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Credit scoring has way, way more to do with whether you've ever made even one late payment, even on a $21 credit card bill. The debt to income ratio is another thing that they take into account, but a credit report doesn't care about your income. It cares whether you pay your debts on time.

ETA I don't think you had that "old days are over" part in your post when I wrote this, and I don't think that they are necessarily over. It depends to some extent how recent the nonpayment is, but they still fuck you if you have recent late payments. Possibly it just results in you paying an extra percentage or so on your mortgage or car loan or whatever.

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Oh, I lost those. A good NY lender will kill you. The NY firms write up soooo much tighter paper than the yahoos punching out loan docs in this cesspool. I plead duress last time under NY law. Try that if you want to get battered to shit and laughed out of court. But it kept us alive long enough to get the refi done, so all was well.

These days, I think a lot of lenders default iffy commercial creditors just so they can get the refi money and get the hell out of the loan. I don't think they actually intend on ever levying on the fucking assets, which are more often than not worthless anyway.

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True. My FICO score went up almost 100 points when a single stupid late payment report from in law school (loan company, despite specific instructions to the contrary, but unfortunately not in writing, failed to defer payment on a loan during school, and the first I received notice was the past due notice) finally slid off my credit report.

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Did anyone else pop a boner reading this? NFH?

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Hmmm, have you tried unconscionability?

Fascinating.

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So what is a good FICO score and what is a bad FICO score? I just got mine from Equifax and just on the basis of a $0 balance negative report by deadbeat's lender, I'm sure it has dropped. Otherwise my credit is perfect. Not a single late payment reported.

(I probably should have just PM'ed this to balt, but if others know, feel free to respond).

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Let's just say that Sebby's commando advice backfired today. Leaky, leaky, crusty, crusty. But it was worth it for the sheer excitement.

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I have to respectfully disagree. I think the debt/income ratio trumps late payments these days, considerably so. It may not "technically" trump it, but in the current market, where lenders are giving money away, most lenders are more focused on the ratio. I was concerned about this because I got tagged on some credit card where I owed $100 years ago. I forgot to forward it, forgot I had it and didn't know my credit was even blemished until I got a car loan a few years back. The lender looked at my salary and minimal debt load and said "whatever."

But you are absolutely on spot about making late payments on important loans in the recent past. You pay your mortagage or student loans 90-120 days late and you can hurt yourself. the lenders think you're in a cash crunch. But you can fuck over your gas company or the cable people or anyone else you might try to hit your credit with little negative effects. Just stay current on the mortgage, car and student loans.

I think credit scoring is scary. People are beginning to learn that they can game the system and not pay bills like they did in the old days. And the lenders sell off all their risk to other lenders, so there's no immediate relationship between default and pain to the bank. I don't know where it goes, but if people start thinking they don't have to pay shit, we'll have some troubles.

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Did you get the score power service I linked to? Because I think the explanation they give is way better than I could give you. I think anything over a 800 is considered excellent. I do know that getting above a certain level is essentially impossible for people under 50 (i.e. 850s require substantial flawless credit lines for 20+ years). Anything over 700 is perfectly adequate. Below that, and interest rates start going up.

[ET fix numbers, which I was off by 100)

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O.K., in all seriousness, dude - you are freaking me out.

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No. What is that?

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I'm between 650 and 700 right now. With the negative report (but not including any amount owed). The negative report account notes that I am "co-maker" on that loan. I haven't been able to get anyone at Equifax to tell me what happens if it changes to "settled debt" or whatever. The internet thing didn't include that level of detail and their phone service sucks. Maybe I have leeway to settle instead of paying in full?

God, this is a pain in my ass.

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Especially if they are Second Amendment people.

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My God. How did I ever get a mortgage? And who loaned me the money for that damned german car?

I've paid just about everything imaginable late and I'm sitting in a house, with a car, with credit cards. Explain.

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Is there a way to get your credit score for free?

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Dude, thanks!

That adhesion stuff is cool. Hey, while you're at it, can you tell me what fennel is?

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You are probably just paying higher interest rates than you otherwise would be. If the only bad thing was that missed payment years ago, it's fallen off.

It's not that you can't get a loan -- fuck, anyone can get a loan -- it's that the rates differ depending on what the lender thinks the risk is.

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Credit society.

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Fennel is a crisp, aromatic vegetable with a licorice flavor and celery-like texture. the bulb is delicious raw in salads (and great cooked as well), and the feathery fronds can be used as seasoning. The rounder bulbs seem to be more tender than those that are really flat. (Some markets label it anise, which it is not.)

Musical Traders
 

I've mentioned here before how these macho dudes on the desk hum along sweetly to corny music, but today, another observation:

A girl on the desk has a Kelly Clarkson song as her cell phone ringer. Her phone rang, and she was teased within an inch of her life.

Fast forward to five minutes later, and what is cute dude who sits next to me singing? "HERE I AM!!" (a la Kelly Clarkson).

This time, however, I laughed in his face. And told him he spilled his lunch on his shirt. He was suitably chagrined.

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Dunno if the deals are still available (probably are), but one could get the score for free by signing up for one of the credit protection "services" (that do nothing, of course) and cancelling within the 30-day window.

You can get your credit reports for free pursuant to federal law, although some states aren't yet covered until later this year.

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Don't even need it in salads. Just chop it, throw some lemon juice, olive oil and salt and pepper on it, and it's an excellent side dish.

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Hey, I got a car loan, a mortgage and enough credit card offers to heat my house in the winter by burning, too. But the interest rates are lower now.

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I got the best rate available at the time as well. My credit actually came back perfect. Go figure. I don't get it either. I had to ask the loan people if they had my name right.

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Further research reveals:

https://www.annualcreditreport.com/cra/images/map.gif

https://www.annualcreditreport.com/cra/index.jsp

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What do you know about Ice Wine?

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How could you possibly suggest that he try that? Have you no shame?

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Your credit card, etc. accounts typically won't report you for anything less than 90 days late (some asshole companies might report at 60, but that is not the rule). If you've been making payments 30-45 days late for years, it might never be reflected in your report. Why? The credit card companies and other creditors want to keep you as their customer. Especially if they're collecting interest from you.

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Yes, Mike Dimone is a fairly common name.

Musical Traders
 

Is this worse or better than singing Tesla's "Love Song" to yourself?

Lovvvvvve will fiiiiiiiiind a waaaaaaaaaaaaaaaaaaaaay!

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Oh, fuck. I was Reisling nut years before it became more common than a bar band cover of Hotel California. Same way I paved new ground with Royal Blue shirts and digging the Strokes. Because of both its cellar longevity and its ability to maintain varietal identity while reflecting the individuality of its terroir, Riesling may be the best of all the white wine grapes. Its homeland is Germany, where it has been cultivated since the 1400s or earlier, and where it is made into wines that run the gamut from bone dry and crisp quaffers to the complex, unctuous nectars made from Botrytis-affected, shriveled berries, individually late-picked, and known by the moniker Trockenbeerenauslese.

Of course, I don't drink it anymore. I've moved on to African grappa.

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Hey, hey, wait a second. This board is a two way street. Give and take. What do you know about IT Band issues? The pain started with what seemed to be a tight hamstring, but now it extends from behind my knee, up the side of my leg to my ass, and now is even bothering my back. I hobble around my office like a cripple. I think of IT Band injuries as a runners' problem, but the only running I do is in soccer, once a week. I am road biking/mountain biking/spinning between 6 and 9 times a week. Maybe it's something else?

Musical Traders
 

I recently learned of someone who went in house at a national chain of music stores. One of the side benefits is that he's allowed to play guitar in his office.

I do not work for a national chain of music stores. However, I would like to play guitar in my office. Can I do this?

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Shhhhh. I didn't tell you this, but most student loan lenders go 120 days.

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Does it go well with cheesesteaks?

Boo

Musical Traders
 

Do you have a guitar in your office to play? Or are you thinking more of the air variety?

Musical Traders
 

1. I hate this person.

2. Only you can prevent you from playing guitar in your office. Crank it up, dude. Just don't suck.

Musical Traders
 

I don't have one in my office right now, but I could bring one in. Maybe I could bring in an electric without the amp.

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Pesnke doesn't need to answer you. I already gave him everything I know about ice wine.

Penske, don't answer him. Leave him to wonder and fret for himself.

Personally, it sounds like a rapidly moving IT Band cancer. Thats how my great aunt went. Terrible end.