The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
The Guiding Principles and New Rules document is now in effect.
Credit Report Demystification
Passerbye
I am much older than you.in Beach CityRegistered User regular
I am much older than you.in Beach CityRegistered User regular
Alright, so I got my credit report from Transunion (hooray for federal law requiring each person get a free credit report annually). Now I just need a translator so I can determine my credit score (which apparently isn't required to be part of the report - go figure).
It's got all the months listed along with various numbers (ie, 30, 60, or OK) above each month for all the things that I owe money on or have owed money on (credit cards and student loans). I just have no idea what these mean in terms of my credit score. I'd rather not pay Transunion $8 for my Credit Score if I can determine it myself so, what I want to know is....
1) What does your credit score start out at?
2) How do I add or minus these numbers from that base to determine my score?
3) Do I use these numbers for that?
I'm happy enough to fill out my 1040EZ by myself each year, so this Credit Report/Score stuff is a bit on the confusing side for me. Please explain this to me as if I were a novice because, of all intents and purpose, I am one.
Thank you in advance.
It's got all the months listed along with various numbers (ie, 30, 60, or OK) above each month for all the things that I owe money on or have owed money on (credit cards and student loans). I just have no idea what these mean in terms of my credit score. I'd rather not pay Transunion $8 for my Credit Score if I can determine it myself so, what I want to know is....
1) What does your credit score start out at?
2) How do I add or minus these numbers from that base to determine my score?
3) Do I use these numbers for that?
I'm happy enough to fill out my 1040EZ by myself each year, so this Credit Report/Score stuff is a bit on the confusing side for me. Please explain this to me as if I were a novice because, of all intents and purpose, I am one.
Thank you in advance.
Passerbye on
0
Posts
That number is how creditors determine what to do with you. The higher, the better. The rest of the stuff is just a breakdown of loans,debts,delinquencies,defaults, etc.
:x <<not at you
Face Twit Rav Gram
Credit scores typically range from 300-850, but that changes depending on the score type. Typical factors include how long you've had credit, how much of it is revolving (i.e., credit card), what your current balance vs. your available credit balance is, and if you've ever been late with payments.
If you have had credit estbalished for a few years with multiple open lines (credit card, car loan, etc.), aren't maxed out on your current lines of credit, and haven't missed any payments, you'll most likely be in the 700 range.
The exact number isn't as important as the range. Typically, if you are below 600 you're in one "tier", 600-720 or so in another, and 720+ in another. That changes based on what it's being used for (job application, car loan, etc) but you get the idea.
I am 23 years old, have had a credit car since 18, never missed 1 payment and paid off each month in full, I have 3 credit cards, the newest one I just started 3 months ago (so probably lowered my score) I have no loans out, and my FICO score is at 784
On the report it says anyone that has a 750+ rating can pretty well get approved for credit for anything
You could get a house without a down payment, or a car, or .. well.. someone's soul.
Well they will still examine ability to pay, but yeah you will get good terms with that. I mean even an 800 score won't get an unskilled laborer a mansion in this lending climate, but it would make it easier for him to get a modest home for instance.
The only place to get your FICO score (your actual credit rating) is from the Fair Isaac Company, at myfico.com. They're the ones that make the actual scoring model and they don't release how they figure it to anyone. The scores from Myfico.com cost about $15 apiece and can be different for each of the three reporting companies, since each of the reports can have different infomation.
Face Twit Rav Gram
You can get all three of your credit reports free here.
https://steamcommunity.com/profiles/76561197970666737/
Right, but that doesn't include a credit score, which is what the OP is after.