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The Sandbox - Dallas The Sandbox is a collection of off-topic discussions. Humorous threads, Sports talk, and a wide variety of other topics can be found here. If it's NOT an adult-themed topic, then it belongs here

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Old 07-26-2016, 07:22 PM   #1
dallasfan
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Default The 850 perfect credit score.

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.
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Old 07-26-2016, 09:25 PM   #2
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I wish I had your problems
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Old 07-27-2016, 02:37 PM   #3
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Quote:
Originally Posted by dallasfan View Post
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.
Get a transition or equivalent account and they will break down formula most of the time.

But credit utilization, age and pay off times all factor in. I added about 70 points to mine when I bought a house. It was counting against me when I didn't own.

Wonder if you can put pussy on credit now?
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Old 07-27-2016, 03:23 PM   #4
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Originally Posted by Chalupagrande View Post
Get a transition or equivalent account and they will break down formula most of the time.

But credit utilization, age and pay off times all factor in. I added about 70 points to mine when I bought a house. It was counting against me when I didn't own.

Wonder if you can put pussy on credit now?
Isn't pussy on credit called marriage??
IJS
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Old 07-27-2016, 03:28 PM   #5
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I work in the car business and it can go as high as 890 on Trans Union
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Old 07-27-2016, 04:23 PM   #6
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I work in the car business and it can go as high as 890 on Trans Union
so then your still 40 point short from perfect according to Transunion....
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Old 07-27-2016, 04:47 PM   #7
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Mine has never been that high because I've only borrowed money one time, to buy my first house. Paid it off in three to four years. Paid cash for everything since, and pay off credit card bills the month they come due. Never really understood why that sort of financial responsibility counted against you on a credit score. But truthfully, it never matters because I don't borrow.
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Old 07-27-2016, 09:00 PM   #8
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Yep. Me too.

Already paid off the credit card furniture purchase before it was due (just racking up rewards points) and should be done with the car in a few months. So go back down to no debt. Was more experimenting with how to max out the credit score. I expect mine to drop back down soon. I'll test that out next. Think ideal score is closer to 800. Max for FICO is 850.
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Old 07-28-2016, 12:42 AM   #9
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I thunk it has more to do with your profit potential to card companies than your true credit worthiness. The folks who are most credit worthy in my experience, just don't borrow money, or do it for very short periods on margin loans.
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Old 07-28-2016, 08:40 AM   #10
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Yeah, it is a combination of your profit potential, weighted against Risk.
Payment history and amount owed are the major elements.
I read that Warren Buffett's is only 718.
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Old 07-28-2016, 09:45 AM   #11
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FICO Credit Score

Credit Score: A numerical rating (300-850) that affects if you can get credit, how much credit you can get, and how much it will cost you.
800 = Exceptional Credit. You will get the very best rates and have very little trouble getting credit. Only 1% of people with this score are likely to become seriously delinquent in the future

740-799 = Good credit.You are well above the average American. You will get better rates than most. Only 2% of people in this range are likely to become delinquent in the future.

670-739 = Acceptable Credit. This is the average range of credit scores in America. 8% of people in this range are likely to become delinquent in the future. You can get credit but will pay higher rates.

580-669 = A Fair credit score.Harder to get credit, Much higher rates. 27% of people in this range are likely to become delinquent in the future

579 and lower = Poor Credit. Hard to get credit. Highest rates, fees, and deposits are likely. Had major credit problems or a bankruptcy. Fully 61% of people in this range are likely to become delinquent in the future

It does not factor in income, length of employment, alimony or child support payments and other things lenders will typically consider.

Having little payment history, or having new credit, can result in a lower score. It isn’t just about missed payments or maxed out credit cards.

How it is Calculated

35% Payment History
30% Amount owed on credit and debt
15% Length of credit history
10% new credit
10% types of credit used.

Get a general idea of how it works here:
http://www.myfico.com/ficocreditscoreestimator/estimator.aspx
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Old 07-28-2016, 03:40 PM   #12
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Originally Posted by OldButStillGoing View Post
FICO Credit Score

Credit Score: A numerical rating (300-850) that affects if you can get credit, how much credit you can get, and how much it will cost you.
800 = Exceptional Credit. You will get the very best rates and have very little trouble getting credit. Only 1% of people with this score are likely to become seriously delinquent in the future

740-799 = Good credit.You are well above the average American. You will get better rates than most. Only 2% of people in this range are likely to become delinquent in the future.

670-739 = Acceptable Credit. This is the average range of credit scores in America. 8% of people in this range are likely to become delinquent in the future. You can get credit but will pay higher rates.

580-669 = A Fair credit score.Harder to get credit, Much higher rates. 27% of people in this range are likely to become delinquent in the future

579 and lower = Poor Credit. Hard to get credit. Highest rates, fees, and deposits are likely. Had major credit problems or a bankruptcy. Fully 61% of people in this range are likely to become delinquent in the future

It does not factor in income, length of employment, alimony or child support payments and other things lenders will typically consider.

Having little payment history, or having new credit, can result in a lower score. It isn’t just about missed payments or maxed out credit cards.

How it is Calculated

35% Payment History
30% Amount owed on credit and debt
15% Length of credit history
10% new credit
10% types of credit used.

Get a general idea of how it works here:
http://www.myfico.com/ficocreditscoreestimator/estimator.aspx
Thanks for the info- does anyone know if there's a mean FICO score where banks will almost always give you a loan- assuming it's within reason?
For example, if someone has a good paying job with a FICO score of 750- is it still possible the bank can turn them down for let's say a $5000 loan?
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Old 08-01-2016, 12:03 PM   #13
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Quote:
Originally Posted by Luke_Wyatt View Post
Thanks for the info- does anyone know if there's a mean FICO score where banks will almost always give you a loan- assuming it's within reason?
For example, if someone has a good paying job with a FICO score of 750- is it still possible the bank can turn them down for let's say a $5000 loan?
Depends on a few factors.

If we are talking about a signature loan with no collateral, it depends on whether or not your profile shows signs of "pyramiding debt". Even with a great score, if your most recent behavior seems off to the underwriters, you can still get rejected.
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Old 08-01-2016, 03:58 PM   #14
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Quote:
Originally Posted by Luke_Wyatt View Post
Thanks for the info- does anyone know if there's a mean FICO score where banks will almost always give you a loan- assuming it's within reason?
For example, if someone has a good paying job with a FICO score of 750- is it still possible the bank can turn them down for let's say a $5000 loan?
My experience is that without collateral, if you need to borrow money, you generally don't qualify. If you don't need to borrow money, the bank keeps calling you up asking you if you want to borrow. Some folks can get a signature loan. But generally, if they ever do it, it's just a smooth out some unusual situation in cash flow. They need money two or three weeks early to meet a deadline before an asset that they plan to sell to buy something qualifies for LT cap gains treatment, or something like that.

On the other hand, if there is collateral that is adequate, they're as concerned about your score, unless they plan to bundle the debt and get it off their books.

But for most folks that can get a signature loan, $5k is a rounding error.
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Old 08-09-2016, 07:40 AM   #15
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Originally Posted by SRT-8 View Post
I work in the car business and it can go as high as 890 on Trans Union
Anyone who buys a Hellcat should get their credit lowered!!

Their risk of dying is astronomical!!
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