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Credit scores expected to continue to improve in 2013


By tvgnus   Follow   Tue, 22 Jan 2013, 1:15am PST   299 views   4 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=22701

Californians have highest average scores •  Even the lowest average credit score of 689 is still considered to be a good credit score The national average credit score for mortgage applicants increased by four points over 2011 to 734, according to a review of more than 450,000 online mortgage applications received in 2012 by MortgageMarvel.com, of Mequon, Wis., a unit of Davis + Henderson Corporation (TSX: DH) of Toronto, Ontario.

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denise   Tue, 22 Jan 2013, 8:31am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 1

I got my credit score recently and was surprised to see it come in at only 731. I did have one 60-day late payment in 2007 due to an oversight, but other than that I thought I was about as good a credit risk as I could be.

I don't owe a dime to anyone. I've got two credit cards that I use all the time and pay off every month, both of which I've had for about 20 years. I had mortgages for 28 years that I paid off in 2010 that don't even appear on the report - why is that? - other loans stay on the report for years but the mortgage disappears as soon as it's paid off? I have a few store credit cards that I never use. I own my San Francisco condo outright and have sizable bank accounts and investments.

Who shouldn't be happy to lend me money? I don't get it.

New Renter   Tue, 22 Jan 2013, 11:18am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

denise says

I don't owe a dime to anyone. I've got two credit cards that I use all the time and pay off every month, both of which I've had for about 20 years.

And therein lies your problem. You no longer have a mortgage and you don't carry a CC balance.

Dan8267   Tue, 22 Jan 2013, 11:59am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 3

New Renter says

And therein lies your problem. You no longer have a mortgage and you don't carry a CC balance.

You're credit score doesn't reflect how likely you are to pay your loan back on time. It reflects how likely the bank is to be able to milk you forever. That's why they give higher ratings to people in constant debt as long as they pay the minimum requirement.

Oxygen   Tue, 22 Jan 2013, 12:11pm PST   Share   Quote   Permalink   Like   Dislike     Comment 4

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