Credit rating

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Posted by Kevin on February 17, 1998 at 20:02:28:

The term "Bad" versus "Good" credit is a very ambiguous term. While some people may have perfect credit histories, I would guess that there are many people that for some reason or the other have a mark or two on their credit. Does this necessarily constitute bad credit? I reviewed my credit report and I have a few delinquencies on one of my student loans (60 day delinquencies).To make it worse, the loan is actually one monthly payment,however,on my credit report it is divided into two separate loans so it appears I am delinquent on two accounts (there are actually two loans but only one payment source for both). I could go in to detail as to what caused this, however, fact is that they are there. Everything else on my credit is flawless (according to Experian's credit report, that was the only loan reporting any delinquencies -- all others reported "Current and all payments being made on time" and reviewed all months of each loan and listed no delinquent payments.

As I stated, everything else looks great on my report - All mortgages, auto loans, credit accounts, etc.. I suspect however, my Fico score may be marginal since I was refused credit on a few occasions and have had quite a few inquiries. Would this necessarily constitute "bad" credit?? Not considering the Fico score at all, would the one loan listed as slow term me as having "bad" credit? As of the last 6 moths or more, the loan has been current and up to date. Over 85 months were reviewed and only 4 were reported delinquent.

It is also my understanding that many mortgage companies use the Fico score as a guidline for quick loan processing, however, will not use it to replace their underwriting process. I feel the Fico score is very unfair and should be only a small factor in granting loan requests. I have included a cool URL which is a "credit assessor" type java applet. You enter your credit information and it gives you a rating based on the information you supplied... I dont know how accurate it is but its interesting to review the results.

http://www.keystrokenet.com/loan-bin/credit

Regards,
Kevin

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Re: Credit rating MILLEE 11:34:40 2/19/98 (0)

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: : The term "Bad" versus "Good" credit is a very ambiguous term. While some people may have perfect credit histories, I would guess that there are many people that for some reason or the other have a mark or two on their credit. Does this necessarily constitute bad credit? I reviewed my credit report and I have a few delinquencies on one of my student loans (60 day delinquencies).To make it worse, the loan is actually one monthly payment,however,on my credit report it is divided into two separate loans so it appears I am delinquent on two accounts (there are actually two loans but only one payment source for both). I could go in to detail as to what caused this, however, fact is that they are there. Everything else on my credit is flawless (according to Experian's credit report, that was the only loan reporting any delinquencies -- all others reported "Current and all payments being made on time" and reviewed all months of each loan and listed no delinquent payments. : As I stated, everything else looks great on my report - All mortgages, auto loans, credit accounts, etc.. I suspect however, my Fico score may be marginal since I was refused credit on a few occasions and have had quite a few inquiries. Would this necessarily constitute "bad" credit?? Not considering the Fico score at all, would the one loan listed as slow term me as having "bad" credit? As of the last 6 moths or more, the loan has been current and up to date. Over 85 months were reviewed and only 4 were reported delinquent. : It is also my understanding that many mortgage companies use the Fico score as a guidline for quick loan processing, however, will not use it to replace their underwriting process. I feel the Fico score is very unfair and should be only a small factor in granting loan requests. I have included a cool URL which is a "credit assessor" type java applet. You enter your credit information and it gives you a rating based on the information you supplied... I dont know how accurate it is but its interesting to review the results. : http://www.keystrokenet.com/loan-bin/credit : Regards, : Kevin

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