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Understanding Credit Report

ctwo

ctwo

Merely Rhetorical
Joined
Feb 5, 2015
Location
auf der motobahn
Moto(s)
motato
Name
Heyou
'm wondering if I've had a few problems paying my credit cards over the past few years, say four credit cards show 30, 60 90, and 120 days past due payments this year, and one went to collections and one is closed, all summing to a few thousand in debt, is that as bad as it sounds?

Also, there are several more credit cards in good standing and no other negative background. My current debt is twice my credit limit.

There is also an auto loan that was late for six months last year, but up-to-date all this year.

I'd deny me, but what if my perfect score GF has more income and signs joint, but is just short of qualifying alone? Is that good?
 
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For reference, the only negative I have is ONE late payment which was not late, but a few cents short of the minimum payment right after they changed the laws on credit card minimum payments. That was maybe 8 years ago? It's still on my report and still brings my score down.
 
ctwo said:
'm wondering if I've had a few problems paying my credit cards over the past few years, say four credit cards show 30, 60 90, and 120 days past due payments this year, and one went to collections and one is closed, all summing to a few thousand in debt, is that as bad as it sounds?

Also, there are several more credit cards in good standing and no other negative background. My current debt is twice my credit limit.

There is also an auto loan that was late for six months last year, but up-to-date all this year.

I'd deny me, but what if my perfect score GF has more income and signs joint, but is just short of qualifying alone? Is that good?
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Yes, it will make a big dent in your score. You can go to Credit Karma and sign on for free, they will give you your scores.. I have used them for years.
 
I'd recommend Credit Karma as well.
 
ctwo said:
'm wondering if I've had a few problems paying my credit cards over the past few years, say four credit cards show 30, 60 90, and 120 days past due payments this year, and one went to collections and one is closed, all summing to a few thousand in debt, is that as bad as it sounds?

Also, there are several more credit cards in good standing and no other negative background. My current debt is twice my credit limit.

There is also an auto loan that was late for six months last year, but up-to-date all this year.

I'd deny me, but what if my perfect score GF has more income and signs joint, but is just short of qualifying alone? Is that good?
Click to expand...

you're trying to take out a loan? what kind of loan?
 
CABilly said:
For reference, the only negative I have is ONE late payment which was not late, but a few cents short of the minimum payment right after they changed the laws on credit card minimum payments. That was maybe 8 years ago? It's still on my report and still brings my score down.
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I think things come off your report after 8 years, you can petition for it's removal with the credit agencies and it will be removed.

To the OP's question, it will effect your score a lot. I have all my accounts paid in full, on time etc, and 1 thing that was out in collections and it brought my score down by a LOT.

Really annoying that one, $500 thing has such a large impact on my credit score, but that's the game.
 
bojangle said:
I'd recommend Credit Karma as well.
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I've had some large discrepancies in score from CK and what someone at the car dealership/loan/etc gets back from the same agencies. I've had 100 point differences. Been meaning to look into why that is for a while.

Anyone else experienced the same?
 
Never been able to make sense of credit card reports, my rating is 841 as of today. Never have owned a credit card, only loan was my house. Have money I guess?
 
RightCoastBias said:
I've had some large discrepancies in score from CK and what someone at the car dealership/loan/etc gets back from the same agencies. I've had 100 point differences. Been meaning to look into why that is for a while.

Anyone else experienced the same?
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Really? Crazy! Did the score on their web site show better or worse than the car dealer inquiry?
 
180yzfr1 said:
Never been able to make sense of credit card reports, my rating is 841 as of today. Never have owned a credit card, only loan was my house. Have money I guess?
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That's almost as high as once can get. 850 is the highest. Seems surprising to me to be that high with only one mortgage. You'd score high on China's social score.
 
Housing application.

4 cards with late payments. only two this year are active. One is collection from years ago, and another I stopped paying end of last year and is closed. The other two are a few late payments. Several more are on time, such as costco citi card and other bank card. An my 25k auto loan is up to date this year, but 6 months late payments the second half of 2017.

For housing, my GF has great credit and almost meets income requirement alone, but only 80% there. My income is a bit less, but combined more than qualifies.

The only thing is my cc card history for piddly amounts (~$700). Is that fair to disqualify? I want to challenge them, but don't know what to do. It's a great place.
 
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RightCoastBias said:
Higher on CK, they said it's common.
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CK is just ONE FICO or FAKO score:

http://www.debtorboards.com/index.php?topic=26393.15

Whether Credit Karma is a "true" FICO score or a FAKO score really isn't important for several reasons:

1: There really is no "true" FICO score - lenders are free to change the formula to suit their needs. The changes can be by industry, type of loan or simply because the lender wants to. Many years ago when I was buying a car I checked my credit before I started the process. At a dealership the dealer ran my credit (obviously with my consent) and his "score" came back 80 points lower than mine from the same CRA with the same information. Why? To enable the dealer to justify raising my APR on the loan (which the dealer would then get a kickback on the increase in APR).

It is interesting to note that Credit Karma gives you several "scores" -

a "TransUnion score" which in my case is "poor" at 607,
a "Vantage" score which on the same scale as TU is 688,
an "Auto Insurance Score" which in my case is "good" at 890
and a "Home Insurance" score which in my case is "very poor" at 668.

You figure it out, I am completely baffled how with exactly the same data at the same time I can go from "very poor" to "good".

2: Since there is no "real" FICO score, the credit score any of these outfits gives you is simply a reference point - to be used not to determine how creditworthy you really are (see 1 above) but to see the direction he score is going in. I have a thread going now about FICO myths where I am discussing the changes (or lack thereof) in my Credit Karma score over a 4 year period.

3: In light of the above, the numerical value of the score is a lot less important than the direction of movement.
Logged
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.
Click to expand...
 
RightCoastBias said:
Higher on CK, they said it's common.
Click to expand...

If that's the case, I guess it's somewhat worthless then.

Maybe it's about as useful as the Zillow home value estimation.

Anyways, the only reason I signed up for credit karma was as a free and easy way to self monitor my credit after the credit bureau (experian?) breach last year. So far I haven't detected anything that shouldn't be there, so it served that purpose. Unless, of course, what they have on there isn't complete.
 
JakesKTM said:
CK is just ONE FICO or FAKO score:
Click to expand...

My CK lists a TransUnion and Equifax score, I've not seen all the other scores that post talks about. Comparing TransUnion CK score to what the finance guy at the car dealership had from TransUnion, there was. discrepancy.

The link also seems to be dead, can you share another?

Edit: link loaded, but took forever.

That post being 4 years old, I don't think is accurate anymore. I remember all the BS "scores" they used to promote, but the platform and services have changed.
 
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Yeah, mine shows trans union and equifax scores. That's it. Both scores are usually the same number, or very close.
 
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