stopbush
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Thu Jun-23-05 05:00 PM
Original message |
What I Learned from My Credit Report... |
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Edited on Thu Jun-23-05 05:01 PM by stopbush
So, I'm applying for a pre-approval on a home loan (I've owned a home in the past), and my credit report reveals two items that are considered flags for a potential lender:
1. I've moved too many times in the past 5 years (the result of chasing jobs in the non-existent * economy...we've been in 3 different locations in two different states in the past 3 years), and (drumroll please!)
2. I've paid off the balances and then canceled a high number of credit cards in the past 10 years (you may want to read that again).
Seems the fact that I've got it down to 3 credit cards and have balances at about 50% of the credit line on all of them is BAD. What I SHOULD have is 10 credit cards with 10% of the credit line used on each one!
That fact that we purchased and sold a house and paid off two car loans in that period with NO LATE PAYMENTS anywhere just doesn't seem to matter (and we pulled that off even while I was out of work for almost 3 years).
BTW - I did get a pre-approval, but at an extra half point above the rate I would have qualified for if my rating was "outstanding."
Further BTW - I'm about 5 tics under the "outstanding" rating...as in, if 700 is outstanding, I'm at 695.
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Mojambo
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Thu Jun-23-05 05:04 PM
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How dare you NOT have massive credit card debt!
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cynatnite
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Thu Jun-23-05 05:06 PM
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2. Damn and I thought we were doing good for only have two credit cards |
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and have paid down most of our debt.
Maybe I should feel guilty :freak:
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stinkeefresh
(563 posts)
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Thu Jun-23-05 05:24 PM
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3. the whole concept of Credit Rating |
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is completely evil.
The fear of bad credit keeps people in line. I may never own a home, but I don't give that credit crap a second thought. No credit cards here.
I think someone could run for president on the issue of predatory lending and win.
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Gyre
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Thu Jun-23-05 05:27 PM
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4. Just sit tight and wait for the market to explode. |
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They'll be sucking your crank (or equivalent if you're female) to get you to take a 30 year fixed in a year or so.
Gyre
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slackmaster
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Thu Jun-23-05 05:29 PM
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5. My FICO was 803 last time I checked it |
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I have ONE credit card that I use and normally don't carry a balance on, two credit cards I have never activated, a first TD, and a HELOC.
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DU
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Wed Apr 24th 2024, 11:23 PM
Response to Original message |