Why is My Credit Score So High?

I just ran my credit with TrueCredit.com:

Credit Scores

Credit Score Compare

Credit Account Summary

I don’t get it. I have several accounts with 90 day lates and one with 120 day late on it. Why are my credit scores so high??
I Got a Real Estate Job!
Facing Foreclosure at a College Real Estate Class
76 Comments

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HUH
November 16th, 2006 at 4:47 pm

Balances ~1.85million?!
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Eric
November 16th, 2006 at 4:49 pm

Because it can take more time than that to show up on your report and make a difference. It’s already not that good, and don’t worry once the foreclosure hits it, and a few other things, it will be down in the 400’s.
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Just lucky I guess
November 16th, 2006 at 4:58 pm

They will go down soon, I’m sure.

I’m assuming they don’t have the Foreclosure listed or even the letter that you got 3 weeks before the foreclosure? I bet by January you will be in negative numbers. :)

Have you checked your wifes’? I’m guessing it’s a lot lower than it used to be, even if she’s not on all the accounts you have… though that may take a while longer too.

How many of your houses are in the “official” process, as in notices of default registered with the respective counties?
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Vortex
November 16th, 2006 at 5:21 pm

This is interesting. Makes me want to look up my scores….
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Unbelievable
November 16th, 2006 at 5:28 pm

Probably because the REAL sh*t hasn’t hit the fan yet.
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Unbelievable
November 16th, 2006 at 5:31 pm

I wonder what your DTI number is……………staggering !
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Nigel Swaby
November 16th, 2006 at 5:32 pm

Casey,

You have a middle score that would allow you to refi out of every one of your remaining homes, get out of foreclosure and buy yourself at least 60 days without having to make any payments. You could put together a new plan…maybe a hold and rent or obtain more attractive financing for lease options or wraps.

It would probably cost a small fortune in origination fees, but might be worth it.

The reason the scores are holding up is because there is a lag from when the late is reported to when it hits your credit. If you do refi, you’ll have to act fast. Your private money lender probably never reported to your credit so you don’t show any lates there, just like he said. The one foreclosure may not report for some time, if ever.

Nigel
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Chris Johnson
November 16th, 2006 at 5:38 pm

Give it time, they’ll go down.
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walt526
November 16th, 2006 at 5:51 pm

What’s considered a derogatory account? Over 90 days or 120 days?

Looks like the foreclosure hasn’t posted yet. When you have a number of “public records”, that’s when you’ll see your score dip well below 500. Report back in two or three months.
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Fran
November 16th, 2006 at 6:18 pm

Because it is a “I love debt” score.
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Jason Strickland
November 16th, 2006 at 6:21 pm

CASY this is Jason Strickland
we met at starbucks on Wednesday

you have a strong enough fico to get a loan>90% financing and have the owner carry a 10% loan that you reconvey on at close of escrow.

Buy Buy Buy
no matter what these neg heads have to say
you are going to be one wealthy real estate investor :)

ps
see you at 7pm for the real estate meeting
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Get more credit while you can
November 16th, 2006 at 6:41 pm

Casey,

While you credit score is high get 2 more credit cards!
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Jill
November 16th, 2006 at 7:03 pm

Enjoy the ‘high score’ while it lasts.
You won’t see a number that high again for years, if ever.
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CPA1298
November 16th, 2006 at 7:21 pm

This is just anothe reason why FICOs suck. Why can’t somebody create a better method? One that takes income and/or assets into account? FICOs are ridiculous, and just penalize people who don’t live in debt all their lives and play the byzantine FICO game.
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walt526
November 16th, 2006 at 7:32 pm

Nigel, the credit score is only one element to be considered by a bank in a refi. The other factors, like income and market value of the homes (in some cases two thirds of the balances of the mortgages), make it highly unlikely that any lender would allow him to refinance at this point.
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Of Mountains & Molehills
November 16th, 2006 at 7:39 pm

Um…I don’t think refinancing is an option. His credit score is just one factors that would qualify him for a refi.

Just for argument’s sake, if he found a lender that would allow him a 55 percent debt-to-income ratio, Casey would have to “state” his income at $28,000 a month to account for his $15,000+ in debt payments (and that’s not including what he has to pay in property taxes and hazard insurance, which are also calculated into his DTI).

Overstating his income on loans is what got him into this mess in the first place.

Of course, if he had enough equity in the homes he could find a hard money lender to refinance him with no regard to his income or credit score. But if he had that kind of equity in the houses, we wouldn’t be having this discussion.
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Mtgpro
November 16th, 2006 at 7:57 pm

Just know that those scores you pull yourself reflect a “consumer model” that is sold to consumers. The true fico scoring method that has been used by the mortgage industry will most likely show a much lower score.
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Joseph
November 16th, 2006 at 8:53 pm

Casey,

Don’t listen to “negative” people. You need to flip more. Go and buy more homes, get shark loans if you have to, but start buying more!
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La Faux Veritas
November 16th, 2006 at 9:00 pm

Oh, that “How lenders view you” is just begging to be Photochopped.
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star
November 16th, 2006 at 9:00 pm

Those are your “FAKO” scores. They have no relation to FICO whatsoever and are not used by any creditors. They can vary +/- 100 points or more from FICO since it’s a different scoring model.

I’ve tracked my TrueCredit scores for nearly 2 years, along with FICO, bankcard-FICO, and the new Vantage scores. I’d guess your standard-FICO scores are in the 400-low 500s.

I would expect due to your situation that your scores will degrade quite a bit more over the next few months as your accounts go more delinquent and creditor reporting catches up.(some report 1-2 months behind)
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star
November 16th, 2006 at 9:04 pm

Also, I hope you didn’t pay TC too much. I pay $7.46/month and can pull all three CRAs once every 24 hours.

You need to use myfico.com to get your actual FICO scores.

At this point in your situation, it’d be a waste of money because nobody is going to extend credit to you. You don’t need scores to know your credit is shot right now.
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star
November 16th, 2006 at 9:08 pm

Nigel, those scores are not FICO and are worthless for anything other than comparing them with TrueCredit score history.

Fran, you are wrong. FICO and all other scoring models give you the higher scores with less revolving(credit cards) debt, i.e. my FICOs are highest when I have 0 balance total revolving debt reporting.
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star
November 16th, 2006 at 9:10 pm

Walt, “derogatory” in this case refers to chargeoffs and collections.

Most accounts go into chargeoff at 150 days.

On the same note, if you have prime credit, just fresh 1 30 day late on a tradeline can tank your FICO 50 points or more.
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Brian
November 16th, 2006 at 9:16 pm

Even considering the lag and the fact that public records aren’t yet included in your report, I’m surprised how high your scores are.

I remember seeing a chart once with default rates and credit scores, and I think the risk of default in a year for scores in the 600-650 range was something like 5% (give or take). Even with the information missing, the fact that two thirds of your accounts are delinquent should demonstrate that your odds of default are much much higher. I would bet that your odds of defaulting on all your credit debt is 95%.

While I’m setting odds, here are some other guesses:
Odds of divorce: 60%
Odds of jail time: 25%
Odds of eventual BK: 95%
Odds you will eventually make it: 50%

I think the odds you will eventually make it is so high because you are willing to take lots of risks and American society seems to reward that kind of behavior. I think people underestimate the connections and opporunities that have opened up for you because of this mess you are in. On the other hand, you are in a pretty damn big mess.
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teacher
November 16th, 2006 at 9:26 pm

Casey,
That is a great question. I have four 30 day lates, no 60 day lates and no 90 day lates and our scores are about the same. Thanks for posting your score.
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CPCanuck
November 16th, 2006 at 9:31 pm

Geez Casey…you think you can squeeze a few more Google Ads into you blog? I mean isn’t it enough that they are already plastered at the top and sidebar of this site? You actually have the nerve to sandwich more between your entries and your comment sections. Totally pimping for clicks to the point of ridiculousness. I really hope you aren’t making much money off of these. You certainly don’t deserve it.
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yneone
November 16th, 2006 at 10:16 pm

While you still have semi-good credit, you still have options. Casey, I hope that you can make good use of this information.
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Joey
November 16th, 2006 at 10:21 pm

Hey Casey,

Someone here mentioned Glenngarry Glen Ross. You ever saw that, Casey? I would recommend you see that movie, Casey… it’s great. Another movie you should watch is Boiler Room.

Both great sales movies. Both with valuable lessons to learn. Both with some excellent actors, engaging storylines, and highly entertaining.

You’ll see yourself in both movies… you’ll see yourself being sold dreams by smooth talking, dream selling Ricky Roma and Seth Davis.

Another great movie you should watch is The Big Kahuna. I learn something new about people everytime I watch it.
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Diane the Realtor
November 16th, 2006 at 10:54 pm

Just wondering - what do you care about your credit score? Certainly you are not thinking of borrowing more….seems you have enough on your plate.
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star
November 17th, 2006 at 12:03 am

What ads?

It gets old seeing people complain about ads when they could just use Firefox and the AdBlock extension, block all the adservers and never see ads again anywhere including here.
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star
November 17th, 2006 at 12:05 am

I’m amazed at all the false assumptions being posted here regarding credit and scores.

Even more amazing that Casey doesn’t know the system intimately since he was afterall trying to be a RE “Investor” using borrowed money.
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star
November 17th, 2006 at 12:08 am

Casey doesn’t need to worry about borrowing more. He couldn’t even get a $200 Wal-Mart card with that credit report.

It’s going to be quite a while until he can even get subprime credit.
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Josh
November 17th, 2006 at 3:16 am

Would you mind checking your true FICO scores at myfico.com? You can use the discount code “cppsavings” to get 20% off. I’m just kind of curious as to what your scores are.
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StingyFinance
November 17th, 2006 at 6:06 am

Casey, how do you plan on acquiring more homes now with your blemished credit? Perhaps signing the homes on contract and flipping to investors?

Joe
http://www.StingyFinance.com
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Sam
November 17th, 2006 at 7:19 am

THIS IS EXCELLENT BULL SH*T DISTRACTION FOR THOSE OF REALLY IN THE RE BUS, whether working for a living or as an investor.
Helps those of us watching the market say we are not as DUMB as this DUMB A**.

DUMB but not funny any more.

seems like lies and some scam.
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Joey
November 17th, 2006 at 7:47 am

star,

Casey can easily get multiple subprime credit cards, with low credit limits and high monthly fees.

He’s proven himself to be someone who cannot manage credit properly, and any bank would easy make 10 times their cost on Casey from fees alone before he ends up defaulting.

http://www.businessweek.com/ma....._companies

There are lots of Caseys out there…. only most of them never heard of Real Estate seminars, so they don’t take the plunge into debt slavery as deep as Casey has.

Read that article Casey. If a bank offers you more credit, they are not doing it out of the kindness of their hearts.
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fivecentnickel.com
November 17th, 2006 at 9:00 am

Quick. Borrow more.
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Blah
November 17th, 2006 at 9:00 am

Also, I think it would be naive to think that anybody in the lending world hasn’t heard about this guy.

If I owned a bank and I saw him walk in, I’d probably ask him to leave.

Banks are not in the business of lending money to people that have proven they can’t pay the debt back.

Unfortunately, right now, that is what Casey is proving right now.
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Jobu
November 17th, 2006 at 9:08 am

Casey, if you want a real score, you need to call up a mortgage broker and apply for a loan. They will run your credit if you give them a smoke screen good enough so they don’t disqualify you right away. But if they have heard of you, they probably won’t waste the money. However, if you know anyone in the business, you could just pay them the $15 it takes to get a tri-merge that is valid for doing a loan, not the consumer friendly model you have now. The bureaus have multiple models and the one you used is worthless. Transunion even has two different models that brokers/lenders can flip flop between to see which score is higher.
As far as Nigel’s comment about you being able to refinance now, forget it. Even IF you could use the scores you have now (NOT), you would have to state your income. As someone said, to get a DTI (debt-to-income ratio) in the range necessary, you would have to state something like 28000 a month. You think a lender is going accept that? It would fail miserably in the ‘reasonableness’ test. Also, you are dealing with non owner occupied properties and the lender will see whatever lates are currently on any mortgage, regardless of whether or not it has brought your score down yet. Anything more than 1×90 on a mortgage and you are toast. Even at 1×90, you are looking at 75% loan to value max. In a declining market, your appraisal is going to suck. Throw in the fact that you did 100% financing and you are double toast. Nothing against Nigel, but please stop the boy false information.
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cLuStEr_fK
November 17th, 2006 at 9:24 am

Oh well. I looked at my credit score a couple years ago (798 at myfico.com), but it’s not really something I think about. I’m just not that much into credit. I do have a car to pay off ($1500 left), but outside of my three-year-old, fixed rate mortgage, I’m pretty boring.

Thanks for sharing. My guess is that it’s a matter of timing. Just seeing debt at that level would make me hesitate, as a lender, to add more. I’d need a really good story.
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geno petro
November 17th, 2006 at 9:54 am

Just went through your blog and your almost unbelievable circumstances. Keep up the bad work! Just kidding. I know you must have a sense of humor about it all. Remember
what older, wiser men have said…”The large print giveth and the small print taketh away.” Anyway, I linked you to my site in Chicago.
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Erik
November 17th, 2006 at 10:17 am

Casey,

How come you didn’t approve my previous comment? Seriously, it costs me $7.50 for a full tri-merge report with true scores used for mortgages. I will email you the .pdf of the report. MyFico costs $45.00 for the same darn thing.
Send me an email and I will get you my contact information.
I am just trying to help you out.
Take care.
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Marc
November 17th, 2006 at 11:59 am

An old adage:

Owing one million dollars is like having it…
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Billy Jack
November 17th, 2006 at 12:38 pm

WOW… I MEAN WOW.
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Tom
November 17th, 2006 at 2:40 pm

Credit Scores are a joke plain and simple. There is 2 sets of scores, one that you see as the cunsumer to please the Feds and there laws and regs and one the lender sees. Then of coarse there is the stock market approach. I do a lot with my credit and do not have one late payment. I have had even up to 9 mortgages on my credit at one time. I pay to have my credit monitored so I get email updates every time my credit is pulled, a new account opened or my credit score moves more than 20 points in one direction. Well my credit score which I monitor monthly can go as low as 550 and as high as 748 and that is month to month. That is without any late payments. The credit scoring system is a joke and if you know how to play the game you can always have a high credit score even with late payments.
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Free advice
November 17th, 2006 at 3:27 pm

Tom:

If credit scores are a “joke,” then why would you pay to have yours monitored?
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Sean
November 18th, 2006 at 4:47 am

Anyway, if you owe the bank $200 and you can’t pay, that’s your problem. If you owe the bank $200,000 and you can’t pay, that’s their problem…
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Tim
November 18th, 2006 at 10:43 am

You’re about the fifth or sixth person to quote this little slogan, and it’s still just as silly as ever:

“Anyway, if you owe the bank $200 and you can’t pay, that’s your problem. If you owe the bank $200,000 and you can’t pay, that’s their problem…”

As a matter of fact, banks and other lenders have no problem setting the machinery in motion to foreclose on mere $200,000 loans. It happens all the time. It’s already happened to Casey once already (the Dallas property), and he admits here that he is facing it on the other properties.

Try telling these lenders: “I owe you $200K, so it’s really _your_ problem, not mine!”

The problem I see with America in general, and Casey’s speculative forays in particular, is a reliance on slogans instead of careful thought. “Wholesaling,” “sweet deals,” “day trading,” “mentors,” “rich dad,” and “guru seminars.”

“How I became wealthy in 90 days by day-trading flipped houses!”

These gurus and mentors are just the double ought decade’s version of those who sold Florida swamp land in the 1920s, or who pumped National Student Loan Marketing in the Go-Go decade (the 1960s). Or who had shoeshine guys (”Huh, like what are they, like?”) talking about how they were making a killing in JDS Uniphase.

A book I recommend highly is nearly 40 years old now: “Supermoney,” written pseudonymously by “Adam Smith.” It describes well the bubbles and manias and tulip bulb crazes, and the excesses of the 1960s “Go-Go Years.”

Update the examples to include Kiyosaki and Trump and Tony Robbins and Cramer and we’re current.

–Tim
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Joe White
November 18th, 2006 at 11:07 am

Credit scores being a “joke” means he thinks the way they’re being sold and implemented are a joke, not that they are worthless (can’t be manipulated for gain).
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walt526
November 18th, 2006 at 1:49 pm

Consumer credit scores are indeed a joke, but its important to monitor your credit reports to make sure that no one has ripped off your identity. At a minimum, every adult in the US should review their credit report once a year (its free). For the past four years, I have done one of mine about every 2 months (so I see each bureau’s once every 6 months).
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fred
November 18th, 2006 at 5:11 pm

For a true Fico score, go to www.myfico.com

Even with the scores shown, I would not call them good scores.
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Tom
November 19th, 2006 at 12:29 am

Hey Free Advise I pay to monitor my credit not my score. It comes together with the package. A little free advise to you there is a thing in this country called identity theft were someone can actually steal your name and SS# and become you. They then go and charge up a bunch of things on accounts with your name and SS# attached to them. Later on you get notified by collection agency for accounts you never opened. To clear up the fraud it will cost you many hours, many thousands of dollars, and even years to clear up. walt586 at least you see the light!
For those who do not think credit scores are a joke do this experiment for your own results. Find a college student with no job and no source of income to pay for a loan and see what there score is. Then find a self-employed self made millionaire and see what there score is. After you do this then tell me that the score is something of value.
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Tom
November 19th, 2006 at 1:12 am

One more experiment I want to add. This one is easier to do. Go and get your three credit scores from anyone of the consumer reporting agencies you like or do them separate. Once you have obtained all three on yourself have someone else run them (a mortgage company or bank). Do it on the same day. What you find should interest and educate you. If after doing these experiments you still think the system isn’t flawed and is a definitive way to measure one’s credit worthiness. All I can say then is you are on your own. Do not have your credit pulled by a mortgage company or a bank if you intend on buying a house or car in the immediate future. The hard inquiry may affect your score. Also Joe White I do not what you mean by “can not be manipulated for gain.” I will not make assumptions on that, but they can be manipulated and it’s legal. You just have to know how it works and you can do it. However if you have lates, collections, repos, or foreclosures on your report it takes a lot more work and you may not have success. You can only manipulate with some ease if you do not have anything negative or the negative has age to it.
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Bryan
November 19th, 2006 at 8:13 am

According to DataQuick, a real estate information source, lenders are slow to file Notices of Default. From a recent article on the most recent quarter’s defaults:

“On primary mortgages, homeowners were a median of five months behind on their payments when the lender started the default process. The borrowers owed a median $9,829 on a median $306,000 mortgage.”

A couple more months and the filings will apear on your credit report, I suspect.

http://www.dqnews.com/CHFor1006.shtm
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Eric J. Herrholz
November 19th, 2006 at 12:15 pm

The banks are still trying to sell your NPL.
Learn this game !
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Free advice
November 19th, 2006 at 2:09 pm

Tom:

I think you’re missing the point:

“For those who do not think credit scores are a joke do this experiment for your own results. Find a college student with no job and no source of income to pay for a loan and see what there score is. Then find a self-employed self made millionaire and see what there score is. After you do this then tell me that the score is something of value. ”

Let me correct some misperceptions. Credit scores do NOT incorporate:

- employment status
- educational status
- income level
- income source
- asset level
- asset source (”self” made vs. otherwise)

So while you (and other consumers) may think credit scores are a “joke,” nobody really gives a crap.

Lenders evidently feel that they DO add value or they wouldn’t use them.

And FairIsaac stockholders probably sleep fine at night.
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Michael Cooke
November 19th, 2006 at 7:42 pm

He has better credit than me. All I did was ruin my credit in college. It has followed me ever since. It seems like nothing I do can bring it back. Nothing. My score is below 500.
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derrich
November 19th, 2006 at 9:39 pm

Thee boom is comin’. Funny thing about your TransUnion score…mine is also lower than the other two by a significant amount. Still scratching my head over this one as the credit reports all reflect the same information.
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Tom
November 19th, 2006 at 9:43 pm

Free Advise you obviously care because you try and defend it with nothing more than a lack of knowledge. So the only thing I can say is keep buying the pipe dream it’s coming as much a hurricane in the North Pole.
Buy buy buy keep buying that stock so you can sleep well knowing you’re living the same lie.
As far as lenders using the scoring system I will only comment that yes they do. What did they do before the scoring system? Also go apply for a mortgage and not give your employment status, income level, income source, assets owned, etc and see how far you get. Let me be the first to tell you that it is all cross checked in a thing called underwriting. Just in case you think they can not check it look at the fine print on the loan application to see what you gave them permission to do. Since the credit reporting agency are nothing more than info brokers nothing you or I do is private. You can find out anything on anyone you just have to know were to look and how the system works. Don’t think for one minute they don’t have all that information at the agencies because they do. There computers hold what I do for work, what kind of car I drive, where I live, where I lived, all the properties I own, etc. It is not on your consumer report, but they are info brokers which means they also sell information to collection agencies. Why do you think that when you dispute something on your report that they try and get you to give them a copy of your DL, SS card, utility bill etc. I hope you are very wealthy from the corrupt, flawed system that you support called the credit scoring system because if you are not sooner or later you will have to wake up to a thing called REALITY.
Eric you are absolutely correct if it shows on the report it gets flagged and the note is worth even less or nothing at all if they try and sell it.
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Jobu
November 20th, 2006 at 8:05 am

Tom, I think you need spelling and grammar lessons, not credit monitoring.
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Free advice
November 20th, 2006 at 8:22 am

Tom:

Thank you! You’ve made my point.

Underwriters look at far more than your credit score. They verify many other aspects of your application. Why? Because your credit score is only designed to measure one attribute of potential deliquency: your credit history.

As to my being “very wealthy,” if that’s the case, yeah, I’m pretty sure it’s based on “REALITY.”
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Tom
November 20th, 2006 at 3:06 pm

Jobu thanks for the advise but I am a money man not an English teacher. I leave the grammar to those who teach it or need it in there everyday employment (like attorneys). That is why I pay people to write contracts for me. As far as credit goes although I do not claim to know everything there is to know about it I have not found anyone that can even match my own knowledge and experience to teach me something new.
Hey Free Advise I am glad to see you do have a financial stake in the system and you are not some brainwashed dummy defending something for others to get wealthy from.
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Mariah
November 20th, 2006 at 10:11 pm

Casey,

Good meeting you Thursday over ice cream. You really have a passion for blogging-perhaps you should engage in some entrepreneurial venture in this realm…Robert Allen has a book on multiple streams of internet income that is insightful at least.

Anyway, I agree with the refi bit. Even with a toilet FICO you can get a neg-am (you are already upside down, might as well let the market set you straight) and hold renting. Then you can apply the cashflow to paying down the debt. You can actually pay off a loan way faster when you get the lowest payment and send extra to PRINCIPAL -better yet, invest the difference in something with a higher return, like an equity indexed life insurance policy-they protect your principal, have high caps, and God forbid, if you got sick, injured, or died, your wife would have something to repay your debts (I think you said you have some insurance right???). Or, if you insist on real estate-invest with the PROS who will take the risk for you and guarantee your return (ask me who and how).

Whoever did your financing knew NOTHING about sophisticated investing. If you planned on flipping, interest only was not the way to go…always go power option arm.

What else? Oh, that fixer here in sac, don’t bother w/ repairs. With fixers that are ugly or in so-so areas, you sell wholesale to contractors (AKA “Handyman Specials”).

Well, looks like everyone and their momma is on your page with all kinds of advise. If you ever want a outside the box Berkeley grad to give you two cents, try working your deals w/ me;). Might even be able to get you some buyers, equity share, and some REAL real estate deals…the right way…through land trusts & self-directed IRAs. Same goes to your fellow blogger friends. Lightedstar@hotmail.com (truly shameless plug-no shame at all;-)

By the way, acknowledging that the “maker” you refer to is Jesus Christ, the merciful, loving creator of the world might give you a little more favor on your deals and help your constituents figure out why you are not homeless and single by now (smile)…Moses, David, Saul, all mighty men of God made some serious and, at times, STUPID mistakes, but heres some ancient and eternal wisdom from a reputable source (the richest father ever):

Proverbs 24:16
for though a righteous man falls seven times, he rises again, but the wicked are brought down by calamity.

Romans 8:28
And we know that all things work together for good to them that love God, to them who are the called according to his purpose

Romans 12:2
And be not conformed to this world: but be ye transformed by the renewing of your mind, that ye may prove what is that good, and acceptable, and perfect, will of God

Revelation 3:21
To him who overcomes, I will give the right to sit with me on my throne, just as I overcame and sat down with my Father on his throne.

Revelation 12:11
They overcame him by the blood of the Lamb and by the WORD OF THEIR TESTIMONY; they did not love their lives so much as to shrink from death.

Last words: beware of false prophets in sheeps clothing. Inwardly they are ravenous wolves. Renew your mind with the word of God and he will direct your steps. It is the ever-living word. It has new meaning each time you are led to it and IT WILL NOT RETURN VOID!!!!! (I’ll let you look those words of wisdom up for yourself-they’re all in the Basic Instructions Before Leaving Earth)

Love in Christ; may his annointing be one you and run over like the beard of Aaron.

Mariah

Let your light shine!
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Mariah
November 20th, 2006 at 10:12 pm

Basic Instructions Before Leaving Earth

Available in multiple translations.
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Mariah
November 20th, 2006 at 10:21 pm

Correction:

Fico does look at employment and education. That is why a college student can step on campus and get 5 credit cards, a t-shiret, CD case, box of gift cards, stress ball, and stack of post-it notes while a hard working high school drop out can get turned down for years.

The biggest thing Fair Isaac looks at (highest weight) is how much you owe in proportion to the credit you have available. If you stay under 40% you boost your score. School loans are an exception because they demonstrate capacity to earn.

I had a bunch of credit cars with late payments and over-limits when I was a freshman(putting book smarts over financial intelligence like a good American)-about 6k in debt that I paid off as a sophmore, a cell phone, and a car loan. I made less than 14k/year including grants (not including school loans) and my FICO was 680 by my junior year.

Anyway, I loved the college experience, but beign smart and broke sucks! Financial planning anyone??

Mariah
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Jobu
November 21st, 2006 at 8:03 am

Tom, maybe you just play a money man on the internet. I hope you do have someone talented watching out for you, because ‘money men’ should have basic 3rd grade grammar and spelling skills in order to communicate.

Their/there
Advise/advice

Learn the difference and you too will excel.
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Tom
November 21st, 2006 at 11:34 am

Jobu, I love hypocrites because they always put themselves in a position to be made and A** out of. What exactly is “Nothing against Nigel, but please stop the boy false information.”? Stop the boy false information? Yeah now there is proper english if I ever saw it.
As the saying goes when you truly have nothing to bring to the table you try smoke and mirrors. It takes a lot more than what you have Jobu for me to be amazed by your magic tricks.
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Tom
November 21st, 2006 at 11:59 am

Mariah, thank you for joining us. At least there is someone here with intelligence that knows how the system works. You are correct in your statement and this folks as how you can tell the people with personal knowledge and experience from those that just try to blow smoke up your a**.
Mariah I do not know what you majored in but just have patience. It took me many years before I broke financial success. I had to do it without that degree. That made it much harder for me than it will for you. I will also tell you that if you go into a professional field your score will rise. If you choose the self-employed path as I did your score will fall. If you learn the ways to have all this not effect you it will not matter. Real Estate investing is still by far the better way to build a fortune as long as you do not fall into the same traps that Casey fell into of promises to get rich overnight. I believe you too can accomplish being as wealthy as you want. It is hard now but I think you will succeed with time.
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Free advice
November 21st, 2006 at 12:57 pm

Correction on correction:

Sorry Mariah, ‘fraid not.

Your FairIsaac FICO score does not incorporate employment status, educational status, etc.

If you go to college and get 5 credit cards, that’s because the issuers of those cards decided to grant you credit based on additional data purchased on who’s going to college this year and who’s not.
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Jobu
November 22nd, 2006 at 7:57 am

Tom, you are grasping at straws to try and defend your poor skills. By getting so defensive that you feel the need to hunt down my past posts desperately searching for an error to throw back at me, you truly show that you know your situation in that skill area is not a good thing. Leaving out a word as I did is called a one time typing error due to my thoughts moving faster than my typing. Stop GIVING the boy false information. Intelligent people can discern the difference. Unfortunately, this blog does not let us edit our typos. However, I am sure your repeated incorrect use of their/there is not due to your typing skills.
You say ‘It took me many years before I broke financial success.’ What exactly does that mean and how does one do it? Maybe you meant ‘achieved financial success’.
It’s fine if you are weak in that area. After all, you are a money man.
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Tom
November 22nd, 2006 at 5:16 pm

Jobu this is my little lesson to you. Your inexperience is showing through. The more you type the deeper the hole. When one has nothing to bring to the table and feels small the natural human reaction for some is to take cheap unethical shots at someone’s personality to distract everyone looking on from the real issue. We were talking about credit scoring system and I was going back and forth with free advise on this issue (although I do not agree with him on it we did not get into attacking others personalities and as a result I have respect for him because he has his own version of knowledge on the issue. In life there is no absolute zero.) You came along with “Tom, I think you need spelling and grammar lessons, not credit monitoring.” This shows your inferiority to the actually issue we are discussing here. I never mentioned once that I was an English major and even in this blog did anyone bring up anything so far off the beaten path as you did. I never stated anywhere that I could out do anyone’s knowledge in the English language or that I know any more or less than anyone on this blog about grammar. Bottom line you could not hold a pencil to my level of skill. To answer your question; in business you set goals for yourself to achieve. Levels of financial freedoms is one of the many. So one of my goals was set as to once I reached a certain financial success I considered that the top. In other words had no goals set after it because I did not think there was a possibility to go further. So when you break that financial success that means you met it and went even further with it. This meaning I did not think at the time I made my goals that I could have exceeded those goals. When I say I broke financial success all it means is that I busted down that invisible wall that I thought I could not go beyond and redefined financial success for myself. See Jobu anyone who strives to be successful in life has hurdles to jump, walls to climb and walls to break down. These of coarse are all metaphoric and everyone has there own measure as to what success is. Last you should take some of your own advice on my grammar misuse “Intelligent people can discern the difference.”
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Molls
November 27th, 2006 at 7:16 am

There is nothing high about these scores. Don’t delude yourself into thinking these scores are high, they are simply just average on two and below average on the other.
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Jobu
November 27th, 2006 at 8:43 am

“Bottom line you could not hold a pencil to my level of skill”.

Tom, it is quite amazing you would make a statement like this while knowing nothing about me, since you are the pillar of being non-judgmental.

Go ahead and take a shot at me for bringing up your spelling and grammar because that is what I did. I did not, however, attack your personality. The reason I did that is because typically we see know-it-all blowhards all over the internet, going on and on about this and that, dishing out advice while butchering the basics of the language. Call me the grammar police if you want. Each of your subsequent posts continues to prove my point.

All of your other comments about me are irrelevant and meaningless because you have no knowledge of me beyond what you have read here. My experience with credit scores, real estate investing, money, and pretty much everything else is unknown to you. Suffice it to say, I am doing fine in all those areas.
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Wes Mahler
December 2nd, 2006 at 4:41 pm

I’am 19 and my credit scores are in the 725+ range
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Buzz Saw
December 4th, 2006 at 7:12 am

“…she won’t let me ruin her credit.”

That’s rich! Thanks Casey, I needed a laugh. Oh, and congratulations, you made the list:

http://buzzsms.blogspot.com/

signed, Buzz Saw
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Lisa
December 16th, 2006 at 9:56 am

I have a score of 571. I have a foreclosure that was a mistake on the lenders part and I sued the lender WAMU and they eventually had to pay big money to me for the error admitting their error and recinding the deed back to me. I then refinanced and eventually sold the home. The refinance shows paid as agreed (a positive) But the foreclosure is there and should not be. I have disputed and provided court docs to all 3 bureaus. When and if this foreclosure comes off how many points would be added to my score? Anyone know? I am trying to buy a home and this looks bad!