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Your score indicates how "credit-worthy" you are. Naturally, a bank would rather do business with someone who has a good score. They consider anything over 700 a good score and I believe that 850 is about as high as you can go. So, you have a very good score and if you need to get a car loan or a mortgage you will qualify for a very good interest rate because you are not as much of a risk as someone who has a score in the 600s.
Keep up the good work!
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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insurance companies can use the score to determine your rate. Our home / auto / umbrella provider does that, but by using a rate range and a FICO range. I think everything above 700 is given their best rate.
I have a CC company that is really getting under my skin after 25 yrs of providing them good revenue on transactions, (but never carrying a balance). I was late one month due to mail being taken from our rural box or something mysterious... They insist on reporting it, but I am tempted to close the card anyway, as it is a 'mileage card' with annual fee. I hate for my FICO to suffer, but have plenty of credit elsewhere.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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A FICO score is the MOST IMPORTANT number in your life! It determines IF you can borrow, how much you can borrow and how much you will pay. It determines if you can buy car or house insurance and how much it will cost you. More and more often it also determines if you can get a job.
Don't forget, some jobs now look at credit scores as well! Many positions want a background AND credit check on their employees to see how stable they will be (the assumption being someone with shaky credit is less stable).
It is hugely important... it is estimated rough credit costs car buyers thousands in interest payments over a 5 year loan and homeowners tens if not a hundred thousand in interest over 30 years.
The difference on mortgages can be a few percentage points or prevent someone from qualifying in the first place (especially now). I have some brochures and links to credit sites if you want real info from the financial pros and the government, just send me a DM.
Agreed, your credit lives or dies based on the FICO score. Also, your FICO score can be different depending on the credit bureau. Each bureau is reported to separately.
so, if 805 is o k how do you ever, if? get the magic perfect 850! I was told when I did need money to buy a home, and then get the insurance-They took me because this FICO
score was high? the bank lender told me, he never saw a score so high, and I am not
rich.
Location: Moose Jaw, in between the Moose's butt and nose.
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Quote:
Originally Posted by KevK
A FICO score is the MOST IMPORTANT number in your life! It determines IF you can borrow, how much you can borrow and how much you will pay. It determines if you can buy car or house insurance and how much it will cost you. More and more often it also determines if you can get a job.
Are you just pointing out a fact? Forgive me if it isn't so, it seems that you are perfectly ok with it determing other stuff, besides credit.
so, if 805 is o k how do you ever, if? get the magic perfect 850! I was told when I did need money to buy a home, and then get the insurance-They took me because this FICO
score was high? the bank lender told me, he never saw a score so high, and I am not
rich.
you can get $0 down mortgages with credit scores in the mid 600's.. if your score is 805, you should have no problem getting money to buy a home.
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