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What's Your Ultimate Credit Goal?

Valued Contributor

What's Your Ultimate Credit Goal?

What's your ultimate credit goal? These forums provide an amazing amount of knowledge, experience and direction.  Most of us that were in sub 500 land in the past are eternally greatful. 

Along this journey, we evolve and become different people, credit wise.  Some of us 

may dip into "collecting" cards via the SCT for a while.  Then we realize, "that's not for me!"

We may try the "rewards" game for a while, and then we again we realize, "hmmm, not fo me!"

We may shoot for large cli's and try to grow our cards, after a while... "nah! not into that!"

 

Ultimately, we have to ask ourselves, why are we playing the credit game?  What's the end result that were seeking?

 

As for me, I played the sct, i played the rewards game, and the cli game.  Then I realized that none of these games 

were going to bring me any closer to my ultimate goal.  My utlimate goal is to buy investment real estate property.

 

As such, I don't need to play the above games.  I think for my goals, I should take a more conservative approach to 

credit building.  Specifically, no more than 3 or 4 credit cards, carry less than 5% uti, always pif.  Do not apply for any

cc's unless absolutely neccessary!

 

To be clear, there's nothing wrong with playing the credit card accumulation game, or the cli game, or the rewards game, 

I'm not knocking these philosophies, but for me, a more conservative approach works best.

 

What's your game?  What's your ultimate credit goal, and what are you doing to reach it?  Just curious...


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 1 of 58
57 REPLIES
Valued Contributor

Re: What's Your Ultimate Credit Goal?

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.





TU fico08=814 11/10/18
EX fico08=796 10/31/18
EQ fico08=813 10/04/18
EX fico09=803 10/03/18
EQ fico bankcard08=831 10/23/18
Garden since 07/02/18
Message 2 of 58
Senior Contributor

Re: What's Your Ultimate Credit Goal?

To live on the beach in a hut and have no credit cards. Life in which you can appreciate the meaningful things is best. Smiley Happy



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Message 3 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


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...


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 4 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


humuhumunukunukuapuaa wrote:

To live on the beach in a hut and have no credit cards. Life in which you can appreciate the meaningful things is best. Smiley Happy


Interesting Humu...

I totally agree with you. However, I would choose a cabin in the mountains over a hut at the beach. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 5 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?

For me, it is never to have bad credit again. I want to be diligent and not engage in any activities that will result in reversals to what I have rebuilt.

 

grillandwinemaster - I think that the correlation is not about Fico and income but Fico and the debt to income ratio.

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Message 6 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?


driftless wrote:

For me, it is never to have bad credit again. I want to be diligent and not engage in any activities that will result in reversals to what I have rebuilt.

 

grillandwinemaster - I think that the correlation is not about Fico and income but Fico and the debt to income ratio.


I said score to income, but I really meant to say score vs wealth. Meaning, if somebody has a 7 figure net worth, do they still have credit score goals? If so, why? What would they be? 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 7 of 58
Valued Contributor

Re: What's Your Ultimate Credit Goal?

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.
CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus
Message 8 of 58
Established Contributor

Re: What's Your Ultimate Credit Goal?

800 on each bureau.

Message 9 of 58
Established Member

Re: What's Your Ultimate Credit Goal?

I really really really want to see an 850 score on at least one bureau. My Fico 8 on Experian is currently 848.

 

Aside from that, I just want to keep my financies in order, not lose my job, and continue to be conservative with my spending. I'm almost afraid to ever be frivilous because in the back of my head I'm always thinking, "things are good now, but what if you get sick or lose your job."  I guess I'd also like to relax just a little and not be afraid of debt. I don't even take advantage of 0% offers!

Message 10 of 58