Current Events > Factors that affect credit score

(+) Yeah! (+)

https://www.consumerreports.org/credit-scores-reports/secrets-to-credit-score-success/
---

My credit score is 420
---

After a year I went from poor to great credit just by using my credit card like I would my debit card. And also paying off some loans, removing 1 wrong derogatory.

I have a meh card with ridiculously high apr, cash back, and a $40 a year fee. Now I need to figure out how I'm gonna cancel this card lol
---

Smashingpmkns posted...

After a year I went from poor to great credit just by using my credit card like I would my debit card. And also paying off some loans, removing 1 wrong derogatory.

I have a meh card with ridiculously high apr, cash back, and a $40 a year fee. Now I need to figure out how I'm gonna cancel this card lol

Don't cancel it anytime soon. Just get a better credit card and slowly wean off your first one before closing it.
---

Butterfiles posted...

My credit score is 420

That's bad
---

800-plus: Exceptional. Less than 1 percent of borrowers in this range are likely to become seriously delinquent. Theyll easily be approved for the lowest rates.
740-799: Very good. One percent of borrowers in this category are likely to become seriously delinquent. They could be offered the lowest rates from lenders, but its not a given.
670-739: Good. Eight percent could become seriously delinquent. This stratum includes the average U.S. credit score. People in this range are considered an acceptable lending risk.
580-669: Fair. An estimated 27 percent of the people in this group could become seriously delinquent, making them likely candidates for subprime loans at higher rates.
579 and below: Poor. This group is considered a poor lending risk: Roughly 62 percent could become seriously delinquent. They will be eligible only for the highest interest rates, if they can get credit at all.

huh, well my score is apparently 812 so sweeeet

Nice! I was 801 2 momths ago.
---

bump
---

I'm in the very good range. Went down to good for a bit when I had a few big credit items at the time like a house and a car. Hopefully not long until I'm in the great range.

---

With a few mortgages and several credit cards of good history Im currently 819. I have seen it fluctuate though.

---

shockthemonkey posted...

Thanks for this, I love when people here are helpful for the sake of being helpful

No problem.
---