Comments on: What is a Good Credit Score Rating?

By: Vee Henderson

Vee Henderson — Thu, 09 Feb 2012 16:07:01 +0000

The credit scores are not FICO scores, these are made-up scores by the “credit reporting agencies” and are different for each one. My advice is to shred all credit cards, go to a local bank for your home loan and pay your house off as soon as possible,and pay cash for used cars, new ones depreciate the minute you sign the papers. The sooner the “credit reporting agencies” go out of business the better. The credit industry is a racket and like all rackets is soon run by shady characters. Have them take your name and address off of the history after 10 years, as it is illegal to keep it on. The less credit one has, the better.

By: Jason

Jason — Thu, 15 Dec 2011 14:49:54 +0000

I would advise people to avoid having too many credit cards, and if you have to take out a new one you should always wait a few months before taking out any loans, as it takes this much time for your score to bounce back to the usual number and reach a good credit score.

By: Shana

Shana — Tue, 08 Nov 2011 23:11:03 +0000

Great article. A good credit score can make a world of difference for so many things.

However, some simple things that many people overlook or simply do not know can mess up their credit or keep them from getting a better score than they currently have.

By: Ron

Ron — Tue, 11 Oct 2011 16:31:26 +0000

Great chart Pinyo, this is the first time I have actually seen the info laid out as a chart.

By: Bernard

Bernard — Thu, 01 Sep 2011 13:06:33 +0000

One thing that you should do is never charge more than 30% of your available credit limit. This will hurt your credit score even if you pay off your credit cards every month. Never go over that percentage.

That’s why I always advise people to increase their credit limits to the max…it’s actually better for your credit score.

Just don’t go using it!

By: Mark

Mark — Sun, 21 Aug 2011 18:46:40 +0000

it’s essentially your financial ID card. Heck, even Google is taking notice and serving up specific ads based on web users credit scores. To find out where you stand, check your credit report and score periodically.

By: Garen

Garen — Thu, 05 May 2011 05:37:40 +0000

By now most people do know that poor credit rating can limit your credit options. A common sign that you have a bad credit is when you apply for one and get turned down. This leaves marks on your credit file and having additional ones like these can make matters worse for you credit wise. If this reflects your present credit rating then your option is to avail of loans through sub-prime markets where you would be charged with higher interest rates since the lender will perceive you as a credit risk. There are ways to improve your credit rating.

Ensure that your debts are registered to your correct name and current address. Look for errors such as payments that were already made and yet are not reflected on your credit report. Ask lenders for a rate rather than credit search. You need to show lenders that you can be a responsible borrower.

Stick to spending only what is available. You need to do this for six months so that lenders can see the change in your credit history. What lenders love to see on application forms are fixed land phone lines, long term employment history, long term residence in one place and long term record with the same bank.

By: Not a fool

Not a fool — Thu, 28 Apr 2011 02:42:17 +0000

It really doesn’t much matter, in my experience. Last Friday I got my FICOs from TransUnion and Equifax. (I was wanting to get a major credit card as I currently only have a store card). My TU score was 757 and my EQ was 763. I thought great it should be no problem. WRONG! I applied for an AMEX Blue, and a Citi Rewards Visa. Citi declined me first, stating that the reason was because I had no revolving accounts with a balance. Okkkkkkkkk that’s what I get for not carrying a balance. Amex declined me for other reasons but in their decision it said basically they did not see me as a customer who would spend enough to be worth it to them, essentially.

So to be honest your credit score really doesn’t mean jack. They’ll find some other reason to stick it to you, just give them the chance. I did get approved for a subprime card with a 39 dollar fee and a 500 dollar limit, whoo hoo, I’m thinking of paying the 39 bucks closing it and to hell with this stuff anyway. What good is a card like that I have to spend no more than 45 dollars at any time in my billing period or my score gets dinged, not that it really seems to matter anyway….but, I’m sure you get the point, it’s pretty worthless.

And now that I’ve got 3 inquiries, even if there was someone who would have issued a decent card to a loser deadbeat like me, they won’t now, but I’ve reached the point that I figure the hell with it anyway. I’m thinking of just sticking with my debit card, only having auto loans and staying away from the whole racket. Why make these people richer, besides they can always get ANOTHER bailout anyway.

By: Lawrence N. Grossman

Lawrence N. Grossman — Wed, 06 Apr 2011 00:07:54 +0000

If you are just starting out to build a good credit rating, the best thing to do is buy something not expensive with a six month payout. Make all payments on time and I do not mean on the last day. After that just keep doing that until you can get a credit card without any monthly fees. Three crdit cards, one from each of the big three. Do not put anything on a credit card that you can not pay off when due. The longer you have a credit card the higher your credit score. Also the lower amount you spend on that card compared to the maximum you can spend also increases your score. Credit is not built in a day or even a year.

By: Monti

Monti — Wed, 16 Mar 2011 18:28:38 +0000

Hi All,

This is a very helpful post. Thanks for posting it.

I explain my situation as I see nobody here has asked before.

I am a spanish guy, 30 y.o., who has just been trasnfered form a spanish bank to work in the States. I have received today my first credit card ever.

I would like to know how long is going to take in order to build a good credit. While I am building my credit my credit is bad or I do not have any credit?

Actually I think I do not need any credit. No loan student needed, I would buy computer/car with cash,… Overall, I only need credit score for renting apartments.

Thank you for your help,
Monti