As of April 29th my credit scores were as follows:
- Experian 739
- Equifax 729
- Transunion 748
These scores are all in the excellent range but they were not able to help me get a better rate on my car loan because I am currently upside down on the car loan.
I noticed that I am listed on some credit cards that do not ‘belong’ to me in the strictest sense of the word. Honey added me as an authorized user on two of his credit cards and they are both showing up on my credit report. While this is good because he is very responsible and it shows me as having more available credit, I wonder if it is hurting me as well.
I considered having Honey remove me from those two credit cards because I was worried that it might show up as me having too many open credit card lines. Having too many open credit cards shows up as a negative to some lenders because, according to the notes on the credit report, they see you as overextending yourself with credit cards.
Lenders see you as a risk because at any time you might just decide to max out all of those cards and not have enough money to pay them off.
I decided that I will just keep things as they are because these scores are good and I have been really careful. I am just hoping they go up some more so that I can use that as leverage to get Citi to lower the rate on my credit card.
Where did you purchase your FICO scores? I am thinking about purchasing mine but want to find the best deal.
I have an American Express card and they offer a service that gives you all three scores.
The last time I checked my score (when I actually cared about a credit score), I had a 726, but I don’t remember which company it was with.
Now that I am paying off all my cards and closing the accounts, it will go down a lot, which is fine. Eventually my “I love debt” score will be 0! hehe
Good for you Shawn. I guess now this is something else I have to compete against you in!!!! The race to a perfect credit score is on! Booyah! 🙂
Seems we are always competing about something or another hehe 🙂
Wow, those are great credit scores. Congratulations! I don’t remember when I last checked my credit scores!!!
Anyway, just wanted to mention that when we got a car loan last year, our old credit union offered us a *much* lower rate than our bank or the dealer financing. If you have a credit union membership, you may want to check with them to see if they will refinance your car. We were worried about being upside down on our loan too, but they didn’t seem to care. Our CU has an almost ongoing promo that if you have a direct deposit setup, they will further cut the rate by 0.25%, an additional 0.25% for paying 10% down etc (with a max of 0.5% discount). With all the discounts, we ended up getting a *very* low APR relative to what was the going rate at that time. And no additional fees or charges for refinancing either. Hope you have some good luck there – with the kind of credit scores you have, I am sure the credit unions will LOVE to have you for a customer.
You have to watch out for those helpful Honey’s!
Best Wishes,
D4L
@ ISPF: I did go to a credit union and they were the ones who told me they would not refinance the loan because I was upside down on the car. I guess you have to be a long standing member of the union to get those rates and I am not, since I just moved to the area.
I might just end up trying Lending Club to get it done that way and see what happens.
thats awesome! my highest is 747 and its been like that for a few years.