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Old 07-15-2014, 04:39 PM
 
Location: Way up high
22,193 posts, read 29,221,180 times
Reputation: 31258

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My brother and mother have mid 800's beacons. Makes me want to barf
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Old 07-15-2014, 05:07 PM
 
Location: southwestern PA
22,336 posts, read 47,314,292 times
Reputation: 47397
Quote:
Originally Posted by BubbyBobble View Post
You really don't need a Fico score, especially when you make over a certain amount. Basically, you end up ''borrowing'' money to get a good score. Borrowing is always risky because it's not YOUR money. I'd rather be a billionaire with no credit score than a 30kionaire with an 800.
You will not be a billionaire without using credit to your advantage.
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Old 07-16-2014, 02:46 AM
 
8,360 posts, read 4,510,757 times
Reputation: 5545
Quote:
Originally Posted by linicx View Post
Fair Isaac (FICO) is used when you apply for a mortgage, car/house insurance, credit card, etc.. Any time your credit is checked for any reason (excluding a bank), FICO score is reduced. Lower scores mean instead of a car loan of 5% you might pay 8% or higher.
I assume you are referring to credit inquiries. It matters not WHO (other then yourself) pulls your credit but what TYPE of inquiry it is.

A request for new credit (including from your bank) will be a hard inquiry and will affect your credit score. How much depends on several factors, a thick file with a lot of age will be affected minimally, maybe a point or two.

The second type of inquiry is a soft inquiry. These do not affect your score and in fact do not appear to any creditor pulling your credit. These include requests by you (either through annualcreditreport.com or through any number of credit monitoring services), promotional (PR), account reviews (AR) from existing creditors etc.
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Old 07-16-2014, 11:41 AM
 
18,494 posts, read 15,474,484 times
Reputation: 16163
Quote:
Originally Posted by Pitt Chick View Post
You will not be a billionaire without using credit to your advantage.
I'm sure Warren Buffett would disagree with you there

Also, even if that were true, you don't need a credit score to borrow on margin.
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Old 07-16-2014, 11:42 AM
 
Location: Sputnik Planitia
7,826 posts, read 11,737,360 times
Reputation: 9045
Quote:
Originally Posted by I'm Retired Now View Post
Can I do a little boosting?

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?
Yes, mine was 832 once when I checked, another time it was 828. My story is simple, I have no debt and have no negatives on my report (obviously). Pay your bills on time for an extended period, don't have any debt and you have a high score...not rocket science.
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Old 07-16-2014, 11:40 PM
 
Location: California
37,076 posts, read 42,038,193 times
Reputation: 34885
My Discover FICO is 846 right now. That's the highest I've seen it since I started looking so I figured I should get in a brag before the fall. Hahaha.
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Old 07-16-2014, 11:43 PM
 
Location: Texas
44,256 posts, read 64,154,152 times
Reputation: 73916
I paid my bills.

On time.

All the time.

That is my story.
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Old 07-17-2014, 12:50 AM
 
30,873 posts, read 36,808,045 times
Reputation: 34452
Quote:
Originally Posted by Pitt Chick View Post
Meh... you are not being punished.
You are seeing the consequences of CHOOSING to be credit free.
Sorry, but I agree it's kind of a punishment. The elites want to move us to an all electronic currency so they can track everything we do. So one of the steps in that process is to make cash inconvenient.
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Old 07-17-2014, 01:19 AM
 
4,765 posts, read 3,715,448 times
Reputation: 3038
Quote:
Originally Posted by BubbyBobble View Post
You really don't need a Fico score, especially when you make over a certain amount. Basically, you end up ''borrowing'' money to get a good score. Borrowing is always risky because it's not YOUR money. I'd rather be a billionaire with no credit score than a 30kionaire with an 800.
FWIW, I have been debt free for 5 years. No mortgage. Closed an utapped HELOC 2 months ago and haven't had a car loan in 12 years. I pay off my Discovercard each month in full and according to them my FICO is currently 832. I do have about 2 or 3 credit cards stored away that have never been used. And 3 I carry around.
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Old 07-17-2014, 06:05 AM
 
24,120 posts, read 10,438,563 times
Reputation: 46031
Quote:
Originally Posted by shaker281 View Post
FWIW, I have been debt free for 5 years. No mortgage. Closed an utapped HELOC 2 months ago and haven't had a car loan in 12 years. I pay off my Discovercard each month in full and according to them my FICO is currently 832. I do have about 2 or 3 credit cards stored away that have never been used. And 3 I carry around.
OT - check on your unused CCs. They may go stale on you.
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