Fico Score - Page 4

Lakelife62 · ‎05-09-2023

@shoesnbags wrote:
@Lakelife62 wrote:
@Luvitorleaveit1 wrote:
Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.
Homeowners inurance, any type of revolving payment plan you might wan to establish with local vendors, utility services, mobile phone plans, apartment rentals, any kind of lease....many things you will continue to need into old age are priced/denied/approved based on your credit score
@Lakelife62 Just curious - how does your credit score affect utility services?

Some utilities will run a credit check before approving your request for electricity, gas, propane, solar services. In some cases where there is poor credit, an up -front deposit may be required

shoesnbags · ‎03-10-2010

@Lakelife62 wrote:
@shoesnbags wrote:
@Lakelife62 wrote:
@Luvitorleaveit1 wrote:
Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.
Homeowners inurance, any type of revolving payment plan you might wan to establish with local vendors, utility services, mobile phone plans, apartment rentals, any kind of lease....many things you will continue to need into old age are priced/denied/approved based on your credit score
@Lakelife62 Just curious - how does your credit score affect utility services?

Some utilities will run a credit check before approving your request for electricity, gas, propane, solar services. In some cases where there is poor credit, an up -front deposit may be required

Thanks for your reply @Lakelife62 . Haha kind of a no brainer that poor credit would affect the ability to get new services. But folks in this thread seem to be talking about minor ups and downs in their scores. I thought you were saying that pricing for utilities varied according to credit scores.

Full disclosure - I had no idea what my score was until reading this thread inspired me to check. I don't worry about doing any of the things mentioned in the thread. I have no debts and pay off my credit cards every month. But my score is in the 800s so I don't know what I might be doing right. Guess I can go back to worrying about other things.

"Breathe in, breathe out, move on." Jimmy Buffett

They CallMe MRWILKES · ‎06-29-2016

Your on time payment history carries the most weight to your score.

My bank provides details on each of the factors:

On time payment history: 35%

Amount of debt used: 30%

Length of oldest credit: 15%

New credit inquiry: 10%

Credit mix: 10%

wagirl · ‎03-09-2010

@San Antonio Gal --No, not upper 800's ---misspoke as I was reminded of earlier!! But I am an over achiever😉😄

CelticCrafter · ‎03-09-2010

@Luvitorleaveit1 wrote:
Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.

@Luvitorleaveit1 I agree. We have no debt, the house is paid for, the car is paid for. At our age we have no plans on buying a new house that would require a mortgage and if we do buy a new car it will be a cash payment.

Carmie · ‎10-25-2010

@wagirl wrote:
@San Antonio Gal --No, not upper 800's ---misspoke as I was reminded of earlier!! But I am an over achiever😉😄

My FICO score is showing 858 today. So, those that say 850 is the highest can be wrong.

Luvitorleaveit1 · ‎03-09-2010

@CelticCrafter - same here. Before retiring I had my kitchen and basement remodeled as well. No debt feels wonderful and free to do as we please.

I would love to do a nice cruise but still on the fence.

Kalli · ‎03-11-2010

Well, I sure learned a lot reading this discussion! Thanks to all who answered.

I did find out another issue. Because I didn't use my TJMax card they lowered the amount I could charge by half. I think that may have hurt my score, too. But as many have said here, I'm still happy to say Good-bye to that truck loan, and I'm not going to use that card just to maintain a certain spending level, so I guess I'll take that hit.

Hopefully my score will go back up over time. I do think I should check with the credit reporting agencies just to be safe. And I think its a good idea to start setting the money aside that I used to use for my monthly truck payments since I depleted my extra money on a recent unexpected vet bill.

DJs mom · ‎06-06-2012

From Google:

Base FICO & VantageScore: The ceiling is 850. Scores between 800 and 850 are considered "exceptional" or "excellent" by institutions like Experian and the MyCreditUnion.gov
Industry-Specific FICO Scores: Lenders use specialized models for auto loans and credit cards, which have a maximum score of 900.

Mortgage Scores: Scores used specifically for buying a home (FICO models 2, 4, and 5) cap at different maximum limits below 850, as mentioned by credit users on Reddit.

While an 850 is a great milestone, lenders typically treat any score of 760 or higher exactly the same as a perfect score when it comes to offering the best interest rates and loan terms.

***It's ok not to be ok***

Lakelife62 · ‎05-09-2023

@DJs mom wrote:
From Google:

Base FICO & VantageScore: The ceiling is 850. Scores between 800 and 850 are considered "exceptional" or "excellent" by institutions like Experian and the MyCreditUnion.gov
Industry-Specific FICO Scores: Lenders use specialized models for auto loans and credit cards, which have a maximum score of 900.
Mortgage Scores: Scores used specifically for buying a home (FICO models 2, 4, and 5) cap at different maximum limits below 850, as mentioned by credit users on Reddit.

While an 850 is a great milestone, lenders typically treat any score of 760 or higher exactly the same as a perfect score when it comes to offering the best interest rates and loan terms.

Exactly right. When you read a bank rate sheet, this is what you see:

CS 650-700 6.75%

CS 701-760 6.50%

CS 761-850 6.125%

So even if you have a high score, you are being lumped in with others who have a lower score and you are all getting the same rate within your score range.