Question on FICO score

[Jstpssng]

Car dealers are famous for taking your credit app and sending it to 7/10 lenders to shop for the best buy rate so they can then step on it and make points on the back end. .. Each of those inquiries can ding your score as much as 10 points depending on the amount requested

This will generally be treated as one query.

I no longer get concerned with my month to month score, for the very reason that the OP and others have stayed. If you don't carry a balance over and pay all of your bills on time it isn't worth stressing over. The only time it might be an issue is if you are planning a major purchase such as a home; in which case they look at more than just a snapshot anyways

 

[kenmac]

That's interesting... I have no idea what my FICO score is.
I don't even know when the last time it may have been checked

 

[grsthegreat]

I have signed up for a transunion program that alerts me if there are any inquiries into my credit, or any application run. I can also lock my credit whenever i want. I did this to prevent credit id theft. I can also see my score at any time.

 

[Oaktree]

FICO looks at numerous things like the balance of your card and the available credit left on it. The more debt and less available, the lower your score. Your score can drop a lot very quick..and take a few months to recover. It's a scam. Also, If you are applying for credit.. Car loan or other.. Each inquiry can ding your score. Car dealers are famous for taking your credit app and sending it to 7/10 lenders to shop for the best buy rate so they can then step on it and make points on the back end. .. Each of those inquiries can ding your score as much as 10 points depending on the amount requested.

Sometimes car dealers use their own criteria for determining a credit score. A few years ago my wife wanted a new-to-her car, she found one she was interested in at a dealer a couple hours away. Unfortunately, she had locked her credit score (or whatever it's called), and couldn't remember the password so we took the loan out in my name. When they checked my credit score, it came back as being in the 600s from the no-name outfit they got it from. Actual score is well over 800. The BS reason they gave me was that there was no record of me ever having an auto loan (I think the last one I had was around 1970 or so). If it were me I would have gotten up and walked out right then, but the wife REALLY wanted the car so we went thru with it.

She still has (and likes) the car, but I will NEVER set foot in that dealership ever again.

 

[Joel/ak]

I gave up on the whole credit score thing. I don't understand it, tried to but it seems they sometimes make their own rules, or it seems that way. Doesn't help when it seems like the big 3 credit companies have different standards.

According to expierian, last year I was high 400's. Pretty crappy to say the the least, this year 750???? I haven't borrowed money or had a card since around 2007.

I figured I would put in for a card through one of my banks (credit union)...denied, no history but score of 790. I could have challenged it, but I guess I'm also a deadbeat.

 

[lman]

What's a FICO score? What does it do for you? Don't use credit and nobody cares.

 

[Jstpssng]

I gave up on the whole credit score thing. I don't understand it, tried to but it seems they sometimes make their own rules, or it seems that way. Doesn't help when it seems like the big 3 credit companies have different standards.

According to expierian, last year I was high 400's. Pretty crappy to say the the least, this year 750???? I haven't borrowed money or had a card since around 2007.

I figured I would put in for a card through one of my banks (credit union)...denied, no history but score of 790. I could have challenged it, but I guess I'm also a deadbeat.

If you haven't had a loan or CC in 7 years you have no credit score. I learned that when I tried to get a home improvement loan about 10 years ago

 

[Joel/ak]

That's why I don't understand it. Haven't borrowed in around 17 years, one of my banks that declined me had me pushing 800 score (whoever they go through), expiring has me around 750.

All our utilities and insurance is through my wife's name.

I technically shouldnot have crap for a score, because of the no history.

 

[Sprinkler Fitter]

What's a FICO score? What does it do for you? Don't use credit and nobody cares.

I’m surprised anyone cares. I thought all the forum members here paid cash for everything.

 

[ultrarunner]

Employers and Insurance Companies use credit scores/reports which came as a surprise to me as they are not in the loan or finance business…

I heard government security clearances influenced by credit report?

As a property manager having no credit is ok but bad credit is a no go.

It takes effort for someone in their 20’s to rack up
Pages of charge offs and I don’t want my name added to that list.