Credit Rating

[thedeparted]

So seeing as i have an outstanding loan and got it set up to make payments and I haven't been able to fully pay off. My credit rating has started to rise. Now is this because i have an outstanding loan for 3 weeks(its 160 rating) or is it because im making payments?

[LiNuX]

That's the making payments part.

[thedeparted]

With a better credit rating will i have a increased loan limit eventually

[Bertrum]

Usually that's the case. Better credit rating makes everything easier!

[thedeparted]

haha yeah in the real world, i was wondering if the forum software worked like that as well.

[LiNuX]

The loan limit should be the same, don't remember what I put, will check for you later and post back.

[egg-whites333]

i think the loan limit is 100 but i dont remeber

[thedeparted]

Yeah its 100 limit at 100 rating, was just curious if say i reached 200 rating would it raise to say 200..ect or something

[Exodyus]

... You guys really are allowed to admit that you don't have a clue what you're talking about. We'll all forgive you. Lol.

Your credit score banks on three different credit organizations. And a good credit score is typically anything over 650.

Also -- your credit limit doesn't always equate your loan potential. Typically time in service and a good payment record will earn you a higher credit limit.

The higher your credit score is, often allows you to get better interest rates on the loans you're going to take out.

The reason your credit is going up, is as Boss says, your paying off your loan. Your credit rises. But you don't want to get into loans and credit cards. It's a bad, downhill spiral that will land you in incredible financial trouble. Especially at the ripe age of twenty-three. Don't get into that crap.

Motto: If you can't pay for it in cash [aside from a house or reasonable car], you don't need it right now.

[Trunks]

... You guys really are allowed to admit that you don't have a clue what you're talking about. We'll all forgive you. Lol.

Your credit score banks on three different credit organizations. And a good credit score is typically anything over 650.

Also -- your credit limit doesn't always equate your loan potential. Typically time in service and a good payment record will earn you a higher credit limit.

The higher your credit score is, often allows you to get better interest rates on the loans you're going to take out.

The reason your credit is going up, is as Boss says, your paying off your loan. Your credit rises. But you don't want to get into loans and credit cards. It's a bad, downhill spiral that will land you in incredible financial trouble. Especially at the ripe age of twenty-three. Don't get into that crap.

Motto: If you can't pay for it in cash [aside from a house or reasonable car], you don't need it right now.

I hope you realize that this is the forums currency and not real life.

[thedeparted]

I hope you realize that this is the forums currency and not real life.

It's exo if you recall. If he has a chance to be a deck he's going to use it up

[Exodyus]

Lol, that's actually really funny.

Departed and Linux's conversation and the entire thread is enigmatic to the forum currency.

HAhhaahahah!

[CraeSC111]

Haha I was confused about whether it was real at first or not. Was gonna explain how real credit score works. What did you even use the loaned points for?

[Mizel]

Haha I was confused about whether it was real at first or not. Was gonna explain how real credit score works. What did you even use the loaned points for?

Lol Same here.... hes addicted to gambling!! GFP style O.o

[thedeparted]

Haha I was confused about whether it was real at first or not. Was gonna explain how real credit score works. What did you even use the loaned points for?

lol im crazy for given random members that never post gfp gift, specifically ones in debt sometimes giving the few sad souls that are a few million a couple gfp here and there. :p. I figured that i could get more gfp up front to have a few laughs and seeing as i post a lot i could easily get 10 gfp every few days

[Exodyus]

How much are you in debt? Lol.

I have a ton in the bank.

[thedeparted]

I'm not in debt, i dont think im going to play around with the bank again either because it either hates me or im to stupid to set up the correct payment plan. I ended up paying like 250 on the 100 loan because it was saying i didn't make a payment

[LiNuX]

Sorry for not posting earlier, and yeah egw was right, it's a 100 gfp max, doesn't matter credit rating. I think the interest amount differs though, the system is too complicated, I never looked through all the options, there are so many options and so much to read.

[shamelB]

A credit score in the United States is a number representing the creditworthiness of a person, the likelihood that person will pay his or her debts.

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers. Widespread use of credit scores has made credit more widely available and cheaper for consumers.

---------- Post added at 12:39 AM ---------- Previous post was at 12:34 AM ----------

A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person.