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The credit score thread (1 Viewer)

Jonesey07

Jonesey07

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I figured this was worthy of it's own thread.

Feel free to show off, ask/give advice, or anything that has to do with your credit score!

I got an e-mail today from my credit union that said my credit level changed from good to excellent, and logged in to their site to see this:

1661874636364.png



I have this score when I log in to my Discover account:

1661874746975.png


I can't pull up my Chase account at work but It's around the 730 mark. Is the credit union blowing smoke up my ass?
 
Fico8 will always be the highest. If you can get your Fico3 score (usually used for auto loans), it is usually the lowest. I used to have a monthly subscription to the FICO app ($30/mo), but cancelled it. it has the mortgage score, auto score, Fico8 (usually for CC), and a few others. Crazy how different all of the scores can be.
 
No, it gets confusing/complicated- but there are a lot variables that go into the scores and different products that are “offered” by the credit reporting agencies (CRA’s).

Think of them as an aggregator of all personal related data. They then take all that data and run it through various models to create “products”. They sell these “products” to all manner of businesses and individuals.

Each product has different levels of granularity and layers of “secret sauce” applied depending on the intended use. What your bank is offering to you for free is a base level product that is “ball park” close with minimal effort or secret sauce applied. It’s a good indicator, but not as detailed or accurate as their full cost or specialized products.
 
Not something I often think about but something I’m proud of.

I’ll haven’t pulled a credit score in a while but my wife and I have pretty ridiculously high scores. Other than a 0% interest card offer, I haven’t ever carried a credit card balance in my life. If I don’t have the money in cash to buy something I just dont buy it. I’ve been that way since my first CC in college.

We put almost everything on a CC now that gives us travel points and pay it off every month. My wife also over pays our mortgage and car loans. I was pretty disciplined when I was younger but my wife is on another level.

When I bought my last two cars both finance people told me I had the highest credit score they had ever seen.
 
So the last time I got to see my actual score was in 2016 when I financed a vehicle for my girlfriend. At that time it came in at 867, somewhat a lot higher than the number I just checked a moment ago.

I’m not exactly sure how they ultimately determine your score but I guess it can fluctuate like anything else. I’ve always disliked owing anyone money and I’ve always liked the feeling of CASH in my wallet vs credit cards.

The only open credit I currently have is my home mortgage and 2 credit cards that I use for the rewards and pay off the balances every month. I also try to keep a minimum of 4 months worth of my regular monthly expenditures in my checking account.

I missed 4 months of work once from a freakish accident that happened to me back in my 20s. ( broke both my wrists at the same time, my left requiring surgery, a steel plate, 6 screws and a pin) Other than that, I’ve been fortunate enough since to not have any financial issues I couldn’t take care of arise. Fortunately I had an insurance policy kick in that paid my mortgage those 4 months I missed work.
I did a lot of crazy shit when I was younger, 35 bungee jumps, speedy bikes and speedy cars. My homeowners insurance guy talked me into an extra $12 a month in case I ever got hurt and couldn’t work. Made out on that one big time. :ROFL: :ROFLMAO: But it also wised my dumbass up about many of the “what ifs” in my financial life.

I’m not a financial expert nor do I want to spend my spare time trying to be. I pay a family trusted financial advisor 3/4 of a point to manage my personal investments. When I do borrow money from a bank, it’s always at as low of an interest rate as possible. If the bank doesn’t want to work with me, then I don’t need to do business with them. Simple as that!
Live within your means, it’s a lenders job to keep you in debt.
611C48F7-B216-4EFF-A56D-4CFD06318A80.png
32DB13F2-E542-4B8E-8499-D0577F652507.png
 
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Old State said:
Where is the best place to pull a credit score? Now I’m curious if it’s changed at all.
Click to expand...
Not really sure, I just pulled that from my bank online. It’s the first time I’ve ever pulled it on my own.
I have heard that not having enough revolving credit can lower one’s credit score as well.
 
790 from my bank. The real win is my wife has caught up finally. We have bumped her score 150 points in the last 5 years. She had some bad credit habits before we got married.
 
TBH, anything over 800 is great. When you are a borrower, lenders dont care if you are an 830 or an 848, They have certain tiers, and Fica is a big factor in them, but not the only factor.
 
My economist dad told me never to borrow money, and only buy things I could pay for at the time. Does this mean my credit rating would be the lowest possible, or highest possible?
 
Taghkanic said:
My economist dad told me never to borrow money, and only buy things I could pay for at the time. Does this mean my credit rating would be the lowest possible, or highest possible?
Click to expand...
It would not be the highest as length of credit history and types of credit play a factor in your score.

My lack of mortgage and installment loans negativity impact my score.
 
Windwalker said:
Are you sure it wasn’t 768 or 786? FICO maxes out at 850, I don’t believe a score higher than that is possible.
Click to expand...
Unless I mis heard the finance person that day but I swear that’s the number he told me. He then proclaimed it was the highest he had ever seen.
I believe you about the 850 being the highest, keeping track of my score has not been something I’ve ever done so I’m not completely understanding of the number system other than knowing anything over 800 is a really high score.
 
Last edited:
Taghkanic said:
My economist dad told me never to borrow money, and only buy things I could pay for at the time. Does this mean my credit rating would be the lowest possible, or highest possible?
Click to expand...
YEAH TELL YOUR PA IOSEPH STALIN I SAID HI, K BYYYYYE
 
Lil Tuna said:
Not really sure, I just pulled that from my bank online. It’s the first time I’ve ever pulled it on my own.
I have heard that not having enough revolving credit can lower one’s credit score as well.
Click to expand...
I believe no credit history just gives you a low score. I have a CC now that I pay off monthly except when AMEX let me pay the balance over 6 months with no interest. The only reason I have the card is just to build credit to get better car/home/etc loans in the future. My dad made me get it because he had garbage credit when he went for loans because he had always paid in full in cash until then. So yeah no credit history equals bad credit and no loans from what I've been told.
 
Like @Old State, I don't carry a CC debt. I use the card for everything I can, and pay it off at month's end to get the "points" (we use mostly cash-back cards).

I also set money aside every paycheck for me next car purchase, so by the time I want to buy a new car, I can plop down the cash - unless they are offering 0% interest, or some other offer if you use their line of credit.

It's a game of discipline. It's an easy game when you don't have little ones staring up at you with those sad little eyes wanting to know why that cant have whatever expensive toy is rolling out this Christmas - or don't have internet fast enough to grab a ChipRoom sale.
 

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