I'm not certain what the lowest is but 300 sounds right. I've never seen one below 400 either. Mine was 847 when I bought my Z and I think the highest possible is 850. I knew I had good credit but dang!

 

Good info
Thanks

 

Thanks!!!! Any time....my specialty.

 

First off thanx for posting this thread. I am in a very similer situation.

HOLY @#$%!!! how did you manage that? I am not with a credit union. I also filled bankruptcy about 3 1/2 years ago and I have recently pulled my credit report. I have a 641 w/ Experian. I am wanting to save about 15-20% depending on how long i can save before the CRX dies, to put down. Does the down payment help lower the APR and how could i get a CU to finance me when i am not a member. I was a member of Truliant before the Bankruptcy. Thanks again for this awesome post

 

Hello everyone,

Let me give you Credit Score 101.

Credit Score is AKA: FICO Score (Fair Issac)

First of all, There are 3 major credit bureau's that finance companies use. They are Experian (Formerly known as TRW), Trans Union, and Equifax (formerly known as CBI).

Second, different credit bureau gives different score. For example, your credit score at Experian maybe at 703 but at Equifax, it may be 690. From experience, Trans Union tends to give you the best score but not all the time. Also, Trans Union Score caps out at 900 while Experian & Equifax cap out at 850.

Third, Credit scores varies all the time. It can change from month to month, week to week & day to day.

Forth, Every finance company uses one primary credit bureau. For example, if you were to finance your car through Nissan Motor Acceptance Corporation, they would uses Equifax as their primary and other credit bureau as secondary. Some company just pull them random but even than they usually have one primary. When buy a house, most lenders use all 3 bureau and use the middle score.

Last but not least, Some bank or finance companies also use custom scoring system when making a loan decision. Custom score is scoring system set by each lender using their own experiance, credit portfolio, and some other information based on statistics. For example, someone with credit score of 690 can be decline for a loan based on custom score use by the lender. In one particular case, I had a customer who had been decline for a auto loan when his credit score was in high 600's (like 680). After some investigation, I found out that even though his credit score was pretty good, he failed custom score use by the lender. That was because he only had credit history for just over a year.

Here are some tip on credit score
(This is an opinion based on experience. No one knows the exact formula for the Fico Score)

1. Don't have any late payment, collections, judgement, and other COMMON SENSE thing that can decrease your score.

2. Keep your credit card revolving ratio low. Having a high credit card/credit line balace can KILL your score.

3. Its better to have $5000 balance on a credit with total available limit of $25,000. Than to have $4500 balance on a credit with total available limit of $5000. This is where the revolving ratio come in. First example is 20% revolving ration while the second example is 90%. This does not mean go and get all the credit you can get.

4. Having too much credit limit can also decrease your score.

5. There are other tips I can give like how to establish credit or even to fix credit but MY HAND IS GETTING TIRED. I don't have all the answer but I have some insight because of my experiance.



Just for FYI,

I have been in banking for over 13 year, I been a bank manager for over 6 years, I went to many credit classes/trainning and at one time I tought the Bank Managers for a week in class called Credit Camp.

 

My bankruptcy was due to a divorce. MY history up to 6 months prior to the divorce, as well as EVERYTHING after the bankruptcy is spotless. (If you look at only my credit score, it's probably not that good due to the bankruptcy, but with a small credit union, they have the power to take a risk here or there. They gave me the loan based on the reason WHY I declared bankruptcy.)

 

I have no Credit rating in the US, am moving over in 3 weeks. From what I have found out so far they are only interested in your US factors, so in my case nil. I was not going to use finance, sounds like I would be a 300. Would it be a good idea to finance part to get on board?. Just do not like the idea of paying interest when the rates for cash on deposit in US are so low. However as the price of a Z to me has gone down effectively 15% due to the exchange rates movement since last summer, I can not ***** too much.

 

"4. Having too much credit limit can also decrease your score."

ssk0771 makes very good points. The only item I disagree with is item 4. Having too much credit can only positively impact your credit score as long as you aren't using it. Look to keep your utilization factor under 25%, if possible. Remember....credit bureaus do not know your income, so income does impact score.
Debt does. Having several accounts open and not using them shows financial respoosiblity.

 

Sweet, always wondered about that. Good advice my man

 

Well up till my bankruptcy i had perfect credit. And sence i filled it has been flawless. But my next question is to ssk0771. With those 3 reporting agencies i have very different information. They stil show that i have accounts open with balances that were taking care of in the bankruptcy. Some agencies have some accounts open w/ a balance while others have the same account closed with no balance. How would you advice i take care of that?

 

Your question was directed to ssko771 but a few weeks ago I noticed that I had 8 accouts showing open at one credit burea while the oyher two showed them closed. you will have to order your credit report from the one thats showing inacurate which you will have a file number in the upper corner. When I did this they did an investigation and corrected it a couple of weeks later.

 

I love this forum. I've learned so much in the last 10 months on this site, thanks to people like lascala26 and ssk0771.

Thanks again guys.

 

how can you possibly file bankruptcy .

then have a fico score that is fine and dandy within 3 years or so.


i thought bankruptcy showed up as a red flag for at least 7 years.

 

If you asked this question to me... my Score still sucks due to the bankruptcy. My Credit Union financed my Z though as I could explain it and they saw that Prior to, and immediately after I have perfect credit.

I also have 2 Visa Platinum cards, a Bike (2001 Katana) loan, and a personal loan open now. I am paying them ALL on time and working on rebuilding from the bankruptcy. I have also received letters telling me I am prequalified for mortgages as well.

I really didn't NEED any loans or credit other than for the Z, but I have them and am paying them to reestablish on time credit history.

 

it would apear bankruptcy is not the death sentance many say it is .

good for you 03 Z FOR ME

 

Send the letter/ File a dispute to Credit Bureau and they should respond back to you.


Equifax

(800) 685-1111
(800)896-1822

P O Box 740256
Atlanta , GA 30374


Trans Union

(800) 888-4213 Req Rpt
(800) 916-8800 Dispute


Experian

(888) 397-9742
P O Box 2002
Allen, TX 75013

( I hope they have not changed)

 

I ment to say having too many CREDIT CARDS can hurt your score or having too much available. I have seen case where loan was decline because customer had too much available on credit card. Even if a person does not use them, its available and potientially they can use them. Thats a risk to the bank.

Also, having too many credit card can have disadvantage effect when buying a house. I can count against your Income to Debt ratio.

 

I am definitely not proud of my bankruptcy, but when I did declare it, I was in Texas a few years ago. The main reason for the bankruptcy was after the divorce both the wife and I did not want the house and I was unemployed at the time. (Part of what led TO the divorce.)

Other than giving back the house, I lost NOTHING (except my credit rating) I kept my car, ALL my possessions, lost ALL my debt, and started fresh. I felt Terrible going through the whole process. Afterwards I immediately started to rebuild my credit. I got a secured credit card, used it every month and paid it off.

I have since been doing very well, and have only been turned down for a Credit Card once. (Was a US Air Frequent Flyer Milage card... Damn I really wanted that one too.)

Declaring bankruptcy was NOT an easy thing to do, but looking back almost four years now, I am glad I did, and it wasn't all that difficult to overcome afterwards!

 

I have a 650 on the dot. My situation...I have two credit cards, both Amex. I charge stuff on them just to have something to pay off. I pay them off every month..for over a year now. This is the ONLY credit I have...never taken a loan out, nothing.

Now I need about $10,000 on the Z, they will give me the loan, but the interest rate sucks. So I am just getting a co-signee, just for the lower APR. Hopefully it will help my credit record overall.

I could pay off all $10,000 probably within less than a year....would it be better to do that, or keep building credit?

Somebody was also telling me the way they give loans through the dealership is the interest is based on the total amount loaned...not what's due....is that true? If so, I think my dealership was trying to F me over.

 

I work in the mortgage industry for a sub-prime lender. Since we are sub-prime, we are not as strict as conventional lenders. We look at CCC (Consumer Credit Counseling) the same as a BK...