What is your Credit Rating?

[Dutch Uncle]

Let the bragging begin.

https://www.chase.com/personal/credit-cards/free-credit-score

 

[Phantasmal]

Ours was reduced because we have no installment debt, everything is paid off, how stupid is that?

 

[Eagle_Eye]

Ours was reduced because we have no installment debt, everything is paid off, how stupid is that?

Mine goes up and down as I add credit card debt and pay off credit card debt. It is currently 790.

 

[ThatOwlWoman]

Ours was reduced because we have no installment debt, everything is paid off, how stupid is that?

Heh, same here. The only debt we have now is our cards. We pay them off in full each month. When the balances are high on my cards, my score hits almost 850. But when I pay them off it drops by between 4-10 points. It's nuts! I wonder if anyone anywhere ever has a perfect 850?

We know Trump sure doesn't. lol

 

[Eagle_Eye]

Heh, same here. The only debt we have now is our cards. We pay them off in full each month. When the balances are high on my cards, my score hits almost 850. But when I pay them off it drops by between 4-10 points. It's nuts! I wonder if anyone anywhere ever has a perfect 850?

We know Trump sure doesn't. lol

I came close one time at 847

 

[T. A. Gardner]

779 mostly because I don't use a lot of credit...

Dutch's link took me into

because I'm already in Chase Private Client...

Chase is pretty specific about the qualifications needed to take advantage of Chase Private Client benefits. In fact, they only have one stipulation. To qualify, Chase requires that you have an average daily balance of $250,000.

That’s not saying that you have to have $250,000 in cash in your Chase checking account. Chase just requires that you have invested $250,000 in assets with them.

While cash in your checking account is considered one of those assets, others include savings accounts, retirement accounts, and investment accounts. Any liquid asset that you have with Chase counts. Mortgages, lines of credit, and other loans do not apply

https://www.crediful.com/chase-private-client/

 

[Althea]

Heh, same here. The only debt we have now is our cards. We pay them off in full each month. When the balances are high on my cards, my score hits almost 850. But when I pay them off it drops by between 4-10 points. It's nuts! I wonder if anyone anywhere ever has a perfect 850?

We know Trump sure doesn't. lol

There are a number of factors, and credit cards give you a much better rating than banks do. Banks want to charge you slightly higher interest on loans, so they might give you a 750 when credit cards have you over 800.

I have clear title on two properties and 3 vehicles. My only debt is from credit cards which fluctuates, but I never carry balances.


Credit to debt ratio is a big factor, so it makes no sense that your rating drops when you pay off cards.

I stopped caring, as mine is as good as yours is.

I do know that hits on your credit rating agencies will automatically lower your score, as it appears that you are shopping for a loan. Even though every card regularly checks your credit rating with said agencies.

I have all of my info with the agencies frozen since that huge data breach years ago. It's a pain when I'm shopping for auto insurance, as I have to unlock them temporarily just to get a quote.

 

[Hawkeye10]

Shit and it will likely stay shit as we dont intend to use credit the rest of the way.

 

[Althea]

779 mostly because I don't use a lot of credit...

Dutch's link took me into



because I'm already in Chase Private Client...


https://www.crediful.com/chase-private-client/

I didn't bother clicking the link, as I know what my rating is.

I am a Chase customer, with several cards and two checking accounts.

I would never keep cash there, however. My investing is done through Vanguard, which is now paying almost 4% in their money market accounts. I don't know of anything in Chase that is paying that much. I'm at the point where I might stop buying 6 month CDs at 4.5%, as the money market goes up every time the Fed. increases rates.

 

[T. A. Gardner]

I didn't bother clicking the link, as I know what my rating is.

I am a Chase customer, with several cards and two checking accounts.

I would never keep cash there, however. My investing is done through Vanguard, which is now paying almost 4% in their money market accounts. I don't know of anything in Chase that is paying that much. I'm at the point where I might stop buying 6 month CDs at 4.5%, as the money market goes up every time the Fed. increases rates.

I prefer land. I buy "unbuildable" lots (rugged, flood plain, etc.) and such and make them buildable. Those pay off much better than any CD or such.

 

[Althea]

I prefer land. I buy "unbuildable" lots (rugged, flood plain, etc.) and such and make them buildable. Those pay off much better than any CD or such.

CDs are for the cash sitting around waiting to be invested.

Can't argue that land is a bad investment, but you're putting out a lot of money up front.

 

[T. A. Gardner]

CDs are for the cash sitting around waiting to be invested.

Can't argue that land is a bad investment, but you're putting out a lot of money up front.

I have it to put out, and bad lots that are deemed "unbuildable"--particularly those in a USGS / FEMA designated "flood plain" are cheap to acquire. They require fill and grading to bring them up to a sufficient height to make them no longer in that flood plain. You can get people to give you fill for nothing and then the process is grading and compacting the fill. Once that's done, I bring in my soils engineer to certify the compaction and my hydrogeology engineer to certify it is no longer in a flood plain. They run about $1500. That doubles to triples the value of the lot and you get an easy sale because of the paperwork.

 

[Dutch Uncle]

Ours was reduced because we have no installment debt, everything is paid off, how stupid is that?

Sounds stupid. TBH, I'm not sure how it really works. I'm not a business guy.

Obviously, it has to do with debt levels vs income. Anyone who defaulted or declared bankruptcy would have a problem.

During the housing crisis, people who walked away from overpriced homes that they were speculating upon would have bad credit, I expect.

 

[Nomad]

Not sure if by credit rating you mean FICO score, but my FICO score is around 805.

At one point it was 830 but it went down to 805 because I don't have any loans that I'm currently paying off.

850 is as high as it gets, BTW.

805 is still considered excellent.

 

[Dutch Uncle]

Not sure if by credit rating you mean FICO score, but my FICO score is around 805.

At one point it was 830 but it went down to 805 because I don't have any loans that I'm currently paying off.

850 is as high as it gets, BTW.

805 is still considered excellent.

Although there were a couple of models to use, the 750-850 credit rating is very good.

https://www.experian.com/blogs/ask-experian/credit-education/score-basics/750-credit-score/

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs. A great place to begin is getting your free credit report from Experian and checking your credit score to find out the specific factors that impact your score the most. Read more about score ranges and what a good credit score is.

 

[Dutch Uncle]

Shit and it will likely stay shit as we dont intend to use credit the rest of the way.

Yours is the 360-580?

Military officers with credit that bad would get denied a security clearance...or is your wife retired now?

 

[Lightbringer]

If you own assets you don't need a credit rating. Credit ratings are for underachieving slaves.

 

[Althea]

I have it to put out, and bad lots that are deemed "unbuildable"--particularly those in a USGS / FEMA designated "flood plain" are cheap to acquire. They require fill and grading to bring them up to a sufficient height to make them no longer in that flood plain. You can get people to give you fill for nothing and then the process is grading and compacting the fill. Once that's done, I bring in my soils engineer to certify the compaction and my hydrogeology engineer to certify it is no longer in a flood plain. They run about $1500. That doubles to triples the value of the lot and you get an easy sale because of the paperwork.

I'm sure there are times when you can get good fill for free, and times when you cannot. Grading and compacting is probably where your investment is, and I'd be interested to see what the building looks like in 5 to 10 years.

 

[ThatOwlWoman]

There are a number of factors, and credit cards give you a much better rating than banks do. Banks want to charge you slightly higher interest on loans, so they might give you a 750 when credit cards have you over 800.

I have clear title on two properties and 3 vehicles. My only debt is from credit cards which fluctuates, but I never carry balances.


Credit to debt ratio is a big factor, so it makes no sense that your rating drops when you pay off cards.

I stopped caring, as mine is as good as yours is.

I do know that hits on your credit rating agencies will automatically lower your score, as it appears that you are shopping for a loan. Even though every card regularly checks your credit rating with said agencies.

I have all of my info with the agencies frozen since that huge data breach years ago. It's a pain when I'm shopping for auto insurance, as I have to unlock them temporarily just to get a quote.

Yeah, we froze ours years ago too, for the same reason. I was going to use that credit thing from Chase that DU linked to. But they wanted your social security #, plus it appeared that it would do just what you said -- inform the credit agencies and your existing accounts that an inquiry had been made.

 

[Dutch Uncle]

Yeah, we froze ours years ago too, for the same reason. I was going to use that credit thing from Chase that DU linked to. But they wanted your social security #, plus it appeared that it would do just what you said -- inform the credit agencies and your existing accounts that an inquiry had been made.

Most banking apps have a credit check function.