Credit Score High

Credit Score High questions and answers

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Q: I used to have a high credit score, How can I raise my score back up again?My Score went from 750 to 350.?
I don't know what made my score go down, I was thinking maybe it's because I used my credit card almost to the max balance. But I never have had a late payment on any of my bills. So Please does anyone have any advice to help raise my credit score back? How long does it take to get your score high again?

A: If your score dropped from 750 to 350, there are a LOT of negative items on your credit report. Do you realize that 350 is the lowest possible FICO score? Maxing out your existing cards could not possibly affect your score anywhere near that much, especially if you have not had any late payments. I urge you to go to annualcreditreport.com and pull copies of the three credit reports (Experian, Transunion and Equifax). Look carefully to see if there are items which do not belong on your report. Something is terribly wrong if you had a score of 750 which is now 350 and have no idea what could have happened. People with scores in the 350 range would typically have many accounts which have not been paid in months, accounts sent to collection agencies, bankruptcy, court judgments, etc. Another possibility - are you SURE your score is 350? Did you get it directly from myfico.com or another source which provides actual FICO scores?

Q: How can I get my credit score high?
I'm 17 and about to turn 18 and i wanted to know what way is a good way to bring my credit score high

A: Get a loan or soemthing in your name and make the payments on time every month. I wouldn't recommend a credit acrd, because you can get yourself into a lot of trouble. I fyou can have the utilities or something else in the household changed to your name it will help too.

Q: Is a 627 credit score high enough to apply for a secured credit card?
I would hate to apply for a credit card just to be turned down and have my score go lower for the application request ! I hope some one can help ?

A: Great question! Here's a better idea. Instead of focusing your efforts on how to get a credit card, why not ask the question that wealthy people ask themselves, "How can I build my net worth?" Have you ever noticed that so many people in this country have plenty of credit cards and car payments, but don't have any actual money? That's because they are sending every dime they make to creditors. People with high net worths avoid credit cards and expensive car payments. Building wealth is not that hard and it gives you peace of mind when emergencies pop up. Check out these two great links from financial advisor Dave Ramsey for more information!! Good luck in your financial future!! http://www.youtube.com/watch?v=iIgLyl66QxQ http://www.cbsnews.com/stories/2005/10/18/earlyshow/living/money/main951008.shtml

Q: What credit card requires a very high credit score to obtain?
If you had to name a credit card that was the hardest to get (required a very high credit score), what credit card would you name? Besides the black amex. Is there anything more obtainable by the average Joe?

A: why are you so obsessed with credit cards all of a sudden? You better be careful or you will end up like my family, we're in debt over our heads and we're too poor to pay it back!!! I hope you know what you're doing...

Q: Is my credit score high enough to be a cosigner for a car loan?
My credit score is 693 which is 7 points away from good credit. Is that enough to co sign for my husband who's credits only in the 500s?

A: It's fine but make sure you could afford the monthly payments. If you own your home and have equity in it perhaps you should apply for a 2nd mortgage for 10 years at a fixed rate open end which means you can pay it down without being penalized.

Q: How important is it to have a high credit score?
I am hearing stories about people with good credit that still can't get financed, how importnt is it to have a high credit score?

A: Great question! Here is an excellent link to an interview with financial expert Dave Ramsey that should answer many of your questions! http://www.cbsnews.com/stories/2005/10/18/earlyshow/living/money/main951008.shtml

Q: Is there any chance to decrease the interest rate with high credit score?
Hi, Is there any chance to decrease the interest rate with high credit score. I am going to apply for loan am having my credit score and history of paying back amount is good. So is there any chance to decrease the interest rate for my loan.

A: Ya there is an chance to decrease the interest rate with high credit score. Because most of the bankers will ask you to submit your credit report before sanction your loans they need to check your financial history whether you can able to pay the amount back or not. If you are having your credit report history good then they may decrease your interest rate and also sanction your loan as soon as possible.

Q: High credit score, but a lot of collection accounts.?
I have a decent credit score, 710, but I have about 10 older medical collection accounts on there. How is my score so high with my credit so messed up?? If you try to get a car loan or mortgage, do they just look at the credit score, is that the main thing that matters?

A: Where did you get your score from? If it was anywhere else but directly from the reporting agencies or FICO, then you got a bogus score. Read the following: http://www.marketwatch.com/story/your-credit-score-may-rise-or-fall-depending-on-loan-type-lender?dist=msr_1 With that many accounts in collections, I doubt it could be correct. And yes they look at more then just your score, they look for accounts in collections, average daily balance on accounts and payment history. Hope this helps answer your question.

Q: Will a car loan decrease my credit score the way high credit card balances do?
Because I know auto insurance is based on your credit score, so if my quote is 176 a month will that go way up after i get the loan for the car? What i mean is will the loan decrease my credit score the way high balances on your revolvoing credit do thus increasing my car insurance. im sure this is a dumb question but ive never done this before. Thanks

A: Your auto insurance cost will often depend in part upon your credit profile. A very few states do not allow this practice and a few more require the insurance company to explain how it impacts your rates. Unfortunately the relationship is not necessarily related to your numeric credit score. My credit score is over 750 but I still am being dinged about 10% on my auto insurance cost. My state does not require insurance carriers to disclose how your credit profile affects your rates, only that it does and by how much. I cannot get a straight answer from my insurance company as to how I could improve my profile to qualify for lower rates. If this situation pisses you off -- and it certainly does me -- contact your elected representatives and demand that they pass legislation to force insurance companies to disclose how your credit profile affects your rates and how you can improve it to lower your rates.

Q: How do I keep my credit score high enough for it to be considered good?


A: The most important thing to do is to make your monthly payments on time. Your payment history makes up a large percentage of your credit score and even one late can make a big negative impact on your overall score. Try to avoid collection accounts, chargeoffs, repossessions, bankruptcy and unpaid liens because any one of these actions can cause your credit score to sink to it’s lowest standing

Q: What is the advantage of having a high credit score vs a very high one?
I would like to know what is a good credit score, and what is a great credit score. And, what advantage do I have (i.e. in home mortgages) with one vs the other score. Thanks!

A: You'll get a little better interest rate when you borrow money. The thing is you have to borrow money and make payments on time to get a high score. You have to keep borrowing money and making payments on time to keep a high score. All you get is debt. Your score is based solely on debt. How much debt you have. How long you have been in debt. How often you make payments on debt. What kind of debt you have. Its a I love debt score. Pay as you go. Live on less money than you make and you will have money. The only time you might have to borrow money is for a home. You can do that without a fico score. It's called manual underwriting. It's not a sub prime loan. It's the way loans where givin' before all the fico score worship. You can get the lowest interest rates available.

Q: How do high credit limits impact your credit score?
I have 3 credit cards (2 MasterCards and 1 retailer card). I pay off my balances monthly and therefore have no debt. One MasterCard has a credit limit of around $18,000 and the other has a limit of $19,000. The retail credit card (which I have only used once) has a limit of $12,000. As stated before, I have a zero balance on all of the cards and pay them off every month. How do these high limits affect my credit score. Currently, I rent and have no desire to buy a house until the market settles some in my area. Any thoughts?

A: Having high credit limits helps you because it makes it very hard to use over 30% of your limit in any given month and that is when your scores takes a hit not 50%. Sounds like you are doing everything right.

Q: How close to the prime rate will a non-business high credit score customer get for 30,000 dollar loan?
Curious what the interest rate would be on a loan of this size. It would be with a nearly perfect credit score.

A: It depends on whether or not it was collateralized. If it is, you could expect about one percent over prime, but probably more like two percent. If it was a signature loan, based on your personal financial and good score, you might get two percent over, but more likely three percent. It also depends a lot on how good of banking relationship you have with the loan officer.

Q: I have a pretty high credit score right now, but I was in an accident and out of work for a while?
so I can't afford to make full payments anymore for at least a few months, will that bring my credit score down significantly? I have more than enough for minimum payments, I just will not be able to pay the full amounts anymore.... How will my score be affected?

A: As long as you continue making your payments, your score will not be affected. Depending on what your current utilization is for your revolving accounts, your score may not increase more as it would have if you paid more of your credit card balances down. Just don't miss any payments and you will be fine.

Q: what can i do with a high credit score?
i just applied for and received a WaMu credit card that shows your FICO score. it shows my credit score as 814!!! i know it's only from one credit union, but i'm pretty sure it's not too off. i've always known i had excellent credit. what can i do with a high credit score like this?

A: FICO scores range from 850-300. With a Credit of 810, you can probably get any credit you want. For instance, if you would like to buy a new house, just apply for Credit and you are good to go. Need a new car? Go to a dealership and get a car on the spot. Good credit is amazing. Just dont be stupid and ruin it.