That’s strong!18yrs
That’s strong!18yrs
I agree, 100%I haven't carried a credit card balance for about 40 years, yet every month, my credit rating rises or drops two to four points, depending on what they think my "balances" are. A lot of their rating principles are pure bullshit, IMO.
Not 22+ like the folks above…. I think I’m close, 850 might be the length of credit…..That’s strong!
Thx a bunch, great info in there!
genX. I've lived long enough to witness 2 versions of 90210 and both sucked.Thx and I’ve been there long ago, was definitely part of the “credit gardening” circle in my mid to late 20s.
That forum is very much like this one, except instead of some dude buying some boat chips, it was another dude talking about his new CC.
I think the most reoccurring trend I’ve found is length of credit history. I’ve crossed all bridges, checked all boxes but I’m just not old enough I guess. Maybe I’m wrong. Maybe.
Im about to turn 38, maybe it’s about to hit a magic number in the matrix and I got bloop to 850….
@Rhodeman77 & @johnjohn - care to share your age? This might be the one thing I have yet to hit, length of credit age.
I understand it’s a game. I WANT MY HIGH SCORE DAMMIT!Sept 2021 838
Aug 2022 841
No balances but my mortgage
They want you to take out more credit
It’s a game
You’ll be pissed as shit if it’s then 835 a month later when you pay your billsI understand it’s a game. I WANT MY HIGH SCORE DAMMIT!
I honestly just wanna accomplish the 20 yr goal. My financial situation is about as good as it’s gonna be. Don’t need a single drop of credit.You’ll be pissed as shit if it’s then 835 a month later when you pay your bills
@buffalojimAt what rate and terms lol. Any collateral? I would assume an unsecured personal loan @ $100k w/ minimal debt and 760+ score would be around 8-9% for 4-6 years.
Your move @doublebooyah85
This ^^Why bother? Over certain values it doesn't matter.
I do but you won't like it, @rowlin gave the best advise so far www.myfico.com (which is where I get the 7% is the magic number)This is the type of replies I’m looking for. Thx.
Do you have any insight why it’s 7%
Algorithm wise? I float between 5-9% on my report and it’s annoying, because they are paid in full monthly.
I make all large purchases on my AMEX for the most part, and they all float in the monthly report no matter how I do it.
It’s almost as if I have to just not spend a thing for a month just to play their game…?
Up, down, up, down, left, right, left, right, B, A, B, A, select, start
Your move @doublebooyah85
Send the docusign!
I set a goal.This ^^
I get all of that. Figured an off topic post would garner some opinions from a few who’s opinions I valued, and a few others haha.I do but you won't like it, @rowlin gave the best advise so far www.myfico.com (which is where I get the 7% is the magic number)
AMEX isn't the best for you CR, if you are floating balance across the month, its also not great to pay it off monthly. There is also a magic number on HOW MUCH available credit you have, if you have too little or too much it can be a problem.
If you know someone with an 850 that will put you on an old account as an issued card holder it might bump you up as well.
The reason 7% is the magic number is because ... ratings and ratios are all done with the secret sauce, no one gives out the recipe. You can't walk in and say, tell me how can I gain the system? What we CAN do is .. well post hoc ergo propter hoc, okay so it isn't that bad, but really the only thing we can do is aggregate the result sets, i.e. bucket the score ranges and look at the people in those ranges and say well all of these people have / did X, and this is where the myfico forum comes in, people have spent a shit ton of focus on it, more so than here on chips.
FICO, among other things, is essentially a value of your credit worthiness / risk. But also inherent in the model is a measure of how “valuable” you are as a customer. Some one who borrows and pays back in full early, every time, is very low risk, but also not very “valuable” or “profitable”. Banks make much less on people who pay off early, don’t carry balances, etc.That’s the thing, it’s like a damn carrot and I just don’t get to taste it haha.
Care to share any tips? I own both my cars, I don’t have inquiries, I own one of two houses, I literally pay off all credit cards each month.
What am I missing?!? Down forward back back A B A B select!!!???
Excellent input, THANKSFICO, among other things, is essentially a value of your credit worthiness / risk. But also inherent in the model is a measure of how “valuable” you are as a customer. Some one who borrows and pays back in full early, every time, is very low risk, but also not very “valuable” or “profitable”. Banks make much less on people who pay off early, don’t carry balances, etc.
There are many factors that go into the model beyond your borrowing history, such as debt to income (how leveraged are you), do you have reserves, even zip code, etc, etc.
it’s been a long time since I was involved in the credit model side of things, but there are a lot of factors that go into it and it’s all to determine:
- how risky are you
- how profitable are you as a customer
- so the bank can determine which financial products to offer, cross sell, or market to you.
The FICO feeds the banks credit models, which in turn, determine the product, limit, rate, etc to maximize profit while controlling risk.
Paying your CC off each month is great for you, but not so much for the bank - lol.
I was at 849....so F'n close. Then I stumbled across PCF....mother F'rs!!! But I LOVE EM!!
That shit'll pull you down to 69 if you're not careful. Sorry...differen't addiction!!See I knew it was my chip addiction
Greetings PCF,
Hitting an 850 has been a lifelong goal of mine, but I’m just not there. I’ve hit 843 and I’ve just ran outta steam.
I know there’s a rather large variation of algorithms and programs to compute a credit score. You literally have like 20 of them, depending on what you pull.
However, it seems no matter what I do I just can’t seem to hit it. Anyone here ever hit the 850? Care to share? Any tips?
This is the type of replies I’m looking for. Thx.
Do you have any insight why it’s 7%
Algorithm wise? I float between 5-9% on my report and it’s annoying, because they are paid in full monthly.
I make all large purchases on my AMEX for the most part, and they all float in the monthly report no matter how I do it.
It’s almost as if I have to just not spend a thing for a month just to play their game…?
That’s the info I need! So we do own/operate a small business. I did not know that most won’t report to the individuals report.If you are trying to maintain a specific credit utilization percentage, if you can, consider getting a business credit card to move some of your spending to. It will put a hard pull on your report but most issuers of business CC's do not report to your personal credit report.