Credit Score

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The Critic

The Critic

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I decided to order a credit report tonight. My score came back as 726.

I have three credit cards. For two of them, Discover and Wells Fargo VISA, I am listed as authorized users of them. They are both paid on time and have a long history (linked with my parents). I have one card, a Paypal Plus, that I've had since December. I've never used it, there are no outstanding charges on it and any/all payments have been made on time.

What can I do to improve my score? Is my score being hindered by my short credit history?

Thanks.
 
Are you 20 yet? This is NOT something you should even concern yourself with. I mean your awareness is great, just don't fret a 726 - in fact it sorta tells me something about "credit scores".....
 
I just had my scores pulled as well the range was 786-816 between the 3 companies. I have 1 credit card and no revolving debt. There is no ideal way to increase your score just keep doing what you have been doing and keep your debts at the lowest possible level. I personally pay cash for everything but the largest items. I have to use my CC at least once a year our I get a letter stating my card is about to be canceled do to inactivity. If I used it monthly my scores should be a little higher but I don't feel paying one more bill is worth 2 points.
 
I got dinged because my credit card debt is always over 50% of the limit. (A whole $750, whooo.) That is because I always use my credit card as I forgot the PIN to my Debit card... :P
 
If its a visa or mastercard debit that is tighted to your checking account you can use it as a CC but it withdraws directly from you checking account. That is exactly what I do for the wife and myself. She can use the card like a CC spending any ammount she wants as long as there is sufficient funds in my checking account. With CC you will find having to much debt hurts you but having to much potential debt does as well, also insufficient use hurts your score.

check card
 
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Yes, your scoring will be hindred by a short credit history. The reason it's where it's it is from your parent's long-time linked cards.

Mine's worse; and somehow we get good rates (considering..) on our mortgage and recent credit cards. I wouldn't give it a second thought, just keep paying your bills... You're doing fine.
 
You just need to have a longer history. I am 21 now. I got a Auto Loan for $18,000(mazda Rx-8) at age of 19 from my Credit Union. That and having a master card and a Amex shot my score up to 738. When I went to get my truck, I used the dealer to find me a loan. They said no one would give me a loan with out a 30% down payment. They called my credit score a "fake" 700+.

Young people who really have no credit history get a few bills and there score just sky rockets. Most banks will not give you the rates and/or limits that the actual credit score/income calls for due to your short history. I am still at 740 and I am paying all my bills. I can get good rates(4-5%) from department store cards, but when I go to a bank, they want to give me 19.9 % rates with yearly fees!!!

The best card I have is the Amex. It is a great rate, no fees, no nothing. Plus the sky miles rack up REAL quick.
 
Originally Posted By: Pablo
Are you 20 yet? This is NOT something you should even concern yourself with. I mean your awareness is great, just don't fret a 726 - in fact it sorta tells me something about "credit scores".....


Sorry, I have to disagree with the first sentence -- at any age, your credit score is something to be concerned with. Too many younger people don't pay any attention to it and then are blind-sided when they try to get a loan and realize that the bills they blew off in their early 20's came back to bite them and hard. It's nothing to lose sleep over, but you definitely don't want to ignore it

As for the score, it's pretty good and the short history is probably hurting you. That'll change.
 
Originally Posted By: opus1
Originally Posted By: Pablo
Are you 20 yet? This is NOT something you should even concern yourself with. I mean your awareness is great, just don't fret a 726 - in fact it sorta tells me something about "credit scores".....


Sorry, I have to disagree with the first sentence -- at any age, your credit score is something to be concerned with. Too many younger people don't pay any attention to it and then are blind-sided when they try to get a loan and realize that the bills they blew off in their early 20's came back to bite them and hard. It's nothing to lose sleep over, but you definitely don't want to ignore it



OK perhaps my wording was not proper....I should have written:

"Are you 20 yet? RAISING YOUR CREDIT SCORE is NOT something you should even concern yourself with. I mean your awareness is great, just don't fret a 726 - in fact it sorta tells me something about "credit scores"....."

I don't mean to say ignore debt, go credit crazy, etc. What I do mean is pay attention to your studies, your maturing, SAVING money, avoiding debt, ID theft, etc - your credit score will be fine.

My credit score last I checked was in the 800 range. Makes no difference when I wanted a loan. The sharks just look at the low risk and give me "the best rate" (yeah right!). The last weasel looked at the IRA and said he didn't need to go any deeper.
 
opus1 Sorry said:
Depends. I live in a sparsely populated area, and my local bank that did the loan on my house does not do credit checks. They know all their customers by name and to get a loan you simply bring in your proof of income and expenses. There are 3 (yes, three!) employees in the whole bank. When my wife and I refinanced a loan a few months ago, I asked the loan officer how many credit checks they do in a year. She told me none. I believe her as she is my sister-in-law.
Stupid things, like closing down a credit card, can ding your credit. I have no idea what my credit is, nor do I care know.
Probably within the next few weeks I will call the credit reporting agencies and have mine locked down to lessen the chance of identity theft.
Click to expand...
 
I agree with opus,
pls take it seriously and educate urself. if u can understand viscosity, tan, tbn...
u can also window dress ur credit score.
personally I don't believe in credit but when in rome

how much u pay for ur insurance, leasing a vehicle and other items to sustain ur life is dictated by ur bleeping credit score.


plan ahead: if u need to buy a car house etc plan couple years ahead.
stop aplying for new credit well ahead of ur target date.

my wife had a score 530 when we got married. now her score is 840.
that is in 5 yrs.
 
791 for me last year, but since I payed off my car in 28 months instead of 48 months, I'm sure my credit rating is over 800.

I put a 'Fraud Alert' on my credit file since someone in NY was trying to make an online purchase with a Visa card of mine, I immediately canceled the Visa card.

Your credit score affects many things, even when you apply for a job, the will run a credit / background check. Some insurance companies use your credit score as a factor in calculating your rates.
 
726 is decent -- not great, not bad. 720 is the average for all adults. To be a top tier borrower, you have get above 760.

The best way to get there is to have a couple of installment loans paid off, one current installment loan, and 3 current revolving debts (like credit card), and use less than 10% of your credit line.
 
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