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So, explain my credit score

So, explain my credit score

Old Sep 13th 2012, 2:12 am
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Default So, explain my credit score

Picked up my lease car today, which I obtained through the VW expats scheme (plus co-sign from my USC wife).

The dealer showed us the paperwork relating to our respective credit scores... I have been here for a total 5 weeks since coming in for the first time on my visa. I opened a bank account and my wife added me as an authorised user to her credit cards. Haven't got anything in my name apart from the lease for the car.

My credit score is.... 801 - the dealer said this was one of the highest ones he had seen! Its higher than my wifes!

So... anyone have any idea why? I'm not complaining at all, just seems really odd!
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Old Sep 13th 2012, 3:18 am
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Default Re: So, explain my credit score

Getting added to the other half gets you a score....AmEx transfer gets you a history.

Thing is, score alone means nothing, it's having a varied lines of credit, over time, building up history that counts for anything important like mortgage and insurance.

The wiki up top, it's a good starting point on explaining it.
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Old Sep 13th 2012, 5:33 am
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Default Re: So, explain my credit score

It really depends.... I have no idea of how you've scored that high.

I had a client who helped people raise their score (although it can be done on your own pretty easily too).

These are elements that contribute to your score: (that I can remember from the top of my head)

Debt to credit ratio is important (try and be below 30% of your total available credit)
Age of credit - how long you've had a credit line
Payment history - have you paid on time and completed your agreement
Spread of credit types (ie mortgage, Loan, credit card)
few negative items.
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Old Sep 13th 2012, 5:42 am
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Default Re: So, explain my credit score

Mine was 783 after a few months. Meant nothing without a history though. Only an amex transfer and a bank account though, and the former was close to maxing out for at least a couple of those months.
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Old Sep 13th 2012, 6:18 pm
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Default Re: So, explain my credit score

Mine was about 650 after a few months of being on my wife's accounts, hers was about 750 after being in the UK for several years. Had a huge negative on mine for lack of history, it said -14 but I'm not sure how that is used to calculate the final number.
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Old Sep 13th 2012, 7:05 pm
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Default Re: So, explain my credit score

There are 3 main credit ratings agencies. They each use their own algorithms to come up with a "score", based on available data. Whatever little data they have on you so far will give a score, which as likely too high as too low. The algorithms likely get modified as much as the data, so good luck ever trying to accurately explain it!
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Old Sep 13th 2012, 7:13 pm
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Default Re: So, explain my credit score

is there anywhere you can check your credit score for free.
other than applying for and been turned down for a card or loan

thanks
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Old Sep 13th 2012, 7:26 pm
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Default Re: So, explain my credit score

Originally Posted by redarmy990 View Post
is there anywhere you can check your credit score for free.
other than applying for and been turned down for a card or loan

thanks
You can try going to www.annualcreditreport.com and check your report (not the score) with the three agencies. It is quite likely that you will not be able to though because you haven't lived in the US for two years.

The score is essentially meaningless to you directly. It has meaning to the mortgage broker or the loan officer but by itself it is meaningless. The report is all that really matters from your perspective and length of time is the biggest thing not on it right now that will count against you. You can't fake maintaining good credit for a few years.
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Old Sep 14th 2012, 3:43 pm
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Default Re: So, explain my credit score

Originally Posted by redarmy990 View Post
is there anywhere you can check your credit score for free.
other than applying for and been turned down for a card or loan

thanks
You can also get one of the three scores (the Transunion one) via www.creditkarma.com.
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Old Sep 14th 2012, 4:45 pm
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Default Re: So, explain my credit score

Originally Posted by TimNiceBut View Post
You can also get one of the three scores (the Transunion one) via www.creditkarma.com.
I HAVE JUST TRIED THAT CREDIT WEBSITE.
IT IS VERY GOOD.

THANKS
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Old Sep 14th 2012, 7:41 pm
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Default Re: So, explain my credit score

Originally Posted by Bob View Post
Getting added to the other half gets you a score....AmEx transfer gets you a history.
I thought American Express only do charge cards?
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Old Sep 14th 2012, 7:46 pm
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Default Re: So, explain my credit score

No, they have both charge and credit cards.
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