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Old 08-16-2016, 07:09 PM
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I have an app on my BankAmericard account that let's me look up my credit score.

It's 740 something.

I haven't had a mortgage since 2001 and always pay my credit card bill each month.
I guess I'm what they call a "deadbeat."

What's yours, and why is it important.
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Old 08-16-2016, 07:28 PM
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Don't know and don't care, cash is king. That being said, its getting the cash part that's hard.

Last edited by atcfris; 08-16-2016 at 07:49 PM.
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Old 08-16-2016, 07:29 PM
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820.

Mortgage. Boat payment. Truck payment. Rooms To Go balance @ 0% APR. I use a credit card seldom and usually get it paid off in a month or two.
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Old 08-16-2016, 07:34 PM
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Mine was in the "excellent" range until I paid off everything. I figured once I did this, my score would be off the charts. WRONG! It dropped my score down into the "good" range. I asked a banker freind about it and he explained it. I still dont think its right though, for a man to pay off his debts and have his score lowered because of it.
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Old 08-16-2016, 07:37 PM
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Mine is 848. We owe 3 years on our house and that is the only debt we have. I was stuck on 810 for a long time and I contacted the bank that has our MasterCard and Visa and asked them to increase my credit limits as high as I could. My credit score went up and up and up to a 848.

Why is it important? I just started a new job and I had to give them permission to check my credit score. I get the best interest rate available. I have never been turned down for credit on anything. I know there is other stuff that your credit score is checked.
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Old 08-16-2016, 07:38 PM
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If you are not making payments they do not trust. They like a good "book: and want you in the game.
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Old 08-16-2016, 07:43 PM
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820. I use a credit card for everything, very little cash, and pay it off at the end of the month. We have two mortgages and 1 car payment.
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Old 08-16-2016, 07:51 PM
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Originally Posted by atcfris View Post
Don't know and don't care, cash is king.
That may have been true in the 60's but not any more.....pay by credit card that provides rewards and pay off the entire balance every month. A purchase made on the card is free cash if you pay it off by the due date. Free rewards (ours is free gas with BP), insurance on some purchases and a continued bump up on your credit rating when paying off the entire balance every month..

Cash only payments are usually made by those not able to get credit.

850 credit score for both my wife and me. All you have to do is pay your bills on time.

Don't get me wrong. We both went through some lean years post college and lived pay check to pay check, but things got better and better over the years.
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Old 08-16-2016, 07:52 PM
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Income to debt ratio affects score. Too much and score drops, too little and score doesn't rise.
Utilization also affects score too much accrued debt and score drops.
Not using a card will drop the score as well. Etc. Etc.

Credit history will affect it as well.

So many factors affect the score yet none of the 3 credit bureaus are ever the same.

Anyone with a credit score over 755 IIRC will get the same rate as a person with a score in the 800's.

I use a credit card every once in a while, just to keep the credit history from going stagnant.
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Old 08-16-2016, 07:54 PM
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So what do you get for having a credit score in the 800's? And what don't I get having one that is 740?
I hope to never borrow in the remainder of my life. I'm like Chris. I don't really care.

Just curious.
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Old 08-16-2016, 07:57 PM
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Originally Posted by dssmith View Post
So what do you get for having a credit score in the 800's? And what don't I get having one that is 740?
I hope to never borrow in the remainder of my life. I'm like Chris. I don't really care.

Just curious.
The right to brag and not much shopping apr's for the best rate.
740's would get you a good apr yet not the best without having to do a bit of shopping.
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Old 08-16-2016, 08:02 PM
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Originally Posted by dssmith View Post
So what do you get for having a credit score in the 800's? And what don't I get having one that is 740?
I hope to never borrow in the remainder of my life. I'm like Chris. I don't really care.

Just curious.
You get secret membership (with a special handshake).

Actually I nave been told that over 700 or so you are considered golden.
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Old 08-16-2016, 08:05 PM
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Originally Posted by dssmith View Post
So what do you get for having a credit score in the 800's? And what don't I get having one that is 740?
I hope to never borrow in the remainder of my life. I'm like Chris. I don't really care.

Just curious.
740 is typically the lowest score in super prime consumer lending. It will basically get you the same same rate and LTV as an 800 but maybe not an exception.

Your score (although a different model) is used in insurance rates as well. Very minimal impact in pricing. So if you're never going to borrow it gets you nothing.

FWIW the free about provided by your bank is likely not a model used by lenders and scores can vary significantly between models.
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Old 08-16-2016, 08:14 PM
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Default Credit score . . .

For too much of my life I was concerned with my "I love debt score"

I was taught in college "leverage (aka debt) is good"

With two degrees in finance, and a twenty year highly successful career in banking - I was wrong.

For the last ten years everything I purchase is only with cash. Yep. Greenbacks. No car loans. No boat loans. No credit cards. No mortgage.

My credit score?

Quite frankly my dear - I don't give a d_mn.

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Old 08-16-2016, 08:29 PM
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Mine was 800s until I paid off my mortgage. High 700s now. Guess I need more debt to be better credit risk.
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Old 08-16-2016, 08:33 PM
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a very good credit score means you owe someone money. Not a good position to be in.
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Old 08-16-2016, 08:35 PM
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Originally Posted by USMCsilver View Post
820.

Mortgage. Boat payment. Truck payment. Rooms To Go balance @ 0% APR. I use a credit card seldom and usually get it paid off in a month or two.

but you use an amazon card and your truck has been riddled with problems
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Old 08-16-2016, 08:41 PM
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Originally Posted by dock side View Post
a very good credit score means you owe someone money. Not a good position to be in.
This isn't true in my case. One house payment each month is the only debt we have.

A way that worked to increase my score was to get more available credit by raising your credit card limits as high as the bank will go. I had a card that had a $25K limit & I asked to raise it to $35K. The bank raised it to $60K! Same situation with my other card.

This time in history I think you should be very aware of your credit score. It's used for services you likely don't even know about.
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Old 08-16-2016, 09:00 PM
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Originally Posted by dock side View Post
a very good credit score means you owe someone money. Not a good position to be in.
Or you are smart enough to use credit to your benefit...

If you buy a car and they offer 0%, would it be a good "position" to pay cash, or to keep your money making money.
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Old 08-16-2016, 09:18 PM
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777

I'm going to Vegas! What most people fail to realize is that in the world today, your credit score is used to determine how responsible you are in life.

Don't shoot the messenger here, it is what it is. Everything from what you will pay for car/homeowner insurance to interest rates on mortgage to credit cards is predetermined by that magic number.

Try not to screw it up. You will pay for it in the long run.
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