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So my online bank will do a "soft pull" and tell you what your credit score is (close to). and it went down from 701 to 677. I got a free credit report and found out that one of my credit payments was late. no biggie, I paid it, but now I'm worried that this will stick around for a long time. I'm going back to school soon and I hope to get a good internship and all that. Do you think my credit score will affect anything like that?
Not unless you are doing something that requires a credit check.
So you're saying its a bad score?
Depending on how late u were. Typically, unless the creditor is a dick, you have up to three months before its turned into a credit agency. Those 30 points could b because your credit used vs credit available ant above 25%, u have to many credit checks, etc. if ur worried about it go check it at one of those free sites. It will give u a good idea of why it dropped.
And no, 677 is not bad. It's considered "good" I believe. 700+ is better tho lol
Put it this way, when I had a 650 credit score I was approved for a house, 60k and 50k car, multiple furniture loans, and credit cards. It's raised over 100 points since them but unless your trying to get an unsecured loan you shouldn't have an issue with a 677
Awesome, thanks you guys. I'll be going back to school soon so I'm researching how student loans can affect credit score. It's so complicated...paying off student loans too fast is bad and paying them off as scheduled by your financial institution is also bad. Is it possible to win?
It's never bad to pay a loan off early. Typical thy look for a 2 year REVOLVING credit account. Student loans are not revolving accountsQuote:
Originally Posted by Charlie6
oh ok, I gotcha, so there's some leniency with student loans
You won't b mark against unless delinquent. On a student loan or any type of secured loan
ok, thanks a lot Tron and DSM
That's not bad. I just had mine done recently due to buying a 2nd home and I was pleasantly surprised it was 780. No reason it shouldn't be good but still you never know.
Yeah 780 is a great credit score. What do you mean by "no reason it shouldn't be good"?
It dropped so many points because it was a recent late/slow. Now that you paid it, just don't let it happen again, your score will go up again over the next few months. 677 is not bad!Quote:
Originally Posted by Charlie6
You can go to a credit attorney online and they can dispute it and 99% of the time it will get removed within 60 days.
Thanks twitz :)Quote:
Originally Posted by twitz
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Originally Posted by Chx beach 79
This is 99% wrong....lol
677 is not good in 2013. 2006 yeah, it was good but look what lending to people with those scores caused.
You may get approved for some average cards depending on the credit cards that you currently have debt vs available credit.
Best mortgage rates on conventional mortgage is a 730. You can get a mortgage with 670 but its going to be higher rate or FHA with mortgage insurance.
Your score went down because of your late payment like Twitz said. Thats the point of the system. Your score goes down when you start going late so that your current creditors can pull the plug o your card or you cannot get a new card.
Hard or soft inquiries are bullshit. The first mortgage (lasted two weeks) company I worked for taught us to tell the client they were 1 point away from not qualifying for their mortgage. If they pulled their credit for any reason they could not get the mortgage. This would eliminate people from shopping and give this company the chance to sell their shitty rates.
The FICO score formula is so freaking complex. Believe me they made room for inquiries so that people could shop for other home and car loans. If you have a shitty credit score and you start pulling credit cards inquiries in desperation your score will suffer.
I know it's wrong, I never had to do it... But those websites are a dime a dozen. Part of what's wrong with the economy, to many shortcuts and band aids.Quote:
Originally Posted by Rwy
Glad I live in Australia....
No idea what this credit score is, and given the situation in the u.s doesn't look like its done any good either..
How do they qualify people for a loan in aus?Quote:
Originally Posted by auswest
It's easy to miss a payment, get behind on something or just have something pop up you had no idea about now days.Quote:
Originally Posted by Charlie6
When I was buying my first house shortly after getting married you would not believe all the sh*t that showed up on my wife's credit which was now OUR credit. :madd: She had no less than 4 collection totaling around 8K. I managed to to to each collection agency, give them the story of what happened 50% truth; and get them to agree in writing to remove it from the reporting agency since I was paying it in full.
I had one house payment that was short about 2 years ago because of my escrow fund was short and my payments were set up auto pay so I never saw the increase notification and it got missed. Luckily they removed the missed payment since I pointed out I had been paying extra for years and was actually ahead of my due payment schedule by 2 or 3 payments. If you dont stay on top of those things they can bite you in the azz later.
You have to be careful about things such as to many lines of credit open also even if they are all paid on time or even paid 100% each month. To many or especially to many large lines of credit can be bad. Also even to many inquiries can hurt your score and you dont even have to OK the inquiry sometimes. It can be a per say soft inquiry because someone wants you to sign up for some card or line of credit but it still shows up.
I'm sure with a little work I could close some lines of credit and clean things up more to get up to 800 but???
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Originally Posted by Chx beach 79
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Originally Posted by Rwy
Do it yourself. If you have a dispute put it in writing and send it to the credit agency. Contact who the dispute is with and get a letter (notarized) from them stating it should be removed and send a copy (certified mail) to each credit agency and it will be removed.Quote:
Originally Posted by Chx beach 79
If you have a legit reason to dispute they will work with you but if you are late you are late. They are not doing anything.
The credit repair companies just bombard the 3 bureaus with letters for any negative item you have on your report. They have 30 days to report and validate it. The thought is they will eventual miss and it gets removed. However it can be put back on. If you have bad debts like collections when negotiating a settlement always make removal of the account part of the negotiation.
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Originally Posted by lovbyts
I am very surprised your lender did this for. Your reasoning is very understandable but banks are really tough with mortgage lates. There is nothing worse then a mortgage late on your credit report.
the good news is you can get an fha home loan with a 620 score...
Haha!!!! You can get a loan with just about any credit score... You will just have a huge interest rate... Or you can go to a loansharking and pay 50%Quote:
Originally Posted by spywizard
used to be 500 and now the monthly mip is for the life of the loan. FHA is going to need a serious bailout eventually!Quote:
Originally Posted by spywizard