What is Your Credit Score?

[sharon]

I'm one of those type of people that love to talk about fiances...credit, money, etc... I can't say I'm rich but I can say that I am financially responsible.  I love giving advice to those that ask me about finances and whenever I don't have the answer I enjoy looking up the answer.

I've been lucky enough to learn from my older brothers and parents what NOT to do financially. Unfortunately in school we aren't taught much about finances. We graduate and head into college and those that don't know any better sign up for credit card(s) max them out, miss payments, and basically destroy our credit scores.

Credit cards are AWESOME if you use them responsibly - my rule is never charge anything I can't pay back. The best advice I received was keep your emergency funds separate from your savings - and if you are going to save money HAVE A REASON of why you are saving that money. Whether it's because you need it to pay off any remaining balances in case income comes to a halt or whatever.

[The Dark Knight]

Not in a country where there are credit scores, there's another measure used in this part for that.

Also, I don't have a credit card and don't intend on having one ever either. Debit cards are the way to go.

[Shady]

I don't remember what my exact score is, but I'm not sure every agency uses the same points system anyway since I'm sure the company I use said mine was in the high 500s, which was classed as excellent, but other places say that's poor. I know I have a very good credit rating though because for the last few years I've taken steps to make sure of it. I use credit cards sensibly, usually paying off the full balance every month. I never spend more than I can afford. I've had a mobile phone on contract for years. Never late with bills etc. The credit card I use the most at the moment is one I applied for thinking there would be a chance I'd be rejected, since they require you to earn over £21000, have an excellent credit rating and be a homeowner. I don't meet that last requirement since I rent, but they still gave me the card. Which is cool because it's a cashback card.

[wildmaven]

Last I checked it was above 750, but it's been mostly over 800 in years past.



The Dark Knight not having a credit card can directly affect your credit rating. Creditors want to see that you can handle the risks before they will trust you with their money. So, unless you plan on paying cash for future purchases like homes and cars, it would be a good idea to get one, use it once in a while, and pay it off fully every month.

[The Dark Knight]

Jan 12, 2013 6:45:05 GMT -8 wildmaven said:

Last I checked it was above 750, but it's been mostly over 800 in years past.



The Dark Knight not having a credit card can directly affect your credit rating. Creditors want to see that you can handle the risks before they will trust you with their money. So, unless you plan on paying cash for future purchases like homes and cars, it would be a good idea to get one, use it once in a while, and pay it off fully every month.

Yeah, I'm aware, worked with the financial markets a bit. That's how it works in the United States at least.

In most of Asia however, holding a credit card doesn't really come into the picture when you're applying for a separate loan for buying a house/car. If you have a track record of getting a salary each month, if you've got the right qualifications to continue to get a job, then you're likely to get a loan and the interest rates on those are much more... manageable than a credit card. Hate those things.

[Syko Nachoman]

I've used my credit card for a couple large purchases and immediately paid the balance, but I still get offers for new cards where my starting APR is in the >18% range, so I assume I haven't built up enough yet.

[Graham]

I was allowed a mortgage. I'm assuming therefore my credit score (at the time) was good enough. Not sure what it actually us though.

[Gamoc]

I am around a 620, but considering my age that is quite a development. It was a 540 so I was quite pleased to learn that my score had been marked up considerably! I just got a credit card and I hope to use it to raise that score even higher!!!

[Hero]

Mine was around 620ish when I bought a car in October. Apparently that isn't terrible for a 22 year old who owes almost 28k in Student Loans.

[User 180565 is taking donation]

Is there a trusted website you guys could suggest where we can check our scores?

[Jessi J]

I don't have a credit score yet :/
I've been told get a credit card but I don't really trust it...

[The Dark Knight]

Jan 14, 2013 10:21:32 GMT -8 User 180565 is taking donation said:

Is there a trusted website you guys could suggest where we can check our scores?

www.consumer.ftc.gov/articles/0155-free-credit-reports#FCRA

[Trublu]

I *wish* we were taught more about finances in school, especially in high school before our credit score and things like student loans and insurance enter our lives.  That was actually the focus of my senior honors thesis in college. I've had to learn as I've gone on a lot of things, which really isn't the way to go with financial stuff. At least here in the US, it's a lot easier to ruin your financial life than it is to fix it.