credit history

[hellINTIM 9]

Higher is better. If I had had 2 years of w2 I would have gotten 3.3 to 3.5% on my mortgage.

r u sure higher is better? bcoz i had 700-750 range of credit score. some bank wants to loan for my car with 17% interest.. i dont think 17% is good

[caly 48]

Yup, the higher your credit score, the lower your interest should be.

[hellINTIM 9]

Yup, the higher your credit score, the lower your interest should be.

ok thanks coz im planning to refinancing my car loan ..

[Martyshk 137]

r u sure higher is better? bcoz i had 700-750 range of credit score. some bank wants to loan for my car with 17% interest.. i dont think 17% is good

Sometimes those scores (which can be as high as 800) are called "soft" scores.

That means the person (pretty much anyone who has under 3 years of credit history) has limited credit that is being used. Maybe 1-3 credit cards and that's it. The score in itself will be high, but the overall picture to the lender would be different.

But still, 17% with a score over 700 (even a soft one) - wherever you bought it/financed it from has screwed you royally (I used to sell cars, so I know a bit about how all that works).

[EmigratingSwede 16]

Yes with my limited credit history they prefer that I have my wife on the loan as well since she (the USC) has a longer credit history. The fact that we are putting over 20% down was also vital to getting a mortgage (It still hasn't been approved though, looks like we will sign next week). The normal banks (Bank of America) would not lend me money since I don't have two years of tax returns from the U.S. (W2's). They need that to get the loans insured through Freddie Mac or Fannie Mae (Government sponsored enterprises). That way if you don't pay them back They don't lose money. It looks like I will manage to get a mortgage through my local Credit Union though (I hope). They wouldn't normally, but can make an exception when the risk is very low. Since I make a lot of money, pay 20+% down and buy at the bottom of the market, they aren't really risking much.

[hellINTIM 9]

Sometimes those scores (which can be as high as 800) are called "soft" scores.

That means the person (pretty much anyone who has under 3 years of credit history) has limited credit that is being used. Maybe 1-3 credit cards and that's it. The score in itself will be high, but the overall picture to the lender would be different.

But still, 17% with a score over 700 (even a soft one) - wherever you bought it/financed it from has screwed you royally (I used to sell cars, so I know a bit about how all that works).

about the credit card i have 5 credit cards lol.. 3 personal 2 gov. but i barely use them i only use 1 and it personal .

yah it said limited credit . well i took the other offer ( 6 months ago )but still high for regular coz i want to established my credit in my own. now they offering me 2.5% to refinancing my car loan .

[hellINTIM 9]

Yes with my limited credit history they prefer that I have my wife on the loan as well since she (the USC) has a longer credit history. The fact that we are putting over 20% down was also vital to getting a mortgage (It still hasn't been approved though, looks like we will sign next week). The normal banks (Bank of America) would not lend me money since I don't have two years of tax returns from the U.S. (W2's). They need that to get the loans insured through Freddie Mac or Fannie Mae (Government sponsored enterprises). That way if you don't pay them back They don't lose money. It looks like I will manage to get a mortgage through my local Credit Union though (I hope). They wouldn't normally, but can make an exception when the risk is very low. Since I make a lot of money, pay 20+% down and buy at the bottom of the market, they aren't really risking much.

of freddie mac is smart , we bought our house from freddie mac since they own it (foreclosure) they want us to put 15% down then i forgot how much monthly interest. we didnt say anything. we applied at federal loan thingy, and since theyre looking in both names they giving us big interest too. we ended up paying it in cash coz the interest is really high >.>

Edited December 22, 2012 by .MythaG-