Jeff Rose, a 33-year-old financial planner, is trying to improve his credit score even though it’s 780, which is 69 points above the median score.
Rose, who lives in Carbondale, Illinois, said he opened up a second credit card last year to establish another line of credit and help boost his score. He said he doesn’t know exactly what actions will help or hurt his score, so wants to get it above 800 to ensure he gets the best rate if he refinances his mortgage.
Three years after the credit crisis when lenders abruptly closed accounts and cut limits, consumers, including those who have excellent scores, have become more focused on getting the number above 800. Those efforts may be futile because once consumers have FICO credit scores of 760, a higher one doesn’t mean they’ll get better interest rates on mortgages and credit cards or more elite card offers, said Greg McBride, senior financial analyst at Bankrate.com, a unit of Bankrate Inc.
“There’s very little incremental benefit to getting a score above that,” said McBride, who’s based in North Palm Beach, Florida. Once consumers are above 760, “it’s a lot more difficult to move the score up in any noticeable way, and little reward.”
http://www.bloomberg.com/news/print/2012-01-13/credit-score-zealots-pursue-fool-s-errand-for-numbers...
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"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi
