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Never bothered to check mine, as I usually don't apply for credit all that often (1 mortgage, 1 HELOC, 2 auto loans, 1 new CC - all in the past 25 years).
But when I did my taxes this year via an online web app, the web site (rhymes with Inuit) offered to show me my free credit score from Equifax. Found out it was in the 800's (out of a possible 850), which immediately led me to wonder what good such a score would do for me. Was less impressed with my score when it turns out that anything over 720 is treated pretty much the same by all companies that extend credit.
Bottom line - it seems that anything over 720 is pretty much the same score to those who will give you a loan or a line of credit.
Before I quit using credit altogether (about twelve years ago) I had a FICO in the 800's - I don't remember the exact number.
What I remember most about it was that I could put my SSN, address, and BD on any consumer credit application online or in stores and ignore the rest of the application information. The clerks were always shocked that without filling the rest of the application I was always given the maximum credit amount. I always had to ask them to back down the amount of credit to the amount that I wanted to use that day.
The second thing I remember was that whenever I went into a bank to apply for a loan or line of credit it was either rejected or I had to make a stink to get it through.
You would think that a Great FICO and a great salary would get you almost anything - that would be a wrong assumption.
Last edited by blktoptrvl; 04-20-2017 at 01:52 PM..
The wife and I bought a house four years ago. Prior to that we had never used credit for anything but student loans. Turns out we both had 800+ credit scores.
So yeah, I don't see the point in "building credit". Use credit... don't use it... whatever. Just pay your bills
A home loan is the only thing a 800 credit score is realy useful for these days. People can buy cars, appliances, and rent apartments with average credit scores.
The way to get to 800s is to start young. Get a credit card as a young adult and use it responsibly. Spend less than you earn, pay your balance in full each month, and your credit limit will gradual rise. After some time you will have a good to excellent credit score.
What will kill your credit score is taking on multiple debts (excluding home loan), opening too many credit cards, not paying your bill on time, and carrying high balances.
I still think paying down the mortgage raises the score. It's happened twice now. The first time some inquiries also fell off but this time nothing else happened. Well, the escrow portion went down but I don't think a slightly lower payment amount does anything. Anyway 773! I know it's not a 'real' FICO score but it is still a huge improvement and I am pleased. Soon I will feel confident that my 'real' score is high enough for a HELOC. (I want the best rates).
I just found out that a higher credit card balance, even if fully paid each month, lowers the score. Mine has drifted down from 848 to a deadbeat level of 820 since we started paying the health and auto insurance through the credit card to pick up rebate points.
I just found out that a higher credit card balance, even if fully paid each month, lowers the score. Mine has drifted down from 848 to a deadbeat level of 820 since we started paying the health and auto insurance through the credit card to pick up rebate points.
Well, mostly it depends on the utilization ratio. When I let mine get to 3/4 of my credit limit on that card I lost ALOT of points. But the same balance on a card with a higher limit wouldn't have done that. Anyway I like the points too and I know when my cards report the balances so I make sure they are low on reporting day. The due date is useless unless it happens to also be reporting day.
You can find out yours here, deadbeat (lol! That was funny): www.wallethub.com
Well, mostly it depends on the utilization ratio. When I let mine get to 3/4 of my credit limit on that card I lost ALOT of points. But the same balance on a card with a higher limit wouldn't have done that. Anyway I like the points too and I know when my cards report the balances so I make sure they are low on reporting day. The due date is useless unless it happens to also be reporting day.
You can find out yours here, deadbeat (lol! That was funny): www.wallethub.com
Thanks for the advice but how do I find out what "reporting day" is? And I'm about about 20% utilization at worst. My credit lines on about four accounts are about $35,000 each and the highest utilization, ever, is about $7,000. And that's with the health insurance (about $2000 a month) and the auto and homeowners (about $900 a month) now paying through the credit card.
You don't consider 820 to be a deadbeat or near-bankrupt score? I do. I thought that's the score for people who bounce checks all over town.
Thanks for the advice but how do I find out what "reporting day" is? And I'm about about 20% utilization at worst. My credit lines on about four accounts are about $35,000 each and the highest utilization, ever, is about $7,000. And that's with the health insurance (about $2000 a month) and the auto and homeowners (about $900 a month) now paying through the credit card.
You don't consider 820 to be a deadbeat or near-bankrupt score? I do. I thought that's the score for people who bounce checks all over town.
Look at individual accounts on there and it will say 'updated 18 days ago' or whatever, and that tells you the day. Then you know to pay down before that date so that you show lower utilization and stop looking like a deadbeat
My FICO score is 824. For some strange reason I felt a lot of pride when I got the report. I feel like an elite.
Can anyone beat me in their FICO score?
I can. Since December my scores have been 831, 840, 829, 840, 840, and 840. Discover Card gives you your score in your statement. I have a $3,000 limit on that card (don't use anywhere near the amount), and I pay it off every month. I haven't paid interest on that card in over 2 years. I financed a bed for my new apartment last fall, $700, and paid it off in 3 months. My student loan has a balance of only $500, and it will be paid off by the end of the year. All of my bills get paid on time, well before the due dates.
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