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My question is Any idea what the music is in the new Discover Card uk advert? Looking forward for any answer. 2nd question I got is.. OK, so now that my FICO scores are pretty high (at least on Equifax and TransUnion, hopefully on Experian too), I want to know at what point is it not worth it anymore to try to make them higher? In other words, at what point should I say, OK that's good enough to get whatever credit I may need, so I should only worry about not making them lower?.. |
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I'm stumped. I'm not so sure what is the answer to that question. I'll do some investigation and get back to you if I bump into an good answer. You should email the people at Discover Card as they probably could answer your Discover Card question..
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Technically, 760 is the score at which one will receive the best rates, promos/offers. With few exceptions an 800 score will not be "gifted" with any more goods than the 760. So for the most part anything above 760 is for bragging rights..
That said, keeping a score around 780 is ideal. There's enough room to play around with new accounts reporting and inquiries without risk going below the ultimate 760. But most of us want to see the "800" just because. It's all about increasing. My TU is just under 800 and EQ is 780ish. I assume EX is somewhere in between where it used to be prior banning of their consumer scores.... This post has been edited by. TrevorHere. : 19 January 2010 - 01:14 PM.. |
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I'd say never stop improving your scores, simply because doing things that would improve your score (no derogs/lates, low util, long age) cost you less money. Doing this long enough would get you to the high 700's and into the 800's...
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You get to a point where doing nothing is the best thing for improving it. If there are no derogs and you have some established lines, then simply letting them age and not getting new inqs is going to result in the best score. On the other hand, that's not as fun as occasionally adding a card you're going to use...
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As others noted, you will eventually reach a point where little can be done to manipulate the formula any further. With a clear report, all one can do is monitor inquiries and utilization as well as ensuring that a focus is placed on ratios of tradelines to TL's with a balance...
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I voted 790, That is my goal score. Once I reach it, will I try to improve it? Yes, I do not think I need any more credit. I got a perfect mixture of credit. Just have to let it age...
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Oh...... I wish this was true! With a 770 credit score and I just received my new Discover card with a 10k credit line, but the interest rate is a boombing 17.99%...
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Generally speaking, it IS an accurate statement. Revolving products are their own animal and any number of variables can result in higher rates. We have, fortunately, begun to see lenders move away from using a score as a be-all, end-all to underwriting. Through the years, Discover has often been noted for many products with higher than usual rates....
And while 760+ usually gets the best rates, a good relationship with a local lender can also get good terms with alot of 720+ scores. Mega-banks tend to suck worse than box stores..... |
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Clean reports with perfect on-time payment history, low utliization, and age will always give you highest possible score!.
This post has been edited by. More credit less cash. : 19 January 2010 - 04:04 PM.. |
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I'd love to have an 800+ score, but realistically, I'll be perfectly content if I can get to 750. If 2 baddies fall off this year (as I believe they will) I should be able right around there by this time in 2011. Right now, I take great care to ensure my score is as high as it can be, just in case I need to app for one reason or another. If I could be around 740 - 750 with a couple inquiries showing, I'd be pleased as punch...
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A +1 for me too..
At 780+, I'm no longer obsessive about paying (with Discover card) new account balances before a statement issues. And it doesn't concern me to show 1 or 2 inquiries in the last 12 mo. Whereas below 780 I'm likely to make a concerted effort to avoid either of these.. I, too, find 760 to be the threshold for optimal credit outcomes. I want 780 for a little breathing room.. 800 is nice for bragging rights but, generally speaking, is worth little more than 780 and I'm not likely to expend resources merely to maintain a 800 score (or 790).. It's nice to finally be at a "cruising altitude"!. This post has been edited by. Hdporter. : 19 January 2010 - 06:33 PM.. |
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780-799, 800 and up makes one look too glorified..
I should be around a 780 or a little higher now (b*X2 and paid some down since last score). I do not want to pay for a FICO just to see a number.. No need to be too anal about score... |
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I dunno what my score was at the time since I forgot to ask, but I applied for an auto loan and the local CU had an advertised rate of 4.7% and they had an unbendable rule that if you've never had an auto or home loan before, the rate was something like 9.7% for a year or something like that. I went ahead with it thinking that I would just pay it off in a couple of months anyway and they would do the work for me since the seller had a lienholder as well, but they came back and said that my credit was so good that they would just bend the rule and give me the loan. I think that was one of those situations where a human looking at your file sees a particular number that may indicate that you are especially low risk. May never happen again, but it was nice that it did..
Then again, that car got stolen and stripped, so I wouldn't say I lived happily ever after, though the insurance did make me whole... |
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+100000000.
You don't even have to guess what your scores are with clean reports that have perfect on-time payment history, low utliization, and age as they will always give you highest possible score!.. |
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The best rates are offered to borrowers with FICO in the 760+ range, so I voted 760.
This post has been edited by. Nothingtolose. : 19 January 2010 - 07:34 PM.. |
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Ultimate way to highest score is age. I'll use my mother as an example, as she is the person I know with the highest score I have seen. She did tell me once an 830, but not sure if she even knows..
Her secret: She got in when she was young, and kept the accounts. She has not applied for new credit (except car loans here and there). She has not opened a NEW card since the early 90's. Does not apply so no inq's in years. Automatic increases. She has Amex cards since around the time of Woodstock (had charge card but added a couple, and backdated to Member date).. The credit crunch has not really gotten her. She did mention that Chase jacked her and she simply told them off. I told her not to close old accounts, and I get "Its not old, I think I signed up in 88".. Get the scores to get the cards you need, then sit and sit on them... |
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Your scores are good when you have to stop "trying" to make them better. Once you are on cruise control and doing what you should "normally" be doing, such as making payments on time etc... then you can stop worrying about scores and let the Fico model gods take over for you...
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Thanks for voting and commenting, everyone. Based on your feedback, I'm going to stop thinking about it when I hit 780..
I'm surprised that so many people picked 800. I wonder if I'd put in 810 or 820 (or 850) as options whether anyone would have picked them... |
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Remember, Fico Score is not the most important about your credit..
Now, Fico Score is just a little piece.. If your score is high and you makes a mistake, the punishment will be greater.. Lender are not using Fico Score to offer their best product to you, but against you.. In addition, the Fico Score that we can buy, is not the same as that used by lender. The difference between what we can buy, and what they sell to lenders may vary between 10 and 20 points. Therefore, any Score (Fico or Fako) only serves to give you an idea of how you're doing... |
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I picked 800 "just because" like Trevor suggested, but also to give me more of a buffer at the higher range. Scores are 780s (guestimating EX) but I'd still like that extra wiggle room...
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GOD DAMN I'M JEALOUS OF ALL YOU GUYS!!!.
I voted 780 as I like the way the number looks.. I just want to hit 700 at this point! I'm hoping that bringing my utilization up from 90%-10% this month will bring my score to 600. Then when my last two baddies fall off this year, along with finishing up Sallie Mae/AES rehabs Feb and March, I'm hoping that in April my scores will be around 650. God... how nice it would be to be actually considered for legitimate CL's.. ~G. < Envious!!!!.. |
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Gudz, it will happen for you!.
You'll be suprised at what lowering your util and getting rid of baddies will do for you.. Hang in there!. Eta: well not "suprised" maybe, you know your way around this stuff, but the results are pretty cool nonetheless when it happens.. This post has been edited by. Cb_opus. : 20 January 2010 - 12:23 PM.. |
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I'm worried less about my FICO and more about my file. I'll stop worrying about my score when my file is spotless..
Also, I'm young and my file isn't very diverse or thick (no home or auto loans) or very long (less than six years) so when it's clean I'm just going to let it age... |
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YMMV.
HINT. >denied with 739...approved with 665 (same exact card). Denied for one too many. HARDS. With just a couple points short of 800.. |
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Yep! hang in there. It will happen if you continue to do the right things and sacrafice a little. I jumped 38 point in 11 months on disipline alone...
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Although I just voted 800, the higher my score gets, the less effort I put into fixing it. Right now the only thing keeping my scores in the low 700's are 8 late payments caused by a house fire (computer burnt along with records, took me a month to get back on track), and low average age of accounts (just under 3 yeards due to a new account blitz during repair)..
Yes, I am going to send out a couple of goodwills this afternoon, but I just don't have the sense of urgency about it as I did when I was in the 500's and still fighting chargeoffs.. This post has been edited by. Jtoast. : 19 January 2010 - 12:54 PM.. |
