Can I request to have my FICO score lowered?

[iced]

---

@Anonymous wrote:

---

---

This is contradictory -- don't see how he could have had "good credit" if he never used credit. The latter is a requirement of the former.

---

While some form of credit is obviously required, that threshold is pretty low and doesn't have to be in the form of a credit card. Someone could have a mortgage or a loan while still using cash for all daily transactions and FiCO would still assign them a score in the 700s. The idea that someone has to have a bunch of cards and use them all the time to build a score just isn't true. All a good score requires is simply to have any credit at all and not screw it up by missing payments or maxing out a personal credit tradeline (which could be a HELOC or other non-card form again) and then repaying the minimum per month.

[Anonymous]

---

@Anonymous wrote:

I got my FICO score from my bank recently, and I think it is too high.  I am not an excellent credit risk, and I am not comfortable having what I believe to be an unjustifiably high score.  Is there any way for me simply to request that it be lowered?  (I realize that I could cause my FICO score to be lowered by, for example, not paying my bills, but I don't want to go that route for reasons that I hope are obvious.)

Thank you in advance for serious responses to my question.

---

@Anonymous As previously answered, you cannot request a change in your credit score.

Now, here's why.  Your FICO score is calculated by using an algorithm developed by the Fair Issac Corporation (FICO) to analyze the data in your credit report(s) which are stored by credit bureaus.  (There are three major credit bureaus, but there are also several others who also monitor your credit data).

At its very essense, a FICO score is a statistical prediction of the likelihood of you incurring a major derogatory in the next 24 months. The higher your score, the lower the probability of a major derogatory occurring in the next two years. (A major derogatory is defined as a 90-day or more late payment, default, charge-off, bankruptcy declaration, etc). So unless your credit report contains signs of impending financial distress your FICO score will not be lowered.

How does FICO make this prediction?  The Fair Issac Corporation or FICO purchases millions of anonymized credit reports from the credit bureaus and analyze them for trends in credit behaviors that resulted in a major derogatory.  Based on their findings they develop an algorithm (currently FICO Score 9) that looks at individual credit reports and assign a score or prediction on whether or not you can meet your financial obligations.  There a several FICO Score versions, most lenders still use FICO Score 8, and a new version is released every few years based on FICO's findings in their analysis of credit reports.

[Anonymous]

---

@OmarGB9 wrote:

---

@iced wrote:

---

While I agree that some people have far too much pride for petty things that don't matter, I disagree that having a high/good credit score isn't worthy of feeling accomplished. As I'm sure you know, building up your credit score takes years of patience, good finances, good decisions, and overall good management. One screw up and it all comes crashing down. So in my opinion, being able to be consistent, patient, and diligent in monitoring your credit health is something that I believe deserves a pat on the back. Not many people ever achieve scores over 700. Most people get stuck in the 600-700 range.

OP, I'm not sure I understand why you would want a lower score. Of course you could easily lower it by missing a payment or letting an account charge off or take multiple HPs, but otherwise I know of no other way to lower it. Having a high score is a good thing, as I explained above, in my opinion it speaks highly of one's self-control.

---

I guess I have a quibble with the highlighted assertion.  Anyone new to credit immediately starts out with a score in the 670-700 range.  670 is the cutoff point for "good" credit and the range to 700 incorporates other factors like the number of inquiries, number of accounts initially opened, and the influence of authorized user accounts.  But no one ever starts out lower than 670 and where one goes from there is based on how one chooses to manage their credit.

[Anonymous]

---

@iced wrote:

---

@Anonymous wrote:

---

---

This is contradictory -- don't see how he could have had "good credit" if he never used credit. The latter is a requirement of the former.

---

While some form of credit is obviously required, that threshold is pretty low and doesn't have to be in the form of a credit card. Someone could have a mortgage or a loan while still using cash for all daily transactions and FiCO would still assign them a score in the 700s. The idea that someone has to have a bunch of cards and use them all the time to build a score just isn't true. All a good score requires is simply to have any credit at all and not screw it up by missing payments or maxing out a personal credit tradeline (which could be a HELOC or other non-card form again) and then repaying the minimum per month.

---

Well, sure. But that's not what you said. You said:

 He paid for everything in cash, his car, house etc.

Hence, my comment. 

I said nopthing about needing a bunch of CCs, etc., only that your previous comment was contradictory. 

[iced]

---

@Anonymous wrote:

---

@iced wrote:

---

@Anonymous wrote:

---

---

This is contradictory -- don't see how he could have had "good credit" if he never used credit. The latter is a requirement of the former.

---

While some form of credit is obviously required, that threshold is pretty low and doesn't have to be in the form of a credit card. Someone could have a mortgage or a loan while still using cash for all daily transactions and FiCO would still assign them a score in the 700s. The idea that someone has to have a bunch of cards and use them all the time to build a score just isn't true. All a good score requires is simply to have any credit at all and not screw it up by missing payments or maxing out a personal credit tradeline (which could be a HELOC or other non-card form again) and then repaying the minimum per month.

---

Well, sure. But that's not what you said. You said:

 He paid for everything in cash, his car, house etc.

Hence, my comment. 

I said nopthing about needing a bunch of CCs, etc., only that your previous comment was contradictory. 

---

I think you have me confused with someone else, but kudos for going at me anyway. We need more aggressive people like you around here.

[Anonymous]

---

@iced wrote:

---

@Anonymous wrote:

---

@iced wrote:

---

@Anonymous wrote:

---

---

This is contradictory -- don't see how he could have had "good credit" if he never used credit. The latter is a requirement of the former.

---

While some form of credit is obviously required, that threshold is pretty low and doesn't have to be in the form of a credit card. Someone could have a mortgage or a loan while still using cash for all daily transactions and FiCO would still assign them a score in the 700s. The idea that someone has to have a bunch of cards and use them all the time to build a score just isn't true. All a good score requires is simply to have any credit at all and not screw it up by missing payments or maxing out a personal credit tradeline (which could be a HELOC or other non-card form again) and then repaying the minimum per month.

---

Well, sure. But that's not what you said. You said:

 He paid for everything in cash, his car, house etc.

Hence, my comment. 

I said nopthing about needing a bunch of CCs, etc., only that your previous comment was contradictory. 

---

I think you have me confused with someone else, but kudos for going at me anyway. We need more aggressive people like you around here.

---

Right you are. It was @Janus who wrote the bolded statement about his grandpa (and good for him, paying cash!). I apologize for attributing his post to you. My bad.

Of course my comment remains unchanged: One can't not use credit at all -- "he paid for everything in cash, his car, house, etc." -- and have good credit. 

[Anonymous]

NM

[Anonymous]

---

@Anonymous wrote:

Of course my comment remains unchanged: One can't not use credit at all -- "he paid for everything in cash, his car, house, etc." -- and have good credit. 

To be fair, this was all later in his life and I was too young to know all of his finances. So I'm sure in his younger years he financed few things, as sometimes it is sometimes necessary. I had never seen him use a CC, he always wrote checks. 

Personally I only know of two instances were he financed something, a used vehicle of which he paid mostly cash for. The remaining balance was very low like $1,500. Then later a new car and again paid most of it with cash and only had a year worth of low payments. Though he also had insurance in case of his passing, that paid the remaining balance as he passed away that year. 

But knowing the person my Grandfather was and his responsible ways, I assume that he had good credit. And that he just didn't like to rely on it all the time or pay interest if he could help it. He was a big planner on finances and had everything lined out for after, so that his retirement would go further for his wife and disabled child. 

[Anonymous]

Credit cards are fairly new in monetary history. Credit is not though.

I remember my mother trying to explain to my granmother what a credit card was. She might as well been trying to explain particul physics to a hunter gatherer (love them both).

Ancient credit. The baker says to the farmer. Give X amount of wheat and I will pay you back when I "sell" this new thing I am invented called "bread". Same for shoemaker and farmer.

Humans have been extending each other credit since the dawn of civilization.