FREE Credit Scores

There is also www.annualcreditreport.com and that is where you can get your FREE credit report every year. There are is nothing to sign up for ever; these are just the reports you are entitled to as a consumer every year. The way I do it, because I'm married, is run one of the reports every 2 months, alternating between mine and my husband's numbers. IT DOES NOT SHOW CREDIT SCORES though, it is just your credit report; getting the scores through Bill's link is a great thing, because you will need to pay $5 or so to get them with your free annual credit report.

FWIW...Those things are not always accurate. I accessed one and it was 90 points lower than my actual credit score. I verified it with my mortgage broker when I refinanced.

you are correct in regards that there are different weightings for certain types of borrowing. For example, car lenders have a car weighted index that applies an algorithm to the results and calculates a different score depending what type of credit accounts you have. Same thing for mortgages. However, those calculations are proprietary to the institution and generally are not available to the public beforehand. However, even knowing your scores from the above link gives a general feeling of where you are in the spectrum of ratings.

PS - 90 points is by far the largest discrepancy that I have ever heard.

you are correct in regards that there are different weightings for certain types of borrowing. For example, car lenders have a car weighted index that applies an algorithm to the results and calculates a different score depending what type of credit accounts you have. Same thing for mortgages. However, those calculations are proprietary to the institution and generally are not available to the public beforehand. However, even knowing your scores from the above link gives a general feeling of where you are in the spectrum of ratings.

PS - 90 points is by far the largest discrepancy that I have ever heard. Usually, it is +/- 25 points.

is the ONLY gov't backed program out there.

You should get your report and scores from ALL 3 reporting agents, Transunion, Equifax and Experion.

It does NOT hurt your score when YOU check it once a year, but, if others run your report it takes the score down.

I suggest you get the 3 reports and scores from ALL 3,(usually $7.95) because they will differ in point scores. REMEMBER to PRINT them out for future needs.

IF you want to buy a house or qualify for a loan of some type take a current copy.

BANKS/MORTGAGE co's go by FICO scores, which is different from your 'credit scores'. Look up FICO scores, or, 'myfico'.

Pay of credit card balances every month!!!

DON'T be late- 1 (one) day late shows up 31 days late on your credit report!!

IT'S NOT FAIR-but that's the way it is. VALUE your credit.

Mike

that www.annualcreditreport.com is the only website that is sanctioned by the FTC to get your FREE credit reports.

The website I mentioned at the beginning of this thread is speaking about how your can receive your FREE credit scores.

You need to have both for different reasons, but it is smart to be proactive regarding your credit.......because no one else really cares.

Mike are serious?? WOW! one day late and it's really costing me 31 days? sheesh! These credit card companies etc etc just wanna have a reason to take everything you have!!!

Thanks to you both Bill and Mike. Greatly appreciated of the info. Will definitely check them out!

Chase you wouldn't BELIEVE the way everyone is taken advantage of with billings and credit cards AND mortgages.

Credit cards are GREAT way use OPM(other ppls money) for 30,60,90-120 days-however you HAVE to pay off the balance and the each month, just like REI = price OR terms-meaning, you get lower interest rates for a shorter perod of time OR you get higher interest rates for a longer period of time.

It will NOT matter as long as you pay off the balance each month.
EX:
1 CC has 5000 credit limit and 6.99% interest for 28-30 days.

2 CC has 10,000 credit limit and 13.99% for 90 -120 days.

WHICH one would you choose????

ALL said, I have made a practice of paying off the balance each month and MAILING it 10 days in advance. I'm in the top 4% of credit scores at 943, which I've been told MANY times "you must be mistaking,the score ONLY goes up to 850". This WILL separate YOU from the REST and get you the BEST interest rates and deals out there.

ALSO, if you can pay more on the balances you have than expected, it will show up that you paid 'better than agreed' and better your score.

Pay off your mortgae in 10 yrs and save at least 200-300k in interest!!

Good Luck to All,

Mike