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FICO score

Posted by on Aug. 7, 2016 at 11:19 PM
  • 9 Replies
A bank rep told a co-worker that FICO scores are measured in points: mortgage is 20, car loan is 15, credit cards are 10. Does anyone know if this is true?
by on Aug. 7, 2016 at 11:19 PM
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Replies (1-9):
3mom627
by Member on Aug. 8, 2016 at 3:21 PM
I've never heard that. Your FICO score is something like 700 some points. They consider everything to do with your credit. Credit cards, mortgage, car loans. They also take into consideration on time payments, late payments. You can find your own score at Credit karma for free.
KylesMom409
by Bronze Member on Aug. 21, 2016 at 12:26 PM
Bump!
HaloSue
by on Aug. 21, 2016 at 12:44 PM
1 mom liked this
Highest score is 850 excellent. 760 is considered very good. Most companies turn in to the 3 in the USA. Only when you're over 30 days late. Then it's a mark against your score. They calculate how many times your late per debt.
To have a perfect score it takes years. And lots of credit paid off. Homes,cards,cars,medical, personal loans,etc. they're scored off those,with debit and income ratio per person. I would think the highest level would be homes or business loans.then cars,personl loans, credit cards would be the lowest I believe.
A Percentage of each and how many, sorry. I don't know what they are in today's market.
hotspice58
by New Member on Aug. 23, 2016 at 11:07 PM

Thank you.

Quoting HaloSue: Highest score is 850 excellent. 760 is considered very good. Most companies turn in to the 3 in the USA. Only when you're over 30 days late. Then it's a mark against your score. They calculate how many times your late per debt. To have a perfect score it takes years. And lots of credit paid off. Homes,cards,cars,medical, personal loans,etc. they're scored off those,with debit and income ratio per person. I would think the highest level would be homes or business loans.then cars,personl loans, credit cards would be the lowest I believe. A Percentage of each and how many, sorry. I don't know what they are in today's market.


lucy1997
by New Member on Sep. 2, 2016 at 8:14 AM

I've heard Dave Ramsey refer to FICO as an I-love-debt-score.  A person who has zero debt and doesn't borrow, will eventually reach a zero debt score. 

MonarchMom22
by Member on Oct. 9, 2016 at 11:25 AM
1 mom liked this

Fice scores are used by more than just loans...  many companies seek your credit score of job applications, and landlords use them to screen tennants.  Since none of us can know if we will ever need to borrow money, it makes sense to monitor and protect your credit score.  This can mean keeping a cc open and using it once a year (longevity of the account is good for your score) or using a gas cc and paying off monthly.

quickbooksworm
by Member on Oct. 9, 2016 at 11:31 AM
Something got lost in translation. FICO is based on several different factors, such as how many inquiries you've had, the types of accounts you have, your balances, and if you make your payments on time. But there aren't points assigned for those things. It's something like 15% of your score is based on making your payments on time.
ivf_blessed
by Bronze Member on Sep. 8, 2017 at 1:29 PM

I just checked my credit score and almost panicked, for some reason I thought it was closer to 900 and had dropped to 822 but then I realized it was just under 800 the last time I checked it and has actually gone up. 

I am wondering, once I am debt free (no interest card holding debt I transferred from pre-divorce days will be paid in full 2018), will my score be affected or will it maintain as long as I continue to pay off the CC I use for expenses every month?  I am hoping to buy a townhome once I am debt free.

hotspice58
by New Member on Sep. 8, 2017 at 4:14 PM

I've read that you need some type of debt to maintain a credit score.  I know when I paid off one car, it went down, then went up.

Quoting ivf_blessed:

I just checked my credit score and almost panicked, for some reason I thought it was closer to 900 and had dropped to 822 but then I realized it was just under 800 the last time I checked it and has actually gone up. 

I am wondering, once I am debt free (no interest card holding debt I transferred from pre-divorce days will be paid in full 2018), will my score be affected or will it maintain as long as I continue to pay off the CC I use for expenses every month?  I am hoping to buy a townhome once I am debt free.


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