FICO scores
- Thread starter Lookn4help
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- Apr 28, 2006
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Ummmmm...ok. I'm an attorney who makes a nice living. I've always paid every bill on time and I live well below my means. I have no dependents. I'm at my friends right now. My best friend (a female) and her husband just bought a car two days ago. Their scores were 840 something and 820 something. If you make a lot of money, have little or no debt, and pay your bills on time, you will have an excellent score. Really, pretty simple.
Kels
Kels
experian is the toughest scorer
eqifax is middle of the road scorer
trans union is the easiest to get a higher score
eqifax is middle of the road scorer
trans union is the easiest to get a higher score
well get your score and see............I also think you may be surprised.
Sometimes a person can have to few accounts to have a high score.........and you could have paid everything off all the time and basically have no credit paying history.........
- Apr 28, 2006
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I guess I'm not sure why there's such automatic disbelief. First, as I said, I've been in the industry. I know how it works. I used to approve loans for people. I get it. I'm not trying to be rude, but it's REALLY not that hard to have a high score. Single, make a lot of money, no dependents and few bills. I'm also not 20, so I've had plenty of time to amass a significant credit history. Many accounts remain open, but they have no balance. Closing accounts actually shortens the length of your average account which is one thing they advise against. Having too many open with too much potential credit can also damage you, in that the company granting credit has a higher exposure level due to the possibility that you could choose to max out on your open credit. Not having a car payment or other small revolving bills CAN hurt you. It shows you actually don't use credit, and, believe it or not, that CAN slightly lower your score. It's funny to me that people actually act like this is such a big deal or so hard to accomplish. It's really not.
- Apr 28, 2006
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See, your response, frankly, is insulting. I explained that I've worked in the business, yet it's automatically assumed by many of you in here that I don't know what I'm talking about, when the fact is, I clearly know about my OWN history, and I'd wager I know a heck of lot more than most of you about this subject.
Now that the boyz here have got you all pissed off, I just ask that you don't use my name in vain anymore:mj06:
Frankly
most scores over 820ish are people who are older (50+) who have for many years established an excellent credit/payment history, pretty much flawless. There are many factors that are taken into account in regards to your FICO score. Before going to law school I worked as a credit analyst and very rarely did I see a score over 830, a few 820-830s.
Only once did I see a 840+ score, customer was 79 years old.
Only once did I see a 840+ score, customer was 79 years old.
- Apr 28, 2006
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I didn't say I had a perfect score, I said I have perfect credit, as in no dings. There's a difference.
Really, it's not that complicated.
Really, it's not that complicated.
- Apr 28, 2006
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My friends, as I mentioned earlier just bought a car. Her score 840-something, his 820. Ages, 38 and 35. At 38 you have twenty years of credit history established.
- Apr 28, 2006
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FICO article--
Ever wonder why you can go online and be approved for credit within 60 seconds? Or get pre-qualified for a car without anyone even asking you how much money you make? Or why you get one interest rate on loans, while your neighbor gets another?
The answer is credit scoring.
Your credit score is a number generated by a mathematical algorithm -- a formula -- based on information in your credit report, compared to information on tens of millions of other people. The resulting number is a highly accurate prediction of how likely you are to pay your bills.
If it sounds arcane and unimportant, you couldn't be more wrong. Credit scores are used extensively, and if you've gotten a mortgage, a car loan, a credit card or auto insurance, the rate you received was directly related to your credit score. The higher the number, the better you look to lenders. People with the highest scores get the lowest interest rates.
Scoring categories
The scale runs from 300 to 850. The vast majority of people will have scores between 600 and 800. A score of 720 or higher will get you the most favorable interest rates on a mortgage, according to data from Fair Isaac Corp., a California-based company that developed the credit score. (Its own score is called the FICO score.)
American public's credit scores break out along these lines:
Credit score Percentage
499 and below 1 percent
500-549 5 percent
550-599 7 percent
600-649 11 percent
650-699 16 percent
700-749 20 percent
749-799 29 percent
800 and above 11 percent
Ok, enough on this. I'm going to bed.
Ever wonder why you can go online and be approved for credit within 60 seconds? Or get pre-qualified for a car without anyone even asking you how much money you make? Or why you get one interest rate on loans, while your neighbor gets another?
The answer is credit scoring.
Your credit score is a number generated by a mathematical algorithm -- a formula -- based on information in your credit report, compared to information on tens of millions of other people. The resulting number is a highly accurate prediction of how likely you are to pay your bills.
If it sounds arcane and unimportant, you couldn't be more wrong. Credit scores are used extensively, and if you've gotten a mortgage, a car loan, a credit card or auto insurance, the rate you received was directly related to your credit score. The higher the number, the better you look to lenders. People with the highest scores get the lowest interest rates.
Scoring categories
The scale runs from 300 to 850. The vast majority of people will have scores between 600 and 800. A score of 720 or higher will get you the most favorable interest rates on a mortgage, according to data from Fair Isaac Corp., a California-based company that developed the credit score. (Its own score is called the FICO score.)
American public's credit scores break out along these lines:
Credit score Percentage
499 and below 1 percent
500-549 5 percent
550-599 7 percent
600-649 11 percent
650-699 16 percent
700-749 20 percent
749-799 29 percent
800 and above 11 percent
Ok, enough on this. I'm going to bed.
- Apr 28, 2006
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Kelly's scores
Kelly's scores
ok, boys. Here they are per my lender:
824, 816 and 808.
Gee, what a shocker.
Kelly's scores
ok, boys. Here they are per my lender:
824, 816 and 808.
Gee, what a shocker.
How long you been comin' here?
Perhaps your general smarminess makes people a little smarmy in return?
If it sounds arcane and unimportant, you couldn't be more wrong.
- Apr 28, 2006
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