Credit Scores

[tinroofrusted]

Some fool report from the FTC claims that the average credit score of an American is 700. Don't let this fool you.

I pull credit reports at work EVERY day. The average that I see, on a daily basis, out of 10 reports (on average) is about 557. If I had to really give an estimate, I would say that the average credit score in the US is about 620, and that's aiming high.

Don't worry so much about the score itself. Worry about tradelines, and re-establishing postive credit. the score itself can change from day to day to week to week, and it's not really what is to look at. Two of the three have even said they give different reports to consumers than they do to creditors, so is it really beneficial to pay their high fees for a number that isn't even accurrate?

Good luck with everyone who is re-etablishing. I now have five positive trade lines established no my credit, one year post BK!!!!!

[tinroofrusted]

Get a FICO score estimate!

http://www.bankrate.com/brm/fico/calc.asp

It works fairly well, just be honest when you fill everything out!

[Lightning]

The average credit score is most certainly not that low. Do you have any facts to cite other than the reports you see? Anecdotal statements are not facts.

What kind of trade lines are being reported on your credit report since they're not loans or credit cards?

[tinroofrusted]

The average credit score is most certainly not that low. Do you have any facts to cite other than the reports you see? Anecdotal statements are not facts.

What kind of trade lines are being reported on your credit report since they're not loans or credit cards?

Yes, the fact that I look at credit reports every day, and work daily with several major lenders, and hear straight from the horses mouth. The FTC giving an average credit score of 700 is TOO HIGH. The FTC, and an actual bank are two different things. Did you know that nearly 2/3 of people don't even have a CLUE as to what's on their credit report? With that in mind, how many people out there could have quite damning things on their credit, not know about it, and have a score in the low to mid 500's? Very easily. In fact, I see it every single day.

What is on my credit report is none of your business. I have five items being reported, and that is all that anyone needs to know.

Since you're at it though, why don't you tell us what a perfect score you have, and what you do for a living, and how you just know so much more than the rest of us? I just love enlightenment from mean people. It makes my day.

[Lightning]

I notice you didn't include any facts that support your claim of 557 being the national average credit score. Don't make such statements unless you can back them up with something other than what you've personally seen.

You're right in that most people do not know what their credit score is or what's on their credit report. That's unfortunate. People need to check their reports and scores regularly. Fortunately, everyone can now (or soon will be able to) receive one free credit report from each of the three credit reporting agencies once a year.

I also think it's unwise to tell people that they do not have to have credit in order to have a credit score. You don't have to tell anyone what the 5 trade lines are that you have open, but if they're not credit cards, mortgages, or car loans, I can't imagine what they are. Not many utilities or rental agencies report to the major bureaus. Perhaps you know something about credit that the rest of us could benefit from.

I don't like people misinforming others when it comes to financial matters.

[tinroofrusted]

I notice you didn't include any facts that support your claim of 557 being the national average credit score. Don't make such statements unless you can back them up with something other than what you've personally seen.

You're right in that most people do not know what their credit score is or what's on their credit report. That's unfortunate. People need to check their reports and scores regularly. Fortunately, everyone can now (or soon will be able to) receive one free credit report from each of the three credit reporting agencies once a year.

I also think it's unwise to tell people that they do not have to have credit in order to have a credit score. You don't have to tell anyone what the 5 trade lines are that you have open, but if they're not credit cards, mortgages, or car loans, I can't imagine what they are. Not many utilities or rental agencies report to the major bureaus. Perhaps you know something about credit that the rest of us could benefit from.

I don't like people misinforming others when it comes to financial matters.

Can you read much? I said the AVERAGE SCORE THAT I SEE DAILY is about 557. The AVERAGE SCORE THAT I HEAR (and get reports from) from the major lenders we deal with is 620... and that comes from all 5 of them. Wow. You need to carefully read before you post things Lightning.

I have five CREDIT lines available and open right now. CREDIT lines... that's ususally only what can be reported on a credit report... I don't know of any other things, so I can't imagine why you would accuse me of giving false information to people. Never at any time did I EVER tell people that they didn't need to have a credit line to establish credit. Again, perhaps you need to read things more carefully before you assume. And we all know what assuming does.

I do not encourage people to pay to check their credit scores. Why you ask? Because Transunion and Equifax BOTH admit that the scores they give to creditors, and the scores that they give to consumers are completely different. Therefore, why would I encourage someone to pay for a score that quite possibly isn't even accurrate? What a complete waste of money.

I also don't like misinforming people on financial matters. But I also feel that people that you worship like Dave Ramsey, give people false ideas of financial security and other means. What would you do tomorrow if the stock market crashed, the world computer systems crashed, and all your life savings, disappeared? It could happen! Then what could you say?

I also do research on this for two-three hours a DAY at work, and in my own personal time, and feel that I am well-versed on credit scoring, credit reporting and repair.

[Lightning]

Can you read much? I said the AVERAGE SCORE THAT I SEE DAILY is about 557. The AVERAGE SCORE THAT I HEAR (and get reports from) from the major lenders we deal with is 620... and that comes from all 5 of them.

I read correctly. It appeared to me that you were saying the reported averages were not accurate because you've personally seen different scores. Thank you for distinguishing between national statistics and your personal experience.

The two are not the same.

I have five CREDIT lines available and open right now. CREDIT lines... that's ususally only what can be reported on a credit report... I don't know of any other things, so I can't imagine why you would accuse me of giving false information to people.

And

I now have five positive trade lines established no my credit...

So do you have lines of credit or not? I can't tell from your posts. What is "no my credit"?

I do not encourage people to pay to check their credit scores. Why you ask? Because Transunion and Equifax BOTH admit that the scores they give to creditors, and the scores that they give to consumers are completely different. Therefore, why would I encourage someone to pay for a score that quite possibly isn't even accurrate? What a complete waste of money.

I wasn't aware that the FICO or CRA scores were available for free. I believe you have to pay for these. Do you know of a place to get these without paying, and without having to sign up for credit monitoring?

I have not heard that TransUnion and Equifax give one score (not FICO) to a creditor and a different score to consumers. As far as I know there are 4 credit scores: one from each of the three credit reporting agencies (TransUnion, Equifax, Experian) and one from Fair Isaacs (FICO).

I also don't like misinforming people on financial matters. But I also feel that people that you worship like Dave Ramsey, give people false ideas of financial security and other means.

I never heard of Dave Ramsey until I came here. I do not worship any such person. I offer advice based on my personal experience.

What would you do tomorrow if the stock market crashed, the world computer systems crashed, and all your life savings, disappeared? It could happen! Then what could you say?

I don't have all my money invested in the stock market. I have a considerable amount in a simple savings account insured by the FDIC. If all computer systems in the world crashed, financial devastation would be only one of many consequences the world would face.

I also do research on this for two-three hours a DAY at work, and in my own personal time, and feel that I am well-versed on credit scoring, credit reporting and repair.

Why would you insinuate that the national average FICO score is only 557 if you study this topic? I've read many articles, and none have stated it this low.

[tinroofrusted]

I read correctly. It appeared to me that you were saying the reported averages were not accurate because you've personally seen different scores. Thank you for distinguishing between national statistics and your personal experience.

The two are not the same.

And

So do you have lines of credit or not? I can't tell from your posts. What is "no my credit"?

I wasn't aware that the FICO or CRA scores were available for free. I believe you have to pay for these. Do you know of a place to get these without paying, and without having to sign up for credit monitoring?

I have not heard that TransUnion and Equifax give one score (not FICO) to a creditor and a different score to consumers. As far as I know there are 4 credit scores: one from each of the three credit reporting agencies (TransUnion, Equifax, Experian) and one from Fair Isaacs (FICO).

I never heard of Dave Ramsey until I came here. I do not worship any such person. I offer advice based on my personal experience.

I don't have all my money invested in the stock market. I have a considerable amount in a simple savings account insured by the FDIC. If all computer systems in the world crashed, financial devastation would be only one of many consequences the world would face.

Why would you insinuate that the national average FICO score is only 557 if you study this topic? I've read many articles, and none have stated it this low.

Once again..... CAN YOU READ?!


Apparently not.


First of all, I never said FICO scores were free. EVER. I specifically have said that you have to pay for them, and that I feel it is a waste of money. No site gives it for free, not even annualcreditreport.com. I encourage you to do a little more digging on the scores that are given to consumers versus those that are given to creditors. They ARE different. Do research on FAKO versus FICO. Very interesting stuff.

FWI- the "no my credit" was supposed to be "ON my credit." A simple typo that I will gladly fix, since it causes someone like yourself such terrible confusion. I have five trade lines of credit open and running on my credit report. Does that suffice for your small brain?

And once again, I never insinuated that the national score is 557; I said that is the average that I see every day. Period. I made it very clear that the average is 620 nationally, but that the FTC puts it much higher at 700. The banks and lenders I work with completely disregard that number, because it is too high.


Lighting, I don't feel that you add ANYTHING to this message board, except grief and trouble. You have never ONCE, that I have read, offered anything, except your "holier than thou" message that you come here and spew. When you have something positive and good to offer these people in turmoil and strife, perhaps then you could be of some use.

And your right, when the FDIC computers do crash, and the global market does as well (it can and probably will happen in our lifetime.) I wish you luck with that. You and Dave Ramsey.

[EdytaHome]

I wish I had so much time on my hands.

[soldout]

I wish I had so much time on my hands.

What a show Looks like TINROOF is 1 up huh!!! Maybe 2 or 3 IMO!

[tinroofrusted]

What a show Looks like TINROOF is 1 up huh!!! Maybe 2 or 3 IMO!

I prefer to call it "educating myself to a point beyond ignorance."