@Chache wrote:First i want to thank everyone i have been on the site for a few years and was in the dumps as of this month my score is now and 800, once again i owe much of that to this forum, so any ideas on how i can take advantage of this score i make good money 20 year federal employee, any ideas on how i can make use of my score? Maybe investing loans anything or any ideas i welcome
thanks everyone
IMHO if you don't feel the need for any credit product, then the best possible use you can make of your great score is to do nothing with it. The longer you don't apply for anything, the higher it will get until it hits perfection.
If you want to use it to set up some credit for a rainy day, I would suggest joining a credit union (one that doesn't HP for membership) and getting (a) a non-rewards platinum card with no balance transfer fee, no cash advance fee, and low rates, and/or (b) an overdraft personal line of credit with a low rate.
Another school of thought (not mine) would be to get a good rewards card, and use it like a debit card, paying it off promptly to make sure you never pay interest. As to what kind of rewards card to get, this depends on your lifestyle, preferences, plans, etc.
I would definitely not go with your suggestion of borrowing to invest; that in my book is a losing proposition, and a highly risky one. The investment may go up or down, but the debt will always be there.
Congratulations on your credit building success, @Chache! Yes, totally agree with the advice not to borrow to invest. What cards do you have now, where is your primary spending categories, and are you optimizing rewards? Many of us found that as our profiles improved like yours, there were opportunities for qualify for better rewards cards or cards from more desired lenders or cards with better SUBs, as a few examples. Having the chance to "flip the tables" on the banks after being at their mercy for so long building credit or digging out of debt is a good feeling. Use that high FICO to keep it tuned up while rewarding yourself for all the hard work you've put in to get there. Well done.
