I hate being an adult!

[LeeLee 140]

Ya. Had a great day at work. Got off at 4pm, then spent the last hour and a half on the side of the highway! Life is full of tough choices! Pay rent or fix your car?! Well, don't need a car to go to work and make money if I don't have rent to pay, and I won't have a place to live if I don't have a car to get to work to make money to pay rent! Gah! It never ends, either!

[Eppy 3,446]

yeah adulthood sucks!

[Ladywriter 7,783]

....with not so great powers comes shitty responsibilities....

[DeathscytheX 9,732]

Yeah, life sucks. Money rules all.

[Ladywriter 7,783]

[Sledgstone 8,672]

Do what I did and get a credit card to pay for your car repairs and then use your actual money for the rent... and then you'll end up like me.. a slave to interest rates years later.

[Pchan 5,162]

Yeah man, being in debt is living the American dream. I'm living it SO WELL

[Kite 3,263]

yes being an adult sucks, Thats why we watch anime ;p

[LeeLee 140]

it's just that, I've been doing this adult thing for a while now. I just can't seem to get used to all the ups and downs. At least I love my job! And I don't believe in credit cards. =P

[Eppy 3,446]

it's just that, I've been doing this adult thing for a while now. I just can't seem to get used to all the ups and downs. At least I love my job! And I don't believe in credit cards. =P

no believing in credit cards in the end will bite you in the ass when you try to get a loan or a mortgage....1 is enough as long as you build credit

[LeeLee 140]

well I have bad credit due to hospital bills. Another downer to being an adult is not having your parents insurance any more. =/

[Pchan 5,162]

How bout not having insurance period, like me? I think I may need to get it though when I get my motorcycle.

[Sledgstone 8,672]

How bout not having insurance period, like me? I think I may need to get it though when I get my motorcycle.

You're lucky you don't get sick and need Doctor appts! Insurance is so costly.

[Kite 3,263]

cough *NHS* cough

also credit cards are great as long as you pay them off within a month ;p

lastly there are easy ways to boost credit with banks ;p

( i work for one ;p )

[Myk JL 1,731]

lastly there are easy ways to boost credit with banks ;p

( i work for one ;p )

*Cue Evil Music*

[Kite 3,263]

banks generally record bank credits from other banks and business' to generate an internal credit profile which is used to offer loans, credit cards, overdrafts etc etc

you can easily manipulate banks credits through online banking ;p

faster payment 1000 from bank A to bank B then back to bank A, repeat 3 times in a month, bank thinks you have a salary of 3k per month.

next time you want to have a credit card, (assuming you dont gave bad credit to begin with) you shouldn't have a problem,. thus the road to good credit begins

[Sledgstone 8,672]

cough *NHS* cough

also credit cards are great as long as you pay them off within a month ;p

lastly there are easy ways to boost credit with banks ;p

( i work for one ;p )

Oh? Can I have an example? I'll hit up my bank next week and show off my credit boosting skills.

[Pchan 5,162]

These days you get credit cards with 1 year 0% APR. At the end of the year, last month, switch that balance to another credit card which'll give you a 0% APR. Sometimes, the other bank will try to sweeten the deal with waiving costs involved with transferring the balance.

[Bartender 141]

Yes, adulthood is certainly not what's it made out to be. I've been living it since i was 16 years old and I can't say anything positive about it. Since you guys are talking about banks, any advice on a good credit rating for a lease ?

[LeeLee 140]

Banks can be evil. Hospital bills don't count towards your credit for everything. When I got a car they told me they didn't look at that. Right now I'm working to clear up a mark on my credit that was kinda caused my a bank being a dick. Had a Suntrust account for a while, was ordering skin care stuff with my credit card, then I cancled it. The company had the report that I cancled, but it didn't get put into the computer right or something and the charge went thru the next month. The company told my bank it was their error, and refunded the money, but not the over draft. My bank refused to take the over draft charge back saying it was my fault for not planning for that situation and not having enough money to cover it "Just in case". Claimed it was a lesson to learn from. Dicks. I refused to pay out of dumb pride. After I was only able to get an account from Chase, where there is a limited checking account for bad credit that actually helps you buy your credit back. No checks. You can only access your last $100 via a bank ATM, and for 6-9 months they charge you $15 a month. After that, better credit! Or so they say.... banks.

[Sledgstone 8,672]

Yes, adulthood is certainly not what's it made out to be. I've been living it since i was 16 years old and I can't say anything positive about it. Since you guys are talking about banks, any advice on a good credit rating for a lease ?

If you have at least a 720 credit score you can qualify for purchasing a vehicle at the best apr no problem. As for lease, I have no idea. Probably 650?

[Pchan 5,162]

http://www.creditscoring.com/pages/bar.htm

The Bar

Finally, a way to tell exactly what is "good" credit. They actually come right out and give numbers.

High 700s

Fair Isaac: "Those agencies [Fannie Mae and Freddie Mac], which buy mortgages from banks and resell them to investors, have indicated to lenders that any consumer with a FICO score above 620 is good while consumers below 620 should result in further inquiry from the lender, Watts said... Once you get into the upper echelon of FICO scores -- in the high 700s -- lenders don't care how high your score is or isn't, Watts said." - Knight Ridder, 2002 (alt)(alt)

770

Freddie Mac: 770: A+ (alt) (also, 770: "Very good," 2010)

SmartMoney.com: "The very best rates go to people with scores above 770, but a score of 700 is considered good (the average score is somewhere around 725), says Craig Watts, Fair Isaac's spokesperson." (770 changed to 760 in update dated 2008)

Frontline, PBS: "The best credit rates are given to people with scores above 770, but a score of 700 -- out of a possible 850 -- is considered good, according to Fair Isaac." (2004)

760

FICO Home Purchase (and Refinance) Center rate chart top tier: 760 (2010)

MSN Money: "And if your scores are in the 'excellent' category, 760 or above, you'll probably be able to eke out only a few extra points despite your best efforts." (updated 2010)

"Today's 760 is what a 720 used to be." - Equifax spokesman (2009)

Fair Isaac (FICO) rate chart top tier: 760 - 850: 5.46% (7/24/05)

"Mid 700s"

Fair Isaac: "However, if you already have a high FICO score (for example, in the mid 700s or higher)... " (2009)

750

LendingTree: "Typically, scores over 750 are excellent, while those below 620 are considered risky." (2007)

Bankrate.com (quoting a co-founder of MortgageIT.com) "If you get above 750 -- with some lenders in some cases -- you'd see another improvement in the points." (2005)

740

FICO Home Equity Center rate chart top tier: 740 (2010)

Fannie Mae: Top category: ≥ 740 (April 30, 2010)

MSN Money: "These days, lenders typically demand 740 scores for the best mortgage rates." (2010)

Bankrate: Now, rate adjustments begin kicking in at 740, with every 20-point drop adding another adjustment." (2010)

Fannie Mae: "I think most of you probably know that a 740 credit score represents an excellent credit risk and an excellent credit history... " (1999)

733

Standard and Poors: "Average FICO for Prime Deals (30 Year Fixed) 733 (2002)" (1998: 718)

730

TransUnion: "Looking solely at your FICO score, however, most lenders would consider this score as very good." (2010)

Scion of Garden Grove: "Sign 'n Drive+ Fico 730 +"

E-Loan: "Above 730: Excellent credit" (dead link)

723

Average credit score

Fair Isaac: "The Median FICO Score in the U.S. is 723."

(2010: 723 statistic no longer exists on myFICO.com)

720

CBS: "The best number to have is 720 or above. If your score is 720, there's really no need to try and raise it because lenders lump you in the same category as folks with a score of say 800 or 820." (see 760)(2003)

Charles A. Capone, Jr., Ph.D, Senior Analyst, Microeconomic and Financial Studies Division U.S. Congressional Budget Office Washington, DC, writing in "Research Into Mortgage Default and Affordable Housing: A Primer": "For most of the 1990s, the mortgage market viewed a FICO score of 620 as the bottom cut off for prime loans, meaning loans that could be sold to Fannie Mae or Freddie Mac. Scores in the 580-620 range were considered 'near' prime, with labels such as A-minus, and those above 720 were considered low risk borrowers." (2001)(alt)

Quicken Loans, a subsidiary of Rock Holdings: "Scores of 720 and above are considered top tier." (dead link)

Wikipedia, "the free encyclopedia": "A score above 720 is considered to be 'good credit,' and a score below 600 is considered to be poor."

Bankrate.com: "A score of 720 or higher will get you the most favorable interest rates on a mortgage, according to data from Fair Isaac Corp., a California-based company that developed the credit score." ("Posted: March 1, 2005")

U.S. Department of Agriculture: "FICO Scores of 720 and above. The risk of default is statistically very low for applicants with credit scores in this range."

Las Vegas SUN: "Fair Isaac said that for a $150,000 30-year, fixed-rate mortgage consumers with a score of 720 or better would be in line for an interest rate of 5.82 percent, translating into a monthly payment of $882." (alt)(2005)

Clark Howard: "The score of 720 or above means you’re in great shape credit wise." (2004)(alt)

710

Federal Reserve Bank of Minneapolis: "A score above 710 is normally considered a good credit risk, while a score under 620 is considered a very high risk." (2000)

The "700s"

Fair Isaac: "For most kinds of credit, 700 or maybe a little bit up in the 700's. Anything above that is considered golden for most kinds of credit." (1999)

Consumer Federation of America: "And, only 13% correctly understand that scores above the low 700s usually qualify them for the lowest rates." (2004)

Baltimore Sun: "The lowest interest rates are reserved for those with scores above the low 700s." (2004)(alt)

700

Fair Isaac and the Consumer Federation of America: "In the eyes of most lenders, FICO scores above 700 are very good and a sign of financial health." (2005)(alt link to a federal government web site)

Fair Isaac: "... a score above 700 indicates relatively low credit risk, while scores below 600 indicate relatively high risk... " (2005)(alt)

Fair Isaac: “'A score of 700 or above is considered healthy,' says Ryan Sjoblad, public-relations exec at Fair Isaac."

University of California Office of the President: "The result is a score from between 350 and 850 with 700 or higher being generally considered a 'good' credit risk."

LA Times: "Generally speaking, a score of 700 or more gets you the best credit and fast loan approvals." (2001)(alt)

Palm Beach Post: "Generally, a score above 700 will yield credit at the most favorable interest rate." (2005)(alt)

690

Suze Orman, hip hop (flip-flop) FICO Woman:

"These days, just about anyone can get credit, but to qualify for the best loan rates, borrowers generally need scores above 690." (2005)(2010: "760")

"Typically any score above 720 is considered top-notch and will qualify you for the best deals." - "A Suze Orman exclusive" (also includes a table showing 760 as the top tier)

680

Fannie Mae Foundation: "For example, 43 percent of minority applicaitons have FICO scores falling in the 580 to 679 range, arguably the area of close calls in underwriting. By contrast, 32 percent of nonminority applications fall between this range." (2005)

Newsweek/MSNBC: "If yours is below 680, shop for a mortgage broker that works with a rescorer." (2005)(alt)

Office of Thrift Supervision, Washington, DC, 2000: "Anecdotally, a credit score of 680 usually qualifies a borrower for consideration for a prime loan, whereas a score below 620 virtually eliminates that possibility." - Fred Phillips-Patrick, Eric Hirschhorn, Jonathan Jones, and John LaRocca, Research & Analysis, Office of Thrift Supervision

660

Consumers Union, Non-profit publisher of Consumer Reports: "A borrower with a score of 660 or greater is considered to be of less risk for the lender, while a score of 620 or lower is a poor credit score."

Ford Foundation president Susan V. Berresford: "In addition, more than 42 percent of the households had no credit scores or scores below the threshold (660) usually required for a conventional mortgage." (2003)(alt)

Kenneth Harney, Washington Post: "For borrowers with scores over 660, Freddie Mac presumes they're willing to repay the loan." (dead link)

Testimony of Prof. Michael E. Staten, Director, Credit Research Center, Georgetown University, before the United States House of Representatives Committee on Financial Services Hearing on “Subprime Lending: Defining the Market and its Customers,” March 30, 2004:

Banking regulatory agencies generally designate a subprime borrower as having one or more of the following credit history characteristics: two or more 30-day delinquencies in the past 12 months; one or more 60-day delinquencies in the last 24 months; a collection-related legal judgment, foreclosure, repossession, or account charge-off in the past 24 months; bankruptcy in the previous 5 years; a high default probability as measured by a Fair Isaac Co. (FICO) credit score of 660 or below; or a debt-service-to-income ratio of 50% or greater.

650

U.S. Department of the Treasury: "Lenders differ with respect to mortgage underwriting guidelines, but the typical 'A' credit or prime borrower – that is, a borrower whose loan would be purchased by Fannie Mae or Freddie Mac under their guidelines – has a FICO score that exceeds 650, has no late mortgage payments, and no more than one 30 day late payment on consumer credit."

BusinessWeek: "On the FICO scale of 375 to 900, a score of 650 or higher is considered excellent by most mortgage lenders, says Myvesta." (2001)

About.com: "In mortgage lending, for example, 650-675 is very good."

Experian/Yahoo! "Under mortgage lending guidelines, for example, a score of 650 or above indicates a very good credit history." (2005, Experian)

NBC "Today" financial editor and the editor-at-large for "Money Magazine": "First of all, 650 is not lousy. It's average." (2004)

Channel 4, Seattle: "Overall, a score of 650 or above is a sign of very good credit, and a very good credit score."

Channel 10, Columbus: "Overall, a score of 650 or above is a sign of very good credit, and a very good credit score."

Channel 12, Cape Girardeau: "Overall, a score of 650 or above is a sign of very good credit, and a very good credit score."

Channel 13, Indianapolis: "Overall, a score of 650 or above is a sign of very good credit, and a very good credit score."

Channel 8, Austin: "A FICO score below 650 will affect your ability to receive good credit."

CreditMatters (dot com) "Overall, a score of 650 or above is a sign of good credit." Please bear with us, viewers; this is complicated. This may be the source of the TV stations' information. creditmatters.com is "a ConsumerInfo.Com Site." ConsumerInfo.com is "an Experian company." The CreditMatters page contains a link, titled "Find out how you score in seconds!" The page that link refers to has a link titled "More Information." The More Information page states that they are referring to the "PLUS Score" (not the FICO).

Bankrate.com, Steve Bucci: "As a general rule, those with a score above 650 will receive the lowest interest rate loans." (2002)

Don Taylor / Special to The Detroit News: "I hate to be the bearer of bad news, but a credit score of 650 isn't a fairly good credit score -- 58 percent of Americans with a credit score have a higher credit score than you."

Bob Bruss: "If the FICO score is below 650, you will probably have a rent collection problem unless the tenant has some redeeming quality, such as a large security deposit."

640

Bankrate.com: "Generally speaking, 640 and higher is considered a pretty good score." (2001)

USA Today: "Generally, a score of 640 or higher results in a mortgage on favorable terms... Source: Fair Isaac" (2000)

"Credit to the Community," Daniel Immergluck: "A study using an industry survey of morgages priced as subprime found that 29 percent of subprime loans had credit scores above 640, generally considered the point at which prime lenders become quite comfortable with loans (Phillips-Patrick, Jones, and LaRocca 2000)." (see 680, above)

[LeeLee 140]

Dang it. I just applied for my first credit card. *sigh*

[Pchan 5,162]

Good luck!