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Credit Scores... Going south
Old 07-06-2009, 02:20 AM   #1
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Credit Scores... Going south

Hi everyone,

I've had an interesting experience over the last year, and wanted to share it with everyone.

About a year ago, I signed up to a credit monitoring site that provides a monthly credit report/scores. I'm buying a house soon and wanted to make sure that nothing negative appears on my report.

Well, over the last 10 months my credit score has remained the same at 798... Here is the interesting part:
- 8 months ago that was better than 93% of the populations
- 3 months ago that same score was better than 96% of the population, and
- Yesterday, that score was better than 99.56% of the US population.

It tells me that people with criedit (even those with good credit) are still in a bind, and that even though the economy MAY be seeing the bottom, there is a long way to go before people can borrow to maintain their lifestyle.

Personally, I'm OK with that.. I think that people have been living too long beyond their means, but it's still very interesting.

Let me know what you think.

John
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Old 07-06-2009, 09:02 AM   #2
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I think you've gotten better at the expense of others. In this economy, there is probably a lot of defaulting on all kinds of payments but didn't think the numbers would change that fast. Out of curiosity I'm going to run my credit report today from TransUnion to see what I get.
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Old 07-06-2009, 09:02 AM   #3
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Quote:
Originally Posted by Pokeyjack View Post
Well, over the last 10 months my credit score has remained the same at 798... Here is the interesting part:
- 8 months ago that was better than 93% of the populations
- 3 months ago that same score was better than 96% of the population, and
- Yesterday, that score was better than 99.56% of the US population.

It tells me that people with credit (even those with good credit) are still in a bind, and that even though the economy MAY be seeing the bottom, there is a long way to go before people can borrow to maintain their lifestyle.
What it tells me, at least in part, is that a lot of lower credit risks have been seeing their credit lines slashed and little-used accounts canceled -- increaing their utilization ratio, perhaps reducing the average age of revolving accounts and thus whacked their credit score despite their doing nothing wrong. I suspect you may not be among them, hence you look better in comparison.

I have something like $75,000 in available credit and typically run up to about $2000 a month, but so far none of the lenders have seen fit to reduce the credit lines. I have one 18-year-old Visa card account with a nearly $20,000 limit. It doesn't give any points or cash back but I make sure to use it at least once a quarter for a small purchase since I'd hate to lose an account that well-seasoned.
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Old 07-06-2009, 09:42 AM   #4
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Once again what is the web site for the free annual credit report? Is it:
1. annualcreditreport.com
2. freecreditreport.com
3. freeannualcreditreport.com

There are tricky sites out there. Want to make sure I've got the right one.
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Old 07-06-2009, 09:58 AM   #5
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You can also check out that creditkarma.com one that the WSJ suggested the other week. It gives a score, not just the report. Free, but you have to sign up and opt out of the advertising.

annualcreditreport.com is the legit site according to the FTC.
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Old 07-06-2009, 10:05 AM   #6
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Quote:
Originally Posted by JOHNNIE36 View Post
Once again what is the web site for the free annual credit report? Is it:
1. annualcreditreport.com
2. freecreditreport.com
3. freeannualcreditreport.com

There are tricky sites out there. Want to make sure I've got the right one.
As Sarah said, it is indeed #1.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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