On Sun, 8 May 2005, tang91766[at]yahoo.com <tang91766[at]yahoo.com> wrote:
- quote -

Don't worry about it. Anything over 720 is considered excellent and
should get you the best interest rates available. Length of good history
is a factor (it is not limited to 7 yrs). If you get a mortgage and make
payments when due, that may improve your score beyond excellent.

I just refinanced while having $7000 out on credit cards. The reporting
credit agency gave me a score of 771. I have since paid off the higher
interest cards and am down to 0% until Feb. 2006 for one and 2.99% for
unlimited time on the other.

tang91766[at]yahoo.com wrote:

- quote -

Your score is a good one. But yes, according to the simulators I've
tried, you need a good 30 year history for optimal scores. 7 years are
the start--a good 30 year history would indicate that you've never had
problems or bankruptcy for 30 years, whereas a 7 year history could be
because you did have bankruptcy seven years ago. Remember, positive
items stay on your report perpetually.

They also look at the average age of your credit cards--so if you've
been opening and closing cards (I made the mistake of closing some
very old ones), then it might reduce your score.

Also, your credit limits have to be the right amount.

Finally, having or having had installment loans (car or home) will
increase your score compared to have having had only credit cards.

I think after 750, you should stop worrying about it. You're trying to
optimise something that has been invented for their convenience. With
your income and score of 750, you should be able to get the absolute
best offers.

If you want to play this game and spend more money, they do have score
simulators.

--Ram

tang91766[at]yahoo.com wrote:


- quote -

I can't say for sure, but I'll bet your score would be a bit
higher if you actually CARRIED some debt for a while and
successfully paid it off. Still, a score of 759 ain't bad as I
understand it.

MTW

tang91766[at]yahoo.com wrote:
- quote -


I am looking forward to response to this also. Although I have never actually
checked my "score", there was a time many years ago (I am currently age 76)
when we were denied a loan, because we had NO CREDIT RATING. That was
due to the fact that we had paid CASH for everything that we bought (as our
parents had taught us). We were instructed to go to the bank, borrow $100, put
it into a savings account at the same bank, make monthly payments on the
loan, and come back in 6 months to re-apply ! ! ! ! ! ! Since then, we too have
a number of credit cards which are PAID off immediately, incurring NO INTEREST

Cal Lester

Dear all:

All of my life, I have never carried a balance on my credit
cards. I have always used the convinience of the cards (and these
days, the 1% cash rebates or the 5% gas rebates!). I have always paid
them off each month.

My wife is exactly the same way. Furthermore, we don't have any
car payments or other things that would drop our credit. The only debt
we have is from college. Each of us has still about $7000 to pay back.

We are finally ready to buy a house. I have always thought that
because of how we handle our finances, we would have immaculate credit
scores. However, because of this house buying experience, I had to
figure out just HOW Immaculate it really is. We actually don't have as
high a score as we'd thought. We scored a 759 out of 850. This has us
puzzled. Just what does one have to do to get 800??? (Or dare I dream
of 850??).

What more could we do? I don't mean to sound perfectionistic,
but how could we have missed the mark by nearly 100 points??? And
furthermore, the people who get 800's and 850's: what more are they
doing that we are not doing? It is my impression that remakably few
people have Zero Credit card debts. Therefore, we must be in a very
small minority.

We make good incomes (six figures), and we have no debt. We
don't buy new cars, so we have no car payments. We have never had a
late payment. We have owned credit cards since age 18 (we are 34 now).
Is it because we don't have long enough of a history? Just how far
back do they look?? Do we need like 25 or 30 years of history to get a
better score? I always thought they only take the last 7 years of
history (ie when people have bankrupcies, they only go back 7 years,
right).

Please enlighten us. Any knowledge/advice/suggestions that you
can dispense out to us will be very appreciated.

Signed: FrugalGuy&FrugalGal.