Comments on: Biggest Credit Score Myths – Lesson #4

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Sat, 29 May 2010 04:58:59 +0000

It's not an instant impact at falloff. Slowly your fico score rises as time passes. So your score shouldn't change that much from 6.8 years and 7 years, as an example. This is how people with bankruptcies can have great scores 2 years after a bankruptcy even though it won't fall off their report for 10 years.

By: Betty Brock

Betty Brock — Sat, 22 May 2010 19:34:14 +0000

So if the debt falls off in 7 years, do the points get added back to your score?

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Wed, 12 May 2010 03:14:52 +0000

Scott, this rumor is crazy. Many people with great scores have more than two credit cards. Having 20 cards is a bad idea, but 3 – 4 is fine. It’s how you use the cards that matters more. Hope that helps!

By: Scott Kehiaian

Scott Kehiaian — Wed, 28 Apr 2010 18:42:24 +0000

I read that if you have more than two credit cards that you would be penalized 10 points for every card over two. Is this correct?

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Fri, 02 Apr 2010 23:45:28 +0000

Donna, yes a secured credit card is a good idea. I like to recommend going through a big bank that you have your checking account with. This protects you from the shady operators. Read this. http://www.videocreditscore.com/secured-credit-card-credit-score/

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Fri, 02 Apr 2010 23:34:55 +0000

There are lots of scoring models out there. FICO goes to 850 – in general, but there are flavors of FICO scores. Ask which score system they use, and where your score ranks. Also, shop different dealers [i.e. other cars] to see what scoring model they use. If he has a 845, then they are most likely using a non-850 score. See this post to see an example

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/An-849-Auto-Score/td-p/21836;jsessionid=DE7F8B251FD1959AA5A47B907E5E0D9C

By: Tracie Godri

Tracie Godri — Mon, 15 Mar 2010 21:54:07 +0000

My husband has a credit score of 845 and mine is just about 20 points lower. We just went in to purchase a car and the salesperson told us that credit scores go up to 900. We owned rental properties in the past and my research then was that it was only up to 850. So I started researching this new information and there is very conflicting statements from the 3 credit bureaus and from FICO. Some say it’s only 850 and some say 900 (with very rare individuals who would get close to that).
Any information would help.
Thank you!

By: Donna

Donna — Fri, 05 Mar 2010 19:36:21 +0000

Andy,

Mine is a two part question.

Does obtaining a secured credit card help boost your credit score, and if so, do you have any suggestions of which card to use…. there seem to be some pretty shady companies who offer it.

Thanks for your time
Donna

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Tue, 03 Nov 2009 22:40:56 +0000

Linda, You are correct! It only applies to mortgages. Auto loans and student loans get no shop around treatment. Consumers must be very careful when doing this for car loans and student loans then. Only apply once you have chosen the best choice for you. Yes, I agree that these loans should also get the 30 day treatment mortgages get.

By: Linda Randazzo

Linda Randazzo — Tue, 03 Nov 2009 21:43:11 +0000

This is clearly a necessity in today’s world where consumers use websites like LendingTree and eLoan to shop for home loans. Incidentally, there’s a study out that consumers that get more than 1 loan offer usually get better rates. So shop around!

My question:

“However, this 30-window only applies to home loans. Student loans, do not have this de-dupe inquiry feature.” (does this apply to auto loans as well?)