The perfect credit score.

[dusselldorf]

Thats not what he said tho. He said he is a higher risk because he pays everything off almost as soon as he puts it on his card. Which is true. That actually hurts your score. Which is pretty much predicated on pure greed by the credit card companies.

This is patently false. Paying in full every month every month does *NOT* lower your score. Your guy is giving you false information, or your misunderstanding him, or both.

[Shamburger]

This is patently false. Paying in full every month every month does *NOT* lower your score. Your guy is giving you false information, or your misunderstanding him, or both.

It doesn't lower their score but it doesn't improve it either, and he's right in the sense that carrying a balance on a card is the proper way to gain credit.

P.S. As someone who used to work for 1 of the larger CC companies NEVER prepay your bills.

[Deleted]

Good i dont live in america, this credit score is something i hear about all the time.

Sweden ftw

[Toxigen]

Yup. It's entirely possible to "play" your credit score using a variety of tricks without having to take on any serious debt burdens.

Aye. The algorithm rewards those that even carry a little balance into their next month's revolving credit bill (IE, paying CC interest even if you don't have to).

It's pretty screwed up. I have paid off a mortgage, multiple vehicles, and have never paid a cent of CC interest. I stay well below my CC credit limits, use all 3 of my cards regularly month to month, and pay all 3 down to zero as soon as the statement is available. In fact, I have never paid a bill late in my entire life.

In light of all this, I float between 790 and 800. You have to work the algorithm (designed around maximizing CC company profits) and basically "pay" for a higher score.

Anything 770 or so with solid history AND a good debt-to-income ratio is fine and you'll always get the best interest rates out there...the only thing you get to do near 850 is stroke dat dick and say "look how cool I am by paying CC interest."

[Lightwysh]

Depend on the bureau but I'm 800-810ish. I have 1 credit card, 1 line of credit at a bank, mortgage, 1 car in my name alone, I'm on my wife's car as co-signer, and I am financing 2 motorcycles. I usually keep my credit card and line at a $0 balance making a $200-500 purchase on then every few months and pay them off over the following 2 months. Everything else is paid on time and never the minimums.

[Vyse]

Im from EU so I have no clue what you are talking about.

I guess a higher score lets you get a higher loan from the bank?

I was at a bank once and asked if it would be possible that they could give me 40k Euro for an appartment, and they said yes.
Does this have anything to do with my credit score?
Or isnt it this easy to break it down.

[angelsdeath]

The perfect credit score is what I have, nonexistent. Having a good credit score means you pay banks a lot of interest. Never buy anything you can't afford A.K.A. on credit. Credit is for suckers.

[Vyse]

The perfect credit score is what I have, nonexistent. Having a good credit score means you pay banks a lot of interest. Never buy anything you can't afford A.K.A. on credit. Credit is for suckers.

Well I dont have any credits running, no car, cheap appartment, no kids, etc.
I once had 2 instalment plans running for 12 months each, one was a 2000$ TV and the other one a 1000$ coffeemaker,
but this is 3 years ago so they have been payed.

I wonder how I in my shoes would be rated by one of your institutes, because I see alot of american families
where both parents have a normal job and sometimes 1-3 kids, live in a big house with 2 cars.

In germany if you live in a relationship and you and your partner make a normal salary (2000€/m) and you are
about to having your first or second kid, there is no way you can affort a house or car (if your parents arent rich).

A house alone costs 300.000€ and upwards, gettint a loan from a bank this high will require a clean slate and probably
a credit running for 30 or 40 years.

So I only can imagine almost every american family having a house and two cars with two normal jobs is because
american banks hands out a loan to everyone, even the poor ones, and when they cant afford this anymore, the bank
will come and take everything.

seems like morally wrong

[Florida Man]

Is that your boyfriend on your avatar?

Hahaha, no. My boyfriend is the sarcastic douche in the other room packing his bag for our trip to Saint Martin tomorrow. And he looks more like a 35 year old Gru.