topic Re: Having a credit score buffer. in General Credit Topics

Having a credit score buffer.

Anonymous — Tue, 03 Sep 2019 16:25:18 GMT

People are always saying that you don't need to have a credit score in the 800s but having a score at least 760 is good enough but I was thinking that your score has to be a little bit higher than that just in case in case it goes down a little bit.

what do you guys/girls think.

Re: Having a credit score buffer.

simplynoir — Tue, 03 Sep 2019 14:50:16 GMT

I always found the credit score needed to get the best rates subjective because the banks decide what they consider prime. I personally think anything above 720 is good enough but 760 covers your bases; again, my opinion as a disclaimer. As for a buffer I don't like getting into that mindset because then you try to optimize your scores whether that's AZEO or what have you.

If it helps you keep to a schedule as far as paying things off and wanting to see score movement then go for it. I do not begrudge people finding ways to stay on the path to keep their scores high.

Re: Having a credit score buffer.

Anonymous — Tue, 03 Sep 2019 15:48:56 GMT

As stated in the previous reply, it's all lender-specific as far as their cutoff score for the best product at the best rate(s). Whatever that number is, 720, 740, 760 etc. I would say it would be wise to have a score of 25-30 points higher than that in order to be able to absorb the addition of a new account from time to time and still be able to achieve that best product under the best terms.

Re: Having a credit score buffer.

Anonymous — Tue, 03 Sep 2019 16:22:41 GMT

That's what I thought and I was only asking because my local bank requires a minimum of 760 to get the best interest rates in a mortgage loan.

Re: Having a credit score buffer.

Anonymous — Tue, 03 Sep 2019 20:06:55 GMT

Are you talking 760 for middle mortgage score?