What Credit score do I need to get the best rate without a co-signer?
Question by David L: What Credit score do I need to get the best rate without a co-signer?
I have around $30K in private student loans that I had my brother co-sign with me on. I am paying Prime + 0% which is really nice, but I wanted to consolidate and use the LIBOR rate (which is lower than prime, I would save over $2000 in 10 years by dropping just 1% point). I have what I think is a very good credit score (760) and wanted to get the best rate so I could try to avoid asking my brother to co-sign again. Is my score high enough to go in alone without a co-signer and get the best rate? Thanks in advance.
Best answer:
Answer by spifiman1
Your score is fine. It depends on what your score is made up of.
Credit score is based on the following;
1. Pay history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%
As you can see 1, 2, and 5 are the most important as far as score is concerned.
The problem that people run into is that they have nothing to qualify them for what they are attempting to borrow money for. Lenders look for whats called “like credit” when they look at a application.
I see people every week with 700+ scores that are made up of nothing but 1 credit card with a $500.00 limit paid 15-times and a couple of student loans and I can’t get them approved to buy a car because they have no “like credit”.
Score is not everything no matter what anyone says.
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000 Credit Score?
Question by starrysmaster: Credit Score?
I got my credit report yesterday from Experian and decided to pay extra for the Vantagescore/Fico score, the page came back “were sorry we cant generate your Vantagescore because there are no credit accounts on file. I’m 41 and have had accounts before this but none at this time, so is my credit score 000 or perfect when applying for a loan?
Best answer:
Answer by SPIFIMAN1
What they are telling you is you have no score.
FICO reports from 300 to 850 anytime a score calculates to below 300 it defaults to a 0.
A lot of people think they have good credit because they pay for everything with cash when just the opposite is true.
You need to re-establish some lines of credit and use them to generate a score.
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Categories: Credit Score Questions Tags: Credit Score
Q&A: Applying for Another Credit Card?
Question by poople4: Credit Score?
If I apply for another credit card even though I don’t need it, and don’t use it, will it still help my credit score?
Best answer:
Answer by variance75
When you apply for credit it will normally drop your score for a short time. That’s because people who apply for multiple products at once are often indicating and early risk factor. For this reason, you should be careful about who pulls your credit score. Keep in mind self-initiated pulls (soft pulls) don’t lower your score.
Back to the original question. There are dozens of factors that go into your score. Increasing your available credit can increase your credit score so yes. Having 2-4 credit cards shows responsibility and increases scores long term.
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Categories: Credit Score Questions Tags: Credit, Score
How long do inquiries affect your credit score?
Question by Just Wondering: Credit Score?
I have had a lot of inquiries on my credit bureau and I know it is effecting my score. A lot of these were from almost 2 years ago. How long do inquiries affect your credit score?
Best answer:
Answer by candi h
The inquiries actually fall off after being on the report for two full years. After they have I would suggest making sure you do not apply for credit any time soon. Space the inquiries out over a course of years. People with good credit usually do not apply for credit but only one time every 1-2 years.
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Categories: Credit Score Questions Tags: Credit, Score
How do I refinance my house without a credit score?
Question by Luvinmylife2: How do I refinance my house without a credit score?
I have excellent credit and zero debt. My house is paid for, debt free, and I do not have any outstanding debt. I have had loans in the past, but I’ve paid them off. Therefore, I do not have a credit score. I want to tap into the equity on my house and take out a second mortgage on my home, but the bank says that I do not have a credit score. Does anyone have any ideas on how I can get a competitive rate with no score?
Best answer:
Answer by Major Mortgage Lender
Many mortgage loans do not require credit scores. Typically, FHA loans and loans provided by the Federal National Mortgage Association (Fannie Mae) do not require credit scores. In addition to your past credit history you may also provide alternative credit histories for these loans to help you qualify such as utilities, cellular phone bills, and car insurance. A consistent savings history is also acceptable as alternative credit.
You may be running into more problems by looking for a “second mortgage”. More often than not these mortgages are credit score sensitive. However, if you have a small locally owned bank who makes thier own decisions or a credit union you belong to coupled with NOT trying to take a high percentage of your equity out in cash you may find some takers.
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How long does it take to get your credit score up after you file for bankruptcy?
Question by Unknown12: How long does it take to get your credit score up after you file for bankruptcy ?
Someone I know recently filed for bankruptcy not even a year ago. And she throws it in my face that her credit score is higher than mine and that she can get a house and I can’t. I don’t have anything wrong with my credit score and never filed for bankruptcy I just have a couple credit cards. Really how long does it take to increase your score? And don’t banks look down on people that file?
Best answer:
Answer by The Great Gazoo
bankruptcy lasts for 7 years after that you can try to rebuild credit
Answer by Good Credit Scores
Realistically, it just doesn’t matter what her credit score is. With a recent bankruptcy there’s no way a lender will give her the money for a house. And, if for some reason they do decide to provide a loan, they would jack up the interest rate to cover their risk.
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How is it possible that my credit score dropped?
Question by jaden smith: How is it possible that my credit score dropped?
I cant understand how in the world my credit score actually fell lower than it was last month. No late payments in the past 4 years, no new credit inquiries or accounts since May (the same inquiries were on last months report), and I actually paid off a $ 4000 credit card. This makes no sense to me whatsoever….Can anyone explain why my score dropped?
Best answer:
Answer by Sbh
Is it only slightly or is there a huge difference? Slight fluctuations are nothing to worry about, it will probably revert back next month by which time the £4000 you paid off should have registered. If there is a big drop check with the Credit reference agencies such as Equifax or Experian (on line or with a form). It could indicate that someone has applied for or borrowed in your name. Another possibility is that someone at the same address as you has financial problems.
Once you have checked your credit records you can have them sorted if anything is incorrect, if it someone else at the same address you can ‘disassociate’ yourself financially from them.
Check the websites for Experian & Equifax for fuller details.
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Categories: Credit Score Questions Tags: Credit, dropped, possible, Score
Q&A: How much does your credit score increase when you pay off an auto loan?
Question by elmdee: How much does your credit score increase when you pay off an auto loan?
The last time I viewed my credit report, it did not have my auto loan as paid off. I had paid it off about a week before my credit report was pulled. Does anyone know how much that will increase my credit score? My FICO score was 545 and I am wondering if it will increase significant enough to be considered for a home loan. I know the score is pretty low, but you never know with the housing market today.
Best answer:
Answer by Cindy C
To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score, you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
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Q&A: What is the fastest way to raise your credit score?
Question by thetravelingmartins: What is the fastest way to raise your credit score?
My husband and I hit a financial hard spot about a year ago. Since then we have worked hard to catch up on all our bills and pay them on time. We would like to buy a house in about 3 years. (We own a condo at the moment) Would 3 years be long enough to raise our credit scores? Other than paying our bills and paying off some of the balances that we owe is there another way to raise our credit scores? We plan on keeping our credit cards once we get them paid off because we were told that as long as we charge something once a month and then pay that off every month it will help with our credit score. Any other advice?
Best answer:
Answer by jgrantspecial
One good thing you can do is go to the bank and open a savings acct with $ 100-200. Then go to the loan officer and ask for a loan with a min. payment period of 1 year for the min loan amount. Tell them to put the loan money into your savings then freeze the money plus 2 payments of your savings. They will not turn down anyone for a loan this way. Then make double payments on time or early, but never late. Do this at 3 different banks and after they are all paid off you’ll have much better credit and 3 credit referrals.
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Categories: Credit Score Questions Tags: Credit, fastest, Raise, Score
Q&A: How will an increase in salary affect my credit score?
Question by kamui r: How will an increase in salary affect my credit score?
I understand that credit score isn’t necessarily based on income but here’s my situation. I have about 16,000 in revolving debt with a 600 credit score. My yearly income has recently increased 10 fold which obviously improves my debt to income ratio. How long after this increase should I see improvements in my credit score and by how much. Also what triggers the credit bureaus that this increase in income has occurred?
Best answer:
Answer by Nikki Monique
It won’t because your salary is not suppose to be reported to credit bureau. If you want to make your credit score high never exceed 70% of your credit limit on the credit cards and no matter what pay your bills in time.
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