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The Perfect Credit Score is 760 (and up)

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The Perfect Credit Score is 760 (and up)

https://www.magnifymoney.com/blog/featured/perfect-credit-score-850/

 

Oh yea....I'm perfect.  I am oh soooooo perfect.

Starting Score: F8 3xx
Current Score: F8 802
Goal Score: F8 800


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Message 1 of 20
19 REPLIES 19
Frequent Contributor

Re: The Perfect Credit Score is 760 (and up)

@Lucifer thanks for posting. That was a good read.

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Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 2 of 20
Valued Contributor

Re: The Perfect Credit Score is 760 (and up)

Yeah it was...and it goes to show ya that it's not all about scores; it's what you have to work with and how you make it work.  There's plenty of peeps around here no where near those scores and have some really nice cards, make good money; or not but have one heck of a line-up in the credit department.

I saw this for myself with my last card.  I pre-qualified, dh did not.  His scores are way above mine yet I'm kicking that A! hahaha!

"My Take Home Pay Don't Take Me Home"
Message 3 of 20
Super Contributor

Re: The Perfect Credit Score is 760 (and up)

While the overall theme of the article is just fine that 850 isn't necessary, I respectfully disagree with the general point that 760 is just as good.  As referenced in the article, one can obtain a 760 even with a late payment.  Upon a MR, a late payment is a bad look relative to a clean file even if your score is still very good.  In a nutshell, not all 760's are created equal.  There's also something to be said about having a solid cushion on your score.  760 is nice and all, but if opening a CC and an installment loan drops your score significantly below that, obviously that 760 is gone.  I'd instead that the approach that one should build enough cushion so that if they were to need to open a couple of new accounts that their scores would still be 760+ after acquiring them.  Just a different take on the subject and where I disagree with the article a bit. 

Message 4 of 20
Valued Contributor

Re: The Perfect Credit Score is 760 (and up)


@BrutalBodyShots wrote:

.  Upon a MR, a late payment is a bad look relative to a clean file even if your score is still very good.  In a nutshell, not all 760's are created equal. 

 

 THAT I do believe is why I was pre-approved and Dh was not.  That or DTI....couldn't agree more.

"My Take Home Pay Don't Take Me Home"
Message 5 of 20
Regular Contributor

Re: The Perfect Credit Score is 760 (and up)

i can't get an apr lower than 25%

i will be very mad if i hit 800+ next year and still have 25% apr.



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Message 6 of 20
Super Contributor

Re: The Perfect Credit Score is 760 (and up)

Do you typically carry balances and pay interest? If not, APR doesn't matter.
Message 7 of 20
Regular Contributor

Re: The Perfect Credit Score is 760 (and up)

i won't do that often. but i also don't want to do it at 25% Cat Tongue

 

i recently learned that if you pay down early to keep from going over your limit, some lenders will cancel your pif autopay! you can end up carrying a balance when you didn't intend to do that, and you wouldn't even be aware of it. its a dirty trick and this should be illegal. so i'd prefer to have a lower apr just in case.

 

some of the CUs have a 6% or lower apr card. i think this could be good to have as a lifeboat. you can bt to this as a last resort before things spiral totally out of control. because if your score is trashed you might have no way to get a 0% offer or low apr loan.



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Message 8 of 20
Moderator Emeritus

Re: The Perfect Credit Score is 760 (and up)

Actually I'll put my 60D late 760ish TU file up against any clean 760 FICO 8 score.  Any day when it comes to lender underwriting.

 

FICO measures the risk of the default... I have years of credit history now demonstrating I haven't defaulted: and at least under FICO 8 a 760 is a short walk: 3-4 accounts, 1 year, minimal revolving utilization = 760.

 

There may come a time in the next credit draw down (like post mortgage crisis where for years after we were still jumping at credit shadows when the lenders had already moved into the upswing long before that) where lenders are putting a bullet into people's head (figuratively in the credit world) for any reason or no reason, but right now that 60D late doesn't hurt me at all frankly credit wise.

 

Agreed that not all 760's are created equally; however, lates aren't the majority deciding factor in that imo.




        
Message 9 of 20
Valued Contributor

Re: The Perfect Credit Score is 760 (and up)

Thanks for posting this. It's an excellent read.

 

I discovered last year as I started year 6 after filing chapter 7, I have the exact same amount in lines of credit, and my APR's on my credit cards are the exact same as they were before my bankruptcy. Right now my FICO scores are between 725 and 745, so I'm pretty close to the 760 goal. 

 

Guyatthebeach

Message 10 of 20
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