Working toward 700 to 750

[Anonymous]

Hello all,

I have ran my credit through free credit report.com last week and my score were Equifax 678, Eperian 678, Transunion 651. I just ran my credit through myfico and the score were Equifax 656, Transunion 668. Howcome the score are different. And my true question is that I would like to refinance my car to a lower interest rate. Do you guys think my score are good enough to get a good interest rate or should I wait couple of months and then try to refinance.

Another thing how are you guys able to know your scores every month without running your credit again or dinging your scores...

I'm trying to improve my score to something above 700. Currently I have 1 collection matter which was paid off 2 yrs ago and 3 late payment about 2 yrs ago as well. The mixture of credit that I have are Car loan, a personal loan, couple of major CC. Am I on a good track, if I just keep making payment and lower my debt to avaliable credit.

THanks a lot.

Message Edited by Razzmatazz on 07-06-2009 01:26 PM

[Anonymous]

Waiting to refinance all depends on whether or not you think your credit scores will improve in a few months. 

Will any negative information drop off?

Will you utilization go down?

Will any late payments go past 24 months old?

Do you have a lot of recent hard inquiries?

Unless something dramatic happens to change your information in the next few months, you will not get a better deal on refinancing by waiting a few months.  Refinancing however, may cause a drop in your scores for a while.  Your account will immediately show that your utilization on your installment accounts is higher since it will be considered a new loan.

Best thing to do is ask your lender what score you need to get the best rate.  If you tell them you are going to wait until your score is over 700, being that you're pretty close already, don't be surprised if they make an exception and give you their best rate to get your business now.

[BungalowMo]

Hey Razz....

Rule #1...ONLY real FICO scores matter.  All others are FAKOS and aren't worth jack

Rule #2...Please re-read rule #1

the free site you mentioned....totally fine for "monitoring" your report activity, but the scores are worthless!!

[Anonymous]

I just checked one of the late payment negative and it is nearing the 24 months mark.

I was also going to make some extra payments to bring the debt on my current CC to below 30% to see if that would help me.

I've only had 1 inquiries in the last 12 months.

[Anonymous]

My ultimate goal is to buy a house in within 12 months or so. And wanting to reduce the interest rate on my car loan as well.

[Anonymous]

On your revolving credit, only allow 1 cc to report a balance and make sure it is less than 9% of the credit limit. That will give you the quickest FICO score boost.