"FICO" Credit Score mean anything..?

[BreguetRolex]

Any one about maintaining a high 800+ FICO Credit Score or is it just a bunch of BS..?

[walds11]

Originally Posted by BreguetRolex

Any one about maintaining a high 800+ FICO Credit Score or is it just a bunch of BS..?

Sure, why not. I am proud of my high, over 800 FICO score and plan on maintaining it.

FYI, FICO score range = 350-850

[dddrees]

??????

Since everything financial to include not only borrowing money, how much, the rate you pay, and the cost of insurance is often determined by it. Even for those who are financially responsible most often can't afford to pay for a house or car without a loan. The lower it is the less you can borrow and the more you"ll pay. Some jobs actually check it as well. Just a guess but I would imagine anyone with half a brain would consider their FICO score very important.

[superdog]

Very important.

Check mine consistently.

[Pw92676]

I think it’s very important for reasons mentioned above.

OP this is a nice topic and would be great if it had constructive replies so newer folks can see this forum isn’t all about value, investment, STAINLESS FLIPPERS, buy it because YOLO etc etc. Wouldn’t be a bad thing if everyone learned some more personal finance.

[.brian.]

Yes it's important, but the law of diminishing returns factors in. There isn't much benefit for someone who has an 800 over someone who has an 850. Both are considered excellent by lenders.

[Knappo 1307]

Anyone get the feeling BC is back and has been for awhile? FICO score is relevant.

[beshannon]

Which credit reporting agency are you using?

Do you understand how the score is being calculated?

Have you ever challenged the score with a lender?

[Sperry]

FICO good for monitoring your credit; a dip in score for no reason = alarm bells. With frozen credit reports from the three majors, there should not be fraud but who really knows.

With mortgages paid off and many vehicles within cash purchase pricing, there is less need for secured credit.

The Subaru Crosstrek is now available with a 2.5L

HBI

[AzPaul]

Originally Posted by Knappo 1307

Anyone get the feeling BC is back and has been for awhile?

I believe BC is alive in every man.
Moderators can't ban what we keep in our hearts.

[fmc000]

For non-US users, what the heck is this FICO?

[tudorbaja27]

[DonRickles]

Originally Posted by fmc000

For non-US users, what the heck is this FICO?

"Fair Isaac Corporation
Fair Isaac Corporation, or FICO, is a major analytics software company that provides products and services to both businesses and consumers. The company is best known for producing the most widely used consumer credit scores that financial institutions use in deciding whether to lend money or issue credit."

[BroncoOne]

Yes it is quite important to anyone taking or making a loan, renting an apartment, undergoing a background check, etc etc.

The better your FICO, the better financial terms you are offered, the more fees that get waived etc

[GoingPlaces]

Yes, credit score is important.

[GB-man]

Yes typically it is but I gather your pay cash for most stuff so end of the day not really for you.

The later in life and the more money you accrue the less it matters. I’m in my 30s so it’s very important to me that it remains high 700s minimum.

[beshannon]

Originally Posted by fmc000

For non-US users, what the heck is this FICO?

Believe me this is a very good question

[DonRickles]

Originally Posted by beshannon

Believe me this is a very good question

Thanks!

[dddrees]

Originally Posted by GB-man

Yes typically it is but I gather your pay cash for most stuff so end of the day not really for you.

The later in life and the more money you accrue the less it matters. I’m in my 30s so it’s very important to me that it remains high 700s minimum.

For some maybe but since even insurance agencies use it to calculate how much you"ll pay, for me I still would rather pay less for my home (I think All) and car (Most) insurance factor in your FICO regardless of age. Whether that final cost be $100, $1000, or even more I personally would rather pay less for that same coverage.

[GGGMT]

Originally Posted by BreguetRolex

Any one about maintaining a high 800+ FICO Credit Score or is it just a bunch of BS..?

Uh ... well ... yes it’s important and not


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[GB-man]

Originally Posted by dddrees

For some maybe but since even insurance agencies use it to calculate how much you"ll pay, for me I still would rather pay less for my home (I think All) and car (Most) insurance factor in your FICO regardless of age. Whether that final cost be $100, $1000, or even more I personally would rather pay less for that same coverage.

Good point. My understanding is high 700s is good enough. Some people take on their score as a hobby which I find comical. There’s forums where instead of watches in the signature line they have their score and various credit card lines lol

[dddrees]

Originally Posted by GB-man

Good point. My understanding is high 700s is good enough. Some people take on their score as a hobby which I find comical. There’s forums where instead of watches in the signature line they have their score and various credit card lines lol

That might be, I haven't really spent that much time looking into the actual break down but I would think if your 750 to 850 you should be good to go.

[gnuyork]

Mine was an 840 last checked. I think it's good to maintain a high score for borrowing opportunities. I don't do anything special though, just pay everything on time.

[Bluebirdwatch1]

Better to have a good score then a bad one!


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[Dan Pierce]

We own our home, own our cars, no CC debt, and haven't paid cc interest in 35 years. But according to the credit monitoring companies our score suffers due to not enough credit cards.
dP

[dddrees]

Originally Posted by Dan Pierce

We own home, own our cars, no CC debt, and haven't paid cc interest in 35 years. But according to the credit monitoring companies our score suffers due to not enough credit cards.
dP

Just part of the formula and unfortunately you have no credit history, just the way they set it up. The other option is to have them but pay them off immediately. Of course the majority aren't that disciplined.


We really were better off as a country and society prior to 1980 when credit cards came into vogue. The depression error children really did get it right. More savings and little or no debt.

[daveathall]

Quite interesting thread. When people say "it's good to maintain a high score" what does that mean other than not defaulting on a payment?

I understand that having some credit cards and some regular payments can make ones score higher.

I am retired, own my own home, lease my car but have no outstanding debts other than normal insurance, electric and household payments that are paid monthly and have a high credit rating on one of the UK's leading credit checkers. I will be honest, because I havent defaulted on any of my payments, I don't give it much thought.

[Dan Pierce]

Originally Posted by dddrees

Just part of the formula and unfortunately you have no credit history, just they way they set it up.


We really were better off as a country and society prior to 1980 when credit cards came into vogue. The depression error children really did get it right. More savings and little or no debt.

That's what I don't understand, we have over 5 decades [individually and combined] of credit history that shows we always pay in full and on time. What the hell does adding 2 more credit cards to the mix do to make lenders think we're a better gamble?
dP

[Rolextellstime]

What I don't like about credit agencies such as FICO is that they encourage debt. That is, if you have no debt your score is less than someone who has debt and pays it on time.

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[colpol]

Maybe a US thing

Never checked/ no idea what my credit rating is

No issues getting 2 mortgages nor car loans or credit cards in past do maybe ok ;.)