Thread: Credit for Good Credit

Hi All,

This is my first post. On three separate occasions in the last ten years, I purchased small apartment buildings. The lender was the owner of the buildings. The mortgage on the first building will be paid off on April 1st. I just got a Vantage Score of 921 from Experian. Now, I realize that this report does not represent the Gold Standard; that lending institutions rely on the FICO score. I have read that a comparable FICO score might be in the neighborhood of 790. Be that as it may, one of the reasons stated in the Experian report that my Vantage score was lower than it might have been otherwise was: 'Your report does not show any usable/valid real estate loans, such as a mortgage.'

My question is: Is there a remedy? My relations with the lender are terrific if for no other reason than I have never been late with my payments. However, the lender obviously is not an institution. Is there anything the lender can do to...legitimize this payment history? Or, am I out of luck?

Thanks.

Yes, they can report to the credit bureaus. It might be more hassle than it's worth, however, as 790 FICO is categorically "excellent".

Originally Posted by Magic69

Yes, they can report to the credit bureaus. It might be more hassle than it's worth, however, as 790 FICO is categorically "excellent".

Could you flesh out what you mean by hassle? Although, I'm guessing that it has to do with anytime you have to deal with a large bureaucratic organization...

I guess maybe you are also suggesting something like: 'why bother since your score is pretty good'.?
Thanks.
Dick

My meaning was more on the "why bother" side of things - especially if you are relying on a 3rd party (your current note holder) to do the reporting.

Originally Posted by Magic69

My meaning was more on the "why bother" side of things - especially if you are relying on a 3rd party (your current note holder) to do the reporting.

Okay. It seems that if my questimate is close - that my FICO score would land somewhere in the 790's, that the 'law of diminishing returns' takes effect.

Thanks.
Dick

Definitely - 790+ is extremely good already. Congrats!

yes law of diminishing returns definitely works your credit score is good. 790 is a good score..........
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Bad Credit Auto Dealer

Originally Posted by EnriqueHajela

yes law of diminishing returns definitely works your credit score is good. 790 is a good score..........

Thanks! I went ahead and pulled my scores off of MyFico.
Experian: 794. Equifax: 797

Dick

Hi there my friend, Yes, 790 is an EXCELLENT score! Great job!

Good credit score is considered from 750 to 850 , & it is in the top 10th percentile for credit scores (higher than 90% of the population).

cheers

And by the way The 790 credit score is actually very good which would help an individual to get the best loan programs at very cheap rates.

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