Credit Rating ?

celticstanger said:

Well, I did loans for quite a while. I suppose I'd better go tell Bank of America, Countrywide, etc... that they're doing business wrong, per Mickey21. I know a lot of people come on here and talk with authority on things about which they know nothing, I'm not one of those people. I've been through the whole process from getting a credit report, to using the score to find general eligibility, to using the contents of the report to further establish eligibility (loan/mortgage defaults).

Ara, I'm pasting something I used to use to help people understand how their score is calculated. I did not write this, but found it in our lending co's knowledge database. Or you can go with the "...well, I think this is how it works...".

EDIT : tidied up cr@ppy formatting -

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Mickey21 said:

Grow up Celtic, what makes you think I dont know. I am not saying I'm an expert like you probably falsly maintain to be, but I know how it works. I am only saying if you think that a credit score is a credit score, well it isnt to everyone the same thing and that formula you posted is a guess to how every establishment does it. I could care less if you believe me and can elude to doing it whatever way you want, but from the standpoint of an individual such as my self with a degree in business, multiple home purchases, 10+ car purchases, many banking accounts with different banks and credit unions, long term job history, a wife who manages this region for a big bank, and just years of experience (no I'm not 21 - duh), whatever... Do what you want, and I'm just trying to help someone starting out rather than attacking someone for trying to help and trying to criticize. Good luck Ara...

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celticstanger said:

I think you need to grow up. Unlike many unhelpful people who come in and speculate/give "their opinion"(not this thread - most everything else in here is topnotch stuff), I'm giving real info here. I'm not claiming to be an expert, but I've posted what I know. You're the one who started disputing the useful stuff in this thread with your "guesses", now compounding it by saying I'm lying about having done loans. Yeah, I always dreamed of doing that for a living, and am just saying I've done it!

Hey, ask your wife about her banks servers. Every bank in the country keeps every record of every credit-impacting transaction of every credit-using individual? Sounds a) unfeasible, and b) redundant. They ought to just farm that kind of thing out to, say, a central company or two that they can all use whenever they want. That's called "normalisation" - my bachelors is in Mathematics and Computer Science.

BTW, elude = to evade, allude = to hint at. "could care less" = you really do care, "couldn't care less" = you do not care at all. And no, my degree didn't have a special block dedicated to English, I learned it in high-school.

Anyway, back on topic. You're welcome, Ara. Good luck getting that score up - it can save you 10's of thousands of $'s over your credit-utilising lifetime.

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Mickey21 said:

Elude was properly used in that statement so I dont know what you are talking about. Could care less is correctly used as well as in sarcasm and I could care less but not much.

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celticstanger said:

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Ara said:

I'm planning on buying a mustang within the next couple of years. I'm pretty young and don't have any credit cards yet. I do have a debit card that I use regularly but am wondering if I should start building up some credit now so I get a decent APR for when the time comes. Would I even be able to buy a car with no credit rating? I don't want to have to cosign or whatever with one of my parents or anything like that.

If i get a credit card and pay off my debts completely and before the end of the month would I still build credit? Or do you have to pay in installments in order to get some sort of rating?

I really wouldn't even want any credit card otherwise...

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