Highest possible credit rating?

[Gary Wells]

Why would you want to have 3 car loans?

To increase his credit score? J/K, sorry, oops, my bad, couldn't resist the temptation.

 

[charlief1]

All true but income has no direct effect on FICO scores. Your income is considered when you are trying to get credit. Fwiw i will be unemployed as of April 13 and if i check my credit score in 6 months im sure it will still be right around 817 even though my income will be less than half of what it was even if im still unemployeed at that time.

I wish you all the luck Brian. I know how that feels for sure. If you need something when it happens send me a note and I'll see If I can help.:smile:

 

[GNBRETT]

Anything over 759 will get you the same home rate as an 850 credit rating will. The only thing that a credit score over 759 will dictate to how good you THINK your credit really is. In reality it makes absolutely no difference when applying for a home loan if it's 760 or 850.

The best car loan rate can be had with anything over 700 as that is considered excellent. A home loan has a higher credit rating criteria as it should since you will be paying it for a longer period of time.

Your job will not dictate your actual credit rating score but ur rating will certainly dictate ur ability to get a home or car loan at a better rate with income verification of course. A credit score is just a number. Your ability to actually pay that loan back is what matters and employment income will certainly dictate whether or not a bank is gonna give you a home or car loan to begin with.

You could have an 850 credit rating and work at McDonalds. But being unemployed ain't gonna get you a mortgage even with a considerable amount of money put down to off set the risk.

I would highly doubt that a bank would give anyone a mortgage without proof of income in todays day and age. Even getting a $10k car loan will require two weeks of pay stubs. That is pretty standard with any bank or credit union so ur rating is important but means nothing if you don't have a job that shows you can actually make the payments.

 

[JOHNDEEREGN]

I can attest, Gary Wells doesn't lie

Must suck to only have an 858 credit score Gary

 

[GNBRETT]

I wish you all the luck Brian. I know how that feels for sure. If you need something when it happens send me a note and I'll see If I can help.:smile:

I give him another two weeks and he will have something nailed down. He has an excellent work record as well as great credit which shows responsibility at least and as long as I've known him im not sure if he has ever taken more then two days in a row off which is more then I can say for myself.....:tongue:

 

[TurboDave]

All true but income has no direct effect on FICO scores. Your income is considered when you are trying to get credit. Fwiw i will be unemployed as of April 13 and if i check my credit score in 6 months im sure it will still be right around 817 even though my income will be less than half of what it was even if im still unemployeed at that time.

Very true. I've been unemployed for over 13 months, and my credit score hasn't suffered a bit. Still just a trickle over 800.

 

[bison]

You could have an 850 credit rating and work at McDonalds. But being unemployed ain't gonna get you a mortgage even with a considerable amount of money put down to off set the risk.

I would highly doubt that a bank would give anyone a mortgage without proof of income in todays day and age.

Very true. I just asked a mortgage guy about the house im in now and if a bank would approve me for a mortgage with no income verification if i put down 100k, had a 800+ credit score, and the seller sold me the house for $25k less than the banks appraisal with a final price of $255k. He said it was a no go even with the large down payment and you would need proof of income! His reasoning was that even though you would have a lot of equity after the sale the banks are not in the business to foreclose and that they will do just about anything to avoid foreclosure even if they might wind up positive after doing so. I guess i can thank all the POS that got loans for houses they couldnt afford with little to no down payment and the greedy bastards at wall street that let it all go down. Even though you and i know id never default the bank still wont take a chance. I didnt bother asking him how much it would take for no income verification. I doubt he would even know since almost no one but investors has enough cash on hand to buy real estate.

 

[SGRIM]

This is what I do guys...

I have seen some funny responses in this thread:biggrin:

There are several different ways to pull credit scores... How it is pulled and by whom makes a difference...

There are 3 major credit reporting agencies. Your score could vary from each company for several different reasons...

I could pull beacon from my car lot and get one score on a person. Pull one from my home dealership and get a second. Pull one from my finance office and get a third... All in the parameters I set it to pull and from which agency I pull it from...

Yes it hurts your score to apply for credit alot.

Yes owning a home improves your score on most scales.

The more credit you have available but not used the higher your score.

Not using credit cards or accts at least once a year can lower your score if the acct gran tor decides to close it for not enough use.

There are so many variables in these things. This is why fraud is so rampant. If you know how to work the system you can do about anything

In closing, I HATE using a beacon score to grant someone credit. It can be very misleading and screw decent people while letting scumbags get what they want because they know how to work it... You can thank the GOV for that. That way they "think" no is one is discriminated against. Which is good in theory but sucks in practicality...

 

[williamsGN]

One thing I noticed is when Macy's opened a 10k visa for me when I already had my Macy's store card - I closed the Visa card and my rating drop several points. Having a larger credit to debt ratio obviously helped my rating... guess I should of kept it.

 

[GNBRETT]

Having used more then 50% of ur available credit card limit will drag u down some as well. Keeping it under 50% of ur limit for a particular card helps keep ur score from dropping.

I have a debit card and ONE Credit card or as I like to refer to it as a (EMERGENCY) card as that is what it should be used for..... EMERGENCIES! I think some people get the debit card confused with the credit card....

Check ur recent statement and see what it will cost you over time to pay ur CC off at the minimum rate. Quite staggering actually.

 

[Gary Wells]

Can anybody define a "deadbeat" in today's credit world?

 

[GNBRETT]

Can anybody define a "deadbeat" in today's credit world?

A deadbeat to credit card companies is a customer who doesn't revolve their debt, and therefore, never pays interest. Basically, they do not revolve their debt and rack up fees like those who are less responsible with their money.

The majority of the population makes a lot of money for the CC companies and don't want Deadbeat customers because they are not condusive to their profit margins. It's good for you to be a deadbeat but not for them to have you as a customer in their eyes.

 

[Gary Wells]

A deadbeat to credit card companies is a customer who doesn't revolve their debt, and therefore, never pays interest. Basically, they do not revolve their debt and rack up fees like those who are less responsible with their money.

The majority of the population makes a lot of money for the CC companies and don't want Deadbeat customers because they are not condusive to their profit margins. It's good for you to be a deadbeat but not for them to have you as a customer in their eyes.

And ironically, 20 years ago and past a "deadbeat" was a person who did not pay their bills.

I'm a deadbeat through and through, to the core. the only money that the CC company has made off of me was the incident above where B of A claimed that they did not get my check in time, and they let me off of the hook on the interest and I had to pay penalties of about $35.00, or something like that.

 

[cruzn57]

I'm a dead beat!

I use credit cards and pay off the balance, so they get nothing, I love it,
CASH IS KING!
when we bought this house, they screwed around and yanked us everywhich way, pissed me off so bad, I cancelled the loan and went else where, lender called and called said your approved, I told em take a hike.
went to Wells Fargo ( not my favorite) and had the loan just like that!
now with current economy, I called them (Wells fargo) and they are modifying loan, lowering %, and eliminating some fee's.

 

[williamsGN]

Deadbeat extraodinare here, haven't paid interest in years, and get 1-5% back on gas credit They forget about the 1-3% they charge the merchant when you use your card. Its tough being banks

 

[GNBRETT]

And ironically, 20 years ago and past a "deadbeat" was a person who did not pay their bills.

I'm a deadbeat through and through, to the core. the only money that the CC company has made off of me was the incident above where B of A claimed that they did not get my check in time, and they let me off of the hook on the interest and I had to pay penalties of about $35.00, or something like that.

Yea, it's kind of an ass backwards term I agree.

 

[Turbo1dr]

A few years back, credit card companies would send me cards that offered 0% interest and 0% on purchases for at least a year and sometimes a little more. I used to transfer my balance over to a 0%-0% card and pay no interest at all. When the plan was over I'd just get another card and do the same thing. I think I did that for 5 or 6 years until the economy went in the toilet. My credit rating the last time I checked was 801.

 

[Move Over]

I dont think they consider you a deadbeat as long as your using the card because they still make money on the fees as long as your using it.

 

[GNBRETT]

I dont think they consider you a deadbeat as long as your using the card because they still make money on the fees as long as your using it.

Nope. The term deadbeat applies to the CC holder, not the vendor who pays an average of 1.5-2.0% per transaction.

 

[Move Over]

i didnt know that it was actually a term they used i just meant that with out the card holder using the card they wouldnt get the transaction fee from the vendor. remind me again why a vendor cant charge more for cc purchases?