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☖ Forums → Discussion Forum → How good is your credit?
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How good is your credit?
2006-05-24, 12:20 AM #1
Post your FICO score. (there's more to credit than just FICO, but for the sake of simplicity your FICO score alone will suffice in regards to determining your credit for this thread )

Mine: 688. My goal is to get to at least 750 by the end of the year. I just paid off about half of my total balance today.

(If you have a credit card, you can use freecreditreport.com or check your account online at your credit card provider to find out your FICO score. )

If your score falls between two options on the poll, choose the option that your score is closest to and post your actual score.
2006-05-24, 12:24 AM #2
>_>
Moo.
2006-05-24, 12:39 AM #3
The Powers That Be haven't trusted me with a credit card yet.
Hey, Blue? I'm loving the things you do. From the very first time, the fight you fight for will always be mine.
2006-05-24, 12:45 AM #4
I'm currently a bum. Thus, no credit :p
The cake is a lie... THE CAKE IS A LIE!!!!!
2006-05-24, 12:57 AM #5
I really feel sorry for the people who have FICO store of 300. Have fun with collection agencies.

I only have a debit card.
Code to the left of him, code to the right of him, code in front of him compil'd and thundered. Programm'd at with shot and $SHELL. Boldly he typed and well. Into the jaws of C. Into the mouth of PERL. Debug'd the 0x258.
2006-05-24, 1:18 AM #6
No credit cards... I only bother my father when I need credit card.
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2006-05-24, 4:02 AM #7
Credit card = waste of money, in my opinion.

"His name was Solo... He was a pilot... with a blaster at his side, and a smile 12 parsecs wide!"
"Time is an illusion. Lunchtime doubly so."
2006-05-24, 4:37 AM #8
i had £500 of credit.

I couldnt pay it back. so they got rid of it.

Now i'm paying back student overdraft and credit card bills at £60 a month for 22 months.

I hate banks.
Code:
if(getThingFlags(source) & 0x8){
  do her}
elseif(getThingFlags(source) & 0x4){
  do other babe}
else{
  do a dude}
2006-05-24, 4:42 AM #9
direct transfer of funds from bank account FTW.
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2006-05-24, 4:59 AM #10
debit card, i prefer only spending money that I actually have.
Detty. Professional Expert.
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2006-05-24, 5:09 AM #11
*hi fives Detty*
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2006-05-24, 5:58 AM #12
I have 2 credit cards, only one I actually use, and I only use it to build credit. (Aka, I only spend the money I have anyway)

I know my credit is good, but I don't know what it is.

As for my GRANDPARENTS though, omfg, their credit score is insanely high. They've built up so much credit I think they could take a loan out on someone's soul. >.>
2006-05-24, 6:23 AM #13
I'm with you on that one, DeTrItIc
Cordially,
Lord Tiberius Grismath
1473 for '1337' posts.
2006-05-24, 6:27 AM #14
DeTRiTiC-iQ, har har har.
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2006-05-24, 6:35 AM #15
Only spending what you have doesn't preclude the use of a credit card. Simply keep a track of how much you have spent on it and make sure you always have at least that much in your bank account. Then pay it off in full each month.

You're then not only spending just the money you have, but also building up your credit score. The only trouble is it does require you to take an active interest in your finances, rather than just letting the hole in the wall tell you when to stop spending.
2006-05-24, 7:01 AM #16
Not to mention that if you only spend cash for everything, you're unlikely to be able to afford to buy a home, and no lender is going to give you a loan because you can't provide sufficient credit background.
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2006-05-24, 7:08 AM #17
Agreed. It's not the credit card making you spend more money than you have, it's you. I have both a debit and credit card, but I use the credit more often. Let's me build up my credit, and I pay it off fully each month.

If you can't keep yourself controlled, than I guess credit's not for you. Cause otherwise debit is the smarter choice as you won't have any interest on the trasaction (if you don't pay credit fully each month)

And people - you need to build a good credit score. It really can save you thousands later on in life when you're dealing with mortages, cars, etc.
2006-05-24, 7:14 AM #18
I use my credit card as often as possible when convinient and immediately pay it with my debit card. That said I know my score isn't too bad, so I haven't bothered to check.
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try: command not found
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2006-05-24, 8:46 AM #19
Originally posted by Detty:
debit card, i prefer only spending money that I actually have.
ditto.
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Rbots
2006-05-24, 9:11 AM #20
Originally posted by Detty:
debit card, i prefer only spending money that I actually have.


I've had a debit card since I was 12. Because of that, the bank has ALREADY started me off with awesome credit. I'm still paying off a loan for some editing equipment through my bosses business, and that's the only reason my score isn't 850.
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2006-05-24, 9:14 AM #21
Originally posted by Matterialize:
Credit card = waste of money, in my opinion.

"His name was Solo... He was a pilot... with a blaster at his side, and a smile 12 parsecs wide!"

Not really... They have a very specific purpose, especially in building credit. It's true you can easily dig yourself into a hole with them, and you can waste money, but if you're decently intelligent it shouldn't be hard to control yourself and build credit at the same time. They can be very beneficial.

I don't know my credit score as I'm not even 18 yet. I'll worry about that stuff in July.
D E A T H
2006-05-24, 9:19 AM #22
Yeah, if you buy stuff with your credit card and pay it off immediatly, your credit becomes golden. Taking out loans with low rates is suddenly a sinch. I need to take out a little under 200,000 dollars in loans out in the next few months, and our rates are REALLY good that the bank is offering. The fact that they're letting us take out a loan for 200,000 dollars shows that our score has a real big impact on loans.
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2006-05-24, 9:30 AM #23
According to freecreditreport.com my PLUS Score is 743 out of a possible 830. I don't know what my FICO score is.
2006-05-24, 9:36 AM #24
I only have a debit card.
2006-05-24, 9:43 AM #25
Originally posted by Yecti:
Not to mention that if you only spend cash for everything, you're unlikely to be able to afford to buy a home, and no lender is going to give you a loan because you can't provide sufficient credit background.

This is the only reason why I have to get/build credit. Not entire untrue though that a loan will be denied to you though. You'll get a ridiculous APR though. Something along the 20s. My mom who works in the finance dept for car dealerships deals with all sorts financial things. She tells me that if I were to get a car on my own, my APR would be like 21% since I have no credit.

Edit: For those of you who may be wondering what the hell a "credit score" is, that score basically tells banks, car dealers, loan officers, how well you are paying off your credit. Higher the # means you are paying your credit bills on time and in full. A FICO (Fair Issac Corporation) score of 300 means you can't pay a bill worth **** and will probably be laughed out of a bank.
Code to the left of him, code to the right of him, code in front of him compil'd and thundered. Programm'd at with shot and $SHELL. Boldly he typed and well. Into the jaws of C. Into the mouth of PERL. Debug'd the 0x258.
2006-05-24, 9:53 AM #26
I've seen a lot of you people act as if you are afraid of credit on this thread. You really shouldn't be.

Credit can be your best friend or your worst enemy-- it just depends on how you use it. There's really nothing to be afraid of if you're not a compulsive spender. Quite often, your first card will only have a line of $500, so it's not the end of the world if you max it out.

I've found it helpful to keep a spreadsheet that lists my purchases and autocalculates everything. (total purchases, how much must be paid off in regards to how much has already been paid off, etc). This helped me see how much of my credit I was using and when to stop spending. (Ideally, you should use no more than half of your credit line on each card for more than a month; if you do, it tends to make your lenders uneasy.)
2006-05-24, 10:15 AM #27
Only have a Debit.
nope.
2006-05-24, 10:22 AM #28
Only have a debit... but I didn't check how much was on it at one point while in Boston at the end of my first semester. I decided to buy a 99 cent song off iTunes, and when I went home the next week, I found ~99 dollars in accumulated overdraft waiting for me. :mad:

It wasn't even a good song!
Cordially,
Lord Tiberius Grismath
1473 for '1337' posts.
2006-05-24, 8:51 PM #29
Credit score is 712.
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2006-05-24, 8:54 PM #30
My credit card is good for me, because I don't feel limited. I can spend what I want, when I want. Obviously I need to pay it back, but it's also about being responsible.
Think while it's still legal.
2006-05-24, 9:02 PM #31
Last I saw, 716. Should be a bit higher by now.

Originally posted by Detty:
debit card, i prefer only spending money that I actually have.


....

Credit score != credit card
woot!
2006-05-24, 9:25 PM #32
Originally posted by JLee:
Last I saw, 716. Should be a bit higher by now.



....

Credit score != credit card



Credit score == credit card, unless you plan on hoping that your loans manage to build up enough.
2006-05-25, 4:25 AM #33
922 :p But thats a done via the UK checker.
Flying over there some were...
2006-05-25, 4:36 AM #34
[QUOTE=Cool Matty]Credit score == credit card, unless you plan on hoping that your loans manage to build up enough.[/QUOTE]

Uhm, no. As you just said yourself, you do not need a credit card in order to have a score. Not that it doesn't help, though.

Originally posted by Anakin-Paul:
922 :p But thats a done via the UK checker.


They max out at 850 over here. ;)
woot!
2006-05-25, 6:08 AM #35
Originally posted by JLee:
Uhm, no. As you just said yourself, you do not need a credit card in order to have a score. Not that it doesn't help, though.



They max out at 850 over here. ;)


Not to have a score, no. But it'll take forever unless you got like 5 loans going on.
2006-05-25, 9:34 AM #36
Originally posted by Pagewizard_YKS:
I've seen a lot of you people act as if you are afraid of credit on this thread. You really shouldn't be.

Credit can be your best friend or your worst enemy-- it just depends on how you use it. There's really nothing to be afraid of if you're not a compulsive spender. Quite often, your first card will only have a line of $500, so it's not the end of the world if you max it out.

I've found it helpful to keep a spreadsheet that lists my purchases and autocalculates everything. (total purchases, how much must be paid off in regards to how much has already been paid off, etc). This helped me see how much of my credit I was using and when to stop spending. (Ideally, you should use no more than half of your credit line on each card for more than a month; if you do, it tends to make your lenders uneasy.)

Aye that's true. I shouldn't really fear credit. But I'm just playing it really cautious. My dad racked up 10[sup]4[/sup]s worth in debt. Collections agencies were calling left and right. I won't get credit now because my income is rather small (sub-1000 per mo.).
Code to the left of him, code to the right of him, code in front of him compil'd and thundered. Programm'd at with shot and $SHELL. Boldly he typed and well. Into the jaws of C. Into the mouth of PERL. Debug'd the 0x258.
2006-05-25, 10:02 AM #37
Originally posted by JediGandalf:
Aye that's true. I shouldn't really fear credit. But I'm just playing it really cautious. My dad racked up 10[sup]4[/sup]s worth in debt. Collections agencies were calling left and right. I won't get credit now because my income is rather small (sub-1000 per mo.).


it sounds like your dad was just careless and overextended.

Youare probably a cautious spender, so I say get a card anyway. Your first card will probably have a limit of $1000 or less, so it would be difficult to over-extend.

When oyu do get your card, buy everything you normally do with it, and then pay it off with the cash you would have spent normally. (whatever you do, don't spend all the cash on stuff and use your card) Slowly, you will start to build credit this way.
2006-05-25, 10:41 AM #38
If I recall right, they say for the best possible credit score - never go more than 30% of your limit each month, and then pay it off fully.
2006-05-25, 11:16 AM #39
I have a credit card just in case. I've used it twice I think. My debit card is much more convenient, because I don't have to worry about payment due dates or sending out a check, and I'm not sure that I can pay my credit card bill online without some sort of service fee.
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2006-05-25, 11:29 AM #40
I should get a credit card just to get a credit score. I'm told use it to buy some bigger purchases like refrigerators, computer parts, etc., that you have to cash for, and just make the payments on time.
Steal my dreams and sell them back to me.....
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