different because there is no collateral/asset but they will look at - your credit score (which you know is ok) - your income/job (is your new job in the same field you were in before?) - they may want a letter of employment and/or recent paystub. They will also factor in your TDSR, what the PL is stated to be used for and if you are established to that level of borrowing (previous credit history, if you're new in credit career etc.)
    Yeah if youre paying off other debt ... For debt consolidation purposes the new loan in most cases the bank will not calculate that in your DTI ratio (debt to income) and every time that number is over 30 percent it starts to lower your credit score. Normally getting a pl for those purposes the finance company is going to want to send payment directly to the other creditors to ensure the borrowing purpose is met.

  16. #16
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    If all else fails just rob the bank................ if u get caught and ask why you did it? Just tell them boz knows whats best.

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    Getting stuff under credit is a bit more now than just a score.

    I have a damn near 700 score and I can't get shit for credit.


    It also depends on credit to income ratio. At least when it comes to the big stuff, like a house.

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    SoccerRat is offline New Member
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    How do you check your credit score?

  19. #19
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    If I knew 100 percent I'd get away I'd rob a bank in an instant lol

    Soccer- there a way to heck it for free but idk how, Kelkel spoke of it. I got mine through my bank when applying for a personal loan.

  20. #20
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    Quote Originally Posted by SoccerRat View Post
    How do you check your credit score?
    Creditkarma.com

  21. #21
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    Quote Originally Posted by BUTTERYGOODNESS
    I'm curious as to what a 'good' credit score is. My bank just told me mine is 729. Any clue if that's good bad awesome or horrible?
    Cash is the best credit score lol.

  22. #22
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    Quote Originally Posted by Eddie_m63 View Post
    Cash is the best credit score lol.

    I completely I agree. Don't spend what you ain't got.

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    Quote Originally Posted by BUTTERYGOODNESS View Post
    I'm curious as to what a 'good' credit score is. My bank just told me mine is 729. Any clue if that's good bad awesome or horrible?
    Ok mine is a 689. I got divorced like 3.5 yrs ago and we had to foreclose on the house. Bought it at $208k and when divorced was appraised at $75k. So I did get my score back up.

    What I'm curious about is, I have my car loan, with maye 12-13k left on it. And credit card with 700$ left on it. I have the money to pay everything off right now. But I was told u want to keep payments going to build your credit back up at this point?

    Is this true or make sense?

  24. #24
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    Quote Originally Posted by goode80 View Post
    Ok mine is a 689. I got divorced like 3.5 yrs ago and we had to foreclose on the house. Bought it at $208k and when divorced was appraised at $75k. So I did get my score back up.

    What I'm curious about is, I have my car loan, with maye 12-13k left on it. And credit card with 700$ left on it. I have the money to pay everything off right now. But I was told u want to keep payments going to build your credit back up at this point?

    Is this true or make sense?

    You're on the wrong forum for this one.

    I was very active on a BK forum for quite a while and learned a bit.


    You can pay it all off and the score will go up. You should break 700. You only need to keep revolving accounts with balances so long.

  25. #25
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    Quote Originally Posted by < <Samson> > View Post
    You're on the wrong forum for this one.

    I was very active on a BK forum for quite a while and learned a bit.


    You can pay it all off and the score will go up. You should break 700. You only need to keep revolving accounts with balances so long.

    Samson....whats this BK forum?

  26. #26
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    Quote Originally Posted by goode80 View Post
    Samson....whats this BK forum?
    www.bkforum.com

    I lived on there for months when I was going through hell. My ex wife decided to split and left everything on me. I had to figure out what/how to pull my ass out of that one.

    A lot of financial knowledge on that board. Every once in a while I come back with odd financial questions.

  27. #27
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    Quote Originally Posted by BUTTERYGOODNESS View Post
    I'm curious as to what a 'good' credit score is. My bank just told me mine is 729. Any clue if that's good bad awesome or horrible?
    are uuuuu bragging Buttery lol

  28. #28
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    Quote Originally Posted by < <Samson> > View Post
    Getting stuff under credit is a bit more now than just a score.

    I have a damn near 700 score and I can't get shit for credit.

    It also depends on credit to income ratio. At least when it comes to the big stuff, like a house.
    yep I have probably over 700 now....660 about 7 months ago....and I still get denied on some things

  29. #29
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    Quote Originally Posted by goode80 View Post
    Ok mine is a 689. I got divorced like 3.5 yrs ago and we had to foreclose on the house. Bought it at $208k and when divorced was appraised at $75k. So I did get my score back up.

    What I'm curious about is, I have my car loan, with maye 12-13k left on it. And credit card with 700$ left on it. I have the money to pay everything off right now. But I was told u want to keep payments going to build your credit back up at this point?

    Is this true or make sense?
    Pay them off... Use the credit card but pay it off each month you'll see your score Shoot up

  30. #30
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    Quote Originally Posted by ElectraMaddox View Post

    Pay them off... Use the credit card but pay it off each month you'll see your score Shoot up
    this....I want to say my fiancée grandparents have over a 850 and thats exactly what they do....no balance left on cc

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    Quote Originally Posted by cancer82 View Post
    this....I want to say my fiancée grandparents have over a 850 and thats exactly what they do....no balance left on cc
    Bc that's how you get a high score my friend!

  32. #32
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    Quote Originally Posted by ElectraMaddox

    Bc that's how you get a high score my friend!
    So in all use cc on things but pay the balance off immediately or in monthly payments for a better rise in my score?

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    Quote Originally Posted by BUTTERYGOODNESS View Post
    So in all use cc on things but pay the balance off immediately or in monthly payments for a better rise in my score?
    Yes! Buy gas through out the month and pay it off when the bill comes in and pay off everything else and in 90 days you'll see a dramatic increase in your score with those behaviors

  34. #34
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    Quote Originally Posted by ElectraMaddox

    Yes! Buy gas through out the month and pay it off when the bill comes in and pay off everything else and in 90 days you'll see a dramatic increase in your score with those behaviors
    How much of an increase can one expect from this?

  35. #35
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    Sorta, you need a revolving balance also.

    But, it can't be too high. It's all about the debt to income ratio on a monthly basis. I typically do like this: Charge up a k in bills over 1-3 months then pay it in large monthly sums.

    I filed for a BK 2 years ago and my credit score is damn near 700 < It dropped when I lost all income. Now it is right at like 680+

    Quote Originally Posted by BUTTERYGOODNESS View Post
    How much of an increase can one expect from this?
    With all that is normally possible, I would shoot for about 70+ points per year

  36. #36
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    Quote Originally Posted by BUTTERYGOODNESS View Post
    How much of an increase can one expect from this?
    A lot and whatever you use on a monthly basis stay under 30 percent of that available credit and you should see a significant increase

  37. #37
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    Ok educate me some because I am new to this. What exactly is a revolving balance?

    And when u say that 30 percent, are u meaning to only use 0-30 percent if whys available in the cc or leaving 30 percent of what is available

  38. #38
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    Someone once told me that if you have too many accts on credit your rating will be much lower regardless of your income, so if you check your credit make sure to pay off all accounts and you might get a better credit score.

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    ElectraMaddox is offline Banned
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    Quote Originally Posted by BUTTERYGOODNESS View Post
    Ok educate me some because I am new to this. What exactly is a revolving balance?

    And when u say that 30 percent, are u meaning to only use 0-30 percent if whys available in the cc or leaving 30 percent of what is available
    Cc limit 1000.00
    Max monthly usage: 300.00
    Use anywhere from 0 to 300.00 monthly.
    Pay it off when the bill comes. Repeat

    If you have more than one card, repeat.

    Number of revovling accounts doesn't really matter but if they all have high balances then yeah itll hurt you

    Revovling credit. Is a credit card o line of credit that you can pay off and reuse

    Installment credit... Auto loan, personal loan, mtg. You usually get cash or the collateral upfront and pay it over time but you can't use it like a credit card

  40. #40
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    Twitz is the kind of person who takes my front end and adds it to her backend -.-

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