The 850 perfect credit score.

[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.

[mrredcat43]

I wish I had your problems

[Guest122816]

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.

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?

[hornsfan4life]

Originally Posted by Chalupagrande

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

[SRT-8]

I work in the car business and it can go as high as 890 on Trans Union

[motor]

Originally Posted by SRT-8

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....

[TexTushHog]

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.

[dallasfan]

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.

[TexTushHog]

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.

[TheWanderer]

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.

[oldbutstillgoing]

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

[Luke_Wyatt]

Originally Posted by OldButStillGoing

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?

[Grace Preston]

Originally Posted by Luke_Wyatt

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.

[TexTushHog]

Originally Posted by Luke_Wyatt

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.

[DSK]

Originally Posted by SRT-8

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!!