Did Anyone Actually Get 0% Fin.. On A Evo
Oct 21, 2005, 11:06 PM
#31
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Credit is a very funny thing. When you think you're actually doing something good, you could actually be doing something bad. 
Credit is a lot like the law. Just when you think you have a case, you don't.
Credit is a lot like the law. Just when you think you have a case, you don't.
Oct 21, 2005, 11:39 PM
#33
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I worked for Fair, Isaac for almost 10 years.
The biggest thing apart from the basics (making payments on time, no 30/60/90 days late, no bankruptcy, foreclosure, judegements, etc.) is keeping the revolving (credit card) debt to a minumum (no more than 10% of maximum available credit).
It's as simple as that.
The biggest thing apart from the basics (making payments on time, no 30/60/90 days late, no bankruptcy, foreclosure, judegements, etc.) is keeping the revolving (credit card) debt to a minumum (no more than 10% of maximum available credit).
It's as simple as that.
Oct 22, 2005, 08:07 AM
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Originally Posted by ZK
I got 0%...
I don't own a house but I also don't owe any credit cards, no loans, live at home currently with the parents.
The dealer said I had a credit score over 800 which is supposed to be pretty good.
I don't own a house but I also don't owe any credit cards, no loans, live at home currently with the parents.
The dealer said I had a credit score over 800 which is supposed to be pretty good.
Oct 22, 2005, 08:14 AM
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Originally Posted by Ale3hs
wtf how can you can have credit score over 800? that's nuts, you have to owe and pay to have a good credit score. I don't even know what you have to do to get 800, but I sure as hell aren't near that.
It helps when you don't show a history of having A LOT of debt, but they do like to see you making timely payments on some things. It's nice to have a small debt accrued, and a history of payments.
Credit is a funny thing. For instance, your wife can be on the same credit card account as you, and your score may read higher than hers, even though it's the same account. In my case, my credit score was 798, and hers was like a 790. Why? I can't answer that question for you.....
Oct 22, 2005, 08:36 AM
#39
Originally Posted by ZK
Yes, I would say you have to have a good credit history to have a good credit score .. also debt vs income. The fact that I had no debt probably helped as well.
As for the 10K in credit cards, I NEVER want to go there again. I ran up most of it during college... Pure torture for 4 years to pay that off. Advice to anyone modding cars: don't do it if you don't have the cash and need to charge it!
As for the 10K in credit cards, I NEVER want to go there again. I ran up most of it during college... Pure torture for 4 years to pay that off. Advice to anyone modding cars: don't do it if you don't have the cash and need to charge it!
Originally Posted by Sinister Subaru
I didn't get 0% on an Evo, but when Subaru was running 1.9% specials, I did get that. My wife is also on the loan. You know how that wife/husband stuff is. Everybody has to be on the damned loan. 
Anyway, my credit score was a 798, and my wife's credit score was a 790.
I worked in credit counseling, so I have some insight on how to get and keep a good credit score.
Ditch store credit cards. Ditch cards you don't use. Don't have too many cards. Make all your payments on time.
Everyone thinks that just because you make all your payments on time that you'll have great credit, but that's not always the case. Sure, it most definitely has a lot to do with your credit score, but the credit bureau doesn't like to see an over-abundance of cards, or open unused credit.
My advice: Have maybe 2 or 3 open cards. DO NOT MAX OUT. Pay off your card debt EVERY MONTH.
Anyway, my credit score was a 798, and my wife's credit score was a 790.
I worked in credit counseling, so I have some insight on how to get and keep a good credit score.
Ditch store credit cards. Ditch cards you don't use. Don't have too many cards. Make all your payments on time.
Everyone thinks that just because you make all your payments on time that you'll have great credit, but that's not always the case. Sure, it most definitely has a lot to do with your credit score, but the credit bureau doesn't like to see an over-abundance of cards, or open unused credit.
My advice: Have maybe 2 or 3 open cards. DO NOT MAX OUT. Pay off your card debt EVERY MONTH.
Also, if you are young like me (24), never close out your oldest credit card even if you don't use it as it sets the length of your credit history. Once you have them all paid off, then you can close out the ones you don't use because having too much open credit available is seen as a risk.
Last edited by adam5743; Oct 22, 2005 at 08:36 AM. Reason: to subscribe
Oct 22, 2005, 09:59 AM
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Originally Posted by adam5743
I hear you there bro - my wife and I got married while I was still in college and she made 26k/yr as a teacher. We still did a normal American wedding with a honeymoon in Hawaii. Add in a bunch of car mods, a computer, lots of eating out, and we had about 25k in CC debt when I graduated. Its almost all gone now though... whoo hoo!
I must point out some problems with this overall good advice. If you are carrying some balances, then you do NOT want to close out a bunch of cards. This lowers your overall credit limit to credit balance ratio. It basically looks like you are more 'maxed out' on your credit and it makes a hit on your score. They look at how maxed out each card is as well as % of debt to avialable credit considering ALL credit cards.
Also, if you are young like me (24), never close out your oldest credit card even if you don't use it as it sets the length of your credit history. Once you have them all paid off, then you can close out the ones you don't use because having too much open credit available is seen as a risk.
I must point out some problems with this overall good advice. If you are carrying some balances, then you do NOT want to close out a bunch of cards. This lowers your overall credit limit to credit balance ratio. It basically looks like you are more 'maxed out' on your credit and it makes a hit on your score. They look at how maxed out each card is as well as % of debt to avialable credit considering ALL credit cards.
Also, if you are young like me (24), never close out your oldest credit card even if you don't use it as it sets the length of your credit history. Once you have them all paid off, then you can close out the ones you don't use because having too much open credit available is seen as a risk.
Oct 22, 2005, 05:38 PM
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Many good point here, but still some misinformation.
Unless you have to pay a yearly fee, THERE IS NEVER A GOOD REASON TO CANCEL A CREDIT CARD.
The credit scoring system does not penalise you for too much available credit! If you do a simple Google search, you will quickly learn that closing old CC accounts will never help, and might even hurt your credit score.
You will however lower your score if you have too much charged up on that available credit.
The credit scoring system does not penalise you for too much available credit! If you do a simple Google search, you will quickly learn that closing old CC accounts will never help, and might even hurt your credit score.
You will however lower your score if you have too much charged up on that available credit.
Oct 22, 2005, 11:58 PM
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Originally Posted by binarysleep
Unless you have to pay a yearly fee, THERE IS NEVER A GOOD REASON TO CANCEL A CREDIT CARD.
The credit scoring system does not penalise you for too much available credit! If you do a simple Google search, you will quickly learn that closing old CC accounts will never help, and might even hurt your credit score.
You will however lower your score if you have too much charged up on that available credit.
The credit scoring system does not penalise you for too much available credit! If you do a simple Google search, you will quickly learn that closing old CC accounts will never help, and might even hurt your credit score.
You will however lower your score if you have too much charged up on that available credit.
They see too much open credit as a risk. 
