Helpful NEW LAW starts tommorrow!

Fishhead · Nov 30, 2004

This is great news and something most of you should consider.....enjoy.

Under the Fair and Accurate Credit Transactions (FACT) Act, all U.S. residents can request free copies of their personal credit reports from the credit reporting agencies once every 12 months. This program launches December 1, for consumers living in Alaska, Hawaii, Washington, Oregon, California, Idaho, Nevada, Montana, Wyoming, Utah, Arizona, Colorado and New Mexico.

The Midwest will have access to their annual reports in March 2005, the South in June 2005 and the Northeast in September 2005.

When your state launches, you can request your personal credit reports online through the central FACT Act Web site at www.annualcreditreport.com. You can also request your reports by phone (1-877-322-8228) or mail

. After 12 months have passed, you can return to the same site to request your reports again.

TheGeneral+ · Nov 30, 2004

What is the highest credit score you can have?

WorldRunner · Nov 30, 2004

The General said:
What is the highest credit score you can have?

900 should be about the highest a person can possibly get on their FICO score. Your credit history would have to be golden though.

WorldNumberOne · Nov 30, 2004

banks love you if youre atleast 700 or so . i think i heard someone say that before.

sherman · Nov 30, 2004

900 is the highest but impossible.

as a mortgage broker, the highest i have seen is 809

TheGeneral+ · Nov 30, 2004

I was looking at a home equity loan a couple weeks ago and 700 is what I was told also. Min of 700 and 3k in a bank and i get the loan.

WorldNumberOne · Nov 30, 2004

they'll work with you if have less than that , but you get a shittier interest rate.

KAPPER · Nov 30, 2004

credit scores range from 330-830.

Fishhead · Nov 30, 2004

sherman said:
900 is the highest but impossible.

as a mortgage broker, the highest i have seen is 809

What percentage does a good credit score count towards in getting a mortgage?

I assume other factors would be down payment, job, past income.

Thanks

wolfie_cr · Nov 30, 2004

I've heard the following

"after 'x' number of years your credit record deletes events that are older than 'x'"

that is, if I don't pay today and they put it in my credit report they will delete it after 'x' , can anybody confirm/tell me what is 'x', it could be 5 or 7 years thats what I have heard

sherman · Nov 30, 2004

Fishhead said:
What percentage does a good credit score count towards in getting a mortgage?

I assume other factors would be down payment, job, past income.

Thanks

Fish, CREDIT SCORE is THE #1 factor when you are shopping for a mortgage. With a good score you can get any house you want wether you have money in the bank or not, wether you have a job or not etc.

For example Fish, if you wanted to buy a house but thought you couldn't because you don't have a job (you dont right?) you could do something like this (and u dont need great credit, only good):

Buy a house with NO MONEY DOWN, state you work at THERX.com (they would verify with therx) and STATE your income as $125,000/yr (unverified)

The options are endless....
Hopefully what I have said has made a little sense....
Ask any questions, Ill be more than happy to help if i can.

sherman · Nov 30, 2004

KAPPER said:
credit scores range from 330-830.

No they don't Kapper. Actually they go up to 850 (I said 900 by mistake earlier):nono5:

Fishhead · Nov 30, 2004

sherman said:
Fish, CREDIT SCORE is THE #1 factor when you are shopping for a mortgage. With a good score you can get any house you want wether you have money in the bank or not, wether you have a job or not etc.

For example Fish, if you wanted to buy a house but thought you couldn't because you don't have a job (you dont right?) you could do something like this (and u dont need great credit, only good):

Buy a house with NO MONEY DOWN, state you work at THERX.com (they would verify with therx) and STATE your income as $125,000/yr (unverified)

The options are endless....
Hopefully what I have said has made a little sense....
Ask any questions, Ill be more than happy to help if i can.

THANKS SHERMAN, VERY INFORMATIVE.

No, have no REAL JOB, other than gambling for the last 12+ years.........but was able to get a mortgage for my last house purchase in 1996 in Vegas.

My credit is A++, so what you said is music to my ears.

Thank you sir,
FISH

sherman · Nov 30, 2004

Fishhead said:
THANKS SHERMAN, VERY INFORMATIVE.

No, have no REAL JOB, other than gambling for the last 12+ years.........but was able to get a mortgage for my last house purchase in 1996 in Vegas.

My credit is A++, so what you said is music to my ears.

Thank you sir,
FISH

When you say you have A++ credit is it because you think you do or because you got your credit report today and saw the score? The reason I ask is I get people all the time that call and say how bad their credit is and when I check it aint so bad or of course those that say its good or even great and it 's in the toilet!:bowl:

sherman · Nov 30, 2004

are u rich fish? and thats a serious question. are u single?

If you are NOT rich and NOT married, why would you buy a house?

Fishhead · Nov 30, 2004

sherman said:
When you say you have A++ credit is it because you think you do or because you got your credit report today and saw the score? The reason I ask is I get people all the time that call and say how bad their credit is and when I check it aint so bad or of course those that say its good or even great and it 's in the toilet!:bowl:

Know my credit is VERY VERY good, although havent checked score in 3 years.

Never missed a bill in my life and have paid off NUMEROUS loans over my lifetime, some extremely large, without missing a payment.

Having good credit has never been a problem with me.

sherman · Nov 30, 2004

Great

Good Luck!

If I can help let me know.

WildBill · Nov 30, 2004

Anything over 730 generally makes no difference is what I was told, have no idea why people do all kinds of dumb things to get from say a 780 to an 800.

The dumb thing a lot of sales people are doing now is trying to egg you on when you have a good score. I bought a car recently, all cash, and the finance manager asked me twice if I really wanted to do that. He said "your credit score is rather high, you should use that". What kind of BS is that? Why take out a car loan just because I qualify for the lowest rate? My whole goal was to spend nothing more than my bonus on a car.

No wonder so many people get themselves into a credit mess these days with people like this. It isn't enough to make money selling you a used car, which surely has to have a good margin for a dealer. Now they need to make something off the financing too.

TheGeneral+ · Dec 1, 2004

Good post Bill, but keep in mind, there are alot of Dantes out there. :smoker2:

sherman · Dec 1, 2004

WildBill said:
Anything over 730 generally makes no difference is what I was told, have no idea why people do all kinds of dumb things to get from say a 780 to an 800.

The dumb thing a lot of sales people are doing now is trying to egg you on when you have a good score. I bought a car recently, all cash, and the finance manager asked me twice if I really wanted to do that. He said "your credit score is rather high, you should use that". What kind of BS is that? Why take out a car loan just because I qualify for the lowest rate? My whole goal was to spend nothing more than my bonus on a car.

No wonder so many people get themselves into a credit mess these days with people like this. It isn't enough to make money selling you a used car, which surely has to have a good margin for a dealer. Now they need to make something off the financing too.

alot of money to be made in financing
also alot of money in warranties