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Thread: Credit Rating

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    Credit Rating

    My friend was shopping for a loan to finish the basement on their house. She was dealing with eLoan and the guy said the interest would be eight point something because of their credit rating. He said it looked like there was a problem with Discover Card.
    Turns out it was a Discover Card issue. Her name was on her mother's account. When she died, she closed the account. After the account was closed, a charge for $4.80 came in. Because the account was closed, they had no way to collect it and apparently no way to notify anyone that there was a charge. They put it in the bad debt pile for credit rating companies to find.

    While some of you already know this stuff, I thought I would post it for those who didn't. You can get a free online report here.

    http://www.ftc.gov/bcp/conline/pubs/credit/freereports.shtm

    I was actually happy to see mine. I rule. =)



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    Re: Credit Rating

    Hum. E-Loan. I recommend going to a Credit Union for a loan. Check out a couple.

    We went for a car loan almost 5 years ago to Wells Fargo. They wanted 7%. Went to Credit Union, got a rate under 4%.

    But, YES get your free credit report! It is important.


    Just in case you didn't know... I'm a girl.

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    Re: Credit Rating

    Quote Originally Posted by bostinelosd View Post
    My friend was shopping for a loan to finish the basement on their house. She was dealing with eLoan and the guy said the interest would be eight point something because of their credit rating. He said it looked like there was a problem with Discover Card.
    Turns out it was a Discover Card issue. Her name was on her mother's account. When she died, she closed the account. After the account was closed, a charge for $4.80 came in. Because the account was closed, they had no way to collect it and apparently no way to notify anyone that there was a charge. They put it in the bad debt pile for credit rating companies to find.

    While some of you already know this stuff, I thought I would post it for those who didn't. You can get a free online report here.

    http://www.ftc.gov/bcp/conline/pubs/credit/freereports.shtm

    I was actually happy to see mine. I rule. =)
    Just an FYI.......contacting Eloan or similar places will net you a lifetime of telemarketing calls and junk mail.



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    Re: Credit Rating

    I got that one beat. I have a credit rating over 800, Wells fargo wanted 13% for a car loan. I had the girl on the phone and just laughed at her, and said you have to be nuts, are people actually stupid enough to fall for that? We got a loan through honda for 2.9% instead. And this was a few years ago when loan rates were the lowest in history.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: Credit Rating

    Big Banks are the devil!


    Just in case you didn't know... I'm a girl.

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    Re: Credit Rating

    When I got out of college, I didn't have much of a credit rating. One night I came in the house and got a call from some outfit that would issue me a credit card so I could build my credit. I had to come down to a meeting and they pressured me to sign up. Basically pay $1,000 and a percentage would back up the limit on the card. Being nieve I signed up since they told me I had 2 weeks to cancel it without any problem.

    I came home, called my dad and told him what I did and, of course, he told me I was pretty dumb to have done that and to cancel it right away. So the next business day I called whatever number and cancelled it, they said it was fine and I never heard from them again.

    Roll forward 6 yrs and I am applying for a loan and they tell me what my credit rating was and it was way low. After checking, I found that the company that I dealt with went bankrupt and through that sold off there collections part of the business to one of those outfits that try to collect your bad debts for a percentage. They couldn't contact me so they just put it out there. I called and finally had to have an attorney buddy write a couple letters to get them to take it off.

    The thing that really ticks me off about credit ratings is the fact that anyone noname can go in and nick your credit without much hassle at all, but when a person finds out there is something on your credit report that shouldn't be there, it takes an act of God and 3 months of you proving it shouldn't be on there in the first place. Especially now when your credit rating is being pulled not only for loans, but to show you as a good candidate for being a renter, buying any sort of insurance, and now even getting a job, it has a easy potential to be a royal pain in thy arse.

    and yes, check your credit report often.....



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    Re: Credit Rating

    When your credit rating is checked by other parties, I have heard it lowers your score. Any truth to that?


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    Re: Credit Rating

    Quote Originally Posted by 4VR4CY View Post
    Hum. E-Loan. I recommend going to a Credit Union for a loan. Check out a couple.

    We went for a car loan almost 5 years ago to Wells Fargo. They wanted 7%. Went to Credit Union, got a rate under 4%.

    But, YES get your free credit report! It is important.

    Ive never used E-loan. That was their thing. I have gotten my car loans through Honda Financial. They make me happy. I havent had to get a personal loan in a very long time.



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    Re: Credit Rating

    The thing that gets me is some credit card companies send me ads but call me Bimitri instead of Dimitri. I could never figure out why. So i check my credit history and Equifax has me down as Bimitri. Not sure how they flubbed that one, but I should get it changed one of these days.



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    Re: Credit Rating

    I believe every time you apply for something and they run your credit report, it can affect your score. One exception I know of is shopping for mortgage loans. I think you can go to a bunch of places within a short period of time and it won't hurt you. Just don't spread out your home loan search too long, or it can start hitting your credit score.



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    Re: Credit Rating

    I have my car loan through Honda as well. My husband's has always been with a credit union. But, we did look into a home equity loan to build a fence and they were more than competitive!


    Just in case you didn't know... I'm a girl.

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    Re: Credit Rating

    We financed our TV because it was 0 percent and no payments for 2 years. I kinda laugh as the bill comes each month, because they must really bank on people not paying these off by the end of the 2 years. The high percentage rate and all the back interest will destroy you if you have to pay it. Rediculous. I almost feel bad for those folks.



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    Re: Credit Rating

    Quote Originally Posted by bostinelosd View Post
    We financed our TV because it was 0 percent and no payments for 2 years. I kinda laugh as the bill comes each month, because they must really bank on people not paying these off by the end of the 2 years. The high percentage rate and all the back interest will destroy you if you have to pay it. Rediculous. I almost feel bad for those folks.
    Don't feel bad for them. Our ridiculous consumerist culture has spawned the folks you speak of. People finance themselves way beyond their means and they have no one to blame but themselves. My only debt right now is my mortgage, and I've never, ever missed a payment on any of my CC's or loans. Credit score is 820. I can walk into any stealership or bank and get the best financing anywhere....but I don't, because I don't need anything more than I already have. The folks you mention don't have that restraint.



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    Re: Credit Rating

    Quote Originally Posted by ISUAlum2002 View Post
    Don't feel bad for them. Our ridiculous consumerist culture has spawned the folks you speak of. People finance themselves way beyond their means and they have no one to blame but themselves. My only debt right now is my mortgage, and I've never, ever missed a payment on any of my CC's or loans. Credit score is 820. I can walk into any stealership or bank and get the best financing anywhere....but I don't, because I don't need anything more than I already have. The folks you mention don't have that restraint.
    Are you talkin' to me? Are you talkin' to me!

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    Re: Credit Rating

    Quote Originally Posted by ISUAlum2002 View Post
    Don't feel bad for them. Our ridiculous consumerist culture has spawned the folks you speak of. People finance themselves way beyond their means and they have no one to blame but themselves. My only debt right now is my mortgage, and I've never, ever missed a payment on any of my CC's or loans. Credit score is 820. I can walk into any stealership or bank and get the best financing anywhere....but I don't, because I don't need anything more than I already have. The folks you mention don't have that restraint.

    I hope to be in your shoes someday. I have to finish paying off my car which isnt much and I have school loans looming over me. The debt is manageable, but I would love to be down to one payment each month for a loan. My in-laws got their house from a passing parent and never had a home loan with it. I envy that kind of freedom.



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