790 Credit Score

790 Credit Score questions and answers

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Q: What APR should I get for a used car, 800 credit score?
I am buying a 2008 Equinox from a dealership. It's used. I negotiated the price already but tomorrow I am going to deal with the financing dept. My credit scores are 790 and 800 with an 11 year history. Considering the economy, is it unreasonable to ask for a zero percent for 60 months? Kansas city area

A: You wont get 0% no bank is doing that on used cars. Most credit unions can do 4.9 maybe even 4.5%. My best primary lender is doing 5.5%. By the way I have 2 2008 Equinox's on my lot with 8000 miles for $16800 certified.

Q: I got a TransUnion Credit Score of 790 and they say I am at a little below average. Does this sound right?


A: Shoot nooooooo that is not below average. I'm in the real estate / mortgage lending business, and your score is MY DREAM !! Keep up the good work !!

Q: How can we get to improve our credit score.We had to file for Ch 7'cos of a failed business.Filed this month
We had FICO score of 790 prior to filing.We have always paid all balance in full at the end of the month.In nutshell have always been responsible about money.Are there any chances of being able to buy a house again?(lost the one we had in this process) How do we start with making our credit good?

A: i would go to http://www.cellsware.info/restorecredit . they're an awesome company that helps you fix up your credit score. I was having a lot of problems with my debt and my credit score was hooorrrrrrible so one of my friends showed me this site and they brought m back on th right track and helped m raise my score

Q: I have a very good credit score but my credit is bad, how is possible?
My credit score is 790 but i have a repo and like 20,000 in dept not icluding my 100,000 home morgage. how is this possible.... i cant even get approved for any thing its all old dept from 3 to five years ago i didnt pay any thing back i just dont understand

A: I could write it all up or just mail the links to where I have already written it all up:-) try http://credit-cards.ebookorama.com and and http://finance.ebookorama.com

Q: How can you have a great financial credit score but a lousy home insurance credit score?
My wife and I are in the process of buying a house. We were able to get an 80/15/5 mortgage totalling about $450,000 with no problems since our credit scores are both in the 780s. However, when we applied for home insurance we got rejected. We were shocked to find out the "insurance" credit score in New Jersey is about 790 which is in the bottom 20%. We have never owned a home before and never filed a claim under renters insurance. I tried looking up an explanation online through truecredit.com and some of the reasons made no sense such as I have not had the same credit card for at least 18 years. That would have meant that I would have had to have a credit card since I was 16. Can someone please explain the madness? The insurance agent, our real estate lawyer, and the bank have never heard of such an instance where the mortgage was no issue but the insurance due to credit is.

A: The length of time you have a credit account ADDS points to your score for every year. Additionally, for every two consumer initiated credit checks in six months, your score gets DECREASED by 20 points (mortgage is the exception - all mortgage inquiries within a 30 day period are treated as ONE inquiry). Because of that, if you shop out your Mastercard every six months, to four different vendors to get the cheapest rate, and switch it over, you get ZERO points added, and 40 points taken away. Also, all those store cards where you "get 10% off if you open an account now" ding you 10 points a pop, if you add those dings to the shopping out the mc dings. All those 90 days same as cash deals, those are actually CREDIT ACCOUNTS. So even if you carry a zero balance, have 10 store cards with $1,000 available each, two major credit cards with $5,000 each, you aren't getting any POSITIVE points added, but you have $15,000 available credit to subtract from your potential income. Now, if you go to a company like Travelers, they WILL look at the raw data, and make exceptions - overridding credit score for "common sense". But that's the only company I know that makes exceptions like that. If I were you .. . I'd cancel all the store credit cards. Stop shopping around the Visa/Mastercard, stick with one and keep it. Pay off the balance each month. And lastly, look for a small, regional insurance company that works through independent agents - try another agent! - for a quote without credit scoring, or an underwriter review. Also, go pull a copy of your credit report (free at www.annualcreditreport.com) and cancel all those zero balance, open accounts! It could make a HUGE difference.

Q: What's considered a really good credit score?
Mine are 760, 780, 790. How do I join the 800 club?? I have 3 credit cards with no balances (pay them off every month) and a car loan, and recently sold a house to pay off mortgage. Is this just a waiting game now to see it go up? Is there really any more that I can do?

A: If you are in the mid to high 700s that is considered a really good score, and if you're in that ballpark there's really no significant difference between that and being in the 800s. However, there's no point to having lines of credit open if you're not using them. Especially if they have very high credit limits on them and zero balances. The Fair Issacs Company will always view this as a potential liability issue because they know you can go out and rack up massive debts on those cards at any time. To push your credit rating higher you have to show them that you are very financially responsible and that you can manage your financial obligations without going into heavy debt. So, you want to use each of those credit cards at least every couple months and leave tiny balances on them from time to time (like less than a couple hundred dollars). Use them for things that you can pay off easily and quickly, like gas purchases or to buy an outfit or cheap stuff, then zero out the balances at least every three months or so. Once the banks keep seeing that you are on top of your game they will keep reporting you to the credit bureaus as a top flight customer, and that will cause your credit rating to go up. They also look at what you're using the credit card to buy (yes they REALLY do). They especially love it when they see things like travel and luxury items because then they know you're a person of leisure and one who can afford stuff---the type of customer that EVERY credit card company wants to have. You know you're getting up there when the same credit card companies you're now with begin sending you applications to upgrade to their 'exclusive' gold and platinum brand cards.

Q: FICO Credit score question?
Hi, I checked my FICO credit score and it says its 758. The FICO score chart is 300 the lowest and 850 the highest. What does my 758 score mean? How good is it? In November of 2006 my score was 790 so why did it go down to 758? What could I have done wrong? I was never late on a payment or anything like that. Thank you for your time and any help.

A: 758 is a very good score - congrat's If you pulled both or one set of your scores from any other company than myfico - that could be the reason. If you had pulled both sets of your scores from myfico, the difference could be from many different things. For example, since November: Have you made a large charge purchase on one or more credit cards? Have you been car/mortgage shopping and/or possibly made a new car/home purchase that recently started to report? Have you applied for and received any other type of loan that recently started to report? Have you recently closed any accounts? Has any previously closed account dropped from your reports due to age? Also, check to see how many "new" inquiries have showed up recently. With a high score like yours, inquiries shouldn't have much of an impact unless there are quite a few. If you had made large purchase on your credit card(s), your utilization may be a factor. If you just purchased a car or home, made any other type of new loan, you would have the inquiries from it, the new account status and also the utilization working against you. If you had closed an account in good standing, you had lowered your total utilization. If a previous closed account dropped off due to age, you would have lost history on your reports. If none of those examples fit, the best thing to do is to order your reports from each CRA and look them over.

Q: Bad Credit VS Good Credit?
My husband and I want to build a home. He has poor credit (601 credit score) I have excellent credit (790 credit score). He makes 3x more money than I do. Is there any way we can get a loan...especially in this tough lending market

A: Talk to a lender and see. Your (joint) application will be based on both incomes and credit records. In today's market, it's a necessity to be preapproved first.

Q: Will this affect my credit score?
For starters (and to avoid potential lectures): my husband and I are in our mid-twenties, own a business, and graduated college with no debt. This is the first time we've been in debt, and we'll be able to get out of it by the middle of next year. So, on to the question: As mentioned, we are in debt. In August, our credit scores were both around 790. At the time we had used about 25% of our credit balance. Since then, we neared almost 90% of the balance (paying it down now). We've always always paid more than the minimum, and never missed a payment. However, I wanted to know if nearing our credit limit causes our score to be lowered. Thanks for any insight!

A: About a third of your score is based on the ratio of credit card debt to available limit. Carrying balances of more than 30% hurts your score; 50% takes a bite out of your score; 90% kills your score. Pay off the balance and your score will immediately rebound. Don't worry about your score for now. Just concentrate on paying off the balances as quickly as you can. The faster you pay 'em off, the less interest you pay.

Q: Can I move all of my debt into 1 mortgage if I buy a house?
I have 47k in Student Loans, 13k in Car, ZERO in CCs and are looking to buy a house at 125k. Total here between all the debt would be 185k. I have a 790 credit score and make 75k a year. The house I'm looking to get is on a quick sell and was appraised at 200k. Can I take out a mortgage for 185k and pay off my car and student loans and have 1 big payment?

A: Like the other person said it would probably be crazy for you to roll your student loans in because of the low interest rate but to answer your question, yes you could do it. If you have that much equity in the home you can pull out a HELOC or 2nd mortgage to pay that off. With good credit, reserves and low ratio's you can probably get up to an 89.99% LTV on a second. Obviously they will have to sign a subordinate clause to remain in second place but you could probably do it. Most banks are only donig 80% LTV but I just recently refinanced my second and paid off my car and I was able to get 89.99% so you should be able to. My suggestion would be to go to a smaller local bank because most large banks and brokers won't do that high of an LTV. Oh, someone mentioned doing it in your loan and nobody will do that. There is no way a lender will approve a 13K car and 47K in student loans on the HUD-1 @ closing. It will have to be a post closing second and you may be required to wait 3-6 months depending on the bank.

Q: Which is best for credit score, joint user, secured card, authorized user, or student credit card.?
Hey, I'm looking to establish credit for the first time (im 20). No credit history and im a full time student for now. I was wondering which one of these options would raise my credit score the most. A a secured card with a checking account as collateral B becoming an authorized user of my parents card (they have a score of like 790 or so and never miss payments) C Opening a new joint account with my parents D Trying to get a student credit card with whatever terms they give me (prob not good ones) I saw a similar post which asked whether a student card or authorized user on parents card was better but people seemed to have mixed messages based on the "safety" of each scenario. I don't really care about which is more "safe" and pretend that in any scenario that I will make all payments on time in full for years to come. I just want to know which would build my credit score fastest. My intuition is that being an authorized user on my parents card (I heard it still affects credit scores since FICO reneged on the 08 provision which would have eliminated that practice, though how much has changed I don't know) would be the best scenario since they have a massive credit limit, a great score, don't use it much, and haven't missed payments in 30 years, but I'm not completely sure whether the fact that I'm simply an authorized user would make it less beneficial than maybe a smaller limit secured card in my name only, or am I wrong? After hours....and hours.... of perusing credit websites I've established that all are good for credit but no one seems to be able to tell me how they COMPARE to one another in terms of building one's score. Once again making payments and high interest rates will definitely not be an issue in any case since I won't use the card for much more than monthly bills and I have enough in my checking already to cover those for years. Appreciate your responses in advance!

A: Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - creditreport.imess.net

Q: Improving credit score via car payments (lease)?
Hello, my credit score is pretty low (around 600) one of the reasons it is so low is due to lack of history. My husband’s credit is perfect (790 or so). Is it a good idea to just get the car in my name (and put down a hefty down payment) so I can build my credit history. If I need my husband to co-sign, will that show or affect my credit rating? Where is Suze when I need her! Thanks in advance I know people look down on leases, but the plan is to purchase a house in 3-4 years. By that time we want as little debt as possible. So, we figure we can just end the least significantly prior to the purchase of the house so car payments/loan won’t count against us. That is easier than rushing to try and pay off a car first. I figure I can do without a car for a while or buy a cheaper car out-right. I have a feeling I’m just making up stuff. *hmph*

A: Whichever way you go it will reflect on your credit as a installment loan just like a purchase does. If you Husband co-signs the only thing that will show is either a "J" for joint or a "C" for co-sign. As long as the payments are made as agreed it will help your credit history the most if you make at least 24-payments.

Q: Can my credit score ever be considered good while i have settled defaults on there?
I checked my credit score 2 years ago and it was 370( awful) i have worked hard since then to clear my defaults and pay allaccounts on time and in full. I have not missed apayment in 2 years and my defaults are showing as settles my score has improved to 790, I was just wondering while i have those settled defaults onmy account can it ever be considered Excellent??? how far up can a score go while that is there?? please let me know.

A: If your score is 790, you're already in "excellent" territory. "Excellent" scores are anything above 750, or 730 according to some people.

Q: How to increase credit line?
Well apparently having a good credit score (790) and a good $35,000 sallary job means nothing anymore (just paid off and grad. college.) I haven't been able to get a small loan. The reasoning is because I'm "too new." I have had credit for about 4 years and have 4 lines of revolving credit. I was told that if I had even VERY VERY POOR credit for a longer time I'd of gotten the loan. I'm not sure what to think of this, and how to improve my odds. Can't secure a small loan for auto repairs (need them now, so I can continue going to work for 2 more weeks till pay day) how should I even expect to get a home loan in 5 years or so? Should I get a few more lines of credit and be responsible with them or just keep what I got and hope 5 years down the road I'll not have a "too new" credit.? Thanks, sorry I'm also kindda venting.

A: One good way to accomplish this is to raise the section or your credit called "Average length of Credit History" a great way to do this is to become an Authorized User on someone with more history on their account. A family member is usually a great choice. You will immediatly inherit all of their history on that account. Otherwise, start getting credit cards and using them lightly, but remember to pay them off every month and keep your balences low. Let me know if you have any more questions. Devin devin@nationalcreditcare.com

Q: Home Loan With Very Little Credit?
Me and my fiance are looking to purchase our first home. After finding the home, we are now in the process of getting the mortgage loan. Although we have very little credit, we have an excellent credit score (790). The bank also said that we have a great income for the price of the home we are looking to purchase. Also, there is no debt whatsoever between us (no student loans, cars are paid off, etc.) The only problem is, the loan we are wanting (100% financing) requires at least 3 lines of credit and we only have 2 (most everything is in our parents' name). The bank has asked us to come back in a week with some more paper work. Is there a chance that we will get this loan?

A: Give the lender everything they request - with the good employment and score you have a good chance to get the loan.