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  1. #1

    Credit Score, How stupid.

    Credit Score is seriously one of the most idiotic things ever.

    1- If you apply for any loan, credit card, anything whatsoever and someone has to check your score, bam it goes down.

    2- If you get it checked to often banks wont approve you because its been checked to much and once more, bam it goes down.

    3- In order for it to go up, Basically your looking at months of paying everything ontime, Which for me isnt a problem but like many others. Im impatient as hell.

    4- Even if you have a good credit score, Its sorta useless because itll go down depending on if you lets say have a couple things in your name

    5- If you dont have 3 lines of credit, its basically useless.

    I mean my point is, I dont understand if I get it checked to let say open a credit card, Why in the hell of hell does it go down? Please tell me, I want a detailed post on WHY all my hard work and paying ontime and over paying on my house and my car payments does it GO DOWN? Then takes 4 months to get back up? I will give that a Stupid as Fuck tag.

    And im not a person with a bad credit score, As of Freecreditrepot (dot) com, I got my check today, im at a 803 796 and 784, But still I have complications with getting a loan, I make a decent living and Never go outside my means.

    Ive just ran into this credit thing to much and am so infuriated by it that I could throw a brick through the front window of every bank in chicago.

    Is there any other better system out there we could use? like really?

  2. #2
    Dreadlord Kegler's Avatar
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    Credit scores around 800 are phenomenal, and are certainly not the only factor involved when applying for a loan.

    Maybe you're income or current rent payment amount is holding you back?

  3. #3
    Well im currently not applying for a loan, Were trying to get my Fiance a new car, and my debt to income ratio is perfect. And my income isnt whats holding us back at all, We just dont understand how stupid the system is.

    And tell me about it, Ive had atleast one credit score hover around 800 for about a year and a half now...and still. Im getting screwed

  4. #4
    Your score is effected based on the type of credit inquiry performed. It only really has a negative effect if you apply for a bunch of different lines of credit. Typically, any negative effect caused by an inquiry falls off your credit report after thirty days.

    ---------- Post added 2013-02-12 at 01:19 AM ----------

    Quote Originally Posted by Furiex View Post
    And tell me about it, Ive had atleast one credit score hover around 800 for about a year and a half now...and still. Im getting screwed
    What are the other two? Most times, its the median score that matters.
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  5. #5
    Quote Originally Posted by Kujako View Post
    Your score is effected based on the type of credit inquiry performed. It only really has a negative effect if you apply for a bunch of different lines of credit. Typically, any negative effect caused by an inquiry falls off your credit report after thirty days.

    ---------- Post added 2013-02-12 at 01:19 AM ----------



    What are the other two? Most times, its the median score that matters.
    All 3 are 803 796 and 784

  6. #6
    The Insane Reeve's Avatar
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    Quote Originally Posted by Furiex View Post
    All 3 are 803 796 and 784
    Then why are you complaining about credit scores? Those are phenomenal numbers. It's not your score that's holding you back.
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  7. #7
    Bloodsail Admiral Talokami's Avatar
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    Quote Originally Posted by Furiex View Post
    All 3 are 803 796 and 784
    O.O

    Can I borrow your credit mojo?

    Actually I have no idea what mine is. *cough*
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  8. #8
    The Insane DeltrusDisc's Avatar
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    First of all, freecreditreport.com isn't free, don't believe me? Take it from Maddox! (Note: this video is full of cussing, but hey, Maddox.)



    Second, yes, the credit score system is dumb.

  9. #9
    Quote Originally Posted by Reeve View Post
    Then why are you complaining about credit scores? Those are phenomenal numbers. It's not your score that's holding you back.
    At a guess, it would be his debt to earning ratio that would most effect an auto loan.
    It is by caffeine alone I set my mind in motion. It is by the beans of Java that thoughts acquire speed, the hands acquire shakes, the shakes become a warning.

    -Kujako-

  10. #10
    Quote Originally Posted by DeltrusDisc View Post
    First of all, freecreditreport.com isn't free, don't believe me? Take it from Maddox! (Note: this video is full of cussing, but hey, Maddox.)



    Second, yes, the credit score system is dumb.
    Yes i know its not free, its like 10 bucks a month. Not a huge problem therelol

  11. #11
    Stood in the Fire xcureanddisease's Avatar
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    I never understood this. I went to Bank of America at 18 years old. I had no idea what i was doing but I was bored. So i went. And I asked for a loan. They pulled me to a table, and sat me down. Gave me a laundry list of different school loans. Then ran my credit. She said "the problem isn't bad credit, the problem is you have no credit at all and thats worse than bad credit" SO I was like WUUUUUUUUUUT? And she asked me if I had EQUITY or savings to back up the loan. (by the way first time i ever hear the word equity)

    And i said NO what the hell is that.. She said its like things of value or some inheretance you may have so we can try to finance you for a school loan. So I asked her "Wait, I have to have money, so you guys can let me borrow money?" and she said "Yes" .. MIND=BLOWN (at that age)

  12. #12
    Quote Originally Posted by Furiex View Post
    Credit Score is seriously one of the most idiotic things ever.

    1- If you apply for any loan, credit card, anything whatsoever and someone has to check your score, bam it goes down.
    False

    2- If you get it checked to often banks wont approve you because its been checked to much and once more, bam it goes down.
    True, but only if it's checked for things like credit cards... this does not happen when shopping for mortgages.

    3- In order for it to go up, Basically your looking at months of paying everything ontime, Which for me isnt a problem but like many others. Im impatient as hell.
    Imagine that, people lending you money want you to show a history of repayment. How dare they?

    4- Even if you have a good credit score, Its sorta useless because itll go down depending on if you lets say have a couple things in your name
    Also false. It only goes down if you fail to make a payment as agreed or incur too many hard inquiries for non-quality (mortgage or auto) debt.

    5- If you dont have 3 lines of credit, its basically useless.
    Again, false. I maintained a credit score of 740 with just a credit card in my early 20s and had no problems acquiring home or auto loans later in life.

    I mean my point is, I dont understand if I get it checked to let say open a credit card, Why in the hell of hell does it go down? Please tell me, I want a detailed post on WHY all my hard work and paying ontime and over paying on my house and my car payments does it GO DOWN? Then takes 4 months to get back up? I will give that a Stupid as Fuck tag.
    Because opening credit cards is seen as a risk-increasing move on your part. Creditors aren't stupid. They know full well how easily credit debt can spiral out of control and when you already carry debt payments and attempt to open an unsecured line of credit, they know that increases your risk profile.

    And im not a person with a bad credit score, As of Freecreditrepot (dot) com, I got my check today, im at a 803 796 and 784, But still I have complications with getting a loan, I make a decent living and Never go outside my means.
    Your score won't mean shit if you have a lot of outstanding debt, don't have a job that pays at least 5x what your debt payments are, or have a maxed out credit card (Though the last one will affect your score anyway).

    Ive just ran into this credit thing to much and am so infuriated by it that I could throw a brick through the front window of every bank in chicago.
    Stop using so much credit and it'll be significantly easier to get.

    I can walk into a bank tomorrow and take out a mortgage loan if I wanted to. I have 2 credit cards and a paid off mortgage and car loan. That's the only credit I've ever used and the cards don't carry balances.

  13. #13
    Quote Originally Posted by xcureanddisease View Post
    I never understood this. I went to Bank of America at 18 years old. I had no idea what i was doing but I was bored. So i went. And I asked for a loan. They pulled me to a table, and sat me down. Gave me a laundry list of different school loans. Then ran my credit. She said "the problem isn't bad credit, the problem is you have no credit at all and thats worse than bad credit" SO I was like WUUUUUUUUUUT? And she asked me if I had EQUITY or savings to back up the loan. (by the way first time i ever hear the word equity)

    And i said NO what the hell is that.. She said its like things of value or some inheretance you may have so we can try to finance you for a school loan. So I asked her "Wait, I have to have money, so you guys can let me borrow money?" and she said "Yes" .. MIND=BLOWN (at that age)

    I second this, I remember when I went to get my first auto loan, Basically what we were doing was moving the car from my moms name to my name thats it, I had been paying for the car anyways, So when we went to do that they said you have no history so we cant sorry (thats in a nut shell) were like well what if we take out a 4k loan and just let me pay it off in a year, Nope sorry we cant give you that you have no history...Its like how am I supposed to get history when you wont let me make some history...How stupid.

  14. #14
    Quote Originally Posted by Furiex View Post
    I second this, I remember when I went to get my first auto loan, Basically what we were doing was moving the car from my moms name to my name thats it, I had been paying for the car anyways, So when we went to do that they said you have no history so we cant sorry (thats in a nut shell) were like well what if we take out a 4k loan and just let me pay it off in a year, Nope sorry we cant give you that you have no history...Its like how am I supposed to get history when you wont let me make some history...How stupid.
    I started off with no history as well.

    Instead of bitching about it I went and got one of these.

    After a year they gave me my deposit back and raised my limit... and kept raising my limit.

    I still have that account open...

  15. #15
    Moderator Sj's Avatar
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    Big factors that hurt your chances of getting loans and mortgages even though your credit scores are high are excessive credit available and high debt-to-income ratios. These two things can affect your score, but lenders have their own standards regarding these two things and will can any chance you have if they aren't what a lender or underwriter are looking for.

  16. #16
    Quote Originally Posted by Furiex View Post
    Well im currently not applying for a loan, Were trying to get my Fiance a new car, and my debt to income ratio is perfect. And my income isnt whats holding us back at all, We just dont understand how stupid the system is.

    And tell me about it, Ive had atleast one credit score hover around 800 for about a year and a half now...and still. Im getting screwed
    Are you buying the car or is she? Also when you get married her score will also affect you.

    If your credit is good the only thing that I know will keep you from getting a loan is not enough income. Also I learned last night that the banks and loan companies get more in depth credit reports than you get from the agencies. So it could look good there but you might have some big red flag on the secret bank only report.

  17. #17
    The Insane DeltrusDisc's Avatar
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    Quote Originally Posted by Furiex View Post
    Yes i know its not free, its like 10 bucks a month. Not a huge problem therelol
    $120 over the course of a year to check my score?

    Sounds like money I'd love to waste, too.

  18. #18
    Stood in the Fire Cyphran's Avatar
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    Hmm, I remember one of my teachers once advised me to take out some kind of credit loan and pay it back so I could establish good credit history... I'm 28 and I've still never had a credit card. I dread the day I try to get a loan.

  19. #19
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    Quote Originally Posted by DeltrusDisc View Post
    $120 over the course of a year to check my score?

    Sounds like money I'd love to waste, too.
    You can get a free (honest to goodness free) copy of your credit report once per year. I -think- you can actually get a free one from each of the three agencies, so if you wanted you could space them out and check your score every 4 months (through each time with a different agency). I wouldn't bother paying for your actual score.

    That said, 800 credit rating is very high, like near perfect high. I don't know what you are complaining about. The "hard inquiries" you are talking about do not ding your credit much at all. This is when you actually apply for a loan or actually apply for a credit card. Soft inquiries (like when someone sends you a credit card offer in the mail) are on your credit report but do not affect your Credit Score.

  20. #20
    Quote Originally Posted by Furiex View Post
    1- If you apply for any loan, credit card, anything whatsoever and someone has to check your score, bam it goes down.

    2- If you get it checked to often banks wont approve you because its been checked to much and once more, bam it goes down.
    The credit score drop due to credit checks is only temporary. If multiple agencies perform a credit check for the same reason (eg. car loan), this deficit is ignored. This is is to prevent people from cheesing two loans at once.

    Quote Originally Posted by Furiex View Post
    3- In order for it to go up, Basically your looking at months of paying everything ontime, Which for me isnt a problem but like many others. Im impatient as hell.
    Thats your problem. Financials aren't something you can cheese overnight.

    Quote Originally Posted by Furiex View Post
    4- Even if you have a good credit score, Its sorta useless because itll go down depending on if you lets say have a couple things in your name
    No crap, if you have multiple loans, you're less able to pay off a new loan.

    Sounds like you're just complaining because you're naive about how credit works.

    Quote Originally Posted by Furiex View Post
    Well im currently not applying for a loan, Were trying to get my Fiance a new car, and my debt to income ratio is perfect.
    Shouldn't you be talking to the dealer for loans?

    Dealerships have their own system which is slightly more lenient because they're making money off of the sale. Every once in a while, there are even 0% APR sales.

    There are only two reasons I can think of where you'd go to a bank for a loan: home loans and business loans.
    Last edited by yurano; 2013-02-12 at 03:15 AM.

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