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Question about credit scores

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  1. stevester214 stevester214 is offline

    United States

    Posts: 3,089
    Joined: Dec 05

    Dec 11th, 2010 (12/11/2010 12:16pm)

    I had ruined my credit score a few years back, and today i updated it and finally have 2 over 700 (complete brag post!!). This is due to old derogatory accounts being taken off and keeping up with my current accounts. Now my question is: I have my old job listed on 2 of the accounts from 4 years ago, when i was making roughly 25k/year. Today i am making over triple that. Is there any way to update the credit bureaus information or will they grab it automatically after tax season? I mean i figure if I am making more money it would raise my score, correct? All help is appreciated!
  2. markeckert2000 markeckert2000 is offline

    San Gabriel, CA
    United States

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    Dec 11th, 2010 (12/11/2010 12:42pm) in reply to stevester214

    No. Income has nothing to do with how the score is calculated.
    Edited By: markeckert2000 Dec 11th, 2010 at 12:42 PM
  3. ripomatic ripomatic is offline

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    Dec 11th, 2010 (12/11/2010 1:18pm) in reply to markeckert2000

    Your income will effect your debt ratio.....a creditor will orgasm over a small debt ratio! (if in fact you have a good credit rating!)
  4. markeckert2000 markeckert2000 is offline

    San Gabriel, CA
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    Dec 11th, 2010 (12/11/2010 1:43pm) in reply to ripomatic

     
    Originally Posted by ripomatic View Post

    Your income will effect your debt ratio.....a creditor will orgasm over a small debt ratio! (if in fact you have a good credit rating!)

    debt ratio has nothing to do with income. Debt ratio = total available credit / total used credit. For example, if you have a card with a 10k limit, and you have a balance of 4k, your debt ratio = 40%.

    edit: there is debt ratio, and debt to income ratio. two different things.
    Edited By: markeckert2000 Dec 11th, 2010 at 01:45 PM
  5. ripomatic ripomatic is offline

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    Dec 11th, 2010 (12/11/2010 2:11pm) in reply to markeckert2000

     
    Originally Posted by markeckert2000 View Post

    debt ratio has nothing to do with income. Debt ratio = total available credit / total used credit. For example, if you have a card with a 10k limit, and you have a balance of 4k, your debt ratio = 40%.

    edit: there is debt ratio, and debt to income ratio. two different things.

    OK lets get technical....Obv. what i was stateing (sarcastically) but a creditor will orgasm at a low debt ratio and a low debt to income ratio!

    while your being technical tell him not close too many accounts as to negatively effect his debt ratio!
  6. timthegem timthegem is offline

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    Dec 11th, 2010 (12/11/2010 2:12pm) in reply to markeckert2000

    Exactly. A person's income could completely stop at any time so it means little. It's isn't a reflection on how responsible a person is with paying off their debt. There are plenty of millionaire celebrities with horrendous credit.
  7. XquiziVex XquiziVex is offline

    French Polynesia

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    Dec 11th, 2010 (12/11/2010 2:44pm) in reply to markeckert2000

     
    Originally Posted by markeckert2000 View Post

    No. Income has nothing to do with how the score is calculated.

    ^ This.

    The only time debt to income ratio even comes into play is if you are applying for a mortgage or other extremely large type of loan. Other than that income and where you work has absolutely 0 to do with your credit score.
  8. jokerswild jokerswild is offline

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    Dec 11th, 2010 (12/11/2010 2:58pm) in reply to XquiziVex

    The biggest problem now is that 720 used to be A credit paper now 720 is B paper to creditors. Debt/credit available ratio is key with good credit. Keep those cards under 40% of available credit and never close an account
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