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It took 10 years but I finally did it...

Rajobigguy

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it’s bizarre how they calculate that score isn’t it? Lol
Yes it is, My score has bounced between 832-850 for years with little to no variance in my lifestyle or buying habits.
 

OldSchoolBoats

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Credit Karma and the bureau websites don't mean crap, FYI. Score is dependent on the type of financing you are applying for.

Example, I have a 778 with Equifax on Credit Karma and 723 on the Equifax site. Doing refinances on both of my houses right now and my Equifax is a 617. Good thing mortgage doesn't use the low score because that is some BS!! Over 100 point difference right there. Also, just got a new CITI Rewards card and they pulled Equifax with a score of 708. There is absolutely no method to this madness.
 

SkyDirtWaterguy

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Gotta love the home equity line of credit purchases the so called ballers made back in 2007-08......bit a lot of people in the ass hard.
 

gqchris

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Credit Karma and the bureau websites don't mean crap, FYI. Score is dependent on the type of financing you are applying for.

Example, I have a 778 with Equifax on Credit Karma and 723 on the Equifax site. Doing refinances on both of my houses right now and my Equifax is a 617. Good thing mortgage doesn't use the low score because that is some BS!! Over 100 point difference right there. Also, just got a new CITI Rewards card and they pulled Equifax with a score of 708. There is absolutely no method to this madness.


I get the same thing. Credit Karma will show 703, BofA Credit Monitor shows 658, and Ill go to get a car and it blows a 780. No rhyme or reasoN!

I have hear Credit Karma purposely reports low to try to get you to get more cards and offers.
 

PlumLoco

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Both my mortgage and my car payment are ridiculously low. I only have 2 credit cards with a balance of less than $2k. Income is about 130k. Score on all 3 agencies is around 760-780. They tell me I need to take on more debt to bump up score.
 

Echo Lodge

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Where was the score 10 years ago?

BTW...Want to laugh? I paid my house off last year and my credit score went from 850 to 834.

House has been paid off for 5 years..... Zero dept with no loans out..... FICO is 830.... I cosign on a 200k house loan for my daughter and I jump to 881... Like Dave Ramsey says "A FICO score is an “I love debt” score!"
 

HB2Havasu

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Both my mortgage and my car payment are ridiculously low. I only have 2 credit cards with a balance of less than $2k. Income is about 130k. Score on all 3 agencies is around 760-780. They tell me I need to take on more debt to bump up score.

Yep - I have been debt free for approx 7 years now with a 6 figure income. Almost impossible to get over 800 credit score. FML
 

Orange Juice

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One reported late payment over a seven year period will drop the score 50-60 points. Even if the account has been paid on time, other than the last payment.

I believe the utilities and cell phone companies report late payments, as well as some larger property management companies.

With a good job and on time payment history ( Johnny on the Spot - never a day late), it’s not difficult to break 800.

One ding, and it takes 7 years to go away.
 

BingerFang

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Your personal credit score is a direct reflection of how responsible of a human being you are. You only need a good credit score if you need to borrow money.... :cool:
 

Havasu blue label

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Very true about no debt and over 800 very hard to be above 800 hundred who checks the credit that often
 

Bigbore500r

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I just eliminated all debt I had accumulated, and my score dropped......didn't close anything either. Figure that one out. Better to be debt free than an 825 with $1000 a month in misc payments of shit though
 

Yellowboat

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3 years ago, i barrowed 300k to build a custom home for a client A month after i did that my credit score jumped 80 points.... up. When i cancelled my visa, after paying it off in full. I lost about 50 points

Makes no sense.
 

78Southwind

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To comment about what @OldSchoolBoats had to say, it's pretty interesting that you have different credit scores depending on what type of credit you are applying for...

Back in 2012 I wanted to buy my girlfriend a car so I went to the local Chevy/Cadillac dealership since they had some very good deals on the Malibu. I had all kinds GM Card points to boot so I didn't need to put any money down. The guy wasn't really making any money on the deal because of the special pricing the dealership was offering at the time. He wanted to finance me even though I already had my own financing through my credit union (I guess he would get some sort of spiff if he could get the financing too). I told him that sounds good as long as he could beat my credit union rate. I bought my vacation home the year before and since then I hadn't really paid attention to my credit rating. He ran my credit and he said it was a 900. I never even knew it could go higher than than 850 (850 is the limit on mortgage but the auto loan limit is 900). This guy got up from his cubical and starts telling the other salesmen my credit score (wtf). Then he tells me why are you just buying a Malibu we need to be looking at Cadillacs.:confused:

experian-different-score-ranges.png
 

BingerFang

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I just eliminated all debt I had accumulated, and my score dropped......didn't close anything either. Figure that one out. Better to be debt free than an 825 with $1000 a month in misc payments of shit though

If you didn't close anything that makes no sense at all unless the paid off debt wasn't being reported yet.
 

78Southwind

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This is how we are rated when it comes to our credit scores.

35% payment history
  • Payment information on many types of accounts:
    • Credit cards – such as Visa, MasterCard, American Express and Discover.
    • Retail accounts – credit from stores where you do business, such as department store credit cards.
    • Installment loans – loans where you make regular payment amounts, such as car loans and mortgage loans.
    • Finance company accounts.
  • Public record and collection items – reports of events such as bankruptcies, foreclosures, lawsuits, wage attachments, liens and judgments.
  • Details on late or missed payments ("delinquencies") and public record and collection items.
  • The number of accounts that show no late payments or are currently paid as agreed.
30% amount owed
  • The amount owed on all accounts.
  • The amount owed on different types of accounts.
  • Whether you are showing a balance on certain types of accounts.
  • The number of accounts where you carry a balance.
  • How much of the total credit line is being used on credit cards and other revolving credit accounts.
  • How much is still owed on installment loan accounts, compared with the original loan amounts.
Credit utilization, one of the most important factors evaluated in this category, considers the amount you owe compared to how much credit you have available. For example, if you have a $2,000 balance on one card and a $3,000 balance on another, and each card has a $5,000 limit, your credit utilization rate would be 50%. While lenders determine how much credit they are willing to provide, you control how much you use. FICO's research shows that people using a high percentage of their available credit limits are more likely to have trouble making some payments now or in the near future, compared to people using a lower level of credit.

Having credit accounts with an outstanding balance does not necessarily mean you are a high-risk borrower with a low FICO® Score. A long history of demonstrating consistent payments on credit accounts is a good way to show lenders you can responsibly manage additional credit.

15% length of history
In general, a longer credit history will increase a FICO® Score, all else being equal. However, even people who have not been using credit long can get a good FICO® Score, depending on what their credit report says about their payment history and amounts owed. Regarding length of history, a FICO® Score takes into account:

  • How long your credit accounts have been established. A FICO® Score can consider the age of your oldest account, the age of your newest account and the average age of all your accounts.
  • How long specific credit accounts have been established.
  • How long it has been since you used certain accounts.
10% new credit
FICO's research shows that opening several credit accounts in a short period of time represents greater risk – especially for people who do not have a long credit history. In this category a FICO® Score takes into account:

  • How many new accounts you have opened
  • How long it has been since you opened a new account.
  • How many recent requests for credit you have made, as indicated by inquiries to the credit bureaus.
  • Length of time since credit report inquiries were made by lenders.
  • Whether you have a good recent credit history, following any past payment problems.
Looking for an auto, mortgage or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. In general, FICO® Scores compensate for this shopping behavior in the following ways:

  • FICO® Scores ignore auto, mortgage, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping.
  • After 30 days, FICO® Scores typically count inquiries of the same type (i.e., auto, mortgage or student loan) that fall within a typical shopping period as just one inquiry when determining your score.
10% types of credit used
FICO® Scores consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It is not necessary to have one of each, and it is not a good idea to open a credit account you don't intend to use. In this category a FICO® Score takes into account:

  • What kinds of credit accounts you have. Do you have experience with both revolving (credit cards) and installment (fixed loan amount and payment) accounts, or has your credit experience been limited to only one type?
  • How many accounts you have of each type. A FICO® Score also looks at the total number of accounts you have. For different credit profiles, how many is too many will vary depending on your overall credit picture.
 
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OldSchoolBoats

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Also, keep in mind that for a mortgage you get the same rate whether you are 740 or 850. 740+ is tier 1. I understand how cool it is to say "I have an over 800 credit score", but in reality a 760 is just as good.

Sent from my SM-N960U using Tapatalk
 
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78Southwind

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Also, keep in mind that for a mortgage you get the same rate whether you are 740 or 850. 740+ is tier 1. I understand how cool it is to say "I have an over 800 credit score", but in reality a 760 is just as good.

Sent from my SM-N960U using Tapatalk

Back in 2015, I was in a pretty good car vs. semi-truck accident. The medical bills were put on a Medical Lien until everything got settled out. The strange thing is that my credit rating fell about a 100 points just after the liens were put in place. I wasn't worried about it because I knew that I was still in tier one just like you have said but I never could find out why my credit rating went down. Nothing had changed and none of the medical stuff showed up on my credit reports. I wonder if somehow when I signed the paperwork for a Medical Lien I gave the doctors access to check my credit or maybe it was made public record.
 
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Bigbore500r

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If you didn't close anything that makes no sense at all unless the paid off debt wasn't being reported yet.
I do see one item that hasn't updated, but it still makes no sense that it dropped.
  • Paid off an auto loan
  • Paid off 25k in revolving credit (11k of which has not updated yet)
  • score dropped.....
 

Ouderkirk

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Got my credit score back over 800....sure did take a while.

Congrats.... At 800+ you can "stroke of a pen" to practically anything.

How low was it at the start?
 

CoolCruzin

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Yep paid mine off years back
I remembered like a 50 point drop .
Don’t get it it should go up .
 

Nordie

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I get the same thing. Credit Karma will show 703, BofA Credit Monitor shows 658, and Ill go to get a car and it blows a 780. No rhyme or reasoN!

I have hear Credit Karma purposely reports low to try to get you to get more cards and offers.

I use credit karma, and my BofA account, and I just kind of average myself in the middle. I'm in a rebuilding stage, but I've managed to jack my score way up with using credit karma and watching things. I know it's not the best but I'm like a junkie watching my score go up.
 

GRADS

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Congrats.... At 800+ you can "stroke of a pen" to practically anything.

How low was it at the start?
I think at the lowest it was 500, could have maybe even dropped sub 500, currently 831 on Equifax.

Not bad for someone who vacuums for a living.;):D
 

rrrr

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Where was the score 10 years ago?

BTW...Want to laugh? I paid my house off last year and my credit score went from 850 to 834.


When I paid off our 15 year mortgage three years ago, 3.5 years early, my Experian score dropped from 840 to 825. WTH?

Right now I'm in the process of increasing my HELOC limit so I can do foundation repair, then excavate under the house to replace the 41 year old cast iron waste piping (which is not cheap, going to cost about $34K :rolleyes: ).

I found out the highest score on the Equifax credit reporting system is 818, not the 850 used by Experian and TransUnion. The bank used Equifax's report, and my score is 808, which is 98.8% of 818, and the comments the bank made on my credit report they pulled are:

Too many accounts with balances- I have nine retail or credit card accounts. Five have zero balance, the other four balances are 9%, 5%, 15%, and 8% of the limit, and I always pay them off within a month or two. of making purchases.

Insufficient time since most recent account established- I opened a Lowes account nine months ago to get zero % for 24 months on a refrigerator.

Length of time accounts have been established- This is a good one. The average age of my accounts is 15.3 years, the oldest one is 22.7 years.

Proportion to balance to limit on Bank/National/Other revolving accounts- Right now the proportion of all balances to limits is 6.78%.

Too many inquiries last twelve months- One. My wife's car loan with an $11K balance is through Carmax, interest rate is 2.2%. They did a credit check when we bought the car 18 months ago. In August they did another one, I guess to see if I'm about to declare bankruptcy. We've been making double payments, it's going to be paid off in 18 more months.

I think these credit reporting agencies have dozens of chimps banging away at computers to come up with the scores.

And to Grads...good for you.
 
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GRADS

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Where was the score 10 years ago?
Put it this way, in 2006 I walked into the L.A. Boat Show and bought a $250,000 Eliminator with nothing but my social security #.:eek:
 

GRADS

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I found out the highest score on the Equifax credit reporting system is 818, not the 850 used by Experian and TransUnion. The bank used Equifax's report, and my score is 808, which is 98.8% of 818,

And to Grads...good for you.

I just checked mine on Equifax and it was 831. And thanks, I appreciate it.
 

BingerFang

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Put it this way, in 2006 I walked into the L.A. Boat Show and bought a $250,000 Eliminator with nothing but my social security #.:eek:

And for that same reason the economy started to crash 1 year later. If you had a pulse and a social security number they would let you sign for anything you thought you could afford.
 

78Southwind

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My bank uses FICO Score 8 via Experian while my credit card uses FICO Score 8 via TransUnion. I just checked the TransUnion score and I got hit a little harder with the pay-off of my house 850 to 821. It's kind of weird too, I bought my first house when I was 19, 32 years ago and TransUnion only shows a credit length of almost 28 years.
 

78Southwind

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A few things I learned today

RDP inmates have no mortgage, pay for everything in cash and have 850 credit scores.

Sent from my SM-N960U using Tapatalk

lol...you're wrong we have to max the miles/points out of our credit cards so those are maxed out and then paid-off-in-full monthly.:D
 
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78Southwind

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Put it this way, in 2006 I walked into the L.A. Boat Show and bought a $250,000 Eliminator with nothing but my social security #.:eek:

So how did that work out for you? I bet that was a pretty expensive lesson for someone. At least you didn't refi your house and buy it.o_O
 

GRADS

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A few things I learned today

RDP inmates have no mortgage, pay for everything in cash and have 850 credit scores.

That's because they live in an apartment and park their non-running jet boat at their Mom's house.:D
 

HB2Havasu

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Most people that disagree with that statement don't have good credit. Lol

You might wanna check out Dave Ramsey. A good credit score can also be associated with someone deep in debt, lol. It’s merely a reflection of your ability to repay money that’s not yours!
 
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