i don't like my score!

[Lel]

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@Anonymous wrote:

thank you - maybe this is a good "hobby" for these rainy days in the nw!  i'm not in the market for new credit but i like to keep my score as high as possible (just in case)!  i used one credit card regularly up to about 3 months ago when i found that i'd end up with more money in my pocket if i used the debit card and pulled in 3.5% APR on the checkg acct balance (the credit card offered a 1% rebate on charges).  i have some credit cards that i haven't used for months and months - maybe i should close them (they also were paid off in toto each month).  so probably i have the potential to use a lot of credit (at least K30) and that may account for the score being lowe than i would like it to be.

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Don't close your accounts!  Open credit accounts in good standing do not hurt your score, and actually help your score.  Even though you don't really have any credit card debt, if at any point in the future you decide to use CCs again, it's better to have more available credit than less, because then your "utilization of available credit", calculated as a percentage, won't be too high.

Open accounts also help your average account age.  When you close an account, it might remain on your credit report for several years, but when it drops off you will lose its age and history.  If anything, you should consider dusting off those inactive credit cards and using them every few months, just to keep the account open and active.  CC companies have been shutting down inactive CCs left and right, and you don't want that to happen to you.

Here's a helpful thread about how to optimize your credit score:

The Son Of Credit Scoring 101

[Imhotrodcrazy]

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@Anonymous wrote:

my fica score is 716 - i think it should be a lot better because:

i own real estate (free and clear)

i have no outstanding debts

i rarely use credit cards and they are automatically paid in full each month

i have money in the bank

so why is my score not better than 716?????

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I happen to think and believe the way you do, however, I am from a much older generation.  That is the way we were taught.  To bad things are so screwed up today.  Maybe some day people  like you, will be viewed  and treated,  like they should be, that is, as an excellent credit risk.  I know most on the board will disagree with me, and that is fine.  I would rather be in your shoes with no debt and a score of 716 than up to my nose in debt with a hallowed 760-800 score.  It's just 2 cents, for what it is worth. 

[laz98]

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@Imhotrodcrazy wrote:

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@Anonymous wrote:

my fica score is 716 - i think it should be a lot better because:

i own real estate (free and clear)

i have no outstanding debts

i rarely use credit cards and they are automatically paid in full each month

i have money in the bank

so why is my score not better than 716?????

---

I happen to think and believe the way you do, however, I am from a much older generation.  That is the way we were taught.  To bad things are so screwed up today.  Maybe some day people  like you, will be viewed  and treated,  like they should be, that is, as an excellent credit risk.  I know most on the board will disagree with me, and that is fine.  I would rather be in your shoes with no debt and a score of 716 than up to my nose in debt with a hallowed 760-800 score.  It's just 2 cents, for what it is worth. 

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but you don't have to be in debt to have a good score.  you just have to stay on top of the game.  not everyone wants to do that, & that's fine.    but that's the society we live in, so until the rules change, we just have to live with it!

[Lel]

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@Imhotrodcrazy wrote:

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@Anonymous wrote:

my fica score is 716 - i think it should be a lot better because:

i own real estate (free and clear)

i have no outstanding debts

i rarely use credit cards and they are automatically paid in full each month

i have money in the bank

so why is my score not better than 716?????

---

I happen to think and believe the way you do, however, I am from a much older generation.  That is the way we were taught.  To bad things are so screwed up today.  Maybe some day people  like you, will be viewed  and treated,  like they should be, that is, as an excellent credit risk.  I know most on the board will disagree with me, and that is fine.  I would rather be in your shoes with no debt and a score of 716 than up to my nose in debt with a hallowed 760-800 score.  It's just 2 cents, for what it is worth. 

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I don't think I'd go so far as to say that most people would feel that it's good to have debt.  That's not what this Forum is all about - it's about managing debt and credit wisely.  Someday, I'd love to be in both of your shoes - home and student loans paid, cars that can be bought for cash - but that's not where I am in my life.  As such, I have to tread as carefully as possible in the world of credit.  I think many other people here are in similar situations.

As HTSU already mentioned, taking all the factors that go into lending decisions, the OP would be a good candidate for new credit, should it ever be needed.  In the meantime, there are ways to improve one's score without necessarily taking on additional debt.

[Anonymous]

the most expensive car i ever bought was 3K - i paid cash and drove it for 5 years.  when it died i gave it to my rottweiler who thought it was his condo - he let the goats use the roof as their sun deck.  then i bought a '89 ford tempo (diesel) for 1K - i've been driving it for 4 years and last month somebody offered me 3K for it.  my parents taught me to live below what you can afford and to want what you have (not have what you want).  when it was time to renovate my current house, i bought the entire kitchen (high-quality solid oak cabinets made in the usa, flat-top electric stove, built-in oven and microwave, dishwasher) off craigs list for $600 - the sellers wanted "a change" and probably put their new (chinese-made?)  kitchen on a credit card.  the cabinets alone would have been a special order for which lowes quoted me a price of 8,000).  my friends think i'm nuts but they, not i, are in bancrupcy (and their kitchens are not better-looking than mine!)

[MarineVietVet]

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@Lel wrote:

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I don't think I'd go so far as to say that most people would feel that it's good to have debt.  That's not what this Forum is all about - it's about managing debt and credit wisely.  Someday, I'd love to be in both of your shoes - home and student loans paid, cars that can be bought for cash - but that's not where I am in my life.  As such, I have to tread as carefully as possible in the world of credit.  I think many other people here are in similar situations.

As HTSU already mentioned, taking all the factors that go into lending decisions, the OP would be a good candidate for new credit, should it ever be needed.  In the meantime, there are ways to improve one's score without necessarily taking on additional debt.

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I agree whole heartedly that being debt free should be everyone's goal and I plan on being there in 3-4 years myself. (Unless life gets in the way as it often does    ).

But credit does not automatically equal debt if as Lel said you manage both wisely.

As my debt goes down my scores go up which shows me that no one has to get into debt and remain in debt to have a good score. I have found just the opposite to be true. In just a few years I will have no installment loans or mortgage but I have learned here that a very high score is possible with only several credit cards being used wisely

That's what I like about myFICO. It educates people how to be smart about their finances.

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".

[Imhotrodcrazy]

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@laz98 wrote:

so until the rules change, we just have to live with it!

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No we don't. 

[laz98]

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@Imhotrodcrazy wrote:

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laz98 wrote:  so until the rules change, we just have to live with it!

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No we don't. 

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how do you figure?  as far as FICO goes, either you play the game or you don't.  isn't that what the OP is talking about?  he has stopped playing the game & so his FICO is a little lower now (well, i don't know what it was before).  yes, you can live "off the grid" & pay cash for everything, & there is nothing wrong with it.  it's not for me, that's for sure, but i think people who want to stay out of debt are quite admirable.  i also think maintaining a healthy credit score can help you in the event that you are unable to continue with your cash-only policy. 

[marty56]

Most of us here have to deal with credit and a credit score since we are not millionares or a member of the recipient class.  If one wants a high credit score, they have to learn to play the game  is some fashion.  The rules are simple and it's just that simple.

[Anonymous]

i am neither a millionaire nor a member of the "recipient class" - i started working at age 13 and have worked every day since then - usually 10-12 hrs/day, often including holidays.  i am a member of the "i don't have to have what the joneses have" class though!   i think your comment was highly inappropriate and reflects badly on you