Understanding FICO® Scoring

[lgrimes]

I received a FICO score from my bank when doing a equity credity line.  It states the score are generally between 300 and 850.  My score was 864.  Is that possible?

[Brammy]

Wasn't a FICO either an Experian Plus or Vantage.  Now we know lenders are using them.  The top on those scales are 950.  Great score anyway

Message Edited by Brammy on 04-12-2007 05:26 PM

[Skiffy]

Actually, some FICO score cards don't end at 850. The one that's "classic risk" does, though. So it could be true, yes.

[Brammy]

Learn somethingnew every day.  Is that the NexGen score you're referring to?  I was under the impression that for mortgages FICO classic was used. 

[htc]

Here's a thought... scr*w the credit (debt) score and use cash - it's SIGNIFICANTLY cheaper....   With a little leg work you can even get a prime mortgage with no credit score - I did !

[debbedoll]

How did you do that?  I have never heard of getting a mortgage loan with no credit.

[antredd67]

PRAISE THE LORD FOR THAT ADIVCE!  I agree when you have at least 6 months living expenses or emergency fund saved, and you are totally out of credit card debt, you won't or don't need credit as long as you can save money. Just think about this...any major purchase, besides a house, that you want to make, you will be able to pay cash for it..because you would have the savings to do so.  Let's be our own banks. I know I want to be the Bank of Redd before I turn 45.

[Brammy]

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debbedoll wrote:

How did you do that?  I have never heard of getting a mortgage loan with no credit.

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Ignore tha Deb.  Credit is a necessary evil of Life.  Trust me I lived atotally credit free existance for three years and when my car broke down I had to pay through the nose with no credit history to back me up. 

That being said, though credit is a necessary evil, debt is not. Using credit cards responsibly does no equate with going into debt.  I'm in the business of making money and if my cards don't do that for me I rarely use the.

I use a 2% cash back card for everything fromgroceries to the cable bill.  Right now its at 0 percent so I put the bill money in a separate savings account unti that card reaches 50% utlization then pay in full and star over.  Once the promo interest rate end I'll use and IF every month.  Maybe not much but a 2% savings on groceries when my local tax for food is 3% is okay with me.

At 25 dollars a month in a year I've got my teenager's latest electronic gadget WITHOUT going into debt (anything you pay money to use) to do it.

BK is a hard task master even when its caused by medical bills.  But as they say, those who don't learn from their mistakes are doomed to repeat them.  I know several multi-BK filers who are proof of that theory.

Message Edited by Brammy on 04-17-2007 07:44 PM

[LAX]

Message Edited by LAX on 09-14-2008 10:35 PM

[Brammy]

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DEADBEATS_ARE_THIEVES wrote:
You are assuming that people who use credit incur interest. Not only do I never pay interest on my credit cards, I am returned roughly $1000 dollars per year in the form of cash back and rewards points. My cash stays in the bank earning 5% interest while my purchases float for a month on the cards.

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I didn't assume anything. I only pointed out the difference between using credit and incurring debt if that post was directed at me.