Got my credit score yesterday

[disneysteve]

As I posted in another thread, I bought a car on Saturday. I did take the dealer financing at 2.9% so they had to pull my credit. When we went in to pick up the car last night and sign all of the papers, he showed me my report. I knew my credit score was excellent. Last time I checked it was over 800 but even I was a little surprised to see the number: 843. I guess when the max is 850 it doesn't get much better than that. I suspect that the finance guy at the dealership hasn't seen many numbers like that cross his desk.

[elessar78]

I got mine for our mortgage and I'm at 784. Almost at 800!, whatever that's worth. Well in real dollars probably a couple $50-100 a month.

My wife had atrocious credit score coming out of her college years and we didn't get around to start repairing it until we got married. But she's just shy of 700 now (684) and it's mainly because of a library book she never returned during grad school. We didn't do anything special for her, just paid bills on time and got rid of her negative marks (outstanding debts from stupid stuff)

[bjl584]

7 more points to perfection Steve.

Things effecting my credit score:

1) installment loan balances too high in relation to available credit. (student loan debt)
2) not enough premium bank cards. (not sure what is considered premium)
3) not enough mortgage applications (not sure about that one)

My score is currently 770 btw.

[elessar78]

7 more points to perfection Steve.

Things effecting my credit score:

1) installment loan balances too high in relation to available credit. (student loan debt)
2) not enough premium bank cards. (not sure what is considered premium)
3) not enough mortgage applications (not sure about that one)

My score is currently 770 btw.

1) Your loan balances are probably too high in relation to avail. credit because, like me, you probably don't apply for a lot of credit. It's kinda funny how that works against you. By opening a high limit card, it'd probably help your score but what's the point? Same with your 2) and 3) issues.

I think it would be interesting to develop a fiscal soundness score. A score based on cash on hand, low debt overall (not just in relation to income), timely payments, etc

[bjl584]

1) Your loan balances are probably too high in relation to avail. credit because, like me, you probably don't apply for a lot of credit. It's kinda funny how that works against you. By opening a high limit card, it'd probably help your score but what's the point? Same with your 2) and 3) issues.

I think it would be interesting to develop a fiscal soundness score. A score based on cash on hand, low debt overall (not just in relation to income), timely payments, etc

You are correct. I haven't applied for a line of credit in years. I have one major credit card that I use. I've had it for over a decade. My main sticking point is the student loan debt, but I'm accelerating the payments on them, so they will be paid off considerably early. I'm content where I am now. I save over 30% of my income, I never carry a balance on my card, and I will have all of my debt paid off early.

[JoeP]

We hope to be in a position where credit scores are irrelevant: we'd prefer to liquidate our current home and apply all equity into our next and final retirement home, and do away with all consumer debt.

I realize some people have an interest in their score, and work on making it high enough to qualify for borrowing money or even certain jobs.

[bjl584]

We hope to be in a position where credit scores are irrelevant: we'd prefer to liquidate our current home and apply all equity into our next and final retirement home, and do away with all consumer debt.

I realize some people have an interest in their score, and work on making it high enough to qualify for borrowing money or even certain jobs.

Careful not caring about it too much. Some insurance companies will use your score to determine your rates for auto and home insurance. Potential employers may look at it also should you find yourself looking for work someday.

[JoeP]

Careful not caring about it too much. Some insurance companies will use your score to determine your rates for auto and home insurance. Potential employers may look at it also should you find yourself looking for work someday.

Understood, but I have to question the legality. If one were to get an inheritance or become wealthy by some other means, without having incurred debt once, I have to wonder how that can be used against that person when seeking insurance or a job.

[bjl584]

Understood, but I have to question the legality. If one were to get an inheritance or become wealthy by some other means, without having incurred debt once, I have to wonder how that can be used against that person when seeking insurance or a job.

It is a strange way to judge someone's character, but it does happen. Just something to keep in mind. But, if you pay off all of your debts and you are sitting on a large nest egg, then your credit score will probably take care of itself.

[Emerald]

That's awesome! Are you going to pay off the car immediately or take advantage of the low interest rate?

[Christian321]

We hope to be in a position where credit scores are irrelevant: we'd prefer to liquidate our current home and apply all equity into our next and final retirement home, and do away with all consumer debt.

I realize some people have an interest in their score, and work on making it high enough to qualify for borrowing money or even certain jobs.

I agree with you. I am sure to always pay my obligations on time but I am not overly concerned with my score. I check my credit report once a year just to make sure that there is nothing fishy going on. I hope to be in a position where my credit score is irrelevant sometime soon.

[papa_squat]

Congrats, Steve! That's the best score I've ever heard, and it's certainly worth bragging about .

When we bought our car last year and the salesman asked us to wager a friendly bet about who had the higher score (my husbanf or myself,) we both already knew it was me. My husband is four years older than me and has as good a track record as me when it comes to paying bills ontime, but I have a higher score because I've had regular student loan payments and he had no debt prior to our mortgage (paid for school, cars, etc. upfront). Isn't it funny how that works? I believe my debt-to-credit ratio isn't as good as his, so I still wonder how that makes sense.

My scores were all in the 790s-800s range when we refinanced earlier this year. DH's is still in the 750s-60s, so nothing to complain about there either. It's a good feeling .

[elessar78]

My parents work for a huge international bank and job candidates are screened partially by their credit record/score.

If you are bad with money then there will be temptation for you to do dishonest things like siphon money from accounts. Or you may be tempted to pursue risky investments to try to land a big bonus—basically you're acting in your own self-interest and not in the businesses'

People in their line of work are also wined and dined by potential clients (who knows what else is offered to them). If they have personal financial problems that may cloud their judgment.

Also, as I've been doing research on homeowner's insurance, credit score does factor into it. It seems obvious but will people who watch their credit score also be more conservative drivers and conscientious homeowners who most likely self-insure to a point and not make frivolous claims? Personally, I don't know the answer but I'm sure they have actuarial data that indicates a strong correlation.

[snafu]

Once Dr. Steve utilizes credit via his car loan, how much does that lower his score having applied and accessed something like $ 11K? During the months the loan is 'active' does the score reduce by 50 points or more? Does it revert back as soon as loan balance is cleared?

[kork13]

Once Dr. Steve utilizes credit via his car loan, how much does that lower his score having applied and accessed something like $ 11K? During the months the loan is 'active' does the score reduce by 50 points or more? Does it revert back as soon as loan balance is cleared?

That seems like one of those questions that are realistically unanswerable without either an intricate knowledge of Fair Isaac's (very) proprietary rating system or a constant monitoring of one's (Dr. Steve's) FICO score on a very frequent basis.