"FICO" Credit Score mean anything..?

[sokoloka]

Originally Posted by beshannon

I have no idea what mine is and have never bothered to check. As a former commercial bank branch lending officer I have zero faith in the "score".

Been years since I actually pulled a credit report as most decent bank accounts will offer you a monthly update tucked in your online banking.

[superdog]

Originally Posted by sokoloka

Been years since I actually pulled a credit report as most decent bank accounts will offer you a monthly update tucked in your online banking.

I get my fico from Amex. Free.

[BreguetRolex]

Owning and using Credit Cards is sure not a sign of any weakness for sure. It's a great feeling to have the "FIREPOWER" available at the flick of a wrist when your 1/2 way around the world and that $50K watch catches your eye with the odds your not carrying that around in your back pocket. We have 3 heavy duty cards and all of them are always on standby just incase. You just have to have the means and ability to pay those bad boys off before the end of the billing cycle so no interest is occurred....

[DonRickles]

Originally Posted by BreguetRolex

Owning and using Credit Cards is sure not a sign of any weakness for sure. It's a great feeling to have the "FIREPOWER" available at the flick of a wrist when your 1/2 way around the world and that $50K watch catches your eye with the odds your not carrying that around in your back pocket. We have 3 heavy duty cards and all of them are always on standby just incase. You just have to have the means and ability to pay those bad boys off before the end of the billing cycle so no interest is occurred....

So, you're sayin you'd like to help me bump up my score? I have had my eye on a new Blancpain.....!

[Polarexplorerii]

Dave Ramsey says it best when it comes to credit score, "a credit score just means you can manage debt very well”. If you don’t know who he is, youtube him and your life will change as mine did when it comes to money...

[TC94]

Originally Posted by BreguetRolex

Owning and using Credit Cards is sure not a sign of any weakness for sure. It's a great feeling to have the "FIREPOWER" available at the flick of a wrist when your 1/2 way around the world and that $50K watch catches your eye with the odds your not carrying that around in your back pocket. We have 3 heavy duty cards and all of them are always on standby just incase. You just have to have the means and ability to pay those bad boys off before the end of the billing cycle so no interest is occurred....

You are absolutely correct. A lot of people rail against the system or refuse to play the game, which is perfectly acceptable. To each his or her own.

BUT...

I have virtually no debt (small HEQ line I used to buy a college apt for my daughter), use credit cards for every expense, pay them off every month before any interest or fees, get 1-3% cash back and have a credit score of 843 today.

That’s essentially getting an automatic 1-3% discount on everything I buy at zero extra cost. Plus the benefits of convenience and safety. Along with travel and rental car insurance, extended warranties, and more.

IMHO, playing the game is a no-brainer.

[Etschell]

Originally Posted by superdog

I get my fico from Amex. Free.

exactly. mine is over 800.

that said i pay mine off each month and don't open unnecessary lines of credit.

people who don't use credit are inherently risking a lot. debit cards have 0 protection. never use them. if people use cash that is going away very soon with the digital dollar. there will be no more cash eventually.

i use credit for what i need. i dont carry a balance on any form of debt unless it is 0%.

[austinp]

850 here and I’m leveraged out the wazoo. So go figure. No CC debt though.


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[Mr. Miami]

750 and just graduated college. only one credit card and no other debt.

[DudePerfect]

Is 520 a good score?

[Polarexplorerii]

Originally Posted by DudePerfect

Is 520 a good score?

ummm… its a start..

[ROlesorusLEX]

Dave Ramsey is right in that people with a high score tend to manage their finances well. Its also important to note, however, that FICO scoring depends heavily on consistently AND perpetually paying off lines of credit. By that, I mean to say that ending a line of credit is similar to not paying your monthly bill, to a certain extent, even though that should always be your goal.

I say this from experience. My parents always paid off their bills on time and instilled that financial wisdom in me. As a result, I had a >800 score my entire life after college. I was rudely awakened with a 715 score one day after paying off my med school loans about 24 months ago. Wrote a 6 figure check. Lost 100+ points on my FICO. Amex credit report stated "lack of revolving credit lines" and "loss of mature credit lines." Only got it back to 815 in August, after about 20 months of mid 700s. All for being responsible.

Tl;dr: FICO rewards you only if you consistently carry debt and pay on time, not for being otherwise fiscally responsible.

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[Tricolore66]

In some neighborhoods, yes!

Originally Posted by DudePerfect

Is 520 a good score?

[Tricolore66]

850 is supposed to be the highest score. I use credit cards but never carry a balance, no revolving debt, have a mortgage with a small balance, and have been at my job for 20 years. I typically finance my daily driver with half down on a short term and pay cash for my fun cars. My score has been in the 800's for as long as I can remember, but most recently bumped into the 840's, presumably because I made a few high-dollar credit card purchases to rack up some points, and paid off in less than 30 days. It has now turned into something of a challenge to see if I can hit 850. Honestly the single best thing that happened for my credit score was automatic bill pay. When I was in college in the late 80's I was lucky to be in the 600's! The biggest driver of my watch collection seems to be my need to use a credit card from time to time to keep my score up.

[roadie1]

I am 56 yeas old, 100% debt free and will never borrow another dime. My home, cars, toys, kids collage fund, etc. everything is paid for by me and me alone through working my ass off. I “had” an 800+ credit score at one time, but since I’ve been debt free for some time now, I would imagine it has lowered. I could care less. There is no better feeling than having absolutely zero debt. I highly recommend it. So many people think some debt is good. That’s BS. Yes I’m a Dave Ramsey fan. The borrower is slave to the lender....

[pickettt]

I've no debt, and a 799. C'mon, man.......throw me a bone!

[singe89]

Credit score is important if you’re looking at taking out more debt, some insurance and leasing/renting. It’s kind of a joke though. My wife is right at 850 and has zero income yet got a $75k limit CC with just a credit check. I’m low 800s and only have a small loan vs value primary mortgage. Charge everting on my CC for points and pay in full every month. 3 cars and no payments and my score actually dropped when I paid my 2nd home mortgage off. FICO likes lots of unused debt with long and steady payment history. My wife rubs it in that her score is always better than mine.

[Fleetlord]

Originally Posted by ROlesorusLEX

Dave Ramsey is right in that people with a high score tend to manage their finances well. Its also important to note, however, that FICO scoring depends heavily on consistently AND perpetually paying off lines of credit. By that, I mean to say that ending a line of credit is similar to not paying your monthly bill, to a certain extent, even though that should always be your goal.

I say this from experience. My parents always paid off their bills on time and instilled that financial wisdom in me. As a result, I had a >800 score my entire life after college. I was rudely awakened with a 715 score one day after paying off my med school loans about 24 months ago. Wrote a 6 figure check. Lost 100+ points on my FICO. Amex credit report stated "lack of revolving credit lines" and "loss of mature credit lines." Only got it back to 815 in August, after about 20 months of mid 700s. All for being responsible.

Tl;dr: FICO rewards you only if you consistently carry debt and pay on time, not for being otherwise fiscally responsible.

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Same here. Paid my SL off years ago. FICO dumped 100pts.

I was speaking to a friend this evening about this. She never "needed" credit. Paid cash for everything. Decided to move up north for a bit for a job opportunity. Just wanted to rent an apartment to see if she likes it...

DENIED because of her lack of credit history.

She offered to pay for the year up front....

DENIED.

I guess they think she is a drug dealer or something as paying cash up front is a red flag...

So, yeah...you still need some credit history to accomplish certain tasks..

[BreguetRolex]

No matter what, in todays world its nice to have some CC "FIRE POWER" for that just incase moment. Was in Dubai recently and deliberately only took one card so that I would not doing anything "CRAZY" , however after purchasing several large items, a particular watch caught my eye and of coarse now unable to buy it... NOT Long story short , my CC was over limit by 20K+ and still Citi Card allowed the sale to go through....

[superdog]

Originally Posted by BreguetRolex

No matter what, in todays world its nice to have some CC "FIRE POWER" for that just incase moment. Was in Dubai recently and deliberately only took one card so that I would not doing anything "CRAZY" , however after purchasing several large items, a particular watch caught my eye and of coarse now unable to buy it... NOT Long story short , my CC was over limit by 20K+ and still Citi Card allowed the sale to go through....

Truly, it’s impressive how you can always weave it in there.

Somehow, every thread revolves around some kind of enormous money you spent.

It is a very impressive ability.

For the real question, which watch did you pick up? Sounds like a good one.

[TK-710]

Doest understand the relevance of FICO. Brags about having a credit card with “FIREPOWER” and going over the limit by 20k and still buying more.

These threads are like watching a shopping addicted septuagenarian grandparent binge watch QVC and then visiting their house and finding ten rooms filled with boxes containing the BEST STUFF EVER MADE.

[Watch This]

Originally Posted by BreguetRolex

No matter what, in todays world its nice to have some CC "FIRE POWER" for that just incase moment. Was in Dubai recently and deliberately only took one card so that I would not doing anything "CRAZY" , however after purchasing several large items, a particular watch caught my eye and of coarse now unable to buy it... NOT Long story short , my CC was over limit by 20K+ and still Citi Card allowed the sale to go through....

Give it a rest.

[DudePerfect]

Originally Posted by superdog

Truly, it’s impressive how you can always weave it in there.

Somehow, every thread revolves around some kind of enormous money you spent.

It is a very impressive ability.

For the real question, which watch did you pick up? Sounds like a good one.

In reality this thread was filled with 3 pages of people bragging about their pro 800 FICO.

In reality it is simply a cause and effect or reflection of paying off ones debt responsibility and on time. That’s just part of what responsible adults do IMO.

What won’t people brag about on here?

[pickettt]

Originally Posted by superdog

Truly, it’s impressive how you can always weave it in there.

Somehow, every thread revolves around some kind of enormous money you spent.

It is a very impressive ability.

For the real question, which watch did you pick up? Sounds like a good one.

Originally Posted by TK-710

Doest understand the relevance of FICO. Brags about having a credit card with “FIREPOWER” and going over the limit by 20k and still buying more.

These threads are like watching a shopping addicted septuagenarian grandparent binge watch QVC and then visiting their house and finding ten rooms filled with boxes containing the BEST STUFF EVER MADE.

Originally Posted by Watch This

Give it a rest.

You knew what it was yesterday, what it is today, and what it's gonna be tomorrow.

[daveathall]

I've been thinking about this. I am retired so this wont apply to everyone, I know that.

I would rather have a credit card with a zero balance and not so stellar credit score than a great credit score and a credit card or two maxed out.

[BreguetRolex]

Originally Posted by daveathall

I've been thinking about this. I am retired so this wont apply to everyone, I know that.

I would rather have a credit card with a zero balance and not so stellar credit score than a great credit score and a credit card or two maxed out.

Dave, There is no reason what so ever to have ZERO Balance on a CC as well as EXELLENT above average Credit.......I dont think maxed out on several credit cards is going to give you and high credit score....

[Blansky]

Originally Posted by daveathall

I've been thinking about this. I am retired so this wont apply to everyone, I know that.

I would rather have a credit card with a zero balance and not so stellar credit score than a great credit score and a credit card or two maxed out.

A good way to live. However the game is really, use your card X amount and consciously pay it off every month.

Say you need repairs on something, you just use the card instead of cash, and pay it off at the end of the month and it shows good credit habits. Otherwise if you just use cash all the time, your score can slowly go down over a few years because you have no credit history.

A stupid game we have to play.

[crew]

Originally Posted by daveathall

I've been thinking about this. I am retired so this wont apply to everyone, I know that.

I would rather have a credit card with a zero balance and not so stellar credit score than a great credit score and a credit card or two maxed out.

Dave, I’m retired like you and I couldn’t agree with you more.
The psychological comfort in being debt free (which involves living within your means) is light years ahead of an 850 credit score.

[dddrees]

Originally Posted by Blansky

A good way to live. However the game is really, use your card X amount and consciously pay it off every month.

Say you need repairs on something, you just use the card instead of cash, and pay it off at the end of the month and it shows good credit habits. Otherwise if you just use cash all the time, your score can slowly go down over a few years because you have no credit history.

A stupid game we have to play.

Well said.

[Texex]

This may have already been said but credit score is very important.... until you get to 750. My understanding is that there is no difference in lending, insurance etc from 750 up.