Estimate of future credit score

GAV65January 22, 2014

I am trying to estimate what my credit score will be in one year, provided no additional problems happen to my credit. My current score is 635. I have one credit card open with a low balance and $5000 limit. I have no debt and no current or past loans. I have a closed credit card that was 60 days late seven years ago. I have three collections that were posted on my credit agency report, two in 2011, and one in March 2013. What is an estimate of my credit score in one year? Is there a minimum credit score that is required to get a conforming mortgage, provided a high downpayment might be required?

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sushipup1

Try CreditKarma. It's a pretty good company, I've heard representatives interviewed several times.

Check out the credit score simulator.

Here is a link that might be useful: Creditkarma

This post was edited by sushipup on Wed, Jan 22, 14 at 13:56

    Bookmark   January 22, 2014 at 1:54PM
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emma

When rating the credit scores, what is the high number.... 10?

    Bookmark   January 23, 2014 at 9:43AM
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GAV65

Thanks sushipup.Their calculator predicted my credit would increase around 20 points within one year. I hope that happens!

EmmaR, the high number for a Fico score is in the low 800s. I think this is common knowledge. If you are being sarcastic by asking this, I say that it is good practice to be nice to people, because what goes around comes around.

    Bookmark   January 23, 2014 at 2:57PM
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GAV65

Are you being sarcastic? I am just trying to get some basic information and if you are, it is completely un-waranted.

    Bookmark   January 23, 2014 at 3:01PM
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GAV65

When dealing with these situations, it is best to bounce ideas off several people. That becomes difficult if you are a hater.

    Bookmark   January 23, 2014 at 3:03PM
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emma

I don't know what you mean, I did not know what the high was. Mine is 8.9 and when I told a realtor that he said WOW. I just wanted to know what the highest was. I have never worried about credit so don't know what the high is.

What is wrong with you to jump me that way.

This post was edited by EmmaR on Thu, Jan 23, 14 at 16:43

    Bookmark   January 23, 2014 at 4:42PM
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GAV65

Nothing is wrong with me. Please do not post on threads that I start.

    Bookmark   January 23, 2014 at 5:50PM
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sushipup1

Emma, I have no idea what scale your 8.9 is about but it isn't a commonly used credit score. You might want to read up on what credit scores are and how they are calculated.

Here is a link that might be useful: Credit scores

    Bookmark   January 23, 2014 at 5:52PM
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emma

Maybe there are different ways of saying it. That is what my bank told me when I applied for a loan to buy a new home. I asked her if I was approved she said we haven't put it through it, but at 8.9 you will not have a problem. Maybe she said 890 and I misunderstood her. The realtor understood it right away. Friends tell me theirs is 6 or 7 point something, no one has every mention 600 or 700.

I have been approved now.

This post was edited by EmmaR on Thu, Jan 23, 14 at 19:29

    Bookmark   January 23, 2014 at 7:24PM
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sushipup1

Emma, if you are getting a mortgage, you will see a print-out of the credit report score in your paperwork. Ask you lender to show it to you. Did you read my link about credit scores? Do you understand iit?

    Bookmark   January 23, 2014 at 8:55PM
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emma

I clicked on it but I am not going to read all of that. I probably misunderstood what she said, she probably said 890 instead of 8.9. Even her telling me the score I did not exactly know how high it was on a scale, that is why I asked what I did. I know absolutely nothing about credit ratings. It's been many years since my husband and I applied for a loan until last month. We paid cash for our present home and for the last car.

    Bookmark   January 24, 2014 at 12:49AM
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christopherh

"...Nothing is wrong with me. Please do not post on threads that I start..."
*****************
You have no control over who posts to what thread. If someone wants to be sarcastic, or in your words, hateful, they have every right to do so.

    Bookmark   January 24, 2014 at 8:41AM
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dadoes

EmmaR ... you are apparently believe that your credit score has no impact on your life until/unless you need a loan. It can affects things such as insurance rates, not just qualification for loans.

    Bookmark   January 24, 2014 at 9:55AM
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GAV65

christopherh, I realize that she has every right to reply on any post, however I also have the right to request that she doesn't post on the threads that I start. I have a problem in that I am trying to improve my credit score. I appreciate any helpful advice in how to improve my score within the next year. I think she is being unhelpful and rude, which is demonstrated by the fact that she continues to post even though I have asked her not to.

    Bookmark   January 24, 2014 at 11:19PM
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sushipup1

GAV, she posts to everything she doesn't know anything about. Don't let it bother you.

    Bookmark   January 25, 2014 at 12:36AM
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duluthinbloomz4

I think a score of 640 with a minimum of a 20% down payment would qualify you for a conventional/conforming loan.

Read somewhere some lenders might consider a score of 600 with an even bigger down payment. But don't quote me on that.

Quick fixes to the FICO score isn't the wisest of ideas - it takes a bit of time. Things fade from the report over time, but paying off a collection won't remove it from the report for seven years.

Best path to take is pay bills on time. Use a credit card wisely keeping any balance low. Don't shuffle credit cards around shopping for a lower interest rate. Don't close out unused credit cards and don't open up any new ones.

PS, the highest FICO score is 850 - there is another calculator (VantageScore??) which goes up to 990, I think... but a whopping big looking score on Vantage isn't any better a rating to a lender than what you'd see with the commonly used FICO scoring.

    Bookmark   January 25, 2014 at 2:38AM
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