Pimpbot

Just did the annual free report and then paid $6.95 to Equifax to get the actual score and I'm 700 plus. Not bad considering I haven't had my secured card quite 6 months and the new car only got put on in august.

Yeh! I'm somebody again in the eyes of lenders.

dunroving

Yeehaw!!! Spend, spend, spend! Live the American dream! SUV's! Holidays! Large screen TV's!! XBox!

No, I know you have better sense than that.

Chorlton

Now you just need to work on the APRs. I hate to think what the APR might be with a bad credit score

Angry White Pyjamas

our 1st mortgage was acquired with a fico of 720 after 6 months here and we got 5.35%

Partystar

Nice!

Chorlton

Sure, mortgages are pretty easy to get, but I meant those 12% + credit card APRs. They think I'm going to call every six months to get it lowered?? F*** that. Especially when everyone offers 2-5% balance transfers! Why does it have to be so complicated?!

jamjar

Ahhhh but doing the balance transfer thing can come back to bite you in the ass because if you open too many credit accounts it will lower your credit score. Even the ones that are paid off or closed stay on your credit report for 7 years.
When we found this out Hubby was paying 9% on bank credit so he called the bank and told them if he could get a lower rate that wasn't temporary he'd transfer other balances. They lowered the rate to 6%

fatbrit

The only question would be: why did it take you so long to go and get it started?

I think it's something you should start in your first week or two here, not get round to after a year or two. Still, better late than never!

Angry White Pyjamas

Played the game, did the initial very careful credit balancing act, then stepped up the credit little by little. Now we can play with the big(er) boys and manouver for better rates when we go shopping.

Partystar

Us too, I've been working on it for 6 years, it's pretty good now. I brought it back from the dead, hubby had killed his credit by the time I met him. Silly hubby was a boy with no worries & no idea about how his lack of paying bills would impact his life down the road, it's a good job I came along when I did. I started doing all his accounts a couple of months after we started dating & it's a bloody good job I did.

I'm still in charge of all the money, he has no idea how much money we do or don't have, he doesn't even want to know!!!

redlobster

We arrived here in Tampa exactly one year ago. We took out a small bank loan $5000,and it was put into a high intrest account. 3% lol. We have been paying it back for 9 months now. We also got a US credit card,and used it up to a third of its limit each month, then paid it off.
I have just done our first Fico score and it was 740. Not bad. But you do need to work at it, and not be tempted by to many cards, as this can bring your score back down.
Redlobster

sas

I hate to burst the bubble, but a decent credit score does notmean much if you don't have a good long credit history to back it up. Don't get me wrong having a decent score gets you in the door but.....

dbj1000

...what? Would you elaborate?

What would I be getting if I had a good long credit history to back up my already good credit score?

Certainly I can see from my credit report that my credit score is being held back a little by my lack of credit history, but since it's already quite good enough to get me prime interest rates on loans, credit cards and a mortgage, what more can I expect once I have a more extensive history?

redlobster

Hear Hear..
Redlobster

Angry White Pyjamas

I think what he means is that a lot of lenders want to see 3 years or more of 3 or more revolving credit lines managed well before they will give you the good stuff in terms of credit cards, etc.

The other thing is a short credit history means that your score will ding more from things like credit checks than would a longer history.

So although an average FICO (700+) will mean lenders will be interested enough in you to not just ignore you completely you wouldnt get the real juicy stuff for another couple of years.