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FICO Scores
Old 01-03-2006, 12:33 AM   #1
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FICO Scores


OK, so I finally bit, and paid $6.95 to get my score.
Came in at 780. So, is there any advantage in trying
to improve much above this? And how hard might it be?

Curious what others here think about maximizing
your score, and the recent trend in lending and even
insurance rates/decisions based on such scores.

gwix
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Re: FICO Scores
Old 01-03-2006, 12:47 AM   #2
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Re: FICO Scores

If you are planning on borrowing money there may be an advantage.

Otherwise you are just earning bragging rights. Of course on this board, you might try pointing out that your credit score is higher than the IQ of any of the posters.
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Re: FICO Scores
Old 01-03-2006, 08:05 AM   #3
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Re: FICO Scores

780 is high enoughthat you won't gain anything by getting the score higher. Just be happy about your good credit.
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Re: FICO Scores
Old 01-03-2006, 09:02 AM   #4
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Re: FICO Scores

Hmmm

Back in September - when I broke down and bought instead of renting - according to them - I was 785 on one and 830 on the other (which ones can't remember). B.S.- ing at the Title Co. during closing the guy did say - 'older' people in his experience broke into two groups - high scores with a lot of retirement assets or low scores with few assets - not much in the middle.

Once they accept you - the current going rate is what you get - for me 5.7% conventional with 20% down.

At least that was my impression.
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Re: FICO Scores
Old 01-03-2006, 10:31 AM   #5
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Re: FICO Scores

I dont think you should be paying to get your fico score. Pay your bills on time and periodically check your credit report for errors and you should be fine.
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Re: FICO Scores
Old 01-03-2006, 11:23 AM   #6
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Re: FICO Scores

Quote:
Originally Posted by gwix98
OK, so I finally bit, and paid $6.95* to get my score.
Ours showed up in our credit reports for our last mortgage refinancing. They may start showing up in other free places (although technically we paid $14 for that data as part of the refi).

Quote:
Originally Posted by gwix98
Came in at 780. So, is there any advantage in trying to improve much above this? And how hard might it be?
Not at that level-- you're in the top 20%.

Judging by my spouse's numbers, you could cut back to one credit card and then just use it occasionally for gas & groceries. But I don't think that would have much of an effect on your insurance rates.

Here's typical sales-staff boilerplate on how to raise a client's FICO score.
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Re: FICO Scores
Old 01-03-2006, 11:41 AM   #7
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Re: FICO Scores

Nords:

Thanks for the link. We do have two "rewards" cards
which we pay off each month. They do have much higher
limits than I would ever need or use. Perhaps calling to reduce
the limits might get a few points? Upper 20% is fine for me.
At 54 I'm very happy with that.

I am thankful that my DW shares my philosophy in the use
of credit of all kinds. Perhaps our mutual lower middle class
upbringing helped out there!
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Re: FICO Scores
Old 01-04-2006, 09:04 AM   #8
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Re: FICO Scores

Looks like you'd better return those library books if you want to keep that 780 score!

A New Threat To Your Credit Rating
Unpaid Parking Tickets, Library Fees Start to Hurt Consumer Credit
As Strapped Cities Seek Payment


By JANE SPENCER
Staff Reporter of THE WALL STREET JOURNAL

"Claude DaCorsi, a management consultant in Portland, Ore., used to pride himself on his near-perfect credit rating. But during a recent routine credit check, he discovered his credit scores had plunged to "below average."

The reason: Two late library books, including a picture book taken out for his two-year-old son. The library had turned over the $40 late fee to a private collection agency."


http://tinyurl.com/8obss

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Re: FICO Scores
Old 01-05-2006, 10:54 AM   #9
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Re: FICO Scores

My FICO score is somewhere up in the mid 800's (I can't remember it exactly - a bank employee told me when I opened an account -she said she had never seen one so high). My wife pays the bill's (under my name) and she is notoriously late. Three or four times a year we get shut off notices for water or power etc. That's actually why I asked what the score was. I guess your typical bills don't affect the score.
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