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Thread: Credit

  1. #1
    God/dess Bella21's Avatar
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    Default Credit

    So, I checked my credit score (for once in my life) and it's 807. There are three dings against it... one is a late car payment and two are late credit card payments and all of them are at least five years old. My questions are:

    1) Can I do anything to get rid of those dings?
    2) How is it that high? My parents co-signed for my car loan (which is now paid off) and that's pretty much all of my major history. Is it just from paying my rent and bills on time?
    If you think school is hard, try being stupid.

  2. #2
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    Default Re: Credit

    The fact that your car loan got paid off probably helped a LOT.

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    Featured Member aviendha's Avatar
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    Default Re: Credit

    If the dings are legitimate, then no, you can't get rid of them. But they will automatically come off your report in two more years. Credit dings "only" last for 7 years, except bankruptcies and a couple other things, which last 10.

    And yep, paying your rent and bills on time does positively influence your credit rating.

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    Banned Melonie's Avatar
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    Default Re: Credit

    800+ is EXCELLENT ~ no need to worry about those 5 year old late payment reports.

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    God/dess Deogol's Avatar
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    Default Re: Credit

    ^^^ Considering 850 is tops I agree. Nothing to worry about.

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    Featured Member saphire123456's Avatar
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    Default Re: Credit

    the score is good, but there is a way to get rid of them. if they are legitimate, call the company they are from and ask them to take it off your history, because its affecting your credit score, if they are mistakes, you can contact the credit agencies directly and dispute them. Either way they should be out of there in about 60 days. i've done this a couple times both ways. one was a mistake and it got erased right away and the other was a mortgage payment that bounced because my tenant's check bounced. i callled my mortgage co and they just took it off. a mortgage late is considered a big boo-boo
    These days I like to count my money. I like to wash it delicately and iron it. Sometimes I dry it with some bounty to make it all nice and cuddly. I love my money... did I say that out loud?

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    God/dess Bridgette's Avatar
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    Default Re: Credit

    Some people would kill to have a 807 credit score. Forget those little 5yo late payments - you could pretty much qualify for any credit you want with that score. Given your income qualifies of course.

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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    Default Re: Credit

    Quote Originally Posted by Brendita View Post
    The fact that your car loan got paid off probably helped a LOT.
    I did not know that. Maybe now I want to start paying off my car faster.

    Thats a really good score considering its in the excellent credit range. Probably nothing you can do about the dings now though I wouldn't worry with a score like that.
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    Default Re: Credit

    That is near perfect credit. I wouldn't even sweat it.
    Quote Originally Posted by Helle View Post
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  10. #10
    TheSexKitten
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    Default Re: Credit

    So hmm. If you're late on rent by a few days (without it going to collections), does THAT ding your score? Just curious.

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    Default Re: Credit

    I've been late once just really because I forgot to send in the check. Dummy me. I check my score regularly and it has never showed up and its been months now.
    you live like an ivy vine
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    Default Re: Credit

    Most property management companies won't ding your credit if you get them your rent payment by the 5th or so. But ask, I'm sure they'll tell you. If it's a private landlord it's really unlikely that they would.
    Quote Originally Posted by Helle View Post
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    God/dess Bella21's Avatar
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    Default Re: Credit

    Quote Originally Posted by TheSexKitten View Post
    So hmm. If you're late on rent by a few days (without it going to collections), does THAT ding your score? Just curious.
    When I finally sucked it up to check my score, I thought it was going to be a lot worse than it was. I've been late on plenty of things. I actually had an issue with Blockbuster where I returned a video, they claimed that I hadn't, and they said that if I didn't pay them such and such dollars, that they would report it to my credit. I was so pissed off, I didn't send them a dime. That wasn't on my report, as well as plenty other late payments.

    From my experiance/personal knowledge, they will send you a letter to threaten sending the info to credit long before actually doing it. If you're only late by a few days, you're fine. Most places would rather charge you the $50 late charge than have to go through all of that paperwork.... I think... Melonie needs to check me once again.
    If you think school is hard, try being stupid.

  14. #14
    Featured Member aviendha's Avatar
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    Default Re: Credit

    Generally speaking, most credit dings won't be reported to the credit bureaus until you're 30 days past due. However, some credit cards will jack up your interest rate if you're even ONE day late with a bill--ANY bill, even your phone bill. You could have a perfect payment record on your CC and still end up paying a 30% interest rate because of that. Caveat emptor!

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    God/dess Bella21's Avatar
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    Default Re: Credit

    ^ Gah, seriously. It's like they're happy you're late. "Woo hoo! Five more dollars for us!"
    If you think school is hard, try being stupid.

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    Banned Melonie's Avatar
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    Default Re: Credit

    Generally speaking, most credit dings won't be reported to the credit bureaus until you're 30 days past due. However, some credit cards will jack up your interest rate if you're even ONE day late with a bill--ANY bill, even your phone bill. You could have a perfect payment record on your CC and still end up paying a 30% interest rate because of that. Caveat emptor!
    Yup ... the credit bureaus categorize delinquent debts by how long they have been delinquent - 30 days, 60 days 90 days etc. Therefore you are correct that most companies don't catch up with their own payment delinquencies to file credit bureau reports until 30 days has passed. This doesn't mean that ALL companies report this way. It also does not mean that you can pay an overdue bill on the 29th day and have it removed from the delinquency report instantly. But in general, payments that arrive up to 15 days late won't percolate through to the credit agencies.

    Yup ... you are also right that most lenders are HAPPY when customers are a couple of days late with their payment. The reason of course is that this allows them to assess late payment penalties, to put into effect higher interest rates, and otherwise pad their profit margin. A certain credit card lender is famous for 'moving' monthly payment due dates for just this reason - to try and catch customers who have fallen into a payment routine offguard (i.e. for 6 months the payment is due the 2nd week of the month, but then they move the due date ahead to the first week of the month)

    And I HATE the new trend among creditors of 'Universal Default' ... where a late payment to one creditor can be used to trigger higher interest rates with other creditors even if the debtor's payments to the other creditor have been made on time. The triggering of 'Universal Default' is linked to items appearing on credit agency reports, so yes being reported by a corporate landlord or a utility company is just as bad from this standpoint as being late on a car payment or a corporate rent / mortgage payment. With 'Universal Default' to worry about, these days 'robbing Peter to pay Paul' simply doesn't cut it anymore.

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