Credit Score

[rjundi]

I just got a mortgage refinance and fell into top tier credit. Anything above 700 is excellent credit according to mortgage officer and also my brother in law a finance director at major car dealership. It will get those special rates.

Mine is 790-800 depending on company computing it. I am signing mortgage refinance papers tomorrow, 4.5% for 30 years! I pay my old(Aug 2008) mortgage payment instead of new one and my home will be paid in 20yrs instead of 30yrs even with some rolled costs.

Don't fret.

 

[ADFD1]

Last year when I applied for a car loan my score was 930, the FI guy almost fell over. No problem getting a loan at all.

 

[Cup of Joe]

Originally Posted By: ADFD1
Last year when I applied for a car loan my score was 930, the FI guy almost fell over. No problem getting a loan at all.


I pulled a free credit report and it has a similar 900 number. My bank just pulled my scores and the range is a max of 850.

 

[demarpaint]

I had a score over 900 as well. Depends on what service/services they use. 750 is considered excellent credit. It is always good to know your score and what service you ran it on when applying for a loan, especially a car loan.

Now some of the new cars are offering 0% financing to tier 1 credit. If you don't know the score it is very easy for a finance mgr to switch you out of the 0% saying you don't qualify. Then they get the cash reserve kick back from the bank and add to their bottom line. It happens all the time!

 

[Dave Hess]

I've also been told by a few people that the max is 850, maybe for one credt agency it tops out at 900 ?

 

[tom slick]

There are two different scales. VantageScore was developed compete with FICO (Fair Isaac). VS goes to 990, FICO goes to 850.

 

[Greggy_D]

Originally Posted By: Anduril
Credit score is nothing more than a scam to "reward" those who spend more money.


Amen. You don't need a credit score. Pay cash.

 

[tonycarguy]

Fico is the industry standard, and maxes out at 850. There are other scales by other companies developed because the Fico algorithm is proprietary and a closely-held secret.

 

[dwendt44]

FICO is the standard in the loan or mortgage industry.
VantagScore is a wanna-be; horning in on the business.

 

[The Critic]

Update:

Requested a credit report via the AMEX service. The scores ranged from 783-791 (PLUS score). I only use one credit card (AMEX) and it gets $1-$1.5k each month, but is paid off fully each month.

So, I guess the score does improve overtime.

 

[PandaBear]

IMO unless you are financing a car or applying for a mortgage it doesn't really matter.

Originally Posted By: Colt45ws
I got dinged because my credit card debt is always over 50% of the limit. (A whole $750, whooo.) That is because I always use my credit card as I forgot the PIN to my Debit card...


You can reduce that 50% by paying it before the end of the month so it will not be over 50%. Also asking them to increase the limit would also help.