11-13-2012 11:29 AM - edited 11-13-2012 12:14 PM
After great thought
I needed to ask this question :
What is the need to having a score over 760 my point is that someone with a score of 800 will get the same interest rate as a person that is 763. I can understand the personal accomplishment to get a score over 800 but it's just becomes a personal accomplishment and has no additional weight when it comes to lender.
Its like back in school you get letter grade of either A B C D F depending on your score if you drilled down further into the score an A would represent 95% - 100%. So other words an A would 760 and above it's still an A
I could understanding needing a buffer so if you to applied for a new loan, credit card and your score dropped it would still be above 760, other that I can't think of anything else.
After more thought, why do you need a buffer unless you plan to apply for loan, credit credit very often. Most people that have a credit score that high its because they don't apply for new credit often maybe once year. So your credit would go back to above 760 if you were at say 763 and applied for credit the next year.
So it goes back to just accomplishment
The reason why i am writing or asking this question is because I got very dishearten when I saw that I was only at 763 not realizing that I had a A, so to the persons just startling their journey to credit repair don't get dishearten like i was if you don't reach a 800 score and above. I always tell my kids I only accept an A grade but if I see a B now and then I am still happy.
Be happy its a great journey
Since I very new at this am I heading in the wrong direction with my thinking.
11-13-2012 11:35 AM
Accomplishment and Buffer. If you have an extra 50 points to spare, you can afford a bit of a buffer if you want to float balances longer, or app a couple of extra times.
|Chase Freedom $5000|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
|Lowe's CC $8500|
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
11-13-2012 02:05 PM
And sometimes it's just because they want it. You can wear a cheap shoes as well as expensive shoes. I guess it's just something they want.