Originally Posted By: RedOakRanch
Originally Posted By: Wolf359
Originally Posted By: RedOakRanch
My FICO has been a perfect 850 twice this year. I close cards I don't use and pay the others in full every month. I have a mortgage and 2 cards in my name and that's it. My wife has a car loan and about 6 cards in her name and her score is about 845. I'd close anything you don't use. All my cards are new accounts only a few years old. My wife has the 20yr card, I don't think it makes a difference. My parents have every kind of debt you can imagine, it turns my stomach, there FICO's are both about 840. I think the only thing that matters is paying the bill on time.
Technically it's impossible to have a perfect 850 when your credit score is typically the mid score. Credit scoring models by all 3 credit bureaus vary, top scores for all three range from 839, 844 to 850. So if you really had a perfect score, it'd be 844. My guess is that you have a Vantage score which goes up to 950. Or they're using a slightly different scoring models. The ones I use are Fico Risk score Classic (04), Fair Isaac V2, and Fico Classic V8. For mortgage purposes, anything above a 740 is fine. Actually quite rare for many people to have scores over 800. That's why I think you have a so called "fako" score. Unless you got the score from a mortgage broker. Car dealers also use a slightly different scoring model that also has a higher range.
Obviously I posted without the quote above, sorry wont let me take it back!
Please don't speculate on my credit, I can assure you that everything I posted above is accurate, however I won't be posting the documents to prove it, I hope you understand. I started my 401k at 17 and was trading funds with a personal banker at Wells Fargo between classes at 18 years old. I'm not wealthy but I have an extensive history of doing the right thing with money. I have never inquired about my 3 individual credit ratings but every bank I've worked with says "we've never seen a better rating". For the record I think the FICO rating is lame also...
I run credit checks all the time, we use the one for mortgages. Where are you getting your score from and what model are they using? Like I said, I'm not asking for your score, I'm just asking what model it was as it probably wasn't one of the 3 mentioned. Saying you have an 850 is like saying you have the best car. Only Equifax goes up to 850. I've seen scores where one is higher than the two because not everyone reports to all 3, they only report to one or two bureaus. Which is why they take the mid score. And if you do the mid score, it's impossible to have an 850 when the highest mid score is an 844. In the past when those fako scores were more prevalent, I saw people who claimed they had an 850 turn out to be a Vantage score and their real score was more like a 730. They've gotten a little better lately, but they can still be off. Don't believe any number unless you're reading the actual report that tells you what scoring model was used.
