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What's Your Ultimate Credit Goal?

Valued Contributor

Re: What's Your Ultimate Credit Goal?


sarge12 wrote:

grillandwinemaster wrote:

sarge12 wrote:

Ultimate credit goal...hmm, other than 850 credit scores I don't guess I have one. I have 15 cards, yet really need none. I maximize rewards, but don't need the money. I guess I just like playing the game...it's something to do, that I can do. There is not much left that fits in the catagory of something to do, that I can do. Ironic how life works, 5 years ago, I could not do all the fun things in life due to working all the time, and not enough money. Now I have all the money I could need, do not work at all, but can not do all those fun things in life due to physical disabilities. Wish I could work all the time again.


Life can be ironic, and life will throw curve balls at you when you least expect it, that's for sure. Scores in the 850's is something to aspire to.  

 

I have a question for you, w/o getting too personal, would you say that maintaining a better, higher Fico score is easier for you now that you don't need the money? Or do you see no difference in effort compared to when you needed the money? Just trying to see if there a "slight" corelation between Fico and income...


Much, much easier. With income at around 2 times my monthly expenses paying everything is super easy. This makes it difficult when advising others. Low utilization is real easy when you always PIF, but not very helpful for the guy with 30000 dollars worth of debt on credit cards who's struggeling just to pay the minimum. If they are younger and healthy, I would trade places with them though. In a second!


Words of wisdom on several points! 

 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 21 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


donny10 wrote:

grillandwinemaster wrote:

It was a huge let down (LOL) when every single baddie was gone and I built up my files and scores. Applied and have recieved everything I want.

Why was it a huge let down? I followed your battle with PRA, I was hoping you would gain some good points from that. 


LOL! I gained HUGE points getting rid of them! I honestly had so much fun cleaning my files, when it was over, it just felt weird. Happy as ever, but I spent a year and about 25-30 hours a week soley cleaning my files. When I was done, I had like, nothing to do...

 

Sounds strange, I know. But true....


Start your own credit repair "counseling" service! I would hire you! Lol


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 22 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


driftless wrote:

grillandwinemaster wrote:

driftless wrote:
We have really rebuilt our wealth over the last few years. A recent inheritance is going to put us well in the comfortable categories. Do scores, matter to me? Perhaps even more. We are considering purchasing rental properties and growing some of my business ventures. I am far more focused now than when my scores were low, but I am guessing that is a chicken - egg discussion.


Excellent point! 

Investment property is my goal as well. 


I have always thought that this board should set up another sub-form: "Beyond the Rebuild". I can appreciate why many collect cards, try to build the total CL's high, etc., but I view those activities as narcissistic and self-defeating. I would rather have a conversation about what you can do to build wealth once you have 4 - 6 cards (max) with high CL's, scores at least 720 - 780 scores, etc., on how you are going to use your new found creditworthiness to grow wealth and not just add meaningless CC's and CL's. Investment and rental properties would certainly be in that conversation.

 

Any moderators listening?

 

- Driftless


Yes!! A thousand times Yes!!

A New sub- forum would be much appreciated. We need something that goes a little further than "personal finance." 

Mods, Admins, I 2nd that motion. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 23 of 58
Established Contributor

Re: What's Your Ultimate Credit Goal?

I am not here for the credit games.  I do want to learn the rules and abide by them.  I think when we don't have a solid plan in mind we do tend to get caught up in getting cards and CLIs that we might not need.  I try not to judge others but would really like to know what motivates people.  

 

My ultimate credit goal is to have my CU grant me a mortgage.

Message 24 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?

My goal was two-fold. I wanted to rebuild to the point that I wouldn't be worried about being turned down for cell service, utility deposits, etc., and to get a mortgage with NFCU. Done and done. I honestly don't know why I still read on this site. I guess it has just become a habit over the last 18 months or so, so I still like to check in. I guess the third and less important goal would have been to get the Citi DC. I apped for and got approved for that right after I closed on my house last month.

 

I guess now I am just focused on maintaining the good and reaping the rewards on my cards.

Message 25 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


Grafton88 wrote:

I am not here for the credit games.  I do want to learn the rules and abide by them.  I think when we don't have a solid plan in mind we do tend to get caught up in getting cards and CLIs that we might not need.  I try not to judge others but would really like to know what motivates people.  

 

My ultimate credit goal is to have my CU grant me a mortgage.


I think your right. If there's no solid plan in place, it's easy to adopt somebody else's. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 26 of 58
Highlighted
Regular Contributor

Re: What's Your Ultimate Credit Goal?

My goal is to be in better position as when I actually needed credit cards to supplement my savings/retirement/pension while in the process of being disabled. Get the lowest apr with high cl. Replace the current higher rate cc to the lower cc and close it. With no projected purchase in the near future I can take the hit on aaoa and remain on the 4-6 cc sweet spot. Only high cc I'm keeping is discover for loyalty, it was good to me all those years. CC really help out staying afloat and I use it as credit.
Message 27 of 58
Frequent Contributor

Re: What's Your Ultimate Credit Goal?

My goal is to obtain the best rates for when I need to take out a loan (be it car, home, personal, etc).  I really don't have an interest in obtaining 850 from any of the bureaus as the best rates are available well before that score is achieved.  Currently, I would best describe my current MO as "Use common sense and don't do anything stupid".

 

Other than that, It's all about using getting reward points and intelligently spending them to maximize their value.


Into the garden on 08/26/16...

Chase Sapphire Reserved / Chase Freedom Unlimited / Chase Freedom / Barclays Rewards

09/24/18 --- TU: 834 / EQ: 834 / EX: 840
Message 28 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


Mixem143 wrote:

My goal is to obtain the best rates for when I need to take out a loan (be it car, home, personal, etc).  I really don't have an interest in obtaining 850 from any of the bureaus as the best rates are available well before that score is achieved.  Currently, I would best describe my current MO as "Use common sense and don't do anything stupid".

 

Other than that, It's all about using getting reward points and intelligently spending them to maximize their value.


Hitting the 800's score range is not a bad idea. My father is normally in the 830's. He was able to temporarily max out a credit card, and his score was still 785. 800's does have it's benefits.


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 29 of 58
Established Member

Re: What's Your Ultimate Credit Goal?

5 years ago I knew nothing about how credit works and was so deep in debt I thought in was drowning.  It was 90 % medical bills, I hadn't had a  card since 1995, my credit score was 445, and I had given up thinking it would ever get better.

 

Today I'm a bankruptcy and divorce later, my scores are 584, 579,570.  Still not good. But  better and I feel empowered with a plan.

 

My immediate goals are: don't get behind, don't make a mistake, watch the credit report(sometimes daily if it makes me fee l better) and get above 600.

 

Ultimately, I hope to.own a home, maybe someday qualifying a Chase visa, and get a good interest rate on a car.  

Equifax FAKO 6/16 518 10/16 599 BK7 D/C 9/16
Rebuilding 1stPremier $300 Cap1 Secured $300 Kohls $300 Gamestop $250 VicSec $250 WomenWithin $250
Goals: 1)scores over 600 2)Cap1 or Barclay ~7/17 3)Autoloan ~12/17 4) Mortgage? Hopeful for the right house autumn - winter 2018
Message 30 of 58