FICO scores -- debt usage ratings

[MomToOne]

Bear in mind that whatever your credit rating is, they give you the "causes" of it not being perfect. I have over an 800, and still get those reasons. But they aren't anything I feel the need to act on. Your score is actually very good, I wouldn't stress over getting it higher.

 

[PACVII]

I am not sure what the average time a person keeps a vehicle but can tell you the average to pay the loan is 36 months.

Debt is not all scored the same. Installment vs revolving, joint vs individual. It's all different. Even collection items are looked at differently. A few 30 day lates is not a deal breaker for an auto. However it could be for a home equity deal. Medical collections are not to be scored but will show on your report. The underwriter will need to take that into consideration.

When extending credit banks now must be able to verify income. No more days of going on stated income. They are required to confirm the ability to repay. DTI and LTV play major factors in lending as well. So it's just not all credit scoring.

 

[tvguy]

I have 6 cars, including the 1965 Mustang I bought in November.
I would figure with most couples having at least 2 cars, that would be just under every 5 years people buy a car.

Actually, this is my last day as owner of 6 cars. I have an appointment tomorrow at DMV to take my name off my son's car.

 

[BWV Dreamin]

I'm not sure about the debt ratio. I have more credit cards in my name than my husband. All cards get paid off every month or every other month. Yet my score is lower than his. Something about having TOO MUCH credit available in my name? I can't figure it out. We both have scores above 750.

 

[Alice Sr.]

Most companies report what your statement balance is. US Bank uses end of month reporting and if a balance is on a Chase statement and you pay to 0, they will update your reports. Others will do mid cycle reporting if you request.

I had to call my bank (BoA) to cancel an old EFT auto payment and was discussing when to have my new auto payment scheduled so the balance reported was zero. He said they do not report, that the CR agencies request the balance and he would not be able to tell me when that was, that all three request on different dates, so no way to know.

 

[MrPTato]

I had to call my bank (BoA) to cancel an old EFT auto payment and was discussing when to have my new auto payment scheduled so the balance reported was zero. He said they do not report, that the CR agencies request the balance and he would not be able to tell me when that was, that all three request on different dates, so no way to know.

The CR agencies are not the ones reporting, or requesting the info. The individual bank has to send the info in to get reported. BoA cards report that statement balance to the bureaus.

 

[PACVII]

Credit cards report by statement cycle and equity / PLOC deals report end of month. The information is sent to the agency it's not requested from the lender.

 

[dreamit]

I'm not sure about the debt ratio. I have more credit cards in my name than my husband. All cards get paid off every month or every other month. Yet my score is lower than his. Something about having TOO MUCH credit available in my name? I can't figure it out. We both have scores above 750.

Your score is good so I wouldn't worry about it too much. Usually having credit available to you isn't an issue, and it can help in your utilization ratio. Even if you pay your cards off every month, if you are showing a high utilization at the time the card company reports to the bureaus it can hurt your score temporarily. There are sites that provide a form of your credit score for free (they're not providing your true FICO site). Most of these sites have simulators that can give you an idea of what different actions will do to your score.