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Old 07-23-2010, 09:08 AM
 
Location: SoCal desert
8,091 posts, read 15,398,797 times
Reputation: 15037

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Quote:
Originally Posted by MadManofBethesda View Post
That's impressive!!

Especially since the very top of the FICO range is only 850.

(And any score other than FICO isn't worth the paper it is printed on.)
Ha - I saw that 915 too - but found this ...

"The maximum FICO score is 850. The maximum VantageScore (a new score now used by Experian, among others) is 990."

If Experian is experimenting ... it'll be used.

Always wondered about the weird top numbers - why isn't a top score 1000?
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Old 07-23-2010, 10:04 AM
 
48,505 posts, read 96,682,701 times
Reputation: 18304
Who said you have to pay alot of interest to use a credit card or use your ceredit score. I actaully finaced my last car at less than the banl pays on inetrest. Thatwas only available o higer scores.I alos buy ,any thinks cheaper with cash back using credit.I have always paid credit cards at end of month but I actaully save moeny using them. Its safe thn carrying cash ;more convenient;easier to use than writing checks.The nono-use reminds me of thsoe who use to not use banks when I was a kid.
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Old 07-23-2010, 10:15 AM
 
Location: The beautiful Rogue Valley, Oregon
7,785 posts, read 18,780,877 times
Reputation: 10783
Financed my last car because I was able to get a 1.5% loan and I was earning far more than that in the stock market.

The interesting thing I discovered is that in the last 5 years my credit score has gone down. Why? In that 5 years I paid off the mortgage, canceled all credit cards except one, canceled all store cards - hence I'm not as credit-worthy because I don't have as much credit.
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Old 07-23-2010, 10:17 AM
 
106,245 posts, read 108,257,613 times
Reputation: 79786
yep, never close credit lines.....just dont use them but leave them open.. 1000 bucks used on a 10,000 buck credit line is a credit utilization of 10%...if you had credit lines of 100,000 then you used 1%..

theres a magic number as well where to much in credit lines open hursts your score too ..
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Old 07-23-2010, 10:33 AM
 
48,505 posts, read 96,682,701 times
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That is more a debt to income ratio really and more important now days. Your talking about long term debt; not debt that you use then payoff . That is one way of help to mantain a good credit score.
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Old 07-23-2010, 11:14 AM
 
Location: Savannah GA/Lk Hopatcong NJ
13,384 posts, read 28,663,137 times
Reputation: 12025
Quote:
Originally Posted by MadManofBethesda View Post
That's impressive!!

Especially since the very top of the FICO range is only 850.

(And any score other than FICO isn't worth the paper it is printed on.)
My thoughts exactly the only credit scoring company that creditors lok at is Issac Fico and FICO scores do not go above 850..more than likely a FAkO score
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Old 07-23-2010, 12:11 PM
 
31,680 posts, read 40,976,802 times
Reputation: 14424
Quote:
Originally Posted by MadManofBethesda View Post
That's impressive!!

Especially since the very top of the FICO range is only 850.

(And any score other than FICO isn't worth the paper it is printed on.)
I know but I didn't have the heart to say that since I was the OP and this was a FYI thread. Didn't know it would our could stir debate
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Old 07-23-2010, 12:12 PM
 
31,680 posts, read 40,976,802 times
Reputation: 14424
Quote:
Originally Posted by PNW-type-gal View Post
Financed my last car because I was able to get a 1.5% loan and I was earning far more than that in the stock market.

The interesting thing I discovered is that in the last 5 years my credit score has gone down. Why? In that 5 years I paid off the mortgage, canceled all credit cards except one, canceled all store cards - hence I'm not as credit-worthy because I don't have as much credit.
That can happen and folks who brag they never use credit can find that out the hard way. I posted this thread so folks planning on retirement would be sure to take their credit score in to account.
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Old 07-23-2010, 12:32 PM
 
106,245 posts, read 108,257,613 times
Reputation: 79786
Quote:
Originally Posted by njkate View Post
My thoughts exactly the only credit scoring company that creditors lok at is Issac Fico and FICO scores do not go above 850..more than likely a FAkO score
EXPIERIAN uses vantage scores alot.......they go into the 900's


credit scores count very heavily to determine your auto insurance rates as well as home insurance.... higher scores tend to have less claims then lower scores....
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Old 07-23-2010, 02:25 PM
 
31,680 posts, read 40,976,802 times
Reputation: 14424
Quote:
Originally Posted by mathjak107 View Post
EXPIERIAN uses vantage scores alot.......they go into the 900's


credit scores count very heavily to determine your auto insurance rates as well as home insurance.... higher scores tend to have less claims then lower scores....
Called to get electric transferred in my name for the place we are in the process of buying and they automatically waived the deposit. Same thing happened for all the utilities when we transplanted. Got great terms for the loan and subsequent insurance.
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