CREDIT SCORES

[Timmah!]

Ever have issues getting it much over 800-ish?

Not that it makes much practical difference, just slightly annoying. 

Have a good mix of credit with auto pay set for statement balance closing date, rather than due date.

 

Edited September 28, 2024 by Timmah!

[Smeggie]

8 hours ago, Timmah! said:

Ever have issues getting it much over 800-ish?

Not that it makes much practical difference, just slightly annoying. 

Have a good mix of credit with auto pay set for statement balance closing date, rather than due date.

 

Mine was 850 for a while back in 2022-2023

 

[Timmah!]

25 minutes ago, Smeggie said:

Mine was 850 for a while back in 2022-2023

 

Think you posted the wrong graph, because none of those are 850!

 

[WeednFeed]

When you become old! Like Weed your credit score will always be over 850! 
The credit bureaus know you have life insurance and all your bills will be covered, just saying.

[Smeggie]

7 minutes ago, WeednFeed said:

When you become old! Like Weed your credit score will always be over 850! 
The credit bureaus know you have life insurance and all your bills will be covered, just saying.

Haha right on Weed.  I stopped buying life insurance.  Don't really carry much debt.

Plus the highest credit score you can get is 850...at least in the U.S.  Not sure how that translates in Canadian credit LOL

[WeednFeed]

@SmeggieLast CS I did was in 2021. The max in Canada then was 900. Not sure if it’s changed. 

[WeednFeed]

@Timmah!

@Smeggie

If 850 is the max anyone who has an Excellent in the wording has just that  an Excellent CS 

[TBB]

My credit score was always in the high 840 range - after I retired I cancelled a home equity loan I never used - score now stays in the 790 range - who gives a shit - I'm too old to care

As @WeednFeed said -if is says excellent that's good enough

Edited September 28, 2024 by TBB

[codpiece]

Debt is part of the equation. If you carry very little to no debt, your credit score will actually decrease. If you want to icrease your score, carry a bit on your credit cards. Vary the amount to see when it actually increases. Just don't be late with those payments - thats part of your score too. I noticed when I no longer had a mortgage my score took a pretty big hit. When I got another mortgage it went back up. Stupid I know, but there you are.

[codpiece]

Another thing I have noticed is this; You will usually see something around 750 as the cutooff to get a good rate on a loan. As long as you have at least that you are good. If you have an 800 it doesnt matter, the same rate applies. The only times I have seen 800+ score really matter are special lines of credit with specific companies. For example Chase was running a deal a while back. You had to be a customer, had be with them for X amount of time, credit score I think was 840+, and some other qualifiers such as annual pay (it was high!). If you met their qualifiers you could geet a home lone under 2%. I have a friend who did it. This was during Covid. My point is this, for most of us "little" people we just wont see that kind of thing. If you can get and keep your credit score above 750 you are doing damn good and will get the best rates offered at the time. Don't sweat it if you can't break 800 or get past 800. If you want to do it, for what ever reason then thst is great. It means you are responsibile with your money and kudos to you!

[WldPenguin]

A big factor with credit scores is actually your debt to credit ratio, or the credit utilization ratio.  It's not just having debt itself but having a low ratio of debt to available credit.  Sometimes it's best to not close an account that you no longer want to use, because it helps this ratio.  A lower ratio is better for your credit score.

For example, if you have $15,000 in outstanding balances but have access to $50,000 in available credit, then your ratio is 30%.  But say you decide to no longer use a card that had a $15,000 available credit limit and you close the account.  You still have $15,000 in oustanding balances but have access to only $35,000 now, and your ratio has increased to almost 45%.  That could lead to a considerable decrease in your credit score, if all other things remain the same, i.e. payment history, on-time payments, credit checks, etc.

[Hoth]

On 9/27/2024 at 11:06 PM, Timmah! said:

Ever have issues getting it much over 800-ish?

Not that it makes much practical difference, just slightly annoying. 

Have a good mix of credit with auto pay set for statement balance closing date, rather than due date.

 

Creditkarma usually reports a little higher than when I've done hard credit checks for a car loan etc. So you may not be exactly where you think you are at. To add to some of the other comments credit card average age pays into it slightly as well. If it wasn't already mentioned.

[major-mark63]

On 9/28/2024 at 8:21 AM, Smeggie said:

Haha right on Weed.  I stopped buying life insurance.  Don't really carry much debt.

Plus the highest credit score you can get is 850...at least in the U.S.  Not sure how that translates in Canadian credit LOL

Yes is true , usually at our age everything should be all paid , i carry only a monthly balance on credit cards wich i pay full every month...

[WeednFeed]

9 hours ago, major-mark63 said:

Yes is true , usually at our age everything should be all paid , i carry only a monthly balance on credit cards wich i pay full every month...

100% been doing his for years!