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Identity theft, my credit score and WTF????

April 29th, 2008 at 11:55 am

Last week I got a letter from the administrator of my daughter's 529 plan that said a hard drive with client information was missing and I was among those whose vital records were on it.
The administrator included a number of options to "safeguard" clients like myself against identity theft. Among them was signing up for a service that would alert me to anything changing on my credit report.

Today, I signed up for this and in the process was given my current credit score. I was surprised to find that it's still in the excellent range -- despite all my debt. Now, I'm thinking WTF?!?!?!?!?!

I mean, come on, aside from my booming side business, I have very little reportable income. And, as you can all see, my debt is HUMONGOUS!!!! (Plus, there was that unfortunate incident last year when I was more than 30 days late on my credit card.....)

So someone tell me, just what are these credit folks thinking rating my credit score as excellent????

I'm no financial genius (obviously), but I think it's safe to say my credit score should be around the "sucks to downright stinks" rating.

4 Responses to “Identity theft, my credit score and WTF????”

  1. PauletteGoddard Says:

    Length of credit history counts for much. I can't get an APR decrease or a 0% offer from my national bank credit card issuer, yet I have very good rates for mortgage and HELOC and credit card from my credit union. My spouse gets better offers than I do, and he's had eight years' longer credit history.

  2. compulsive debtor Says:

    Maybe that's it. I'm ancient and except for one bad year, I've been good credit wise so maybe that's why I'm considered "excellent."

  3. scfr Says:

    Congrats on the good score. Carrying balances and paying on time is, I believe, one of the best ways to keep your credit score high.

    Just wait until you get things paid off and it starts to go down, then you'll REALLY be thinking WT...

    Mine plummeted briefly after paying off my mortgage in full. And tho it recovered a bit, it never did get back to where it was when I carried a mortgage, and probably never will. I just had to accept that and decide that I preferred being debt free to having a higher credit score.

  4. Thrifty Ray Says:

    The one factor credit scores do not include is income..(go figure)...what the credit reporting places rate is length of credit history, late pays, collections, outstanding balance to limits...so it sounds like you must have a good history--despite the income vs output...good for you.

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