DescentBB

I found out my FICO score was 657.

While not the best possible, in a range from 300 to 850, it was better than I expected.

What it means is, that I am in the 15% group, that is, 15 people out of 100 are expected to be delinquent on their loans.

The next group ranking is:
5% at 700-749
2% at 750-799
1% at 800+

I am considered low risk.
My total debt is what I have left over on my car loan balance, of $3,178.

I do not have any mortgage as I am a renter, so once my car is paid off I will be free and clear of all debt, which will happen late next year at the current rate of payment.

Once I found out how good my credit is, and how it will only get better in 6-24 months, my self esteem and happiness when up considerably. I never realized my self image was so closely tied to my fiscal status.

If you want to find out your credit report, you can go to one of those free credit reporting agencies, BUT I RECOMMEND AGAINST IT. The reason is because if you do not inquire through one of the three main credit agencies, your simply requesting a free credit report can and will negatively impact your credit report.

I also learned that applying for credit cards, loans, and especially applying for instant credit at a department store also lowers your FICA score. Essentially creditors view you as a higher risk as you are seeking more credit. It seems like a contradiction of logic, but if you pay each of those off in a timely manner without being late you actually show a good record of credit to potential lenders.

Applying for credit for the same thing in a short period will not hurt your credit, such as shopping around for the best car loan or house mortgage. However, if you were to continually apply for credit cards over an extended period of time, it will dramatically hurt you in the long run and negatively impact your credit score.

I learned all of this from reading the Equifax website. Here are the websites for the three major credit reporting agencies. Any one of them can give you a consolidated report but those usually cost more than a single report. I highly recommend paying the meager fee for this valuable information. It will not hurt your credit in any way.

http://www.equifax.com/
http://www.transunion.com/
http://www.experian.com/

Last I checked late in October it was 761, 766 and 768 according to Equifax, Transunion and Experian.

I had someone get ahold of my SSN two years ago and try to open 28 accounts. It dropped my score to 633(mid-score), but it only took about 8 months to get it back above 700. Now I watch my credit like a hawk.

Jim, I went through the CC thing too when I was younger(about 19) and learned my lesson quickly. It took me 4 years to pay off 800.00.

when we got the home loan i was at 799...
not bad for an old ex-crack addict

Lobber wrote:If you want to find out your credit report, you can go to one of those free credit reporting agencies, BUT I RECOMMEND AGAINST IT. The reason is because if you do not inquire through one of the three main credit agencies, your simply requesting a free credit report can and will negatively impact your credit report.

You can get one free credit report per year, per national law. Plus if you're denied credit at any time, that also entitles you to a free credit report.

I don't know my credit score right now but it has to be pretty high considering I pay off my balance in full on time every month, was only late once (incidentally, the first month I owned my first card), and maintain a solid history in my money-market and checking accounts, and my auto insurance has stayed pretty low (I've heard some companies charge you extra for poor credit history).