Given the recent discussion on credit scores - I stumbled onto my credit score *shock*!

Joey_V

So, before I start, know that I had average credit scores all my life. I was probably in the 600s on Fico's scale as recently as 4 years ago. Then it started to go up. I just kept paying on time and sometimes I pay early. I try not to overextend myself and keep an eye on what flows in and what flows out.

So, yesterday I went on my credit monitoring system and took a peek at my credit score since my partnership took a look at it for an unsecured loan...

... what I saw was a rare bird, a unicorn even... especially at my age.

I didn't even know this type of score was possible! But anyway, I guess it is and I get to celebrate my hard work! Success! I didn't think my score was that high, I figured it was decent but not that high. I had to double check to see if it was truly mine.

Joey_V

Here is my triple perfect score.

cfrizz

Way to go Joey! What you have is the perfect plan to stay out of debt and have good credit. This is what I have done my whole life, and have high scores on my reports as well.

As you can see, it is not rocket science, just good self control and common sense. Don't charge more than you can pay, and if possible pay off in full each month, I hate paying anyone interest. Just pay on time and you and credit card companies can happily coexist.

Well done.

WilliamM2

Joey_V wrote: »

I didn't even know this type of score was possible! But anyway, I guess it is and I get to celebrate my hard work! Success! I didn't think my score was that high, I figured it was decent but not that high. I had to double check to see if it was truly mine.

You were probably thinking of FICO scores, which uses a scale of 300 to 850. Vantage uses a scale of 501 to 990. Either way, it's a great score.

We paid off the house years ago and probably have no need for future credit, so you would think the score no longer matters. Too bad insurance companies base your rates on your score. But just keeping my 30 year old credit cards and paying them off every month seems to keep the scores maxed.

Joey_V

Thanks guys and gals!

I know vantage and fico use different #s but I was shocked to see a triple perfect.

I kinda feel bad because I know I can't keep it up at 990/990/990 forever .

I am sure it's all downhill from here!

WilliamM2

I have always got the same scores from all three, so that's not surprising. I get 990 with Vantage, but I don't get a perfect 850 with FICO, more like 815. Don't know anyone else that's got an 850 with FICO either. I think it's easier to get a perfect score with Vantage.

Joey_V

WilliamM2 wrote: »

I have always got the same scores from all three, so that's not surprising. I get 990 with Vantage, but I don't get a perfect 850 with FICO, more like 815. Don't know anyone else that's got an 850 with FICO either. I think it's easier to get a perfect score with Vantage.

I think FICO is difficult to get perfect. I am tempted to check but no reason to spend $60 on all 3 Ficos for no reason.

oldmodman

Last time I had my FICO looked at I was at 813
And I never use any of my credit very much. I do have as many bills as possible charged to my Amazon credit card but it is paid in full every month by automatic payment from checking. I always thought that if the creditors were not making any money off of you then your credit scores went down?

Joey_V

oldmodman wrote: »

Last time I had my FICO looked at I was at 813
And I never use any of my credit very much. I do have as many bills as possible charged to my Amazon credit card but it is paid in full every month by automatic payment from checking. I always thought that if the creditors were not making any money off of you then your credit scores went down?

Yeah I don't know how this whole credit score thing works. Something about needing a rolling balance or keeping sufficient possible credit freed up.

tonyb

My pops used to say....if you can't afford to pay cash, then you can't afford it.

The only thing he ever took out a loan for was his house. Cars were all paid in cash, never had a credit card until it was actually impossible to get by without one. He was the type to shove money under the mattress for a rainy day.

rooftop59

that certainly is the best philosophy Tony. Consumerism and the financialization of capitalism has killed our economy as much as anything, Everybody think they should have ipads, new cars, and every other gadget under the sun, and its just second nature now to finance it. Its not the gubment, its personal greed...

hochpt21

I've got a buddy in his mid-30's who has done very well for himself. He got pissed at a CC company about 10 years ago and closed all his credit card accounts. Since then he's done everything with cash.

He was looking into buying a house last year and discovered that he couldn't get a loan because he had zero credit. That's right...because he has been financially responsible and able to live the last 10 years without a credit card....they wouldn't give him a loan.

He opened up a credit card to start to establish some credit, and you know what his credit limit was? $250!!!! Ha....he said I can't even use this to take my lady out to a nice restaurant.

He has since built his credit by opening a few CC's and building his limits, but man, what a backwards way!

WilliamM2

I'm not sure how anyone can survive these days without a credit card. You can't buy things on the internet with cash, or pay bills online with cash. Credit cards have their place, just pay them off every month, and then you get paid for using them.

tonyb

Try buying an airline ticket with cash, pay for luggage, rent a car. We live in a fee based society now where everything has a fee to use it.

Moose68Bash

Well done, Joey_V.

My wife and I use only one CC, and we pay it off every month, regardless of the magnitude of our monthly expenditures.

I haven't checked my credit scores for at least five years, but it sees that my CC company likes what we do -- they keep upping the credit limit without any "provocation" from me! I assume that means my credit score is OK.

Joey_V

Thanks moose

Just use the tools you got well. Credit cards are useful if you don't abuse it. I run up the bill every month but I get points back and it is paid fully so I don't get dinged with interest. I think I have like 2500$ in rewards waiting for me to cash out but I just let it roll. It pays for all of Disney when I travel there every other year.

I use my card enough to qualify for the bigger fancier cards out there like AMEX centurion or JP Morgan Paladium... But I've never been a fan of those $595 annual fees. Plus I like Mickey Mouse on the front of my card (it's a Disney visa) so I keep with the kid themed card instead of getting an adult card.

Too early to grow up.

Moose68Bash

I don't pay for a credit card with annual fees -- ever!

CC companies should make money from the sellers they serve.

Just my humble opinion.

tonyb

I like it Joey....my phone has Cookie Monster as the screen. Who the heck wants to grow up anyway....people expect stuff from ya then.

Joey_V

tonyb wrote: »

I like it Joey....my phone has Cookie Monster as the screen. Who the heck wants to grow up anyway....people expect stuff from ya then.

I get comments from my mickey mouse card... like... awww that's a cute card. Are you sure this charge is going to be approved and you're not over the limit? .

Joey_V

Moose68Bash wrote: »

I don't pay for a credit card with annual fees -- ever!

CC companies should make money from the sellers they serve.

Just my humble opinion.

Depends.

It really depends on usage.

I chose to be a "premier" Disney Visa member for an annual fee of 49$ a year. The standard Disney Visa is $0 annual cost.

This was the break down:

Standard Disney = no annual fee, $1000 earned in cash back a year at 1% cash back.
Premier Disney = $49 annual fee, $2000 earned in cashback a year at 2% cash back.

It was a no brainer so I paid for the fee.

Now, the JP Morgan Paladium card at $599 per year, I don't make any extra cash back and since I am not an executive, I won't have much use for all the perks with airlines, lounges, concierge service etc.... and I don't really care for having a super exclusive card in my wallet when my Mickey Mouse will do.