45 People Helped
Member Since: January 2010
this article is NOT informative. i recommend reading wikipedia articles on FICO and vantage scores
janiesuper's response was:
This isn't a map of financial responsibility. Someone who has never had a credit card (credit history) could be very credit worthy, but they don't have a high score. I think the value in this map is your chances of obtaining a good loan in each state. The lenders will compare your score to the average of the people in the city or the state, and you may need a higher score in California just to compete.
yeah, i think it wouldnt be fair to take salary into account because you would be letting the credit card company judge how you lay out your monthly budget. Unfortunately (or fortunately) when you apply for a mortgage they do look at your monthly budget. I think if credit cards banks are not taking income into account, then they shouldnt be closing my accounts simply because my debt is too high. This causes my score to snowball downward as other cards react. I have an excellent track record even considering juggling 10 accounts with balances. Also, they dont seem to care that all my balances are decreasing over time. Well they are losing my good business.
janiesuper's reply was:
im very happy with my slate card. ive been which chase for over 10 years. they lowered my interest to 3.99 even though my credit isnt stellar and blueprint gives a clear payoff plan. happy to know at least one of my cards values me as a customer
I was denied for this back when i was shopping for cards. I did get approved for two citibank credit cards at 10% and my CK score is currently 714, and was lower when i got the cards. citibank premier pass (reward points) and citibank diamond preferred. I dont think a high credit score is necessary to get the lowest rates, just go with a different card.
i have read elsewhere that it makes no difference in the calculation of the FICO. Can the moderators expand on this in a new article? it would be helpful thanks.
Its Feb 2010 now. The highest interest rate you can get on a CD or money market is around 2.7% if you are lucky.
same thing happened to me, i feel your pain.
its Jan 2010, what does credit karma use now? i recently bought my vantage score and it is in the 500s! my CK score right now is 714
dont close any of your accounts because a long history is good for your score. routinely use your cards every 2 months and pay them off in full in order to keep them open (some cards will close due to inactivity). I've heard that the type of charges affect how your card company views you. If you can, use your cards for items that make you look more serious like paying for household goods, rather than paying cash advances at the casino.