Dallasgirl wrote:http://articles.moneycentral.msn.com/Banking/YourC
reditRating/PerfectCreditYouDontNeedIt.aspx
I've often wondered if there was anyone out there who has ever attained the so-called "perfect score" of 850. According to this article, 825 seems to be about as high as anyone could ever attain.
I've been scouring these forums during the past week and everything I've read indicates that once you reach the higher score buckets (new lingo I picked up!), it really doesn't make a difference as far as getting lower interest rates with lenders. I tend to be a little on the obsessive side, so I guess reaching the "holy grail" of credit scores will be forever elusive!
Well, my Experian FICO score was 826 pulled on 9 Jan 2009 with a very clean history, oldest account AMEX since 1982, low utilization, etc. Unfortunately my FICO score is about to take a major hit because a few years ago I made a mistake driving and hit another car. Even worse, the person whose car I hit has a close relative who is a lawyer, they refused to settle with my insurance company and the case comes up in court this week. No question of my having to pay anything, I'm covered and my agent says because I was accident-free for so long prior to this one my rates will not go up. But there will be a public record of a judgement, and I understand the FICO algorithm does not distinguish between something like this and a judgement due to a bad debt.
The trial will not be to determine fault, that has been conceded from the beginning (it was my fault, no argument there), the issue to be detemined by the court is the dollar amount of the damages because my insurance company and the person I hit could not agree on a settlement. Drive carefully everybody, and especially avoid hitting somebody related to a lawyer.
MattH wrote:
Well, today I got a call from my lawyer with excellent news: the other party has accepted an settlement offer from my insurance company, so the trial scheduled to begin tomorrow will not take place. I will not have to appear in court and there will not be a Public Record of a Satisfied Judgement. Drive safely of course, but especially never hit somebody with a relative who is a partner of a law firm!
Matt,
I work for a firm that represents insurance companies in legal disputes. That is very typical of what lawyers do - wait till the very last minute and then settle with the insurance company to avoid the expense & hassle of going to trial. Congratulations on your good news!
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