My credit rating is 814. I am one of those people who has never had any problem. I pay my credit cards bill in full (I have never paid one cent in interest or late payments), paid my 30 yr mortgage off in 15 years and am perfect in all payments. (I'm in my 60's) My question is why is my score only 814? What would it take to get it to the top of 850? Thank you.
2007-12-29 10:11:43 · 4 answers · asked by kingsley 6 in Business & Finance ➔ Personal Finance
I'm not complaining, just wondering how credit scores are arrived at. Thanks for your answers.
2007-12-29 10:27:19 · update #1
i think part of the problem is you could be like me rich in a lot of ways property other investements but since you do not lave a lot of loose cash laying around (which is dumb) your score will not get any higher!!!
2008-01-02 09:58:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well the lack of a mortgage may actually be hurting you. It is good to have credit lines show up on your credit report. Having credit cards will balances under half of the limit helps your credit score too, so having 3-4 open is a good idea to up your score if you don't already have that many (why you would need to boost it... I do not know). Also having other lines such as a mortgage and car payments builds your credit. However, having doing all of this to get a higher score may not be the best financial advice. There is really little benefit to getting a higher score, but there are costs associated with carrying debt as well as the potential dangers for some people of having too many revolving lines with high limits.
You would likely be able to manage most of these as you seem to have done so up until this point, yet it is not advisable to anyone to apply for credit cards that they do not need.
2007-12-29 18:21:51 · answer #2 · answered by moonman 6 · 1⤊ 0⤋
You should be very happy! No one can tell you exactly why you are not at the 850 max unless they see your actual credit report. It may be because you do not have any small balances on any of your credit cards? It could be inquires made just before the credit was run. It could be you do no use the credit you have enough. They really like to see 20% usage. Say , you have a card that goes to $100.00 you should charge $20 ever month on it. It is totally stupid! A agree.
2007-12-29 18:18:10 · answer #3 · answered by Sharon B 3 · 1⤊ 0⤋
Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.
2007-12-29 19:57:38 · answer #4 · answered by Anonymous · 0⤊ 1⤋