A nice perk to being retired..Who cares about credit scores anymore !!

[audreyh1]

Well our credit scores are nice and high (usually exceeding 800), even though we’ve been retired long time, haven’t borrowed money even though we have added a lot of credit cards due to good deals. If we’d take on some debt with regular payments, our scores would be even higher!

 

[Dtail]

GTE ran a credit check when we opened our CD's there.
One also never knows when they might rent again, so I do look at our credit score monthly and like to keep it over 800.

 

[ShokWaveRider]

True.
But, I am still trying to figure out how to get my FICO score above 817.
It is a game.

+1 Me Too! That 817/818 seems to be a ceiling for me. I just use CreditKarma, but my Credit Union just checked my credit on one of the big 3 and it was 817. Yes, I had to unfreeze it for a day for them to do so.

 

[EastWest Gal]

My two major credit cards give me the option of seeing my "estimated FICO credit score" every month when I go on their website to pay my bill. On the same day, one card reported a score of 835 for the past several months. Two minutes later, the other card reported a score of 809, also for the past several months.

Whatever. I mostly don't care, but it shows that the number is hardly an exact science.

 

[Aerides]

I agree with the OP's point that I don't have to make decisions with any fear about credit impacts, and would probably also fight any ridiculous medical bill vs. pay it just to keep my credit score.

And with all else being "perfect" a single medical bill in collections wouldn't plummet a great score to any real depths.

But life happens, and hopefully it extends further than the horizon, so I wouldn't wave my hand and say I never have to think about my score again. I could be wrong but i think most car insurance rates factor in your credit.

 

[athena53]

Whatever. I mostly don't care, but it shows that the number is hardly an exact science.

I agree with that; the formula is secret but you can get dinged if you have low credit lines in total but high utilization (balances due divided by total credit lines) OR massive credit lines but low utilization (because, who knows, you might go out on a wild shopping spree and max them all out). I just do what I do and keep an eye out for fraudulent transactions.

 

[aggie76]

In my experience the salesperson always asks about financing well before you get back to the office..."What kind of monthly payment are you looking for?"... "Are you approved for financing at your bank?"..."How many months do you want to finance?"

How do you answer those questions?

I don't. I usually just smile and change the subject with some comment like " lets see the car I have in mind". If they press ( and they usually do) I will simply say " I'm not here to discuss my finances, I'm here to potentially buy a car". That usually works however I have turned around and walked out several times when the low life scum just couldn't take a strong " hint".

Another tactic os to indirectly let them thing that you are going to finance ( without saying so directly) and when you get into that little room simply pull out a check book and ask..Show me the bottom line. Always be prepared to walk out since most dealerships are nothing more than a giant con job and corrupt as hell.

 

[rk911]

I don't. I usually just smile and change the subject with some comment like " lets see the car I have in mind". If they press ( and they usually do) I will simply say " I'm not here to discuss my finances, I'm here to potentially buy a car". That usually works however I have turned around and walked out several times when the low life scum just couldn't take a strong " hint".

Another tactic os to indirectly let them thing that you are going to finance ( without saying so directly) and when you get into that little room simply pull out a check book and ask..Show me the bottom line. Always be prepared to walk out since most dealerships are nothing more than a giant con job and corrupt as hell.

+1

 

[latexman]

True.
But, I am still trying to figure out how to get my FICO score above 817.
It is a game.

I'm not actively trying to raise mine, and it's 849!

Game over.

 

[Dtail]

+1 Me Too! That 817/818 seems to be a ceiling for me. I just use CreditKarma, but my Credit Union just checked my credit on one of the big 3 and it was 817. Yes, I had to unfreeze it for a day for them to do so.

In general, I believe that the scores from Credit Karma tend to be higher than FICO scores.
IIRC, they use the Vantage 3.0 scoring system.

 

[jazz4cash]

In general, I believe that the scores from Credit Karma tend to be higher than FICO scores.

IIRC, they use the Vantage 3.0 scoring system.

I compared the free credit scores from several accounts and the Vantage scores were 30-35 points lower than the Fico scores.

 

[Golden sunsets]

I don't. I usually just smile and change the subject with some comment like " lets see the car I have in mind". If they press ( and they usually do) I will simply say " I'm not here to discuss my finances, I'm here to potentially buy a car". That usually works however I have turned around and walked out several times when the low life scum just couldn't take a strong " hint".

Another tactic os to indirectly let them thing that you are going to finance ( without saying so directly) and when you get into that little room simply pull out a check book and ask..Show me the bottom line. Always be prepared to walk out since most dealerships are nothing more than a giant con job and corrupt as hell.

Aggie; I'm trying to wrap my head around this approach. The last two cars we bought, were financed, at less than 1% interest after we planned to pay cash, but were presented with financing at .75% interest. We never tried to negotiate a lower price after opting for financing, vs paying cash.

These two purchases date back to 2010 and 2011. We later realized a missed opportunity in better out the door cost if financing, after these transactions.

Fast forward to 2020, we will be purchasing a new vehicle in April and I've thought about how to obtain better pricing, based on borrowing vs cash. I had planned to get to the bottom line cost, based on a cash purchase and then once presented with the opportunity to finance, ask for a further discount if we agreed to finance. I gather you are saying, agree upfront to finance at a set cost and then switch gears at the last moment to cash. Am I correct?

 

[HadEnuff]

can you check your own credit score without adversely affecting it?

 

[azxracer]

Sure, no problem. I use Credit Karma, but most banks and credit unions have a tab to check the score also. As does AMEX.

 

[Walt34]

Like most we don't chase the credit score because it's high enough just because of the way we handle finances. But as Gumby notes it isn't something to ignore either since, rightly or wrongly, it is used as a proxy for how trustworthy and reliable you are. And in some places and in some conditions it gets you better financing if it is advantageous to go that route, or gets you lower insurance rates.

 

[Katsmeow]

My two major credit cards give me the option of seeing my "estimated FICO credit score" every month when I go on their website to pay my bill. On the same day, one card reported a score of 835 for the past several months. Two minutes later, the other card reported a score of 809, also for the past several months.

Whatever. I mostly don't care, but it shows that the number is hardly an exact science.

It sort of is. But there are factors that can vary. First look at which credit score they are offering. For example, I have one bank that offers FICO Score 8. Also, from which crediting reporting agency. Not all creditors report to all agencies. Also when people pull credit they often don't pull from all agencies. So, with TransUnion I might have one more credit pull than I have at Experian or wherever. Also, while major credit card companies may report to all 3 lots of others creditors don't. For example, if you have a late payment to a doctor they might report to only one of the credit agencies.

We are getting ready to perhaps refinance our house. The lender I am working with said that there are actually multiple FICO scores. The one that the bank shows online is one that is the credit card FICO score. But, mortgage companies have one that varies a little and is a mortgage related score. You can go to myfico.com itself and can buy your actual score from all 3 agencies. This will show you your scores for mortgage, auto loans, etc.

But basically there isn't just one credit score there are different versions of FICO Score (Score 8 is very common but it isn't the only one) and it can vary depending on which type of score it is (mortgage, auto loan, etc.).

And, of course, if the data it is getting varies from one agency to another then the result will vary. For mortgage purposes, I was told that they get the mortgage score from all 3 bureaus. Then they use the middle score. If it is a couple they use the lower middle score of the two people. So, if my middle score is 820 and DH's in 810 they would use DH's.

Fast forward to 2020, we will be purchasing a new vehicle in April and I've thought about how to obtain better pricing, based on borrowing vs cash. I had planned to get to the bottom line cost, based on a cash purchase and then once presented with the opportunity to finance, ask for a further discount if we agreed to finance. I gather you are saying, agree upfront to finance at a set cost and then switch gears at the last moment to cash. Am I correct?

Used to dealers might give you a better deal if you were financing with them but they wouldn't be upfront about it. The last few cars I bought, though, it was different. Sometimes, they would offer a choice of a lower price or a lower interest rate. But, this was absolutely disclosed upfront. Other times, it made no difference whether I was financing or not. They were clear that it made no difference at all.

can you check your own credit score without adversely affecting it?

Yes.

 

[Dtail]

I compared the free credit scores from several accounts and the Vantage scores were 30-35 points lower than the Fico scores.

Interesting. Mine is the opposite with about 30 points higher.

 

[Amethyst]

Same here. No difference in price no matter how we spun it. We had picked out the car online and gotten an offer which was already lower than other dealers for virtually the same car (they make it hard or impossible to compare apples to apples). We paid cash because that's what we planned, but it made no difference in the final offer. That was in 2015.

I

Used to dealers might give you a better deal if you were financing with them but they wouldn't be upfront about it. The last few cars I bought, though, it was different. Sometimes, they would offer a choice of a lower price or a lower interest rate. But, this was absolutely disclosed upfront. Other times, it made no difference whether I was financing or not. They were clear that it made no difference at all.

.

 

[Canoesmith]

I pay cash too

When I buy a vehicle I write a check. But with my credit bureaus frozen, they wont let me take the vehicle until the check clears as they can't see my credit rating on their system (I show them that it is 835 online, but they don't care about that) That is irritating. Im guessing that even paying “cash”, if you had a low score they'd make you wait until the check clears.

And its hard and unwise to show up at the dealership with $65k in 100’s

 

[Rianne]

I bought our new car in my name, not DH. Bought with financing and paid it off in 3 payments. My credit score jumped 30 points. All our credit is frozen (had to unfreeze for financing). I used the financing to get an additional $1K off the purchase price of the car knowing I'd pay it off. My first payment was $21K and I paid < $50 in interest, total.

 

[aggie76]

Aggie; I'm trying to wrap my head around this approach. The last two cars we bought, were financed, at less than 1% interest after we planned to pay cash, but were presented with financing at .75% interest. We never tried to negotiate a lower price after opting for financing, vs paying cash.

These two purchases date back to 2010 and 2011. We later realized a missed opportunity in better out the door cost if financing, after these transactions.

Fast forward to 2020, we will be purchasing a new vehicle in April and I've thought about how to obtain better pricing, based on borrowing vs cash. I had planned to get to the bottom line cost, based on a cash purchase and then once presented with the opportunity to finance, ask for a further discount if we agreed to finance. I gather you are saying, agree upfront to finance at a set cost and then switch gears at the last moment to cash. Am I correct?

Well I guess the thread is derailed, probably for the better , so lets go.
The first key is to NEVER EVER simply walk into a dealership like we did in the old days and start the buying process directly with the car conman. Every car guy I know says that , in order to get the best deals, you should do all of the ground work via the inter webs. For a lot of us old farts this is not as second nature as it is to the youngsters who grew up with a computer in his face but it is the way of the world today. I actually visit a pile of car lots ( we got the time..dont we ?) ignore the car salesman and look at the various models. I usually tell them Im just in for service and want to look at what's new. You can always find a bored vulture who will spend a little time showing you around. Once you decide what you want start emailing the internet dept and get some specifics and prices. They usually never ask about how you will pay and you should get a deal that will be as close to bottom line as possible. Get 3-4 dealerships involved. When you decide go to the dealership with a file folder or clipboard containing all of your offers and work em down to your final price. Simply do not answer any financing questions or WALK OUT ! Decide how much time and effort you want to spend to save a few hundred dollars. Once you get em off the sticker you will find that the deals are all about the same. They really don't make a lot on new car sales, they make it on needless add-ons and service. The real trick is being DAMN FIRM in that damn little room with the professional con man whose ONLY job is to sell you CRAP and act all indignant when you refuse to pay $970 for a stupid window etching that he will tell you will deter every car thief on 3 continents!!!

I posted a question on an automotive board I use that is full of car guys and saelsmen. Asked about the belief that there is a better bottom line for financing vs cash. SO far damn near every one of them said NO, not really. They may have a small incentive available to the salesman to help drive the mark to the fiancee dept but its not worth the hassle and there are still the little hidden finance charges they tack on as fees and such. They ALL say the key is to be FIRM and resist the various fees and add ons and ALL agree 100% that the real key is the use of your FEET ! Couple of em say that the ONLY way to get the real bottom line is to WALK OUT a couple of times. They always have a few shekels available to lure a real buyer back and are trained to respond. IF the dealership does not bend or you feel that they are really not prepared to play their OWN DAMN GAME..walk out. It is either the wrong time of the sales calendar or they are genuine crooks ( a very relative term for the worlds largest organized crime racket) .

Have Fun and Good Luck

 

[GreenEggs]

Seems we all have stellar FICO scores on this forum.


Since we've started chatting about car buying I've got a story to share. We wanted to get an RV for retirement and after visiting a big RV lot realized that we didn't really want to deal with driving, parking, and storing a big one. It's just going to be the 2 of us and we decided to do the "van life" thing instead. We wanted 4wd, which is only offered by Mercedes, and as a diesel. I priced them & read about them and didn't think I wanted to spend that much money, so began looking at the options from Ford & Dodge. I'd just purchased a pretty blue enclosed trailer, so we found a pretty blue Dodge Promaster van at a dealership in a small town nearby. We quickly realized that we didn't like the Promaster and decided we'd concentrate on finding a Ford Transit. The next Friday evening I was looking over Carguru.com and saw a 2016 MB Sprinter, 4wd, tall, extended with under 12,000 miles for $34K, and it was at the same Dodge dealership that we'd just visited. I still had the salesman's card in my pocket, so I called him at 9 A.M. the next morning. I asked to confirm that the price online was correct & he checked and confirmed and said "yes". I said "Great, I'll see you in an hour with my checkbook."

When I arrived he said that after speaking to me he double-checked with the sales manager about the price and the posted price was actually incorrect. It was supposed to be $54K instead of $34K, but since they had told me it was $34K they would honor that price if I decided to purchase it right then. Wow! I eagerly wrote the check & nobody ever asked about my credit score.

Who's heard of a dealership honoring a $20,000 misprint?

 

[Chuckanut]

If I got a call like the OP from some bottom-fishing debt collector threatening to report me to the credit bureaus over a smallish debt, I'd laugh at them, too.

From what I have heard, these bottom fishers often buy lists of people who owe money but the statute of limitations is past. However, if they can get you to make any payment, no matter how small, the clock starts again from the beginning. I am all for people paying their debts if at all possible, but beware being tricked into into doing something that will open you up to many more years of harassment.

 

[Montecfo]

I paid little attention to credit scores, but even in FIRE, they still matter. For example, I am taking out a standby HELOC. They care about your score as do credit cards- we shuffle them for award points.

I do not need credit per se, but I think it is wise to have access to it because you never know.

 

[gayl]

My credit score dropped drastically 2 months ago (was 770 to 740s) as my last revolving loan was pd off 3 yrs ago & I only have 1 open card (3 closed in 2011-2015). Am I concerned? Nope. I only borrow from USAA and they assured me that they only use my track record with them.

Last car: 11/14 USAA negotiated price, walked in with a check from them, and when they wanted to sell me their extended warranty I pulled out the USAA quote ($330). Was out of dealership and back before lunch ended.