I need some encouragement!

[maxiesmom]

I just went on-line and got my free credit report. I paid the $5.95 for my score, and it is 689. Is that bad? The credit company made it sound terrible, but my sister thought it was pretty good. I haven't been late on anything in 5 years, so if that is bad I don't understand. I have some old bad credit still listed, but that will be 7 years ago next fall, and I think it drops off the report then. I only have 2 credit cards with small limits so I don't go nuts. So I guess I will concentrate on paying those off, but I thought it was better to show a balance and that you are paying on time then to pay it all off. Am I wrong? I am now depressed. I have been working so hard at improving my credit, and it feels like it is taking forever!

 

[ChrisnSteph]

Improving your credit does take a lot of time. A score of 689 isn't really bad! I wouldn't stress about it!

 

[WatchinCaptKangaroo]

There are 3 levels of credit. Believe the top one starts at 700 so you aren't too far off.

One of the things they look at is your debt-to-credit ratio and lower is better. So if you have 2 cards with $500 limits each and you have $250 charged on each of them you are at 50% of your debt-to-credit ratio. If you trust yourself not to spend get your limits upped a bit and that will help.

The Budget Board has a bunch of people who are knowledgable in this area.

 

[ziggystardust]

whats the website you used? I was looking to get mine too.

 

[Kimberly]

I just went on-line and got my free credit report. I paid the $5.95 for my score, and it is 689. Is that bad? The credit company made it sound terrible, but my sister thought it was pretty good. I haven't been late on anything in 5 years, so if that is bad I don't understand. I have some old bad credit still listed, but that will be 7 years ago next fall, and I think it drops off the report then. I only have 2 credit cards with small limits so I don't go nuts. So I guess I will concentrate on paying those off, but I thought it was better to show a balance and that you are paying on time then to pay it all off. Am I wrong? I am now depressed. I have been working so hard at improving my credit, and it feels like it is taking forever!

Um... you want to know mine? You'll instantly feel better. That is pretty good actually. I wouldn't call it outstanding, but you do have good credit.

 

[maxiesmom]

The web site I used was annualcreditreport.com

You can get your report free, but you have to pay for your score. You can go to 3 different companies for your report.

 

[Boston Tea Party]

They want you to think you have bad credit so that you will pay more in interest thinking you can't get a better deal.

I think that 689 is respectable. From what I understand 720 is golden.