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Credit card usage and the FICO scam Login/Join 
Ammoholic
Picture of Skins2881
posted Hide Post
quote:
Originally posted by Nismo:
What does it take to get the maximum score of 850?


Visit from the credit fairy.




Link to original video: https://youtu.be/HtVs7J_wq28



Jesse

Sic Semper Tyrannis
 
Posts: 16701 | Location: Loudoun County, Virginia | Registered: December 27, 2014Reply With QuoteReport This Post
The cake is a lie!
Picture of Nismo
posted Hide Post
I'm using a credit simulator and I no matter what I do, I can't seem to get it to move up more than 4 points, and that's by increasing my card limit.
Both cards have zero balance and no loans or debt.
 
Posts: 6381 | Location: CA | Registered: April 08, 2004Reply With QuoteReport This Post
Member
Picture of 1KPerDay
posted Hide Post
I paid off my mortgage and student loans a couple months ago and my credit score dropped from the 830s to the high 700s. "No record of recurring payments"
LOL Roll Eyes


---------------------------
My hovercraft is full of eels.
 
Posts: 2361 | Registered: February 27, 2013Reply With QuoteReport This Post
His diet consists of black
coffee, and sarcasm.
Picture of egregore
posted Hide Post
Paying off my car in 2011 did nothing for my score. In fact, no longer having a car payment, therefore not having a car loan, itself hurt it, as does not having a mortgage (I just rent an apartment). Not enough "mix" of credit, they said, or some shit. The only thing that has brought it up is paying down high credit card balances. Yeah, they're making a lot of money off me, but I'm working on it.
 
Posts: 23620 | Location: Johnson City/Elizabethton, TN | Registered: April 28, 2012Reply With QuoteReport This Post
I Wanna Missile
Picture of tanksoldier
posted Hide Post
quote:
Originally posted by Skins2881:
Couldn't they just say, nice job? Changing anything on my credit would actually lower my credit rating. If I just paid off my car in one lump sum, lower rating. If I closed any accounts, lower rating.


Don't close revolving accounts. Pay them, keep them open but inactive.

However, even closed accounts like a paid off car loan still show length of credit history.



"I am a Soldier. I fight where I'm told and I win where I fight."
GEN George S. Patton, Jr.
 
Posts: 21452 | Location: Eastern plains of Colorado | Registered: January 25, 2006Reply With QuoteReport This Post
Fighting the good fight
Picture of RogueJSK
posted Hide Post
quote:
Originally posted by 1KPerDay:
I paid off my mortgage and student loans a couple months ago and my credit score dropped from the 830s to the high 700s.


Same here. Paid off car and student loans in March. Dropped from 821 to 801.
 
Posts: 24660 | Location: Northwest Arkansas | Registered: January 06, 2008Reply With QuoteReport This Post
Member
Picture of ridewv
posted Hide Post
quote:
Originally posted by 12131:
quote:
Originally posted by ridewv:
Don't get me started on the stupid FICO score and how they arrive at it.

Start, please.


LOL Seriously though I've never seen my FICO reach 800, I 'll check it now............ ok it's 786. I really wouldn't care if the damn credit score was 0 other than apparently, for whatever stupid reason, it can effect ones insurance rate.


No car is as much fun to drive, as any motorcycle is to ride.
 
Posts: 5126 | Location: Northern WV | Registered: January 17, 2005Reply With QuoteReport This Post
Member
Picture of mcrimm
posted Hide Post
quote:
Originally posted by Nismo:
What does it take to get the maximum score of 850?


According to one of my credit grantors, I am an 850. I use under 10% of my 4 Visa/AMX credit limits, I have had one inquiry in the last 12 months, I owe about 40% of value on a Ford Pickup, my home is paid for and all payments are automatically debited from my checking account. I have a HELOC for $100k that is untapped as well. I have never had a late payment. I have had credit cards and loans for nearly 50 years.

My other credit grantors have me at about a 835 or so. If I have a credit card bill that is up about $2,500 from average, my score drops a couple of points. Just don't miss a payment.



I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown
...................................
When you have no future, you live in the past. " Sycamore Row" by John Grisham
...................................
Liberalism is a failure to find pathways to intelligence in your brain. - David Lawrence
 
Posts: 2468 | Location: Kalispell Montana & Florida’s Emerald Coast for the Winter | Registered: December 24, 2013Reply With QuoteReport This Post
quarter MOA visionary
Picture of smschulz
posted Hide Post
quote:
Originally posted by Aeteocles:
It's a credit score. It measures how profitable you will be to a creditor.

It's not a "financial security" score. If that were the case, simply having a ton of assets and a good job would be enough to get a high score.


You mean profitable to the credit provider or profitable to the vendor you are buying whatever from?

FWIW, I'm always in the 840's range but I pay off everything now at the end of the month or billing cycle > THAT can't be very profitable to the credit provider as they aren't making anything in interest from me. Smile
 
Posts: 17940 | Location: Houston, TX | Registered: June 11, 2006Reply With QuoteReport This Post
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