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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.
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.
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.
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.
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.
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.
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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