850

[Anonymous]

Three confirmed methods of reaching 850.

1) Take a job with FICO. You get an automatic, guaranteed 800 after your 3 month probationary period.

2) Catch Experian CEO Don Robert in a compromising position, and snap a photo.

3) Tongue kiss Fred Hanna.

[Pants]

Lets say if you were in the 820 range.. You have 5 open accounts (usually someone in the 800 club will have about a half dozen accounts).. Lets say you have one bad month with one 30 day late on each account.. How much would you guess the score will drop?

I would think somewhere in the upper 600's/lower 700's?

Message Edited by Pants on 07-15-2007 11:30 PM

Message Edited by Pants on 07-15-2007 11:31 PM

[Anonymous]

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Pants wrote:

Lets say if you were in the 820 range.. You have 5 open accounts (usually someone in the 800 club will have about a half dozen accounts).. Lets say you have one bad month with one 30 day late on each account.. How much would you guess the score will drop?

I would think somewhere in the upper 600's/lower 700's?

Message Edited by Pants on 07-15-2007 11:30 PM

Message Edited by Pants on 07-15-2007 11:31 PM

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when your score is thattt high, I have heard that even a high purchase that would bring ur util higher, can hurt your score significantly.

[Anonymous]

I wonder if the CEOs of all these credit bureaus and credit card companies have 850 score.

[Anonymous]

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@Pants wrote:

Lets say if you were in the 820 range.. You have 5 open accounts (usually someone in the 800 club will have about a half dozen accounts).. Lets say you have one bad month with one 30 day late on each account.. How much would you guess the score will drop?

I would think somewhere in the upper 600's/lower 700's?

Message Edited by Pants on 07-15-2007 11:30 PM

Message Edited by Pants on 07-15-2007 11:31 PM

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This is a difficult question to answer but I will try to answer using an example. An account with 9 open accounts with a credit score of 821, miss 1 payment just on 1 cards and score drops to 751 next month.

[Anonymous]

2 questions? What do you think the FICO score of the pres. of our country is? CNN posted we are 9 trillion in debt.

Next question. What do I win if I hit 850?

[Anonymous]

i wonder what his CL is. That would help us determine how much util he is at. Also, we need to find out if he had paid his bills on time.

[Anonymous]

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ilovepizza wrote:

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This is a difficult question to answer but I will try to answer using an example. An account with 9 open accounts with a credit score of 821, miss 1 payment just on 1 cards and score drops to 751 next month.

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Is this an actual, real life example you know of, or just an estimate?

[Anonymous]

You have to keep in mind that, all things being equal, your FICO score will trend toward the mean--around 700 to 725. This is why people who start around 500 or so notice large improvements early on (at least once they put 6 to 12 months between them and any baddies, or at least 2 years between them and a BK), but find as they pass 650 or so that improvements begin to slow down.

Conversely, if your FICO is 650 and you pay late, you're liable to only lose 15 points or so. You're already below the mean, and so that tendency toward the mean works in your favor. But if you're at 837, you're way above the mean, so any ding you take will hit you much harder as the formula "wants" you to trend toward the mean.

The good news in all of this is that the relationship between FICO and interest rates goes asymptotic around 750 or so. The "operative range" of FICO is around 550 to 725. Below 550, your credit terms are going to be somewhere between "suck" and "unavailable." Past 725, you're only going to see tiny improvements in your interest rates...maybe 1% on mortgage rates between 725 and 775, compared to around 2.25% to 2.5% between 675 and 725, and about 0.25% between 775 and 850.