My credit score...not sure what it means

Discussion in 'Et Cetera, Et Cetera' started by Rommette, Aug 21, 2009.

  1. Rommette

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    Ok....so I went on this site to see my credit score and they said its 721. I'm not sure if that's good or bad. Im a 21 yr old college student. The only thing i've ever had was a student loan that I paid off last month. I always thought that having no credit means your credit score is zero. Can someone tell me what my credit score means?...im clueless
     
  2. D_Ho Lee Fuk

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    Over 700 the better. You are fine.
     
  3. D_Relentless Original

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    I think that there is a scoring matrix with the score, bad, fair, good, excellent, i joined my credit history yesterday, so i am still learning it myself, it is a little complicated though.
     
  4. Penis Aficionado

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    720 is excellent credit. Two years ago you could have bought a house, even with no money and no job.
     
  5. rob_just_rob

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    Your credit score is a gauge of how well you handle debt. If you make your payments on time, and are never in default, your score will be good. Multiple late payments or defaults will damage your rating.

    721 is a decent score. Below 680 is not great. Below 600 and you're in some trouble. Above about 780 is stellar.

    Bear in mind that it's only one factor taken into consideration, should you need to borrow.
     
  6. D_Relentless Original

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    My credit score is 820, but i still cannot get any more credit, i pay everything on time, never default, no CJC,i have a great credit history, baffling.
     
  7. D_Relentless Original

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    Hey rob, i have been told the more times you go for credit, i.e getting a loan and a credit card application and checked it can affect your credit rating, seems starnge, would you think that was correct?
     
  8. rob_just_rob

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    That is correct.

    The credit bureau treats multiple credit checks/applications (can't recall which) in a short period of time as a red flag and your score drops as a result.

    I think the reasoning is that multiple applications in a short period of time suggests that you may have run into trouble financially and are desperately seeking lending.
     
  9. MalakingTiti

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    My credit score is 6000.
     
  10. Rommette

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    my question is how i got credit? I haven't done anything
     
  11. rob_just_rob

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    Your GSDR/TDSR may be maxed out. Lenders (the reputable ones) don't like to lend when your maximum monthly debt payments hit more than about 1/3 of your gross income.
     
  12. rob_just_rob

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    Didn't you say you had a student loan?
     
  13. D_Relentless Original

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    Wow, thanks for that Rob
     
  14. Rommette

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    yeah...and thats it. if my credit is so good i figure i would need multiple loans
     
  15. rob_just_rob

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    If you had one loan and made monthly payments on time for a couple of years, ending with it being paid off, that would likely be better than having multiple credit cards, for example.
     
  16. Rommette

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    ok....transunion gives me 721, experian 714 and equifax 711. how can they all be different. I don't have any bills to be late on. Im confused. Do they all use different scales or something?
     
  17. lucky8

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    Doesn't make sense to me. Student loans aren't reported to credit bureaus last I heard, unless you default...it may have changed though. I couldn't even get a credit card 4 years ago (even though they kept sending them to me saying I was "pre-approved") because I had no credit history. Maybe someone in your family got a card in your name some years ago and has been paying it off in order to help you build good credit. I know a lot of people whose parents do that for them
     
    #17 lucky8, Aug 21, 2009
    Last edited: Aug 21, 2009
  18. lucky8

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    It depends, some places only report to one bureau, some 2, and some all 3. Personally, I don't trust em...to me, they should all be the same, and we should be able to see our score for free whenever we choose. But yes, unfortuantely they all have different rating standards
     
  19. Rommette

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    when i looked at my credit report they had Bally Total Fitness on there. I joined them in 2007 and in 2008 i recieved a call from them saying they would have my account paid in full if i paid them half of my balance . I figured they were straped for cash (they filed of bankrupcy a time or 2) and said hell yeah. I would have been paying 19 bucks a month till 2011. I forgot all about them. I also saw 2 credit card companies. I didn't think they would report because I have a zero balance with them (they r only for extreme emergencies).
     
  20. MrToolhung

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    Rommette,

    Anything that requires monthly payments will be reported to the bureaus. Even the credit cards that are at zero balance has an impact.
     
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