Credit Score and Sources

[steelyman]

Sometimes that preference affects the credit score as the debt to limit ratio can reach close to 50% on a month that we have a big purchase. That will lower the score a handful of points.

My card usage pattern seems similar to yours and I see the same variance in score following a month with unusually large charges. The past couple of years I’ve requested a credit limit increase from the card issuers (never had a problem) to reduce the debt-to-limit ratio.

I don’t watch the score as much as I might the stock market so the current score and trends shown on my monthly card statements are fine. Quicken seems to update the score (VantageScore) quarterly.

[ADDED] I also have a reminder set to get credit reports from annualcreditreport.com, rotating between the agencies. Easy to do although Equifax manages to be the most difficult in my experience.

 

[Dtail]

They still get 1-4% of each purchase from the seller plus a small transaction fee. I'd walk a hundred miles to get, say, 1.5% return on my money every month. Of course that is not taking into consideration the CC's rebate to the user of 0-2% or "points. But not all holders have cards that give that benefit. And many carry a balance and pay interest.

Back on the subject of this thread, our credit score is over 800 and bounces around +/- 15 points. Like many, we pay off all credit cards every month and have several credit cards, a mortgage etc. We mostly use 1 specific card, the one that gets us 2% cash back. Sometimes that preference affects the credit score as the debt to limit ratio can reach close to 50% on a month that we have a big purchase. That will lower the score a handful of points.

One way to mainly avoid the above, (not that it matters much) for example is to pay off the balance at the end of each month and have cc statement run from the 4th of one month to the 4th of the next month.
Thus, you would only have 4 days of expenses showing up at most on any credit score calculation.

 

[Sunset]

^^^ Or if one has a big purchase on a CC, just pay a big chunk of it right away online.

 

[CRLLS]

Frankly, I don't care if my Credit Score is 800 or 840, or 725 for that matter. I was just commenting on how much it varies from month to month. I just pay the bill when it comes in the mail. Yeah, I'm a paper bill person. The only time that I pay part of a bill before receiving a statement is when I had a large purchase before an international trip. I don't want to run close to the credit limit while travelling.

 

[kgtest]

I found this interesting along with the fact web tracking cookies sure are on point...

Only 1.5% of FICO scores are "perfect" But 20% are excellent above 800.


On this scale of 850, a score of 750 is considered very good and scores of 800 or above are considered excellent. In fact, according to FICO, as of last fall, a full 22% of those with credit scores were in the 800 plus club, and another 20% scored between 700 and 750. How many had a perfect 850? Just 1.5%, according to Ethan Dornhelm, vice president of scores and predictive analytics at FICO. Usually, an 850 won’t get you a better deal on credit than an 800. But that 800 will, for example, get you a better rate on a mortgage than an average 704.

https://www.forbes.com/advisor/amar...learn-from-those-with-a-perfect-credit-score/

 

[jazz4cash]

Usually, an 850 won’t get you a better deal on credit than an 800. But that 800 will, for example, get you a better rate on a mortgage than an average 704.

I will call BS on this statement. For one thing there are multiple FICO scores used by various entities. It may be true in some cases but I don’t think a 704 automatically pays a higher rate than an 800.

 

[Montecfo]

I do not think credit scores are BS. They reflect the priorities of credit issuers. If you need credit, play along.

I have a lot of credit but little debt (small mortgage) so guess I am a lender's dream. But no plans to borrow. FICO 825-830.

 

[Sunset]

Frankly, I don't care if my Credit Score is 800 or 840, or 725 for that matter. I was just commenting on how much it varies from month to month. I just pay the bill when it comes in the mail. Yeah, I'm a paper bill person. The only time that I pay part of a bill before receiving a statement is when I had a large purchase before an international trip. I don't want to run close to the credit limit while travelling.

Mine is high, and I don't care what the number is, as long as it's excellent. Because I don't want to pay higher rates for things like insurance, rent, loans, etc.

Sometimes when traveling, I will just slap down $50 on every one of my credit cards, so if I screw up and get back a day late, they cannot ding me for late payment.