The 850 perfect credit score.

[DSK]

Originally Posted by dallasfan

I checked my discover card statement and noticed I have a perfect credit score. Was stuck at 843 forever. Then I racked up $10000 in furniture purchases last month and bam perfect credit score. Who would have figured. No balloons or special gifts came in so I guess it's a non-event. Just wonder how they arrive at the formula to compute it.

It was at 800 before I bought my car last year. After I bought my car, it jumped up to 840 and had been hovering there.

Funny thing about the credit score is that credit inquiries lower it, if you care that much about it.

So, if someone sends you an unsolicited offer for credit, and you think about buying a vacation house and you shop for the best rate, everyone you ask for a good deal from will run your credit, resulting in lowering the score...or so I have been told.

[Dilbertgolf]

Credit inquiries do affect your score, but over time, the affect is less. However, the FICO score models see multiple inquiries within a week or two ( like going to buy a car and having them run your report through every bank around) and will only count those as one inquiry. But, applying for multiple credit cards-those types of inquiries add up. For most people though, 4-6 inquiries aren't a super big issues. It's people who churn credit cards for the rewards points etc that rack up 20-30 inquiries that typically get hit with a reduction in FICO scores.

[DSK]

Originally Posted by Dilbertgolf

Credit inquiries do affect your score, but over time, the affect is less. However, the FICO score models see multiple inquiries within a week or two ( like going to buy a car and having them run your report through every bank around) and will only count those as one inquiry. But, applying for multiple credit cards-those types of inquiries add up. For most people though, 4-6 inquiries aren't a super big issues. It's people who churn credit cards for the rewards points etc that rack up 20-30 inquiries that typically get hit with a reduction in FICO scores.

That sounds perfectly reasonable to me.

Still, when I'm at the airport and they are handing out free miles, it is hard to turn down 60,000 American Airlines miles to sign up for their card. That is some valuable shit.

[Dilbertgolf]

Check out some credit card forums where churners post. Some are nuts with the number of cards they have.