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Wrong or Right

New Contributor

Wrong or Right

After great thought 


I needed to ask this question :


What is the need to having a score over 760 my point is that someone with a score of 800 will get the same interest rate as a person that is 763. I can understand the personal accomplishment to get a score over 800 but it's just becomes a personal accomplishment and has no additional weight when it comes to lender. 


Its like back in school you get letter grade of either A B C D F depending on your score if you drilled down further into the score an A would represent 95% - 100%.  So other words an A would 760 and above it's still an A


I could understanding needing a buffer so if you to applied for a new loan, credit card and your score dropped it would still be above 760, other that I can't think of anything else.


After more thought, why do you need a buffer unless you plan to apply for loan, credit credit very often. Most people that have a credit score that high its because they don't apply for new credit often maybe once year. So your credit would go back to above 760 if you were at say 763 and applied for credit the next year. 


So it goes back to just accomplishment


The reason why i am writing or asking this question is because I got very dishearten when I saw that I was only at 763 not realizing that I had a A, so to the persons just startling their journey to credit repair don't get dishearten like i was if you don't reach a 800 score and above. I always tell my kids I only accept an A grade but if I see a B now and then I am still happy. 


Be happy its a great journey 


Since I very new at this am I heading in the wrong direction with my thinking.

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Message 1 of 3
Valued Contributor

Re: Wrong or Right

Accomplishment and Buffer.  If you have an extra 50 points to spare, you can afford a bit of a buffer if you want to float balances longer, or app a couple of extra times.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
Message 2 of 3
Moderator Emeritus

Re: Wrong or Right

And sometimes it's just because they want it.  You can wear a cheap shoes as well as expensive shoes.  I guess it's just something they want.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 3