Nate1647545505 Posted April 17, 2012 Report Share Posted April 17, 2012 Decided to pull my credit report from MyFico to check on things while I was deployed and to be honest, I'm pretty bad at checking it annually. I found my TransUnion score actually dropped 10 points with the note saying my credit activity was "low". I mainly use my bank's debit/credit card for most purchases as most of my cards sit in storage. I was thinking of doing the old CD->Secured Loan>Money Market->Loan trick and letting it grow -- but with today’s rates...that doesn't look like a great idea. Not sure if this is still possible; I remember a professor saying he would time his credit card billing cycles out so he could stack the charges, only pay 1 payment, but have 3x the activity. The simplest solution is probably just to start using cards again, but, just curious on what others are doing. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted April 17, 2012 Report Share Posted April 17, 2012 Did they actually show you a score? Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 Did they actually show you a score? Yes, as a military member we get a full review and score printout from MyFico. It's a great score, just nearing the magic 730... Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2012 Report Share Posted April 17, 2012 Keep in mind that the REAL scoring models are proprietary formulas that are not released.... To anyone. So my fico, and pretty much any websites make suggestions that "should" improve your credit by said given amounts. I actually paid a debt off and lowered my score. It was my oldest account, so paying it off closed the account and lowered my average age of credit. Makes sense. A friend of mine was in the same situation so I forwarn him that he will probably lose a couple points,... However his went up. So it's difficult to "game" your score anymore. On time payments over the course of time will get you over 740, and above that it really doesn't matter anyways. Quote Link to comment Share on other sites More sharing options...
Guest Spam Posted April 17, 2012 Report Share Posted April 17, 2012 He could have paid off a loan that was in collection, which would explain why it went up. There are some many factors, its crazy. I don't even want to see mine. Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 Keep in mind that the REAL scoring models are proprietary formulas that are not released.... To anyone. So my fico, and pretty much any websites make suggestions that "should" improve your credit by said given amounts. I actually paid a debt off and lowered my score. It was my oldest account, so paying it off closed the account and lowered my average age of credit. Makes sense. A friend of mine was in the same situation so I forwarn him that he will probably lose a couple points,... However his went up. So it's difficult to "game" your score anymore. On time payments over the course of time will get you over 740, and above that it really doesn't matter anyways. Interesting, I was under the impression all of you finance people looked at the TransUnion, or the Es. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted April 17, 2012 Report Share Posted April 17, 2012 So is there a way to see what a persons true score is? If a financial institute pulls your credit to approve you for a loan, is that a true score? Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2012 Report Share Posted April 17, 2012 He could have paid off a loan that was in collection, which would explain why it went up. There are some many factors, its crazy. I don't even want to see mine. No, that would completely make sense. He had 0 derogatory accounts. It was also his oldest account (student loan). Just like mine. Quote Link to comment Share on other sites More sharing options...
copperhead Posted April 17, 2012 Report Share Posted April 17, 2012 Nate, unless you are trying to buy a house I wouldn't worry about it. And if you are wanting to buy a house, you are probably better off worrying about a down payment than raising your credit score to get a .1% better rate considering rates are stupid low right now anyway. 10 points isn't a big deal and I'm willing to bet your credit is already at least above average. Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 No, that would completely make sense. He had 0 derogatory accounts. It was also his oldest account (student loan). Just like mine. That was another question I had; my counterpart has a decent amount of student loans -- are they weighted differently when it comes to debt/income ratio? I've kinda hesitated pulling the trigger on a house until we get them payed down. Quote Link to comment Share on other sites More sharing options...
copperhead Posted April 17, 2012 Report Share Posted April 17, 2012 So is there a way to see what a persons true score is? If a financial institute pulls your credit to approve you for a loan, is that a true score? http://www.experian.com/ DO NOT sign up for credit monitoring, from any site. You shouldn't have to give anyone a credit card number to pull a report. And yes, if a loan person pulls your credit score, that is your credit score. There are three institutions that rate you, and they all give different scores based off whatever bullshit they feel like rating you on. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2012 Report Share Posted April 17, 2012 Interesting, I was under the impression all of you finance people looked at the TransUnion, or the Es. TransUnion, Equifax, and Experian all have sub models also. Ex. TransUnion AE 98, TransUnion MM 3.0 Both TransUnion. Two different scores. And there are tons of different ones. But the moral to the story is no one knows that EXACT formulas anyways, so aside from the basic principles, it's hard to "trick" it anymore. Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 Nate, unless you are trying to buy a house I wouldn't worry about it. And if you are wanting to buy a house, you are probably better off worrying about a down payment than raising your credit score to gett a .1% better rate considering rates are stupid low right now anyway. 10 points isn't a big deal and I'm willing to bet your credit is already at least above average. I just figured I should keep an eye on it as a house is coming. Quote Link to comment Share on other sites More sharing options...
Furloaf Posted April 17, 2012 Report Share Posted April 17, 2012 Student loans are treated differently. Not so much on debt/income ratio, because they are still set financial obligations. They are treated differently for length of the account as compared to other types of loans. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2012 Report Share Posted April 17, 2012 Seriously, if you are even over a 720 I'd just pull the trigger. Shop the rate, and you'll be fine. I just got someone 1.65 for 48 months on a used car, and their score was in the 700-710 range. Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 Student loans are treated differently. Not so much on debt/income ratio, because they are still set financial obligations. They are treated differently for length of the account as compared to other types of loans. I told her she needs to man up and go on the ramen noodle diet and take care of bidness:fuckyeah: She responded with the location of the nearest strip club :no: Quote Link to comment Share on other sites More sharing options...
copperhead Posted April 17, 2012 Report Share Posted April 17, 2012 I just figured I should keep an eye on it as a house is coming. Talk to Marc Stock (angryBMW) about it. He does mortgages for a living. Tell him what your score is and how much you are looking to finance and down payment and he will give you a very good idea about what you are looking at. He could probably also tell you what differences you would be looking at if you were to increase your score by say, 50 points or something since that's probably not too terribly hard to pull off. I'm willing to bet the difference is negligible, especially since banks are STILL trying to throw loans anywhere they will stick so long as you aren't sub prime. The only thing is if you wait, I'm willing to bet the days of 20% down required will return, although from what I've gone through I can't recommend buying a house unless you have at least that. I should never have been able to buy my house, like many first time buyers that have bought in the last 10-15 years. Quote Link to comment Share on other sites More sharing options...
SinisterSS Posted April 17, 2012 Report Share Posted April 17, 2012 not sure if this is a good way to build credit but I'll purchase something putting it on a credit card wait for the 1st billing cycle and then pay it off that way it'll show up as a purchase and payment. Is this a good way to do it or does it really matter much as long as it gets paid? Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 I dont think we'll take a large loss when we sell our condo here in Indy, but I'll be happy if we break even. I do need to talk to Marc when it comes time, lots of things going on with her career as it looks like we'll be moving to one of the hot bed states soon. Quote Link to comment Share on other sites More sharing options...
TheMustangStampede Posted April 17, 2012 Report Share Posted April 17, 2012 Here an easy way to quickly build it, we do it all the time, but it takes displine. However seeing that your a vet like myself you probably have some of that. Kroger or something like that get their card and buy grocerie ( you need them anyway) and pay the bill, don't buy parts with extra cash pay it every month without missing a beat no matter how bad is sucks. If it sucks budget better. We have been shopping the like that at Kroger for 5 + years, since I left Ft. Campbell ETS When we go on vactaion we take cash and we only use the our normal C. card for gas and track it so we know how much we need to pay as soon as we get home. Then the cash is are budget for vaction. We also usee the normal C. card for major purchase at Lowe's or Best Buy or whatever, but already have cash in the bank to pay it as soon as the bill comes. I also do this with parts, but already have the money in hand. Next use the points from the normal C. card to get gifts cards to Red Lobster, Apple Bees and eat with those we always have gift cards to go out to eat. If not food choose other store you want Use the Kroger point to save on gas, I think the Kroger gas points kind of suck now but last week I fillled up the Explorer and 3- 5 gallons can and had 80 cent off a gallon. It takes will power and a good budget, and you will be near perfect in no time buying the things you buy anyway. Try to keep the amount of open account to a number I would say we probabyl have 5. If you have a car payment start making extra on every payment and pay it off early, not to early, but just show them a displined history of payments that are better than what is due and pay it off early. These are some easy things that we have done and it worked well. Students loan have changed you cannot buck them they stay till they are gone. One thing that caught me up, was I was late on house payment one time whileat Ft. Campbell. They didn't tell me but that made me late on every month after that for 4 months until I caught it, I quickly paid it up in full to avoid the fee being tacked on, and told them they should have let me know, I thought I had it post dated in time, I was in the field that is why it was late. I sold that house though before I ets'ed so no big deal any way. You may want to check just to see if anything may have gotten delayed causing a revolving late payment while you were overseas. Quote Link to comment Share on other sites More sharing options...
TheMustangStampede Posted April 17, 2012 Report Share Posted April 17, 2012 not sure if this is a good way to build credit but I'll purchase something putting it on a credit card wait for the 1st billing cycle and then pay it off that way it'll show up as a purchase and payment. Is this a good way to do it or does it really matter much as long as it gets paid? I'm right with you me and the wife, abuse their point systems like it's crack cocaine. Buy all your nomral purchases, but pay it off as soon as the bill comes. Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 17, 2012 Author Report Share Posted April 17, 2012 1ohhhhhh1; pleasure to meet you. Good friend is serving in the Lifeliners. I hate using other people's money so I don't use credit or loans (outside a mortgage). She has a decent amount of student loan debt, but our cars are payed off (not like we drive anything fancy) Quote Link to comment Share on other sites More sharing options...
TheMustangStampede Posted April 17, 2012 Report Share Posted April 17, 2012 Seriously, if you are even over a 720 I'd just pull the trigger. Shop the rate, and you'll be fine. I just got someone 1.65 for 48 months on a used car, and their score was in the 700-710 range. My 2010 corolla S was 0 percent, love when the car company loans me money for free. It's the only car note I have never not paid off early. As long as the gas pedal never sticks knock on wood I should be good. Quote Link to comment Share on other sites More sharing options...
TheMustangStampede Posted April 17, 2012 Report Share Posted April 17, 2012 1ohhhhhh1; pleasure to meet you. Good friend is serving in the Lifeliners. I hate using other people's money so I don't use credit or loans (outside a mortgage). She has a decent amount of student loan debt, but our cars are payed off (not like we drive anything fancy) It is not a bad thing man, there are some bad ones though. The Afaes card is killer, if you have one cut it up. Just start making you purchases on a C card. Pay it off treat the card liek it is you bank account never spend more then you can pay that month. You will start getting the best rates on everything. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2012 Report Share Posted April 17, 2012 My 2010 corolla S was 0 percent, love when the car company loans me money for free. It's the only car note I have never not paid off early. As long as the gas pedal never sticks knock on wood I should be good. This can be tricky too. Real banks don't loan at 0% so I'm assuming it had to be Toyota financial. Somewhere in the fine print you probably gave up a rebate of somewhere around $1500 to receive 0%. That isn't 0%,.... That's paying $1500 in interest right up front. I'm not saying it wasn't the right move. I'm saying it depends on the circumstance. I took 0% over a $700 rebate on my Kubota tractor. But I ran the calculations and over 5 years on 14k even my piddly ass CD money earned more than the $700 true cost to finance. So I kept my money in the bank and used theirs. Quote Link to comment Share on other sites More sharing options...
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