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

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.

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

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.

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.

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.

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.

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.

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.