Credit Score Question

LivinLife · 08-06-2012, 09:36 AM

So I'm not sure on all this credit score stuff, however mine is about 760 average from all 3 bureaus, is that good ? I still have a credit card I use ounce in a while and pay on. I wasn't sure if that was going to ding me for it or not.

**MarineHusband** · 08-06-2012, 09:55 AM

It's generally pretty good.

Small differences in scoring aren't really significant; it's really more of an index. Your credit is better than someone who's rated about 650 and not as good as someone in the 800s.

There's also no hard and fast line that the credit companies use to determine what's "good" and what's not. They'd be doing things like saying, "Send this credit card offer to everyone who has a score of 700 and above," or like "Only let the top 20% of current scores have the best interest rate." It's very fluid, so don't get hung up too much on the precise number.

Tamstress · 08-06-2012, 10:23 AM

It's good, well done for checking your credit before getting denied on something! Using a card and paying it on time, every time, is a good thing. Using it's not the ding, unless you use all the credit allotted to you and/or don't pay in a timely manner.

**MarineHusband** · 08-06-2012, 11:22 AM

Quote:

Originally Posted by Tamstress

It's good, well done for checking your credit before getting denied on something! Using a card and paying it on time, every time, is a good thing. Using it's not the ding, unless you use all the credit allotted to you and/or don't pay in a timely manner.

Yeah... in fact, it can hurt you a bit if you always pay it off entirely every period (unless it's an American Express). If you occasionally charge something, pay a portion (equal to or greater than the minimum payment) in one period, and then pay it off the next month, that will help enhance your credit history, because it shows you're a good risk... you both use your credit and generate some income for the credit company.

The two worst things you can do is to run up your balance and then miss payments or default, or to never use your credit at all. Then credit companies aren't interested in doing business with you.

LivinLife · 08-06-2012, 12:22 PM

Quote:

Originally Posted by MarineHusband

Yeah... in fact, it can hurt you a bit if you always pay it off entirely every period (unless it's an American Express). If you occasionally charge something, pay a portion (equal to or greater than the minimum payment) in one period, and then pay it off the next month, that will help enhance your credit history, because it shows you're a good risk... you both use your credit and generate some income for the credit company.

The two worst things you can do is to run up your balance and then miss payments or default, or to never use your credit at all. Then credit companies aren't interested in doing business with you.

Good to know I normally do it to buy my props, Then after I get my payment from my clients I pay it off but now all make payment that should help build it more

08-06-2012, 09:36 AM	#1
LivinLife Senior Member Wow, look at me go! Join Date: Jan 2010 Location: SJAFB NC Posts: 3,503 My Mood:	Credit Score Question So I'm not sure on all this credit score stuff, however mine is about 760 average from all 3 bureaus, is that good ? I still have a credit card I use ounce in a while and pay on. I wasn't sure if that was going to ding me for it or not. __________________ I am normally on my Phone when posting or commenting please forgive spelling and grammar

08-06-2012, 09:55 AM	#2
MarineHusband Loyal Escort Moderator Join Date: Feb 2010 Location: Ohio Posts: 5,851 My Mood:	Re: Credit Score Question It's generally pretty good. Small differences in scoring aren't really significant; it's really more of an index. Your credit is better than someone who's rated about 650 and not as good as someone in the 800s. There's also no hard and fast line that the credit companies use to determine what's "good" and what's not. They'd be doing things like saying, "Send this credit card offer to everyone who has a score of 700 and above," or like "Only let the top 20% of current scores have the best interest rate." It's very fluid, so don't get hung up too much on the precise number. __________________ "There are essentially four basic forms for a joke - the concealing of knowledge later revealed, the substitution of one concept for another, an unexpected conclusion to a logical progression, and slipping on a banana peel." - Cartoonist Charles Preston

08-06-2012, 10:23 AM	#3
Tamstress EOMFD Getting warmer Join Date: Jul 2012 Location: Hill AFB, Utah Posts: 390 My Mood:	Re: Credit Score Question It's good, well done for checking your credit before getting denied on something! Using a card and paying it on time, every time, is a good thing. Using it's not the ding, unless you use all the credit allotted to you and/or don't pay in a timely manner. __________________ *Tamara, EOD Wife & Happy Furmommy of 2!*