Johnhav430

When I use a cc portal to look at my FICO, this turns up, which surprised me. My wife has the higher Experian FICO (over 820), but she also has the same comments. I understand hers, as she has never had any type of loan at all, but I have had 3 car loans in the past and all were paid on-time, just none in over 4 years....it is rather ironic in a way that the system rewards having debt...we don't have a mortgage either, only a heloc....maybe to bolster credit, one should borrow, then pay it off in the same month....rather than to pay cash...then again who really needs credit, right? lol

2) Lack of recent installment loan information

bitkahuna

iTrader: (20)

i'm sure your credit's just fine ... i hate the whole "get into some debt to help your credit score" line of garbage.

S2000toIS350

The system is set up to guide approval decisions for the majority of the population

i would have to believe that if you sat down with the finance person at a dealership, once your info was keyed in the loan approval would be swiftly received

the system also does not seem to penalize you for a ton of loans if your income and other assets are strong

i have 4 apartment buildings and our condo and 2 cars, all with loans and my CR is well over 800

i was amazed at how willing banks were going after my business when I was buying the NSX

Johnhav430

I wouldn't expect to have an issue getting a car loan, but I was surprised to see the same comment as on my wife's report, as she has never had any type of loan, just 3 credit cards.

Why did this all come about? Because we got a letter from a doctor's office that they were hacked. What info might have been stolen? Name, address, date of birth, social security. We're deeply sorry for this incident, and here's free identity theft protection for a year...thanks! The last time I got this type of service, was when BNY Mellon was hacked (larger entity than the health system)....

mk416

The biggest factor should be debt-to-income ratio as when determining the credit score as well. Assuming no defaults or late payments, your wife should have a higher score than yours based on the debt amount outstanding (when your debt was still active and your wife works or half of the combined married income carries a larger ratio than compared to your portion and the auto loan).

Wandl

Isn't the credit rating system about to be revamped, partly because of this? DTI (Debt to Income) is more important than payment history I think.

Johnhav430

I was always in the habit all the way back to college, of not being careful about canceling unused cards. I actually felt good knowing I was a student with little income, and having an AMEX Gold and green (had annual fees back then, dumb!). Now, I have heard this is good--have a $25k credit line, and a $0 balance, the ratio of usage is low. We have multiple cards that have these crazy lines. When I bought the LS430, to earn points, I asked what's the maximum I can put on a credit card (Citi Double)? They said $2,500, not much. I would have charged the entire car for the potential $300 cash rewards if I could. My wife is now at home, yet her credit union Visa is $25k, and her AMEX is $25k. She's getting pre-selected offers all the time (guess pre approved is gone). Those would be very hard to pay back if maxed out...I probably would take out a 36 mo. loan on the next car, if and when the time comes...and from the credit union. My dad backed out of his loan and paid cash, and they were super nice about it. Asked why, then canceled it, and asked that he mail the draft back marked void. Could have been material for a commercial how good and personal the customer service was (they're the largest CU in the nation)...

swajames

Some of the services delivering a score including otherwise high scores will deliver it with a "reason" why the score is what it is. The impact of that factor in your case is likely marginal at best. I use a few services, some free and some paid, and most of the scores come with explanations like that.

Johnhav430

both amex and chase (free when you login) are frequent and in total agreement, and I think the toughest too i.e. Experian. Chase shows everything...

SW17LS

Yeah there will always be negative reasons associated with your score, even with very high scores.

If you think about it, it makes sense. How do they determine your creditworthiness without examples of how you pay for certain types of loans?

Income and DTI has nothing to do with credit score.

mk416

I stand corrected, and here is an useful link for highlights:

http://time.com/money/collection-pos...-credit-score/