1st Gen Lunchtable Thread - General Discussion

740+ is considered Prime for lenders.

Consider that you have enough in credit limit, and have carried/paid a large enough installment account if you have large plans for the future.

I've seen 800's with a long credit history, but on a small account or two.

 

Donkeys

 

GIMME ONE

 

They’re probably all sold

I don’t even know how many there are.

basically been born and grown since I’ve been home

 

ya ya I know all the "rules". But tracking the micro-deviations (+3, -1, +0, + 0, +6) and their causes has been mainly guesswork. I can't pinpoint what small actions I'm making each month that are causing these small changes. The reason behind my score 'being lower' has always been "length of accounts"/"average age of accounts" or "too many accounts with balances". The first one is whatever - I got my first credit card when I was 17 or so, but I usually only have 2-3 cards with balances, and I keep the utilization fairly even month-month. And now it's stagnated.. for some reason.

 

wtf people

 

Easy.

If you have an account say, as young as 2 years old or younger, close it.

At the same time, request a higher limit on your current cards.

Your age of history for some versions is an average of your active accounts. Close the youngest one, and the average age of your accounts now increases.

The increase in available credit helps offset the limit you lost on the young, closed account.

 

Before I went to school for welding, I dealt with credit (on behalf of others) for over 10 years as a finance director.

Forming and maintaining long relationships with lenders was literally what I did a lot of.

 

Hmmm interesting


Is it true that paying off auto loans earlier can actually hurt the score?

 

have you thought about being the finance director of a welding supply empire?

 

What’s credit

 

Yes I could do that if I needed a quick boost. But you're not hearing my complaint properly

 

Not at all; an auto loan is an installment account and only helps build your credit by establishing "on time payments". This is depicted as a 1 on your bureau for every on time payment.

Paying it early doesn't hurt you either, and will only help if you have a decision done manually (by a person) when you're trying to get a loan for something. That's really the only time when debt-to-income really comes into play, otherwise a computer will auto-approve you if you have sufficient established credit.

 

Paying off at all can. It counts as open credit

 

Pay things cash, don't bother with credit then

[Insert Tyler's Stop Being Poor meme]

 

It's for whenever I buy an investment property or want to open a small business one day. Other than that it's just a game to me lol

 

It's an installment account; paying a revolving account (credit card) and closing it hurts.

But paying off an installment account just displays "ability to pay" sort of credit, which will grant you a larger loan the next time you inquire for one.

 

I'm familiar with the differences and I agree with you, but I've also heard stories (including friends/family) whose credit score has dropped right after paying off a car loan. So I'm not sure what the deal is there.

 

I don't know what it's like in other states, but buying a home for instance to rent out, will be no different really.

If you disclose that it'll be rental property, you'll be required to put a larger down, I think in the realm of 20%

You can go around this by buying the home for yourself, and commit to the 6-12 month requirement of "living" there before renting it out.

Of course I'm only giving you the 'legal' and right way that you're supposed to do it.

 

It could be coincidental that maybe someone bought something with their card, thus raising their balance, and even if it was paid off, didn't reflect yet right away.

Credit scores can change as often as once a week or two.

My score went up after I finished paying off the 5.0 my ex totalled. At the time I had no new accounts, and hadn't used my cards for anything else.