What scoring model was used? Whenever I see people mentioning scores over 800, they're typically referred to as fako scores. They don't use the same scoring models that mortage companies use. Only Equifax has a scoring model that goes up to 850. Transunion Fico risk score classic (04) only goes from 309-839, Experian Fair Isaac (v2) is from 320-844. Equifax uses Fico Classic v8 which is 300-850. Those are the scoring models used for mortgages and I run credit reports on tenants all the time. There are very few out there with scores over 800. People who have those fako scores are using a different model where the top score is 950. Their real score is usually in the mid 700 or high 700. But it's still good, anything over 720 gets you the best mortgage rates. Used to be anything over 680 was good but things tightened up over time. Your real fico score is the middle score so technically it's impossible to have an 850 because the scoring model on the max middle score is an 844.
Credit card question
- Thread starter measureman
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Its FICO score model 9. I don’t know too much more about it. If you’re in the business I would love to know more. Like I said it’s just a number to me at this point.
Normally you would want to pay that off. However, if you deplete savings into that credit card, you can't get that money back. The card interest is a known and fixed price to pay for flexibility. Maybe pay off 20% or more each month so the hit to savings isn't as bad. Who knows what volatility we will see in Q4.
Mine went down from 850 to 825 when I paid off my mortgage. Must have dropped my account totals.
25 points off your credit score can’t dampen the satisfaction that comes from owning your home outright. Just feels good. Congratulations.
Yes, you'd think paying off a loan shows your worthiness but it doesn't work that. When I paid off my car loan, I received an alarm from Credit Karma worried that I closed an account.
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If you’re 18+ you’re not a child. You’re a legal adult who can vote,die for his country,can legally marry,sign a contract,etc.
Apples and oranges. We have to hold people responsible for their actions so it is a legal classification, certainly not one of mental state or have you never been around 18 year olds ? Granted the point at which I'd consider someone an adult can vary, some people are more mature than others at an early age.
Further you seem to have conveniently omitted the relevant part of my argument which was about what grown adult is forced? If you want to say 18 is an adult, then most 18 year olds can't be forced to go to school and study this (outside of some quirky judge's court order) so my point is still valid.
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And you conveniently still feel an 18 year old is a child? Better go dust off your law books. Per law,an 18 year old is a legal adult. What “you consider” an adult is your opinion,not the law.
Paid off my home and two rental properties in the last few years.
So what were the silly things they bought?
I agree with both of you: when I was 18, I was legally an adult. I was also arguably an idiot, or at the very least, pretty immature.
JHZR2
Staff member
The one spot I’ll depart from Dave Ramsey, is that there is good in some of the deals that CC can give you. Sure, nobody got rich from credit card perks, but used carefully, there can be valuable benefit.
One benefit is that there are lots of 0% deals out there. If I were you, I’d find a good 0% card, apply for it, do the transfer, and then amortize you’re payoff over the next many months. It’s probably a year or more, so you can achieve a payoff goal, stretched out over time to help avoid depleting all your savings, at least upfront.
What is "conveniently" in this context? It has nothing to do with convenience, rather mental state as already mentioned.
and how is this relevant to the topic? Again even if we take your argument as the only relevant factor, it still comes back to what was already stated, that you can't force an "adult" to study that. Remember that "adult" can have multiple interpretations based on context and in this context, being a legal adult makes me even more correct, and yet doubly so because if an 18 year old refuses to learn basic financial responsibility then they are still acting like a kid.
Nope, an 18 year old is still a kid. If you are near that age and can't appreciate this, you will once you get older.
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Sorry there bro,an 18 year old is not a minor.
^ lol, "bro". I never stated an 18 year old is a minor. I stated they are not (all) mentally adults, especially if they can't manage finances, and that they can't be forced to study this. It is strange that you get hung up on off context irrelevant conceptions to derail a topic.
Remember that many words have more than one definition, and to many people, being an adult is about how you act, not the date you were born on.
Remember that many words have more than one definition, and to many people, being an adult is about how you act, not the date you were born on.
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I’m very curious,how old are you? As to the defining of words and terms,I’ll recognize that in the context of human language,there can be numerous ambiguities,but the law is the law,and in the eyes of the law,it’s all concrete and structured,not ambiguous and abstract.
I think people are getting hung up over forced. When you attend high school or college, there are certain courses you have to take in order to get a diploma. If you want the diploma, you take the course so I guess it's forced in the sense it's not an elective, but you're not forced to take it at gunpoint, you can always drop out.
So yeah, even though I was going for an engineering degree, I had to take English literature courses even though that had nothing to do with engineering although they claimed it was for writing skills. But I think I already had those in high school.
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When I was in college in my late teens-early 20s,you can only imagine the looks on the faces of the 60-something year old returning students that were told they “have” to have a PE credit! Next thing we know they will require a recess credit haha!
well the banking industry wouldn’t like that very much, nor would the retail industry. To me, it’s no secret why there’s no agenda for providing financial literacy education.
