Personal Credit Check
All of my life, I have never carried a balance on my credit
cards. I have always used the convinience of the cards (and these
days, the 1% cash rebates or the 5% gas rebates!). I have always paid
them off each month.
My wife is exactly the same way. Furthermore, we don't have any
car payments or other things that would drop our credit. The only debt
we have is from college. Each of us has still about $7000 to pay back.
We are finally ready to buy a house. I have always thought that
because of how we handle our finances, we would have immaculate credit
scores. However, because of this house buying experience, I had to
figure out just HOW Immaculate it really is. We actually don't have as
high a score as we'd thought. We scored a 759 out of 850. This has us
puzzled. Just what does one have to do to get 800??? (Or dare I dream
of 850??).
What more could we do? I don't mean to sound perfectionistic,
but how could we have missed the mark by nearly 100 points??? And
furthermore, the people who get 800's and 850's: what more are they
doing that we are not doing? It is my impression that remakably few
people have Zero Credit card debts. Therefore, we must be in a very
small minority.
We make good incomes (six figures), and we have no debt. We
don't buy new cars, so we have no car payments. We have never had a
late payment. We have owned credit cards since age 18 (we are 34 now).
Is it because we don't have long enough of a history? Just how far
back do they look?? Do we need like 25 or 30 years of history to get a
better score? I always thought they only take the last 7 years of
history (ie when people have bankrupcies, they only go back 7 years,
right).
any help?
Here is the small print from TransUnion(whose scores go to 950)
About your TransUnion Personal Credit Score:
Your TransUnion Personal Credit Score is displayed above. Your credit score
is a snapshot of the contents of your credit report on the day the score was
calculated. Using objective, impartial formulas to translate the contents of
your credit report into a 3-digit score enables lenders to evaluate your
application for credit in a faster, fairer and more consistent manner.
Remember, we constantly update the information contained in your credit
report, so your TransUnion Personal Credit Score only represents the score a
lender would receive if they requested it today.
Summary
Given that you have a high credit score, lenders should be able to conclude
that you are capable of repaying your debts. This would then enable lenders
to provide you with better interest rates and loan offers. Credit cards may
be harder to obtain because lenders still see room for improvement. To
improve your credit score, continue to pay your debts on time. Lender offers
will differ based on the attribute information you provide concerning your
monthly income, employment history, and monthly debt. This information will
aid in the determination of whether you receive an excellent offer, or just
a respectful offer.
1. Not enough revolving debt experience:
More revolving accounts, containing longer credit histories, provides more
payment behavior information.
2. Too few premium bankcard accounts:
Not enough premium bankcard accounts has a negative impact on your credit
score.
Answers About Credit Scores
· How are credit scores used?
A credit score is just one of several factors a company will usually use to
decide whether to extend credit, give insurance coverage or provide
financial services to you. A variety of other factors will always be
considered, such as length of employment, income or previous experience with
you. Depending on what you are applying for, different companies give
different weights to each of these factors. By using a credit score, they
can evaluate your application faster, fairer and more consistently.
· How can I improve my credit score?
A credit score is a snapshot of the contents of your credit report at the
time it was calculated. The first step in improving your score is to review
your credit report to ensure it is accurate. Long-term, responsible credit
behavior is the most effective way to improve future scores. Pay bills on
time, lower balances and use credit wisely to improve your score over time.
· How do inquiries affect my credit score?
Only regular inquiries affect your credit score; and typically they have
only a small impact. Delinquencies, balances owed, and the length of time
you have used credit are all more important. Also, if inquiries actually did
affect your score, we will specifically inform you of this. Inquiries have a
greater impact if you have a limited credit history.
Additional Information
The TransUnion Personal Credit Score is provided to help you better
understand how lenders view your credit report. It is not an endorsement or
a determination of your qualification for a loan. The scoring model used for
this Score Analysis is not necessarily the same scoring model that may be
used by a lender, and the resulting credit score may not be identical in
every respect to any consumer credit score produced by any other company.
Any credit information that has not yet been reported to TransUnion will not
be reflected in your Personal Credit Report or score. Also, some items
disputed directly with creditors are not incorporated in the assessment of
your credit score.