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post #6501 of 9999 (permalink) Old 12-04-2012, 07:05 PM
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Re: Boredz V49 - Canucks optional :P

Only way to get to a 830 credit score is to have a ton of money and if you have a ton of money you don't need credit.

When I talked to the loan specialist last year my credit was around 720 I started building credit at 16 and have never missed a payment. I have paid off 3 loans at this point.

Which the last loan I paid off and my credit didn't budge still hasn't credit is really stupid IMO how the whole thing is set up.

For instance paying off a mortgage early reflects bad upon your credit. That males zero sense to me

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post #6502 of 9999 (permalink) Old 12-04-2012, 07:05 PM
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Re: Boredz V49 - Canucks optional :P







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post #6503 of 9999 (permalink) Old 12-04-2012, 07:06 PM
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Re: Boredz V49 - Canucks optional :P

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Originally Posted by GSXR6Mac View Post
Damn man. Sounds like that storm did everyone in! Sorry to hear about the job loss, but at least you picked up another pretty quick. Hope shit turns around.
+1
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post #6504 of 9999 (permalink) Old 12-04-2012, 07:07 PM
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Re: Boredz V49 - Canucks optional :P



I can't wait to ride this place, and go over said jump in first gear, at a measly 3 MPH.
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post #6505 of 9999 (permalink) Old 12-04-2012, 07:07 PM
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Re: Boredz V49 - Canucks optional :P

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Originally Posted by Goobersbro View Post
Only way to get to a 830 credit score is to have a ton of money and if you have a ton of money you don't need credit.

When I talked to the loan specialist last year my credit was around 720 I started building credit at 16 and have never missed a payment. I have paid off 3 loans at this point.

Which the last loan I paid off and my credit didn't budge still hasn't credit is really stupid IMO how the whole thing is set up.

For instance paying off a mortgage early reflects bad upon your credit. That males zero sense to me
No kidding

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Thats illegal in the USA isnt it?
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post #6506 of 9999 (permalink) Old 12-04-2012, 07:10 PM
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Re: Boredz V49 - Canucks optional :P

This one is for Joe. He's always talking about "Rubbing is racing, and close passes, etc".

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post #6507 of 9999 (permalink) Old 12-04-2012, 07:39 PM
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No kidding



Thats illegal in the USA isnt it?
Not that I know of . Why would it be
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post #6508 of 9999 (permalink) Old 12-04-2012, 07:40 PM
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This one is for Joe. He's always talking about "Rubbing is racing, and close passes, etc".

. If I don't fit, force it
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post #6509 of 9999 (permalink) Old 12-04-2012, 07:46 PM
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post #6510 of 9999 (permalink) Old 12-04-2012, 07:51 PM
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Re: Boredz V49 - Canucks optional :P

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Not that I know of . Why would it be
A guy I was talking to a little while ago said it was because of the spikes on the tires being a danger but it was legal in canada Just what I was told by someone who could be completely wrong lol
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post #6511 of 9999 (permalink) Old 12-04-2012, 08:04 PM
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post #6512 of 9999 (permalink) Old 12-04-2012, 08:05 PM
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post #6513 of 9999 (permalink) Old 12-04-2012, 08:06 PM
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Re: Boredz V49 - Canucks optional :P

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Originally Posted by GSXR6Mac View Post
This one is for Joe. He's always talking about "Rubbing is racing, and close passes, etc".

Vale back on a Yamaha FTMFW
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post #6514 of 9999 (permalink) Old 12-04-2012, 08:36 PM
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post #6515 of 9999 (permalink) Old 12-04-2012, 08:49 PM
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Re: Boredz V49 - Canucks optional :P

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Vale back on a Yamaha FTMFW
We will see.
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post #6516 of 9999 (permalink) Old 12-04-2012, 08:54 PM
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post #6517 of 9999 (permalink) Old 12-04-2012, 08:57 PM
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post #6518 of 9999 (permalink) Old 12-04-2012, 09:03 PM
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Re: Boredz V49 - Canucks optional :P



That has to be death for the pelican
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post #6519 of 9999 (permalink) Old 12-04-2012, 09:06 PM
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post #6520 of 9999 (permalink) Old 12-04-2012, 09:11 PM
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Re: Boredz V49 - Canucks optional :P

What up, Boredz, and optional Canucks?

Quote:
Originally Posted by Goobersbro View Post
Only way to get to a 830 credit score is to have a ton of money and if you have a ton of money you don't need credit.
Not true, 'Bro. People with very low incomes and banked cash can get to very high credit scores. What matters most, above all else, is that you pay your bills on time. Do that one thing alone, and you can probably crack 800. Of course, that assumes that you're making payments on some form of trade/revolving credit.

Quote:
Originally Posted by Goobersbro View Post
When I talked to the loan specialist last year my credit was around 720 I started building credit at 16 and have never missed a payment. I have paid off 3 loans at this point.
That will help immensely.

Quote:
Originally Posted by Goobersbro View Post
Which the last loan I paid off and my credit didn't budge still hasn't credit is really stupid IMO how the whole thing is set up.
Nobody really knows how the credit scores are calculated. None of them are calculated the same way and they guard their secret formulations very closely. Generally, we can assume what is being done by the effect your actions have on your credit score.

Quote:
Originally Posted by Goobersbro View Post
For instance paying off a mortgage early reflects bad upon your credit. That males zero sense to me
That's because it's not exactly correct. If you pay off a mortgage early and still pay on other debt, the payoff on the mortgage will actually help you. But if that was your ONLY debt, you could see your score fall. (See comments on debt availability ratios next.)

The second most important part of the credit score is how you manage your credit. That includes how you pay your bills, but also how much credit you have available vs. how much you have used. If you have $10,000 in credit limits on some credit cards but you've used up $9,000 (90%) of it, you'll take a hit. If you use only $1,000, (10%) you'll actually see your score increase.

This is why they say not to just close accounts without thinking it through. If you close a $6,000 card and now only have $4,000 of credit available of which you've used $1,000 (25%), your ratio just dropped a HUGE amount and it's going to ding your score pretty severely.

Of course, paying it off every month can only help. If you typically run your balances up a bit high every month, use your online bill pay and set up a recurring payment for each week to keep that average balance down between statements.

If you apply for credit too frequently, your score will fall.

So, some background:

We consider ourselves very fortunate to have no debt. We have about $90K in credit available of which we've used about $20K at any time, including the car payment (which I'm going to comment on further in a bit). Our income is not all that high, relatively speaking. Enough to live on without many luxuries beyond the thrills of the bikes and a couple of other things. Enough to be content, actually.

When we paid off the house ($230K at the time) six years ago, we had enough profit from the sale to pay for the new house in cash. As we concluded those transactions, my credit score was 820. (The highest you can get is 850.) We promptly paid off all remaining debt.

With no debt, my credit score started to fall and got down to 805-ish. As a result, when I bought the Vette last year, I went ahead and financed it instead of paying cash. Between then and now, it has gone back up to 830.

It's just the credit management. I should mention, too, that when I bought the Vette, they financed more than the value of the car, gave me a 3.85% interest rate and demanded that I finance as much as possible. A major bank, too, not just a local community bank or credit union. They did it all over the phone in about 20 minutes and I was driving away with it.

Credit, like fire, is very powerful. Just don't let it burn you!

There are other factors in your credit score, too, but discussions on those things are all over the interwebz. www.justfuckinggoogleit.com

--Wag--

"Great genius will always encounter fierce opposition from mediocre minds." --Albert Einstein
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