Credit report / credit score info

[mydaddysjag]

So, today I decided I wanted to check out my credit report, and see what my credit score was. It had been a while since I checked it, and when I last checked it was before I ever had any credit cards or anything, basically when I was just starting out.

Today when I checked it, my credit score was 702. Is that a decent credit score for just starting out (I've only had credit cards for about a year)?

If not, what can I do to raise my credit score?

Also, does anyone know if my husband has unpaid medical bills from before we were married if that will eventually affect my credit score?

 

[kaykay]

Anything in the 700's used to be really good but now its considered a bit above average. They keep changing the criteria so it is hard to keep up. Usually just making one large payment on a credit card can raise a score quite a bit. A big part of the score is not just paying on time but how much you owe. Also having open credit even if you dont use it brings your score lower. So if you have open credit that you dont use close it.

Nothing before you were married should affect your score but now anything done together will. Always be sure to have some credit in your own name even if you are married

Kay

 

[Leeana]

I went through all of this back when i was trying to get a horse trailer, i was straight out of high school and was trying, still trying, to build my credit up. I've had 3 cards and paid them all off..basically just bought some things, then made 4 or 5 payments on each and paid them off and all except one...they are all paid off. They were only for $150-$300 cards. No one is in a real big rush to give a 20 year old a $15,000 loan for a horse trailer...guess i cannot say i blaim them.

What site did you use? I was trying to find a free (actual free) site to check mine, but cant...all charge monthly fees even the "free" ones.

 

[ILoveMyGelding]

The website is www.annualcreditreport.com You can pull a free credit report from one of the three major credit bureaus every six months. Be careful how many cards you have open at one time and don't close more than three at a time. That is a red flag to most creditors. Also keep your balances low. The closer they are to your limit the lower your score will be. And I think the debt to income ratio should be no more than 25% of your income in credit cards. I wish! Medical bills don't report on your credit report until they go to collections. The company I work for doesn't consider those as much when we open new accounts for people.

 

[mydaddysjag]

My hubby has a lot of unpaid medical bills from before we were married (we are trying to get assistance in paying some of them, so haven't paid on them yet) but he hasn't had anything since we got married. He doesn't have any credit cards yet, and seems like he cant get any (i'm assuming due to the unpaid medical bills, and lack of credit history before that) My credit card is in my name, and I only have 1 card. Heck, i'm scared to have more than that, lol. My card only has a $500 limit on it, and I am guilty that my balance is almost $400. I recently put some unexpected vet bills on that card, and haven't gotten to pay them off yet. I should be able to get them paid off this week, I got paid yesterday.

Am I correct in thinking that I should ALWAYS pay above the minimum payment amount? Also, I know I should pay as much as I can afford monthly, but on minimum, how much should I pay above the minimum amount when I cant pay a lump sum?

Leeana, you want to go to annualcreditreport.com Its a law that everyone can have their credit report once per year for free, and thats the place to go for that.

There's also freecreditreport.com who you can create a membership with, and view your credit report for free. I will warn you though, you have to call them within 9 days and cancel it, or they charge you $14 a month. They do a bunch of other stuff too, like sending you updates and whatnot, but that's not something I needed, so I canceled the membership. (I wasn't eligible for a free credit report again yet, since I checked it last winter when I was applying for my credit card, but I wanted to see if I built up any credit yet)

Say you want to buy something like ehh, maybe a new or used horse trailer, and need to get a loan for it, any idea what kind of credit score they are looking for?

 

[minimomNC]

Just a tip from when I bought my farm, if you apply for credit at more than one place at a time, say you are looking at two or three horse trailers and apply at each place, your score will go down a few points. It has changed alot in just a couple of years, my score was low to mid 800's and they didn't even what to know my income. Now I am sure it is a lot harder.

Good luck finding your trailer, its hard to find good affordable ones right now, no one wants to part with them.

 

[SilverDollar]

At the www.annualcreditreport.com website, you can get your credit report from EACH of the three credit reporting agencies once per year. The best way to do this, IMHO, is to get one every four months and alternate the company you request (Experian, TransUnion, and TRW). That way, you can keep an eye on it completely for free throughout the year. The scores may vary slightly between companies but not enough to worry about.

As for credit cards, be careful if you are considering closing out cards. A portion of your credit score is calculated using the ratio of the amounts owed to the available limits. So, if you owe $400 on available credit of $500, your score will get dinged more than if you only owed say $50 on that same card. It is always better to pay more than the minimum because of this.

Personally, I think Suze Orman is a great resource for the basics of finances. She has a weekly show on CNBC and a website--www.suzeorman.com. My favorite, though, is Bob Brinker of the syndicated radio program "Moneytalk". He has some great information on his website, too, and a library of books he recommends (though some are pretty intense

) . www.bobbrinker.com.

 

[SaddleTrail]

At least your concerned.

If you have a open credit card, do not close the card. The credit reports do not show who closed it, so in effect it shows as closed period and is bad for your credit. Been there done it.

I thought by paying mine off and closing them was good? It took my score down almost 20 points.

If you can pay at least $10.00 more then minimum, they see that as a effort in paying down your balance and the credit loves it.

They say to pay off the highest balance card first. Don't. Pay the smallest balances first, the use the same payment towards the larger balance. Which means you will be paying that much more then the minimum and shows on your credit rating as a good thing. Remember just because you pay one off, dont think you have extra money, use that payment money towards another balance and go on from there.

If your husbands bills were before your marriage they are his, not yours. BUT since you will try to get a loan in both your names it will show up ~S~ Kinda unfair but its there. Also if they try and take a tax refund? The IRS, State etc doesnt care whos money it is. Even if it is yours and his bills, they will take it. You can file a form stating so and they will have to give the money back. Been there and done that one as well.

1. Always, always pay on time. Biggest credit killer is paying late.

2. Always put extra with every payment. Get your self a jar, put all your change in it. Comes time to pay the bill, use that change to add to the minimum payment. Have seperate jars for seperate cards.

3. Always challange anything you do not think is right on your credit report.

4. You get one free credit report a year per person. Get both of yours , go through with a fine tooth comb, any eroors, file a abratration over it.

5. Bad credit only stays on your report for 8 years, check your state laws, if you make a penny payment on that old bill? The time statue starts in again and you jhave to wait another 8 years for it to be cleared.

Good luck ~S~