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Crazygolfer
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0.10 Dollars($)
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Post subject: Vantage score |
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I have three max credit cards on my account. How many points does this deduct from my score, or how many points will I Get once I pay them off?
My report states, "The average loan amount across open, recently reported real estate accounts, such as mortgage, is to low. Having low loan amounts has a negative impact on your credit score." What does this mean and how does it effect my credit score? How many points is this worth? Is this due to income to debt ratio?
My report states, "Your report shows that the time since your oldest credit account or loan opened was to short. having credit accounts or loans open for a longer period of time has a positive impact on your credit score." How many points is this worth?
I make $90,000 per year, I pay $1603.00 per month in debt, mortgage, credit cards, insurance, motorcycle and boat loans, I have apprx $609.00 in utility bills per month. I was late on one payment in 2002. I have never been late on another payment. My credit score is 642. My risk Grade is D, My credit ranking ranks higher than only 26.89% percent of all Americans. I find this unbelieveable. Could you shed some light on why my credit is so bad? I am retired from the Military and have moved all over the world several times between 1980 and 2002, does this effect my score? What can I do to bring my score up to the highest level? I am working to go debt free and have paid and am paying loans off early, is this hurting me? Your help and advice will be appreciated.
Mike Elmore |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Crazygolfer,
Paying off the debts to become debt free is really a good idea. It will not hurt your credit rather it will give a positive boost to your credit score. But I guess it will take some time to improve your credit score. You will have to patient and wait for a few months. There are various steps which you can take in order to improve your credit. Check out the following link to know more about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks,
Jerry |
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Frugal Spender
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0.10 Dollars($)
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Post subject: Vantage Score |
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Just obtained my Vantage score for the 1st time today because I pulled my credit report and noticed that some credit card companies either closed my accounts or reduced my credit availability...without my knowledge. I still have WAY more available credit than I could, or would, ever use. I always had a pretty good FICO score, but this score was even better and I'm not sure why...whether it's because of the new scoring system or the reduced credit availability.
However, 98% of my debt is in my mortgage, never late on any payments, long payment history, satisfied several house loans in full, only have 1/50 of my available revolving credit used - this month's CC balance (always pay CC balances in full each month), no car loans, etc.
Vantage score: 945 out of 990 - A - Super Prime - better than 96.96% of consumers
Considering the economy, I'm happy. But maybe all these defaults are making me look better. I'm not happy about that. |
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Antonio
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0.10 Dollars($)
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Post subject: Fixing the Problem |
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| My score is very low, due to student loans. I had my accounts in deferrment due to me being in school. But their system never added me correctly, and they're telling me now that they can not fix the problem because their system only response to the creditor and not a live person. What do I do? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Antonio!
Welcome to forums!
In my opinion, you should contact an attorney and let him deal with the credit bureau. He will negotiate both with your creditor as well as the credit bureau.
Sussane |
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geralyn
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0.10 Dollars($)
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Post subject: vantage scores |
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| my husband has a truecredit account that now posts Vantage scores...we are trying to buy a home and have shown my mortgage person these scores compared to his fico's, which of course are significantly different...he has asked if these Vantage scores can be used for mortgage purposes...since these scores are so new and still being batted around by lenders he was unaware of how they work |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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more than likely ALL lenders will use FICO. I highly recommend you pull your own FICO score before shopping with lenders.
There are different FICO models and almost all lenders use FICO instead of Vantage.
_________________
there's always hope!
"My credit score shot up 68 points!" |
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Tim In Ohio
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0.10 Dollars($)
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Post subject: Paying Off All Credit will not hurt your scores? |
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Jerry, wanna bet?
Paying your credit cards off in full LOWERS your credit score. Scores are a unregulated b.s. system manipulated by LENDERS. They are not an honest assessment of your ability to pay back a new loan.
Yes, your scores rise as you decrease credit card debt, but pay them off in full and your scores will actually drop. Scoring systems like a "healthy mix of credit". A high score can be achieved with no credit card debt, but it takes much longer.
And have you seen the new factors hurting your score? Now having only a small mortgage is a negative. That's clear proof the lenders are rewarding what they want to see, and not so much about determining who can pay back a new loan. It's not as much credit worthiness, it's how much of a sucker you are. The lenders want to know that they will make a big profit off of you.
If you pay off ALL debt, your scores drop to those of someone who has filed bankruptcy! You then have to seek out manual underwriting to get a loan and most likely will NOT get the best terms out there. |
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Theresa
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0.10 Dollars($)
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In my transunion my credit score is 749 and in equifax it is 569 why?
This does not sound right I am in a need of a car immediately and I am afraid to go and purchase one with these scores.... |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Welcome Theresa,
You need to get hold of a credit report from Equifax and check out what kind of negative items are listed on it. You can start negotiating with the credit bureau in order to get them deleted from your report.
_________________
Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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tim, lenders play no role in credit scoring. where did you get that foolishness? and paying in full is a boon to a good score - i'm a living witness to that. what jerry was advocating was not "closing" the credit card accounts, but paying the balances off. having a lot of available credit with minimal debt is a very good thing. i think you may have misread that.
i think you just wanted to file a complaint of some sort - you managed that.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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richard68
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Post subject: vantage lenders |
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| Who uses the vantage scoring system for used autos in new york? Please help! I can't seem to find a lending instituion |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Post subject: |
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Vantage isn't yet recognized by the overwhelming majority of lenders. In fact, my guess is that you'll find it almost impossible to find someone using it.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Vinny
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Post subject: Vantage |
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| I can no longer get access to my FICO scores. I have true credit monitoring and have three in one. My Vantage scores are 830, 818, and 831. Are these good Vantage scores? My FICO scores were around 720 on all three. Thanks. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Vinny, since Vantage has a much different scale, it would appear that you've got about a "B" average (A-B-C-D...like in school). With a 720 FICO score, you're in that category, I'd say, as well.
Good? Sure, but it's still worth aiming higher.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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