So I'm currently exploring just how much money I'll be able to borrow for mortgage purposes (and what the associated payments will be), and along with the quotes through LendingTree.com I got to see my credit score. I've got an 816, and here's what/why I've been dinged:

13: Too many bank or national revolving accounts
Three credit cards and two bank accounts seem reasonable to me; don't most people have around those numbers of accounts/cards? I should really close one of the accounts, as I don't use it, but I'm keeping all the cards even though I only use one regularly. Number two is a "might need it" and number three is "dire emergencies only."

38: Lack of recent loan information
Probably because I've only ever gotten one loan in my life (for my current truck), and I paid that off in 6 months, but I don't get why being fiscally responsible hits me for 38 points.

17: Too many inquiries in last 12 months
Huh? One for the truck loan, and then however many for the companies that have been looking at me through the LendingTree query. What's up with this one?

Then it says:
123: 0
I think that's a glitch in the system. This is probably supposed to be the 16 more points to 900. Maybe it's for driving too fast on the freeway, or using the wrong fork for eating salad.

Why are they dinging me so much for such silly things? Too many inquiries in last 12 months, indeed... why is that being penalized? Is this some kind of quantum economy, where things change just by virtue of being looked at? Give me a break.

How quickly do these scores change? Like if I went out tomorrow and closed that bank account I don't use, would my score jump up by Friday?

 

That does'nt make a lot sense! If i were you i would talk with a live person(bank,eTc) instead of thru a computer website.

 

Is this your FICO score?If it is,you should be in excellent credit
standing.Check here:
http://www.myfico.com/?lpid=OVER105
The higher the #,the better.850 is the best.
I'll ditto the Wiz.

 

816.....mine was 786 I got clobbered because a pager company put some delinquent bill thing on there for $55.00..To top it off the pager company went bankrupt BEFORE the fact and they just shut off everyone's pager.....Credit scores are like Wimpy from Popeye.."I'll gladly pay you Tuesday for a hamburger today." If you rectified an item today it would take probably 6 months to see it on your report...They look at inquiries as potetial credit liabilities.."If they looked at it they must want to give him credit..If he takes the credit thats another debt he has to pay"....As far as the Too many bank things go. You should have seen my report it must have been 5 pages of just credit cards, bank accounts, all that junk.

Good luck with the whole thing...What a P.I.T.A.................

 

Creditors look at credit cards negatively, if you can believe that!~

Reason being, they are basically looking at your ability to repay loans - theoretically, one could max out all (3) credit cards or however many you have in one day. That's what they are concerned about.

 

816 is excellent. I wouldn't complain to much. You should have absolutely no problems getting your loan...Jay

 

Most companies report at the end of each month but close off reporting for that month midway through. I just closed 4 accounts about a week ago and it won't reflect until probably Jan.

If you have 8,000 available on credit cards it scares creditors cause you can max it tomorrow and have more bills pushing you over the income to debt ratio. Which is about 30% if I remember correctly.

I'm not so sure why a break from having debt in your credit history is so bad but I do know that the more loans you have had and pay back the better it makes you look. Get one pay it off repeat makes you look really responsible.

 

Your score is excellent.

Understand that they have to have something to complain about.

Now go get pre-approved for your mortgage.

BTW- I wasn't impressed with Lending Tree, they seem to just cherry pick the easiest to approve loans.

 

I'm a loan officer with a mortgage company and I've seen alot of credit scores. You have one of the highest that I've heard of. All credit reports show the things that you describe above, no matter how high your score. Congradulations you definetly have excellent credit with that high of a beacon score!

 

I had a 765, but for some reason my wife's was a bit higher even though I make much more money, our loan officer said women always rate higher. It never occurred to me that the number of credit cards would hurt your score. We have 6 or 7 but only use two, the rest are locked up for "Just In Case". All told we could incurre about 60K to 80K in credit card debt but only have about $600 (to be paid off before my wife hits the stores for Christmas). All the same, the high credit score doesn't help when your NOT out to borrow money.

 

dude, anyhting over ~700 is considered "gold *****".... ford only requires 650 or better for zero financing...
my score was 758, and my wifes was 736 when we bought our truck, they treated us like royalty, these days over 700 is getting rare, everyone is so leveraged it is not as common as it was 7-8 years ago.

drop lending tree!

good luck on the mortgage!

 

816 is a great score. I wouldn't worry about it too much.

 

as some of the others said...I wouldn't worry about it...You have an awesome score....I am a loan officer (my real job) that deals primarly in car loans. I'd give anybody a loan over 800 no questions. There is some studies that show a person with a beacon score over 800 has like a 99.99% that they will never default on the loan. Lending companies like those kind of scores. Your score should qualify you for the best rate they have.

 

Hey, could be like me...Wife was outta work for over a year, I got laid off twice.

Needless to say, right now my credit is so bad, I have to fill out an application just to be able to pay cash!

Lucky stiffs!

 

Any score over 720 is an automatic approval with our banks- all we do is send them the signed paperwork. 816 is OUTSTANDING- banks should be falling over each other to lend you money. If Lending Tree is giving you a hard time, check with a local bank- I'm sure they'll be happy to lend you whatever you want.