The Great Thorn
Bayville,#2Consumer Suggestion
Wed, December 11, 2002
Tee, I do not know how much you know about the credit industry and how the credit reports work. There is a type of credit report that consumers are not aloud to have access to. This credit report reveals so much about you and your credit's past. Car dealers across the country pull what is called a Experian/TRW that includes what is called a "Profile summary" that contains your Score. My Fair isaac score right now is 798 with a 100% revolvng availble ansd I am 15/0/0 In a profile summary it will show if you have any outstanding judgemnets against you. It will show what is called Revolving available in a percent. Say you have a credit card that has a limit of say $1000 and you go shopping and spend $150. You now have what is called 85% Revolving available. If you have 85% available you get 15 points added to your Fair Isaac score. If you have a $1000 limit and you spend more that $500 you loose points. The more you bounce around from address to address you loose more points on your score. You also have a section in the profile summary that is monitoring how many people pull a credit report on you. The more inquiries that you have on your credit report, it will lower your Fair Isaac score. please understand that if it is reported on your credit report that you have a late payment on a line of credit you will loose 29 points off of your Fair Isaac Score. If you are having trouble with the size of your car payment I stronly suggest you do something about fetching a lower car payment real fast because you are killing the buying power of your credit. Most car dealers and banks do NOT want you to know how the scoring system works, nor do they want you to know the TRUE BUYING POWER of your credit so they can make more money off of you in higher interest rates. Tee Please be very carfull with your credit. A poor Fair Isaac score can hurt your future in a very big way.