Repair Credit Score

Archive for August, 2010

Question: What Do These Credit Scores Mean?

Due to me not having credit..... My dad had to help me buy my car. He was put as the Primary Buyer and I was put as Secondary Buyer. When the dealership ran my report..... 3 different numbers showed up. DO does 3 different numbers mean it was 3 different companies that checked my report or that they checked 3 different times???
1st # was 0
2nd # was 738
3rd # was 0
What does that mean???? Is it bad??? Is it good???

Answer: There are three credit bureaus (companies) and they each keep a file on your credit based on the information reported to them by lenders, banks, etc. Probably #1 and #3 have no information reported about you yet, so you get a zero score. Your 2nd score, 738 is a pretty good Credit Score, so pat yourself on the back.

Having the car payment will help you to build credit, and probably will show up on all three reports, eventually. Be sure to make your payments on time, as it will be very easy to ruin your credit since you don't have much of it.

Good luck!

P.S. What kind of car did you get?

Credit Rating - What Credit Scores Mean

Question: How do I get my mother to give me a loan?

I have a less than prime Credit Score, but my mother has deep pockets and told me she would give me a loan at a lower rate than the bank, but a higher rate than the interest paid to her if I could get some sort of legal documentation. Is this something that is feasible and where do I start?

Answer: Yes, your mom is just asking for a loan note. Here is an article that contains sample wording.

http://www.dolans.com/article/58727/Sample-Loan-Note/

Credit Repair -How to-Repair Credit - Improve Credit Score

Question: Unrealistic Credit Score?

I am a college student with a checking card, and a credit card I've had about a year but always pay in full on time, and thus, have never carried a balance. Also, I've never had a loan, though I've never missed a payment on a bill of any sort.

Answer: Is that an unrealistic score. No.

But the fact is that your history is considered "thin" so any score really won't carry much weight. Most creditors and lenders like to see at least 2 years of solid history before they start to really consider your Credit Score.

If you just keep doing what you are doing, in paying on-time and paying off your card every month you will be just fine.

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