Saying Goodbye to the 850's

[Credit12Fico]

Lucky for you OP that for all practical purposes, any 800+ still opens any and every door reasonably speaking.

[Meanmchine]

I had high 840 scores and only lost 4 points on EQ when a new Chase card reported

Hopefully you wont see anything close to 20-40 point smack

EDIT  Just noticed this is an old resurrected thread.  Im surpried you got dinged so much

Congrats on your new mortgage

[Anonymous]

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@Meanmchine wrote:

I had high 840 scores and only lost 4 points on EQ when a new Chase card reported

Hopefully you wont see anything close to 20-40 point smack

Was your AoYA 12+ months at the time of the AoYA reset to 0 months (new Chase account)? 

[sxa001]

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@Credit12Fico wrote:

Lucky for you OP that for all practical purposes, any 800+ still opens any and every door reasonably speaking.

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This is something that I keep reminding myself, this isn't to say that it isn't good to practice all the things recommended on these forums to maximize scores and credit-worthiness, and this isn't to say that getting 850 and mainintaining that for several years isn't a huge accomplishment (Way to go OP!!) but I am going to try really hard to not obsess about my scores after we close on a house (i.e. being scared to use credit cards or open new accounts).  

[jamie123]

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@sxa001 wrote:

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@Credit12Fico wrote:

Lucky for you OP that for all practical purposes, any 800+ still opens any and every door reasonably speaking.

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This is something that I keep reminding myself, this isn't to say that it isn't good to practice all the things recommended on these forums to maximize scores and credit-worthiness, and this isn't to say that getting 850 and mainintaining that for several years isn't a huge accomplishment (Way to go OP!!) but I am going to try really hard to not obsess about my scores after we close on a house (i.e. being scared to use credit cards or open new accounts).  

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Yeah, I've seen the 830s but then I need to buy something!

I would really like to see 850 someday but I use my good credit scores to borrow money at low interest rates and keep my money invested earning more money than the loan cost me. It sounds like I'm taking a risk but really I'm not. For my last car, I had the money to pay cash but how could I pass up a 60 month loan @1.79%? I left my money invested and it has made a lot more than 1.79% return the last 3 years.

Same goes for credit cards. Every year or two I apply for a new credit card that offers a 0% interest introductory rate. Because of my good credit and high CLs on my other cards the new card usually has a pretty good starting CL. I will use it for my daily spend and let the balance climb to 50-60% UTI. This is free money that I can invest and hopefully make more than 0% return. I have quite a bit of investments so the risk of not being able to pay the CC off in full at the end of the introductory period is negligible. I earn money with cash back offers and earn money by having my money invested. I make money on both ends. Having a high UTI on the card kills my scores but once it is paid back after the introductory period they snap back allowing me to get another CC with a high starting CL.