FICO Credit Scores

[Uncle Meat]

I pay off my CC's as soon as I use them. I mean I'll buy something today and on Friday I'll pay off the card. Sometimes I'll do that 2 or 3 times a month, so my CC's usually all carry a zero balance. All of my cars are paid off, so no monthly cash going towards that. The only debt I'm carrying currently is the $27K I still own on my house.

Guess I'll need to get that summer home soon so my credit score doesn't collapse.

U.M.

 

[CobraBob]

My EF is 834 and my TU is 827. Not sure what my FICO is.


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[13COBRA]

My EF is 834 and my TU is 827. Not sure what my FICO is.


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Those are your FICO scores.

FICO is what the vast majority of reporting agencies use to determine a score.

There are three main sub categories, Transuion, Equifax and Experian. Out of those three, there are 20+ models used for different types of lending.

 

[PIPO]

I had tons of credit experience but never cared too much about my score. I was in the 800s for a while until I closed off a LOC I opened up when I joined the army 21 years ago. My scored tanked to high 700s and can’t see to recover. I recently bought a $90k truck using my AMEX just to get the rewards points. That didn’t help much, even though it was paid off in 20 days.

 

[helloWorld]

I had tons of credit experience but never cared too much about my score. I was in the 800s for a while until I closed off a LOC I opened up when I joined the army 21 years ago. My scored tanked to high 700s and can’t see to recover. I recently bought a $90k truck using my AMEX just to get the rewards points. That didn’t help much, even though it was paid off in 20 days.

You used a credit card to purchase a vehicle? If so, how in the world did you do that? I have tried doing that before to get the rewards cash, but the dealerships would not let me because they didn't want to pay the damn credit card fee on the backend.

 

[13COBRA]

You used a credit card to purchase a vehicle? If so, how in the world did you do that? I have tried doing that before to get the rewards cash, but the dealerships would not let me because they didn't want to pay the damn credit card fee on the backend.

It's up to the seller whether or not they want to accept that as a form of payment.

 

[PIPO]

Yep, like Nick said. I’ve bought two cars with a credit card with this same dealer. A Demon back in 2018 and a TRX this year.

 

[13COBRA]

Yep, like Nick said. I’ve bought two cars with a credit card with this same dealer. A Demon back in 2018 and a TRX this year.

More than likely they have a payment processing program that charges by transaction, not % of transaction.

 

[PIPO]

More than likely they have a payment processing program that charges by transaction, not % of transaction.

When I traded in the Z06 for the GT500, I paid off the difference with the CC. If i remember right, it was around $25k and the dealer fee was $900. This was in Kansas...does that fee sound about right? That’s what the salesman told me. I never asked the dealer in TN. The salesman went straight to finance and put me on the phone with a clerk. Never asked management.

 

[13COBRA]

When I traded in the Z06 for the GT500, I paid off the difference with the CC. If i remember right, it was around $25k and the dealer fee was $900. This was in Kansas...does that fee sound about right? That’s what the salesman told me. I never asked the dealer in TN. The salesman went straight to finance and put me on the phone with a clerk. Never asked management.

Yes, usually 3.5-4% processing fees.

If my salesman put it straight through to a clerk at my store, I'd charge him the fee haha


We only allow $2,500 on credit card before we charge a fee to equalize the charge for us accepting that form of payment.

 

[DSG2003Mach1]

I was in the 800s for a while until I closed off a LOC I opened up when I joined the army 21 years ago.

I've got a capital one card I've had for 17 years, first card I ever got. I only keep it because of that, they've got their head way up their ass though...I updated my annual income and asked for a credit line increase - it's now a whopping $1250. The only thing that goes on that card is my NetFlix account so they can't close it for no activity, a whopping $15 a month.

 

[Mpoitrast87]

Closest I got was 832. Then I paid off my truck loan of 32k and it dropped to 770. A year later I’m at 797

 

[quad]

I had tons of credit experience but never cared too much about my score. I was in the 800s for a while until I closed off a LOC I opened up when I joined the army 21 years ago. My scored tanked to high 700s and can’t see to recover. I recently bought a $90k truck using my AMEX just to get the rewards points. That didn’t help much, even though it was paid off in 20 days.

How many points did you get? I tried that last year with a new car purchase but they capped the credit card amount at I think $2,500.

 

[1 Alibi 2]

I tried paying for a vehicle with a credit card twice, didn't work both times.
I've also tried to pay in cash, it's another thing dealerships won't go for..

 

[Bdubbs]

Mine has been 810-820 for probably 10 years.

From my experience, anything from 770ish up basically gets the same treatment.

Even being in the 800's didn't get me the best rate on my new truck. A credit union was offering me 3.65%.

We said screw that and payed cash....

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[rborden]

I quit worshipping at the great altar of FICO a few years ago.

Many do not agree with Dave Ramsey’s money principles but it worked well for me.

No payments, no stress and my boss no longer owns me. I sleep better at night with no debt or payments and it’s nice to know my money is my money, not pre-arranged for something else. It really takes a weight off your shoulders and rids you of the mental stress.

I’ll take financial freedom over a credit score any time. Last check mine was somewhere in the 780 range and falling due to no revolving credit and payments. Ha! It’ll be at 0 in a few years.

 

[1 Alibi 2]

I quit worshipping at the great altar of FICO a few years ago.

Many do not agree with Dave Ramsey’s money principles but it worked well for me.

No payments, no stress and my boss no longer owns me. I sleep better at night with no debt or payments and it’s nice to know my money is my money, not pre-arranged for something else. It really takes a weight off your shoulders and rids you of the mental stress.

I’ll take financial freedom over a credit score any time. Last check mine was somewhere in the 780 range and falling due to no revolving credit and payments. Ha! It’ll be at 0 in a few years.

.
Why do you think you can't have both ? ( FICO 825+ )
My $ 80.87 charge bill went in the mail Tuesday, debt free till I make another purchase..

 

[DSG2003Mach1]

.
Why do you think you can't have both ? ( FICO 825+ )
My $ 80.87 charge bill went in the mail Tuesday, debt free till I make another purchase..

this...The only debt I have is my mortgage and that'll be gone in 3 years. Meanwhile the CC points I've been accumulating bought me a new apple watch and paid for flights and/or hotels for 3 different vacations this year with points left over.

 

[Fat Boss]

I pay off my CC's as soon as I use them. I mean I'll buy something today and on Friday I'll pay off the card. Sometimes I'll do that 2 or 3 times a month, so my CC's usually all carry a zero balance. All of my cars are paid off, so no monthly cash going towards that. The only debt I'm carrying currently is the $27K I still own on my house.

Guess I'll need to get that summer home soon so my credit score doesn't collapse.

U.M.

Same here, except I still owe $685k on the house.

 

[5.2Leader]

I really have never worried about my credit score or paying cash for things. My great looks have always done the deals for me!


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