Received notification my credit score just dropped 40 points.

[alarmguy]

Prime is 740+, and 800+ will get you special deals but not really a better interest rate. So really there isn't a whole lot to worry about so long as your over 740.

I agree that the whole thing is a giant scam - but you need to remember its of, by and for the bankers so its really not around for our benefit.

There are a lot of things tied to a credit score.
For me, it’s just a hobby.
All I know is nobody pays less in car insurance, homeowners insurance, motorcycle insurance, boat insurance.
Always in the top-tier for any type of loan. Even the type of loans car dealers don’t want you to have we qualify for.
I don’t take out car loans, but we did take one out last November because it only made economic sense.

The full price of my wife’s well equipped Chevy equinox is completely financed that money sits in the bank and collects 4% interest.
The interest on the loan is 0% 36 month loan a GMAC special on that car at the time

For home loan 740 might be a little low for the top-tier rate. It’s accepted 760 to 850.
If you’re using a mortgage broker that might have products available for the very top tier.

Another reason for the loan is, we really were not out to buy a car that day, no checks with us, the money in a high rate online bank in some other state that I don’t even know where. I would’ve had to transfer to a local bank.

Typically, when you see super car deals, it’s tied to credit scores of 780 or more. I’m pretty much past any loan stage in my life and it truly is a hobby. Even without trying, I was always in the top-tier. It’s kinda cool because no matter what type of stipulations a misleading ad might have in the fine print when they put an unrealistic credit score. It would never matter to me even when I was young .

Again like anything for me it’s just a hobby.

““From the standpoint of qualifying for credit, it doesn’t matter whether you have a perfect 850 or a score just below that,” said Ethan Dornhelm, VP of FICO Scores and predictive analytics, CNBC Select reported. “To lenders, a consumer with a score in the 800s is a sparkling applicant.”
https://www.gobankingrates.com/credit/credit-score/credit-score-aim-for-best-rates/

 

[KrisZ]

The social score in China also gives its members nice perks. We're just a few steps behind them

 

[SC Maintenance]

There are a lot of things tied to a credit score.
For me, it’s just a hobby.
All I know is nobody pays less in car insurance, homeowners insurance, motorcycle insurance, boat insurance.
Always in the top-tier for any type of loan. Even the type of loans car dealers don’t want you to have we qualify for.
I don’t take out car loans, but we did take one out last November because it only made economic sense.

The full price of my wife’s well equipped Chevy equinox is completely financed that money sits in the bank and collects 4% interest.
The interest on the loan is 0% 36 month loan a GMAC special on that car at the time

For home loan 740 might be a little low for the top-tier rate. It’s accepted 760 to 850.
If you’re using a mortgage broker that might have products available for the very top tier.

Another reason for the loan is, we really were not out to buy a car that day, no checks with us, the money in a high rate online bank in some other state that I don’t even know where. I would’ve had to transfer to a local bank.

Typically, when you see super car deals, it’s tied to credit scores of 780 or more. I’m pretty much past any loan stage in my life and it truly is a hobby. Even without trying, I was always in the top-tier. It’s kinda cool because no matter what type of stipulations a misleading ad might have in the fine print when they put an unrealistic credit score. It would never matter to me even when I was young .

Again like anything for me it’s just a hobby.

““From the standpoint of qualifying for credit, it doesn’t matter whether you have a perfect 850 or a score just below that,” said Ethan Dornhelm, VP of FICO Scores and predictive analytics, CNBC Select reported. “To lenders, a consumer with a score in the 800s is a sparkling applicant.”
https://www.gobankingrates.com/credit/credit-score/credit-score-aim-for-best-rates/

If you have a 800+ score your likely not in need of a car loan.

You might get better perks on a credit card.

I understand its a hobby for you, and thats great. but I stand by Prime is 740 and people shouldn't worry too much about the blips.

Only so you don't think its sour grapes - I got a new credit card last November that had better cash back. First new credit in more than a decade. It knocked me down to 842. Not that I cared. I only look at this because Bank of Unamerican gives it to me for free. Yes, I also realize if its free I am the product.

 

[alarmguy]

If you have a 800+ score your likely not in need of a car loan.

You might get better perks on a credit card.

I understand its a hobby for you, and thats great. but I stand by Prime is 740 and people shouldn't worry too much about the blips.

Only so you don't think its sour grapes - I got a new credit card last November that had better cash back. First new credit in more than a decade. It knocked me down to 842. Not that I cared. I only look at this because Bank of Unamerican gives it to me for free. Yes, I also realize if its free I am the product.

View attachment 292226

No, I didn’t need a car loan but explained the reason that I took one. When you think of it is no different than getting free cash back on credit cards. Why not collect a couple thousand dollars in interest by leaving the money in my bank since General Motors was giving it to me for free.

Ive explained all my credit card perks in the past.
Anything I buy is 2% cash back, but most things are 5% cashback
2% is the fallback

20% of Americans have credit scores above 800
People like us benefit. I’ll have to disagree that you think 740 is good enough for all things in life, including insurance.

All good

Ps. Just for the record I have edited this post like four or five times it can’t be just me that. BITOG at times just gets completely wonky on Apple devices.I have to log out and then log back in to make changes. So I’m unsure of what version of I post that you are seeing

 

[99Saturn]

I'm reminded I better go get a loan.

 

[Pablo]

So I had this WalMart CO card for buying gold/silver from Walmart several years ago. They sold bullion at a decent discount - shipped direct from the huge bullion dealers/ Excellent, if not the best way to buy because also INSTANT cash rebate useable on the very purchase. Beautiful! I stocked up real good. If you follow. Then WM killed the lower prices, then they killed the rebate. Then they more or less killed the card, became a CO only card.

WM got wise I guess. Too popular!! Hahahaha sure

Anyway, I quit using the card, CO dropped my credit limit from $20K to $5K (I think, something like that) - anyway, my credit score dropped to 820.

What a bunch of turds. I should write a scathing email. Or something.

This stuff is not my hobby!

 

[99Saturn]

So I had this WalMart CO card for buying gold/silver from Walmart several years ago. They sold bullion at a decent discount - shipped direct from the huge bullion dealers/ Excellent, if not the best way to buy because also INSTANT cash rebate useable on the very purchase. Beautiful! I stocked up real good. If you follow. Then WM killed the lower prices, then they killed the rebate. Then they more or less killed the card, became a CO only card.

WM got wise I guess. Too popular!! Hahahaha sure

Anyway, I quit using the card, CO dropped my credit limit from $20K to $5K (I think, something like that) - anyway, my credit score dropped to 820.

What a bunch of turds. I should write a scathing email. Or something.

This stuff is not my hobby!

Pretty sure I saw the Walmart card is coming back with Synchrony Financial. I haven't seen talk of the actual rewards yet.

The credit limit drop and hit is annoying.

 

[wander2039]

Mine’s dropped 23 points since January down to 788. Guess thats what happens when you buy a car in Oct, land in April and a tractor in July. I’ve got thoughts about credit scores but oh well. It’ll probably go up to 815 or so next year. Car will be paid off in Feb.

Good to hear Walmart might be coming back… I really don’t care for the Capital One it turned into.

 

[Cropduster172]

Our bank, Wells Fargo, force feeds us our FICO score monthly. So does BoA for the two cards we have with them but never use...well I did buy a gun with one BoA card a few months back but paid it off immediately. It's constantly 850. Have a smaller remaining mortgage on our beach house which is irritating as I refinanced it to a 10 year adjustable in 2012. But the $215k remaining earns more invested than paying off the mortgage and refinancing now isn't very interesting yet.
I'm not sure what benefits are derived from an 850 score... perhaps when I applied for that Wells Fargo Active Cash card 2 weeks ago and got approved in under 2 minutes, but so what.

 

[D60]

I haven't checked my score since 2009. Couldn't care less, and worrying about it is like doing a flip to get a cookie and a pat on the head, which is actually exactly what they want: train us to be good compliant citizens.

If you have no debt and always pay your obligations you get dinged. Now imagine if this applied to ANYTHING else in life:

1) Joe has never been late for work. That needs to reflect negatively on his performance review

2) Joe has never been caught in a lie. Clearly we cannot trust him

3) Joe has never had a comeback. He's obviously a bad mechanic and we must write him up

Yep, makes sense.

 

[rstcso]

No, I didn’t need a car loan but explained the reason that I took one. When you think of it is no different than getting free cash back on credit cards. Why not collect a couple thousand dollars in interest by leaving the money in my bank since General Motors was giving it to me for free.

I did the same thing buying the Pilot a couple of months ago. Honda was offering a lower interest rate for 36 month financing than I was getting on my money elsewhere. The math to pay cash didn't add up.

 

[alarmguy]

I did the same thing buying the Pilot a couple of months ago. Honda was offering a lower interest rate for 36 month financing than I was getting on my money elsewhere. The math to pay cash didn't add up.

.. and the convenience of not having to return home, transferring money from our internet back to our local bank and going back to the dealer after the weekend. The car "pays me" around $80 a month in interest I am receiving by taking out a 0% GMAC finance deal and letting the money sit in my bank account.

 

[alarmguy]

I'm reminded I better go get a loan.

View attachment 292241

Yes, ironic isnt it?

 

[SumGuy]

Reading the first few pages of this thread, I see that for Americans it's typical (?) that car and home insurance premiums is influenced by your credit score. Does anyone know if that's also the case in Canada?

 

[Nessism1]

Since paying off my mortgage and retiring, my credit score fell below 800. Oh, well. Having no debt is more alluring to me than a higher credit score.

And speaking of a mortgage, even though I had enough in the bank to pay off my loan, I kept paying, thinking the end of year write-off would be useful. Wrong. Even after paying down the loan, I learned that the mortgage company had a minimum interest payment each month, and I was wasting something like $500 or $600 per month needlessly. Gotta read the fine print! My bad cost me at least $6000 the last year of the loan.

 

[Pablo]

I haven't checked my score since 2009. Couldn't care less, and worrying about it is like doing a flip to get a cookie and a pat on the head, which is actually exactly what they want: train us to be good compliant citizens.

If you have no debt and always pay your obligations you get dinged. Now imagine if this applied to ANYTHING else in life:

1) Joe has never been late for work. That needs to reflect negatively on his performance review

2) Joe has never been caught in a lie. Clearly we cannot trust him

3) Joe has never had a comeback. He's obviously a bad mechanic and we must write him up

Yep, makes sense.

In one on these threads. I used a word.

I THINK the word was RACKET.