Fico Credit Scores - Page 7

Lucky Charm · ‎03-09-2010

I'd had good credit (credit cards and car loan) before I married at 20.

So one time I applied for a credit card --for a bank I worked AT and they sent me one.

With a credit limit of $100. Kid you not.

The form letter that accompanied the card had the amount in what looked like raised lettering. I actually looked into the envelope to see if a zero had dropped off.

Nope.

151949 · ‎03-09-2010

I did not know a husband and wife could have different scores - ours are all together.

febe1 · ‎01-22-2012

If you have a rating of 760 and above, all get the same good interest rating. So, 850 and 760 will get the same good credit interest. I've been told 850 is almost impossible to get. And, you would need the "perfect storm" to get it.

Burnsite · ‎03-10-2010

My credit rate is excellent (thanks largely to Suze Ormond's advice).

But I thinnk FICO is all a scam to make people take out too many credit cards and then slam them if they have a catastrophe and are a day late paying them.

I often think bankers don't quite live on this planet.

Lucky Charm · ‎03-09-2010

I keep hearing that sooner or later we'll be 'penalized' for paying off our balances monthly.

I can't remember if it's a fee that will be applied to credit cards or a blip on your credit report/score.

I guess you'll have to weigh the difference, a fee or carrying a little balance.

It'll be a balancing act for sure.

sashamatthews · ‎03-10-2010

I was told two things: (1) do not cancel a paid-off account - the zero balance is a good risk factor but (2) the paid-off balance means all that credit is there for the taking so that is a liability. I choose to cancel what I do not need.

151949 · ‎03-09-2010

I was told to never cancel a credit card but I have done that in the past. I see no point in having cc open and not using them, so I just have closed all but one that I use and pay off monthly and one DH uses and pays. They are both awards cards.

Puppy Lips · ‎05-09-2010

Just fyi, paying off your credit card bill in full every month does not reflect in your score, one way or the other. Paying at least your minimum balance on time is all that matters and is what your score is based on.

@SeaMaiden wrote:
Do you feel comfortable sharing yours? Discover Card is now giving your FICO score with every statement which makes it easy to keep an eye on it. Mine is 850. I have several CC that I pay off in full each month. Other than that one car payment and my Mortgage payment.

Most people do not know that their home and car insurance rates as well as borrowing rates from the bank reflects their FICO score and if you have a low one you will pay much more.... not very fair, but legal.

Always remember that you are absolutely unique. Just like everyone else. Margaret Mead

Trinity11 · ‎11-16-2014

@Nightowlz wrote:
@Trinity11 wrote:
@Nightowlz wrote:
@Trinity11 wrote:
@Nightowlz wrote:
Our FICO scores are both over 850 & have been for years. We have never paid a bill late in our life. When we bought my car the guy said he had never seen a credit score like ours.
I don't think you should have to pay more for home or car ins if you have bad credit. Why make it harder for someone to get back on their feet.
I do feel like you should pay a higher interest for a loan since you are a risk to the loaner. A higher interest rate is one thing but to totally rip someone off is plain wrong.
The highest FICO score is 850. Maybe you mean Vantage Score? That can be higher than 850.
@Trinity11 Just checked Discover & it shows 847 & theirs does go to 850. I thought it was over 850. I have papers the credit union printed out that shows over 850 on each of ours. They get the info from the 3 main credit agencies.
I don't know what Vantage Score is.
Found the printouts & they are from the car dealership. They show the range is from 253 to 893 & mine was 858 & DH was 874.
DH said the credit union verbally told us what our scores were.
Vantage is used in car dealerships. I know that the Fico score only goes up to 850...or at least our financial advisor told us that is the highest score. I googled and he seems to be correct.
@Trinity11 So is the 253 to 893 range the car dealership gave us from the Vantage you are referring to? I guess that does not have anything to do with the 3 main credit agencies?

Yes, the Vantage score must have been what you received because the highest score on all three credit bureaus which are your FICO scores only go up to 850 as 850 is the highest you can achieve. However, all three credit bureaus are often different numbers concerning your FICO score and in addition your spouse may have a different rating than you do. Mine is always higher than my husband's by a few points who rarely buys anything.

itiswhatitis · ‎05-27-2016

@aubnwa01 wrote:
I have a 2017 Subaru Forester on order (due to be here in Jan. 2017) & I told the saleslady at the dealership I'll be paying cash & she said "fine", but it will be interesting to see what happens when the car gets here & I go in to pick it up. A friend of mine just bought a 2017 Forester a few months ago & paid all cash & the finance person at the dealership still tried to strong arm her into getting a loan, which she refused. I guess they make a lot of money getting people to get car loans.

It's called kickbacks from the Finance companies. Yep @aubnwa01.

They stand to make money from financing you.

*Call Tyrone*