I have 2 questions:
Out of 800, what’s a general breakdown of a bad, average, and above average credit score?
If I dispute an unauthorized charge on my credit card, and the credit card company agrees to correct it…how long will it take for that to clear up and rectify on my credit report?
Re: Credit Score
I think the old method of credit score (FICO) goes up to 850. Anything over 700 is considered excellent. I am assuming between 600-700 is decent/average. Below that you may have trouble getting a decent rate.
On the unauthorized charge, I am assuming your not paying it timely has already entered the credit report. I am assuming that, because if you contest a charge on a timely manner, it gets reversed from your bank statement pending resolution and thus never gets to the credit report. When you run your own detailed credit report, they generally indicate if you have paid balances timely. I think I read that any unfavorable entry stays for 3 years. I doubt if your bank will go back and rectify a negative entry in a prior period.
The new credit score goes up to 900, is not FICO and instead the three bureaues have joined together to rate consumers themselves on a uniform basis. So now you will have the same score from each of the three bureaues (or so one hopes), although the information that goes into generating the score will be different from bureau to bureau. The new credit score also has an A-F grade (A being the best, and F being you-know-what).
Hope it helps.
Re: Credit Score
Thanks for the information Faisal. As usual, it was very helpful :k:
Re: Credit Score
yep.. u're a nobody unless some bank owns your ass..
Re: Credit Score
720 and above generally gets u the best rates. 680-719(good) is the next bracket down, then 660-679(fair) , 640-659(so so) , 620-639 (my sympathies), 580-619( feel sorry for you) and I avoid working with anything lower than that cos its a headache more than anything else. Only if everything could be 680 and above.
An unauthoirsed charge doesn;t have much to do with your credit report. Its only late payments, collections, judgements and balances that r reported to the bureaus. A high balance may temporarily drop ur credit score but it will come back up again once the balance is paid off or down. Now if u haven;t been paying that unauthorised charge than that may be a problem that needs to be taken care of. I have on a couple of occassions been able to get late payments removed from a credit report. As long as the bank gives in writing that the late payment never occured or was reported due to their fault and not the clients, then u yourself can get the info updated with the credit bureaus. Just send copies of the letter to all three bureaus and they should fix it in 30-60 days (I think). I didn't have to wait so long cos I had sent my clients letter to a credit agency who updated the info much quicker, a couple of days but it cost a bit of course.
Re: Credit Score
Not really bro, I know alot of loan free ppl with zero debt and A class credit.
Re: Credit Score
Great info Femme…exactly what I wanted to know.
Thanks :k:
Re: Credit Score
And how is that built up? just by paying bills?
Re: Credit Score
My friend, dont be so gullible, there are people that buy stuff using their credit cards, and then pay them back the same month or without any major delays.
It all depends on the person, some are irresponsible and use plastic unwisely and then the bank OWNS their ass like you said.