Understanding FICO® Scoring

[smallfry]

Over 760 on all 3. EQ 777 EX 775 TU 801.

[BungalowMo]

I tried SO hard....but alas....

Your Latest FICO® Scores

TransUnion 754 Date: 11/29/2010 Buy Today's Score

Equifax 754 Date: 12/24/2010

[MarineVietVet]

OH SO close Mo!!

You'll get there soon.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[jheckathorn]

I just had my FICO scores pulled yesterday by a mortgage lender.  Drumroll please...   

Equifax:  801

Experian:  785

TU:  808

My EX score was over 800 a few months ago when I last checked, so I guess it's time to do a little digging and figure out why I dropped out of the 800 club this time.

[hunter399]

Just curious - does being 800+ give any real benefit over someone with, say, 760? Obviously the higher the better, but are there circumstances that an 800 would actually give someone a leg up on someone with an [already outstanding] 760?

[MarineVietVet]

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hunter399 wrote:

Just curious - does being 800+ give any real benefit over someone with, say, 760? Obviously the higher the better, but are there circumstances that an 800 would actually give someone a leg up on someone with an [already outstanding] 760?

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I don't think so. After a certain point it's strictly for bragging rights although it seems like the scores needed for the best rates keep inching upward.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[JM-AM]

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marinevietvet wrote:

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hunter399 wrote:

Just curious - does being 800+ give any real benefit over someone with, say, 760? Obviously the higher the better, but are there circumstances that an 800 would actually give someone a leg up on someone with an [already outstanding] 760?

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I don't think so. After a certain point it's strictly for bragging rights although it seems like the scores needed for the best rates keep inching upward.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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I will agree to disagree.

No major difference once you reach the top tiers for rates except when you apply for additional credit the possibility of still being in the top tiers could be an issue. 

Example for illustration purposes;

Have 800 FICO score apply for new CC, possible ding for INQ and possible ding for new account, assuming you get dinged and lose 15 points, leaves you with a FICO score of 785. This scenario keeps you in the top tier and rates are the same for major purchases still.

If you use the same scenario and starting FICO is 760 you fall below the top tier and the rates change for major purchases costing you more money over time.

[ChemGuy]

Your Latest FICO® Scores

TransUnion 738 Date: 12/20/2010 Buy Today's Score

Equifax 773 Date: 1/3/2011 Buy Today's Score

Made it into the club (EQ).  Is it me, or does the air really smell fresher up hear???

[psychic]

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jheckathorn wrote:

I just had my FICO scores pulled yesterday by a mortgage lender.  Drumroll please...   

Equifax:  801

Experian:  785

TU:  808

My EX score was over 800 a few months ago when I last checked, so I guess it's time to do a little digging and figure out why I dropped out of the 800 club this time.

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Those are terrific scores, jheckathorn!  Congratulations!

[psychic]

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ChemGuy wrote:

Your Latest FICO® Scores

TransUnion 738 Date: 12/20/2010 Buy Today's Score

Equifax 773 Date: 1/3/2011 Buy Today's Score

Made it into the club (EQ).  Is it me, or does the air really smell fresher up hear???

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It's wonderful to see that you made it into "the club."  773 is a great EQ score!

Congratulations!