Credit Reports

I am checking our credit reports with the different agencies and am curious about something: What is a "good" credit rating? I mean, I know what our credit ratings are now, but I haven't a clue if they are good or bad! So, is there a scale I can look up that tells me if we are doing OK, really good, or really bad credit wise?



Jennfier

[DCJenn]

Jennifer



There is a scale but I think each credit company uses a different one. Do you have a mortgage person that you might know? They can tell you. Also, I think there are websites that each of the compaies have that should list the scales. Aren't they just a pain? I have to go though mine wiht a fine-tooth comb and my husband's stubborn streak didn't help his credit report either! He just didn't pay an annual fee one year and didn't bother to close the account so they reported him as delinquent! So, every time we need to do anything I end up having to request that it be removed AGAIN!



Jenn



But get this- we just received a notice from a lawyer that my company had been referred to collections by the American Red Cross. For $5.00. and the postage they used to send the letter was $3.80. And of course, once my A/P person got on the phone it was taken care of immediately. Good use of resources don't you think?

Each bank/lending agency has a diff. way of adding up points...at least it seems that way. For physicians, Jenn, I'd say find someplace that offers physician loans particularly to residents....like Wachovia.....they offer great rates and really for the most part ignore credit scores unless they are really bad.



It is really imp. to check your credit reports from time to time. You can do it on the web pretty easily and we do it about twice a year...we started after a problem with an apartment complex...We had to move after they refused to fix peeling paint in our daughter's bedroom after a storm....they had just informed us that their might be lead in the paint and then wouldn't fix it...



Anyway, after giving notice, moving out, etc, they placed a $3000 debt on our credit reports without notifying us even of the debt... and then they proceeded to sue us as well...it was a very long, sordid tale during fellowship that ended with us having to spend the last year of fellowship attached to an attorney...The blemish was eventually removed after multiple threats by our attorney (thank GOD we had free legal services because I was a student!).



Kris




Time is a Dressmaker, Specializing in Alterations!

Since we are attempting to buy a house after the match, we've been researching our credit reports as well. I've found that Equifax has a pretty complete report. For $12.95 you can even get your credit score which is what determines how 'good' your rating is.... I thought it was worth the few extra $$ to see what my score was... instead of getting just my credit report.



There's a scale as well... A number between 300 & 850. A score of less than 500 is far below the national average. The higher the score the better. When you get your score, it gives you reason codes about why you scored the way you did. This is the area you want to work on first...



My spouse and I invested in the Idiot's Guide to Managing your Money and the Buying a Home book too.... very good info.! Lots of common sense stuff, but it helps to put things into perspective and plan!



Hope this helps... it's all so confusing!!



=) Carey