Credit score question

[ziggystardust]

I wanted to get my credit score, but I was wondering if I would be better off waiting.

I currently have a small personal loan out and I have a smart-buy with my car (which is basically a loan under a different name). B/c I have these 2 items does it mean my # will be lower? Should I wait until I pay off at least one of these (which will be only a few months) to bump up my #.

I don't need to know my score, I just would like to. Thanks.

 

[waspnest]

I guess if you're just curoius about it and don't need it for anything, might as well wait. I believe you still have to pay to see your score - I don't think it's included on the free reports available now.

Your credit score will be most impacted by making all of your payments on time, and by the % of available credit you're using. If you have a credit card with a $4000 limit, your score will be better if the balance is $1000 than if it's $3500, even if you pay if off in full each month. Paying off credit cards and then closing the accounts can acutally have a negative effect, since it reduces your available credit. I'm not sure how paying off car or other loans would figure in.

 

[disneysteve]

I don't need to know my score, I just would like to.

I would go ahead and get it. No reason you can't order it again in 6 months or whenever.

 

[TottenKing]

I'm a paralegal in a consumer-protection law firm so I can tell you that the computation of a credit score is a weird, weird thing. You score can be adversely affected if you don't have enough credit or if you have too much! Of course, making payments on time versus making them late changes things, too. Also, it depends on how long you've been making your payments (assuming they're on time).

Although not an endorsement of the site, we direct our clients to www.truecredit.com because they can get all three bureau reports and their scores on all three for I think $40. It is a lot of money but sometimes one bureau will show things another does not.

Lastly, I think everyone should get their credit reports at least once a year. Sometimes there are inaccuracies on them which are best addressed quickly...before they can have adverse consequences!!

Good luck!

 

[disneysteve]

Although not an endorsement of the site, we direct our clients to www.truecredit.com because they can get all three bureau reports and their scores on all three for I think $40. It is a lot of money but sometimes one bureau will show things another does not.

But you can get all 3 reports for FREE and just pay a few dollars for your score at annualcreditreport.com. Or you can get your FICO score and a credit report direct from FICO (myfico.com) for $14.95. I think paying $40 is a waste of money. You might want to change the advice you are giving your clients.

 

[Lorikr65]

I was thinking about opening up a 0% finance credit card for my daughter's braces. I know that if you close out an account you will adversely affect your credit because you lower your line of credit. What if I closed one and opened this other one?? I have 1 that I use (0% financing) and 2 others that I don't use (I took 1 out when it was 0% for a year and the other is an older one). If I close the 1 I took out last year for 0% and open this new one will that hurt my credit?? Or, does anyone know of any 0% medical financing (sometimes they have 0% financing for the 1st year).

Thanks - Lori

 

[ziggystardust]

I was thinking about opening up a 0% finance credit card for my daughter's braces. I know that if you close out an account you will adversely affect your credit because you lower your line of credit. What if I closed one and opened this other one?? I have 1 that I use (0% financing) and 2 others that I don't use (I took 1 out when it was 0% for a year and the other is an older one). If I close the 1 I took out last year for 0% and open this new one will that hurt my credit?? Or, does anyone know of any 0% medical financing (sometimes they have 0% financing for the 1st year).

Thanks - Lori

You should check with your orthodontist. Mine had 0% financing for any length of time. And I know of a few other doctors that offer that as well.

Thanks for your suggestions, I appreciate it

 

[justcruisin]

But you can get all 3 reports for FREE and just pay a few dollars for your score at annualcreditreport.com. Or you can get your FICO score and a credit report direct from FICO (myfico.com) for $14.95. I think paying $40 is a waste of money. You might want to change the advice you are giving your clients.

Disneysteve,

myfico.com is $14.95 for one credit agency - $44.85 for all 3 agencies. annualcreditreport.com gives you just that --- a credit report, not a credit score. Tottenking was not offering up bad info.

To the OP,
Before paying a service for your report - read the fine print -- not all include a credit score along with the credit report.

 

[disneysteve]

myfico.com is $14.95 for one credit agency - $44.85 for all 3 agencies. Tottenking was not offering up bad info.

What I was thinking was to get your score and one report from myfico and get the other two reports free from annualcreditreport. But if you want all 3 scores then that offer is a good one. How confusing.

 

[myfairygodmother]

If you have a credit card, you may want to check with the CC company to see if they offer credit score reporting. I know of at least one cc company (Providian)that gives you your fico score for free each month if you check your cc account online. Also, your credit score changes from one month to the next--it doesn't stay the same unless nothing changes in your financial profile(including credit card or loan balances).

 

[mousierthanyou]

Sometimes not owing anything is a sign of bad credit. It depends on your credit history. If you have a long list of past credit accounts that have been paid off then you would not need to show a lot of credit activity. Financial institutions are looking for your ability to manage a line of credit as well as the means to support it.

 

[nowellsl]

If you order one of your free credit reports you can purchase your FICO score for a small amount (I think the last one I purchased was $6.95). Spread out the 3 free ones through out the year and you can check it about every 4 months (not that you need to check it that often, but what the heck, it's free).

 

[Otter49]

I'd recommend that everyone take advantage, as mentioned above, of annualcreditreport.com.

I check my credit with a different agency every four months. With an interval of two months, I alternately check my wife's report. Ergo 6 free reports a year. I check my actual score once a year.

It's a good way to keep a fairly frequent eye on possible identity theft.

Although I was very pleasantly surprised to find that we had a very high score - we did find a 5 year old debt on my wife's report that we'd never heard of, which had been placed with a collection agency that has never contacted us.

 

[summerrluvv]

But you can get all 3 reports for FREE and just pay a few dollars for your score at annualcreditreport.com. Or you can get your FICO score and a credit report direct from FICO (myfico.com) for $14.95. I think paying $40 is a waste of money. You might want to change the advice you are giving your clients.

$40 is for all three reports and the score. $14.95 on myfico.com is for ONE report and score.

 

[disneysteve]

$40 is for all three reports and the score. $14.95 on myfico.com is for ONE report and score.

I realize that. So I would get one report and the FICO score from myfico. Then get the other 2 reports for free from the other site. Total spent: $14.95. This method also allows you to stagger the 3 reports every 4 months as opposed to getting them all at one time.

 

[summerrluvv]

I realize that. So I would get one report and the FICO score from myfico. Then get the other 2 reports for free from the other site. Total spent: $14.95. This method also allows you to stagger the 3 reports every 4 months as opposed to getting them all at one time.

But there are three different FICO scores. One for each credit bureau, and all three scores can vary dramatically.

 

[disneysteve]

But there are three different FICO scores. One for each credit bureau, and all three scores can vary dramatically.

What a screwy system. Will the scores vary much if the reports are all pretty much the same and contain no errors? And when a potential creditor checks your credit, do they usually pull all 3 or just pick one?

 

[summerrluvv]

What a screwy system. Will the scores vary much if the reports are all pretty much the same and contain no errors? And when a potential creditor checks your credit, do they usually pull all 3 or just pick one?

Well, from what I have learned over on the credit boards (www.creditboards.com), the scores vary a lot and the reports themselves vary a lot. I know my three do. There are some things on one that aren't on the other, etc. The creditor usually only picks one report when you apply for credit.

 

[disneysteve]

Getting back to the cost issue, I just finished pulling my TransUnion report and score. It cost me $5.95. Now if the other 2 bureaus charge about the same amount, that's still only $18 for all 3 scores. So that $40 deal still doesn't sound so great, unless the other companies charge more than $5.95.

I must say I knew my credit was good, but I was a bit surprised to see my score was over 900. Must be doing something right.

 

[JanetRose]

Under the new federal law, consumers can request their free credit reports through a central web site, toll-free telephone line, and by mail and will have the option of making a single request to get copies of their report from all three major credit bureaus. According to the Federal Trade Commission, consumers can order their credit reports by clicking on http://www.annualcreditreport.com, or calling 877-322-8228, or filling out the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is available through the Federal Trade Commission's web site at: http://www.ftc.gov/bcp/conline/edcams/credit/docs/fact_act_request_form.pdf

You can ask for copies from all three bureaus at the same time. The advantage of doing this is that you can get a complete picture of your consumer credit report history that could be reported to others. However, if you want to monitor the accuracy of your consumer credit reports throughout the year, request your report from one bureau initially, then follow up with another bureau's report four months later and the third four months after that. This is an effective way to monitor your credit at no cost.

You are entitled to receive your annual consumer credit reports for free. You are NOT required to purchase any other services, such as credit monitoring or your credit score, in order to receive your free annual consumer credit reports. However, because your credit score can be used to make judgments about you even without your credit file, we recommend that you obtain it.

You can purchase your credit score from one or more of the three major consumer credit reporting agencies for a fair or reasonable fee. The amount that consumer credit reporting agencies can charge you for your credit score must be set by the FTC and as of this date has not been published. You may also get your credit score for free from some home lenders.