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      04-30-2019, 10:26 PM   #67
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Student debt, a number of cars, and credit card/LOC that i put almost all my daily expenses on, so it was getting maxed out and paid off every month.
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      05-01-2019, 12:02 AM   #68
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There seems to be a bit of misinformation or just plain wrong information in this thread. If you want to educate yourself about FICO scores and how they are figured and used go to MyFico.com and take a look around.

There are a tremendous amount of scoring models used (FICO Score 8, FICO Auto Score 2, FICO Score 4, FICO Bankcard Score 8, just to name some of them) depending on the type of lending being done. Each one can result in a different FICO Score.


For example, here are just some of my TransUnion FICO credit scores that are current as of today:

FICO Score 8 = 808
FICO Auto Score 8 = 822
FICO BankCard Score 8 = 833
FICO Auto Score 9 = 802
FICO BankCard Score 9 = 810
FICO Score 9 = 805
FICO Score 5,4,2 = all are 766

(as you can see, if my lender were using one of the older scoring models of FICO Score 5,4, or 2 my score is much lower than one of the newer Score 8 or 9 models that are out there).

Again, these are just some of the scoring models, and these are just TransUnion. Equifax and Experian have their own scores using the scoring models above that will likely be different as well. So, when you say your credit score is *** you need to know which credit bureau that score came from and under which scoring model.

Lets say you want to buy a car, but you think your credit score might be marginal. You can go online and run a FICO 3B Report and pull all three credit bureaus and the credit scores under each scoring model (I think with my credit history is was about 84 pages long...). Now you will have in front of you a wide range of credit scores from each bureau under many different models. So now you can call around to different lenders and simply ask their loan department which credit bureau they use (most only use one bureau for an auto loan) and which scoring model. Find one that uses the highest score you have that gives you the best chance of getting the loan. It might take some work, but for someone with marginal credit it might be worth the effort.

Also, as far as what determines your score, that appears to be a very complex answer and it varies with each individual according to the experts at MyFico, but in general it looks to be the following:

35% Payment History
30% Amounts Owed
15% Length of History
10% New Credit
10% Credit Mix

Like I said, there is a lot of really good information out there, especially on that website.


*I am not affiliated in any way with MyFico.com or the industry. Nor am I giving any type of credit counseling advice. Just a few things I have read about over the years.
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      05-01-2019, 12:10 AM   #69
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Quote:
Originally Posted by m630 View Post
....Fear not, 850 is the highest credit score possible. Soooo
This is true of the Base FICO score, but industry specific FICO scores range from 250 to 900.
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      05-01-2019, 08:11 AM   #70
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Originally Posted by TXSTYLE View Post
Big Banks, being the Total VAMPIRES that they are, are ONLY concerned with profiting off of you... Period! No more of this, "just having a place for your money to sit bullshit". If you aren't in Debt to them... You're Dead to them.
They, like every other business have a main goal of maximizing profits, not to be your friend. They create a business plan and products and you have the option of buying these products or not, then follow the rules to staying free of fees or not.

I am very happy with Charles Schwab online bank, minimum balance required but zero fees after this and free ATM's usage anywhere in the world, free checks also but not a big deal anymore. I go to SE Asia about once a month and when I arrive just go to the ATM and get a small amount of money out (trying to use credit cards wherever possible).
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      05-01-2019, 09:00 AM   #71
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Just when I thought I was cool with my hard earned low 800s, upstatedoc rolls in and slaps his 900 down on the table. Mic dropped.
its nowhere near that now after my divorce. that bitch!
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      05-01-2019, 03:36 PM   #72
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Quote:
Originally Posted by David70 View Post
Quote:
Originally Posted by TXSTYLE View Post
Big Banks, being the Total VAMPIRES that they are, are ONLY concerned with profiting off of you... Period! No more of this, "just having a place for your money to sit bullshit". If you aren't in Debt to them... You're Dead to them.
They, like every other business have a main goal of maximizing profits, not to be your friend. They create a business plan and products and you have the option of buying these products or not, then follow the rules to staying free of fees or not.

I am very happy with Charles Schwab online bank, minimum balance required but zero fees after this and free ATM's usage anywhere in the world, free checks also but not a big deal anymore. I go to SE Asia about once a month and when I arrive just go to the ATM and get a small amount of money out (trying to use credit cards wherever possible).
I get free ATM in the US not sure about international. I get free checks and no fees as well, minimum balances is including my brokerage account combined balance. I have enough to qualify for bonus cash back and miles.
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      05-01-2019, 04:13 PM   #73
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Quote:
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its nowhere near that now after my divorce. that bitch!
So i guess under “bitch took half” rules, you now each have a FICO score of 450?
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      05-01-2019, 04:33 PM   #74
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Quote:
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Quote:
Originally Posted by upstatedoc View Post
its nowhere near that now after my divorce. that bitch!
So i guess under “bitch took half” rules, you now each have a FICO score of 450?
Never marry someone with less money or who makes less than you.
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      05-02-2019, 08:09 AM   #75
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Never marry someone with less money or who makes less than you.
sure, where were you 15 years ago with that advice
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      05-02-2019, 09:22 AM   #76
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Quick way to inflate credit score if you have a year old AMEX credit card

After 12 consecutive months of good keeping, you could get 3x's your original credit line instantly, example Hilton card $10k limit opened on 01-2018 in good standing can get $30k just by applying online NOT by phone, it's once per card lifetime (the original credit line is key)

That helps your debt ratio for sure, I have it on a few cards I keep in the sock drawer, just use the card for a soda or gas every now n then to keep active

I'll look for the link, I did it for my wife and kids, works as of last year
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      05-02-2019, 09:40 AM   #77
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Couldn't find the damn link:

1.First, log in to your account and choose the (CREDIT card)NOT CHARGE card with 1 year activity and that's in good standing

2.Click on Account Services in the main toolbar at the top of your screen.

3.From the Card Management tab at the left, select Increase Your Credit Limit in the middle of the screen.

4.Put in 3xs your original credit line when you got the card as in they gave you $10k to start put $30k limit amount you are requesting plus your annual income, then click Continue to complete the request.

You might just get 2.5x's your original amount TAKE it! This way bypasses a manual review and much more generous increase than talking to a rep

No hard pull as far as I know, being a customer for a while AMEX just looks at internal history for decisions BUT you might get a HARD pull being a newer customer?

My 19 year old has a 800+ fico inflating cards, some of my old old cards as authorized user helped too
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      05-02-2019, 10:04 AM   #78
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Quote:
Originally Posted by JasonCSU View Post
Quote:
Originally Posted by DETRoadster View Post
The aggravating thing is that my wife is 10x the credit risk I am. She's accidentally bounced checks, forgotten to pay bills, maxed out a credit card, has 25x the debt I have (student loan) and makes 1/2 what I make. Yet she has the higher credit score and teases me all the time about it. I should sue Experian for the emotional distress this has caused me.

Oh man, that is infuriating. I wonder what combination of her credit history and usage is generating a better score.
Long term loan (almost paid off) on paper it's electric

Someone with NO debt All paid off gets a lower score

As a teen, I opened a $500 loan for 60 months, with a $10'ish payment, I prepaid the loan 90% so on paper It showed a 60 month loan (almost paid off) I never wanted it closed/paid off, keeping it open but almost paid back shoots up the score

Paid some juice on the loan just to pump my score, show some history, worth it IMO
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      05-02-2019, 01:59 PM   #79
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Quote:
Originally Posted by NEfan508 View Post
Quick way to inflate credit score if you have a year old AMEX credit card

After 12 consecutive months of good keeping, you could get 3x's your original credit line instantly, example Hilton card $10k limit opened on 01-2018 in good standing can get $30k just by applying online NOT by phone, it's once per card lifetime (the original credit line is key)

That helps your debt ratio for sure, I have it on a few cards I keep in the sock drawer, just use the card for a soda or gas every now n then to keep active

I'll look for the link, I did it for my wife and kids, works as of last year
Thanks for this, just 3x my limit on my amex!
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      05-02-2019, 02:12 PM   #80
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Quote:
Originally Posted by IllSic_Design View Post
Quote:
Originally Posted by NEfan508 View Post
Quick way to inflate credit score if you have a year old AMEX credit card

After 12 consecutive months of good keeping, you could get 3x's your original credit line instantly, example Hilton card $10k limit opened on 01-2018 in good standing can get $30k just by applying online NOT by phone, it's once per card lifetime (the original credit line is key)

That helps your debt ratio for sure, I have it on a few cards I keep in the sock drawer, just use the card for a soda or gas every now n then to keep active

I'll look for the link, I did it for my wife and kids, works as of last year
Thanks for this, just 3x my limit on my amex!
Happy it helped

This forum is for sharing information


anyone with teenage kids? put them on your oldest credit card as a authorized user, when they are 18 all that becomes on his/her record payment history etc.

Edit: kids as young as 13 years old can get a AMEX card, Barclays and Chase too, Discover is 15 I think? And US bank 16
Just make sure the name on the card is the same as what they will use when they are adults like Joshua J. Miller not Josh miller, if not matching its listed as a alias (matching is best) my 2 cents

Just don't let them keep the card or they will buy Fortnight V bucks...
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      05-02-2019, 02:28 PM   #81
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Quote:
Originally Posted by NEfan508 View Post

Just don't let them keep the card or they will buy Fortnight V bucks...
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      05-02-2019, 03:47 PM   #82
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Quote:
Originally Posted by NEfan508 View Post
Happy it helped

This forum is for sharing information


anyone with teenage kids? put them on your oldest credit card as a authorized user, when they are 18 all that becomes on his/her record payment history etc.

Edit: kids as young as 13 years old can get a AMEX card, Barclays and Chase too, Discover is 15 I think? And US bank 16
Just make sure the name on the card is the same as what they will use when they are adults like Joshua J. Miller not Josh miller, if not matching its listed as a alias (matching is best) my 2 cents

Just don't let them keep the card or they will buy Fortnight V bucks...
I do this for my son
The cards were delivered to my house. Activated as necessary. and then put in my safe.

It really helps them out with future car loans and bank loan rates.
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      05-02-2019, 06:48 PM   #83
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Originally Posted by bimmerfrk View Post
whats credit card,? is that something you use to buy that you dont have money to pay for?

We dont use those....

#debtfree
seriously!

Credit cards are lame!

People always paying for starbucks and other coffee they can't afford just to look cool!

Cash or nothing! I don't need to front. You should see all the looks of admiration when I pay for cash. It speaks volumes.

Speaking of volume. .. Once paid for a calzone using coins. People were like dang - this is a man who knows his money.
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      05-02-2019, 09:00 PM   #84
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I paid both my cars off a couple years early. The credit card gets paid in full monthly. I have been carrying a 850 score for awhile.
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Last edited by Marmugmotleocay; 05-02-2019 at 09:09 PM..
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      05-02-2019, 11:16 PM   #85
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Originally Posted by JasonCSU View Post
Oh man, that is infuriating. I wonder what combination of her credit history and usage is generating a better score.
that she is MARRIED and has someone who makes more and spend less than she does that will pay her dept if she cant...........
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      05-03-2019, 02:36 AM   #86
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Quote:
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I paid both my cars off a couple years early. The credit card gets paid in full monthly. I have been carrying a 850 score for awhile.
Mine dropped as soon as I paid off my mortgage. Not that it matters... I think past certain number it's all excellent for creditors
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      05-03-2019, 06:46 AM   #87
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Mine dropped as soon as I paid off my mortgage. Not that it matters... I think past certain number it's all excellent for creditors
I agree, at some point it really doesn't matter and the rate you get charges doesn't go down anymore.

I only have my mortgage as a loan and at 2.75% am only paying as required.
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      05-03-2019, 08:14 AM   #88
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Quote:
Originally Posted by David70 View Post
Quote:
Originally Posted by Kolyan2k View Post
Mine dropped as soon as I paid off my mortgage. Not that it matters... I think past certain number it's all excellent for creditors
I agree, at some point it really doesn't matter and the rate you get charges doesn't go down anymore.

I only have my mortgage as a loan and at 2.75% am only paying as required.
You don't get a tShirt for 850, as long as your above 730? You get best rate

I was 800+ on all my scores yet bmw finance manager (Dealer) still inflated my rate...

"Mr. Miller, I think with a little push I can squeeze you in a tier 2 loan with BMW financial" I'll do my best, lol

Have a mortgage since I was 19 years old, several investment properties mostly all 70%+ paid off and over 10 vehicles leased/financed past 15 years but the BMW Stealer wants to squeeze me in a tier 2 rate

I thought paying sticker the dealer would play by the rules (plenty of meat on the bone) for the deal but no, greed and games, lies to my face

On what grounds Base rate isn't avail to me? only bmw does this for more profit imo
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