In article <bli4rb$o5t$1[at]reader2.panix.com> , bill <bill_knight2[at]yahoo.comwrites:

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You may want to request your credit report with credit score (more $ for the
scores), and see what those reports say as negatives. Note, however, if you
already have very good scores, the majority of the recommendations might not be
applicable to you.

If you already have a FICO score of 720 or above, you already qualify for most
of the good mortgage packages, good loan rates, maximum credit on insurance for
being a good credit risk, etc., and the benefit of getting the scores even
higher will likely have no real life implications.

Mark A. Young

"bill" <bill_knight2[at]yahoo.com> wrote in message
news:blk7j1$elf$1[at]reader2.panix.com...

<snipped
| I knew only the first two of the "basics" you list above. Clearly,
| I have a lot to learn! Where can I find out the full scoop on the
| basics? Is there a book or website that I could read on this?
|
| Thanks!
|
| bill
|

Check out Equifax's consumer website at
http://www.myfico.com/myfico/CreditCentral.asp.

Michael

In article <eb91af01.0310040745.43ef40df[at]posting.google.com> , Speednxs
<speednxsticket[at]earthlink.net> wrote:

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I never said that this was a great personal finance strategy,
as you point out. But I do have some insight into how the Fair
Issac score is computed (although the actual formula is secret),
and the original poster specifically asked how to imporve his
credit score. This is one of the tricks for breaking above 750
into the 770/780 range without being a millionaire.

Then again, I don't know why someone would want to pump up their
credit score this way. Anything over 720 will get you the best
rates that are available, and above 680 will still get you a
great mortgage if everything else is in order (income, the
ratios, on-time, etc). I do, however, know of a personality
type that is obsessed with their credit score, just like some
other people are addicted to gambling.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

"John A. Weeks III" <john[at]johnweeks.com> wrote in message news:<031020031036419673%john[at]johnweeks.com> ...
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a disadvantage built into it. Credit scoring has many rules and this
is just one consideration. Having lot's of accounts reduces your
potential revolving credit as Chip so eloquently stated above. If you
have already maxed out your discretionary income with credit cards you
might not qualify for that 1.9% car loan that you really want. In a
sense potential credit ($0 balance) is treated the same as actual
credit ($10,000 limit maxed out), since you could use it.

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face with this one. I hear Mick Jagger singing "Play with me, you
play with fire" over and over in my head. You could probably use this
strategy if you have the discipline of a Saint. Credit cards can be
like a barbed hook. They go in easy and render flesh on the way out.
Sure you can borrow $5,000 right now for $100 a month (maybe $25 for
that introductory rate). Obviously you are ahead of the game for 50
months. And then... Miss a payment and now you get the non-preferred
max rate and you have to shovel twice as fast. I always liked that
advice. "If you are digging yourself into a hole, stop digging."

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and always using credit cards
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I'm in the top 10% of FICO scores. I have 2 credit cards. One I
haven't used for 3 years. The other I pay off every month. The
credit card companies don't like me anywhere near as much as people
with high monthly minimum payments who never miss. I would have a
higher score, but I under use my credit. Too bad for me.

Good Luck with you credit,
Speednxs

In <031020031036419673%john[at]johnweeks.com> "John A. Weeks III" <john[at]johnweeks.com> writes:

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This is good to know.

- quote -

I knew only the first two of the "basics" you list above. Clearly,
I have a lot to learn! Where can I find out the full scoop on the
basics? Is there a book or website that I could read on this?

Thanks!

bill

In article <bd8fb.673212$uu5.110115[at]sccrnsc04> , Chip G
<NOSPAMchipg_98[at]ATyahoo.TODELETE.com> wrote:

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The reason is that they track your % of used credit versus
available credit. If you reduce your available credit, your
% of used credit goes up, which reduces your score.

To increase your Fair Issac, you want to have a lot of accounts,
with very high credit limits, and you want to use those accounts
frequently. Some folks simply move money around to do this,
while others take the money and invest it.

BTW, I am assuming that the original poster has done the basics
like always paying on time, never going over balance, always
paying more than the minimums, and always using credit cards
when you have that option.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

bill <bill_knight2[at]yahoo.com> writes:

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The sum of your available credit over all your credit cards.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

In <bd8fb.673212$uu5.110115[at]sccrnsc04> "Chip G" <NOSPAMchipg_98[at]ATyahoo.TODELETE.com> writes:

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Pardon my ignorance, but what exactly is "potential revolving
credit"?

bill

"bill" <bill_knight2[at]yahoo.com> wrote in message
news:bli4rb$o5t$1[at]reader2.panix.com...
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One of the major hits is how much potential revolving credit you have... how
many credit cards and what are the limits... have you paid on-time over the
long-haul. You might try taking a look at your credit report to see if there
is anything at all on the report that you had forgotten about... old
store/gas cards. The less potential revolving credit you have... the better
AFAIK.

My credit rating has been pretty good for the past several years
(good enough to get me a mortgage, for instance). I've made a
conscious effort to improve it, but it doesn't seem to be getting
any better.

Maybe it is relatively easy to improve one's rating from bad to
good, but my goal is to attain an excellent rating. Are there
professionals out there specializing on advising clients on how to
achieve such a rating? How about books? I've seen several books
on cleaning up one's credit record, but they all focus on improving
a bad rating, not on attaining an excellent rating starting from
an already good rating.

Thanks!

bill