I just noticed that my credit union showed my credit score jumped 68 points, it seemed like it was just over the weekend. I was hoping that was because of the new fed chair and others have the same thing
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Credit scores are an abomination. Hopefully they are done away with. Just another way to track us and keep us in bondage!
Save up and buy what you need whenever possible
I would like to associate myself with this distinguished fren's comments.
I found iron in the words of Dave Ramsey back in 1994 while flying bank checks across middle America during the dark hours.
I couldn't pay cash for a house, but I had a huge down payment. Haven't used credit for anything else.
My FICO: 814
Yeah, I definitely feel the same way, I'm ready for our slave numbers to be removed. I was just curious, I've never noticed it jump that fast before.
Iunno.
It's how bankers decide who is trustworthy with THEIR money
Do you really think they should be handing out $400,000 checks to people on EBT daily, not seeing if the borrowers can even afford the first payment?
I get where you're coming from, but banks need to know their risk for each person who wants money from them... Would be foolish to blindly pass out trillions of dollars in money they will never get back...
Naw, my score is in the exceptional range.
I never really care much for it though, i just keep doing what i do:
Saving. Using my credit card and paying the balance due by the due date. I haven't paid any interest, save for one time i forgot to pay the bill in time.
I used to have debt at a very young age, and although it's laughable debt to me now, it had a big effect on me, and instilled the idea of "don't ever go into debt". The interest takes more of your hard earned money.
I'm not one to care much about it either. It just struck me last night, before I went to bed that it jumped so high so fast. I don't normally pay attention to it and I don't like using credit, but long story short six years ago my ex left and we had to sell our house. I'm a single father with two kids and tried two years ago to buy a house, we have out grown our 2 bedroom apartment. Could not find one house in our price range for the School district we are in. So yeah, it dropped a bit from that endeavor
Late last year congress questioned FICO. It's possible they made some changes.
Fun fact: Even the credit bureaus don't know exactly how your FICO score is calculated. FICO is a company and their scoring algorithm is their primary asset. I was the manager of application development for a credit bureau and I was amazed to learn that.
And we, without consent or compensation, are their product.
Correct. The whole credit industry works diligently to comply with federal guidelines to prevent the government from getting involved.
Mine seems to be stuck at 850 no matter what i do. Darn.
Hehe
I don't know. I don't have a credit score
Only thing I've noticed is interest rates seem to be higher even with a stellar credit score. What was 6% maybe two years ago is now 8-10% and longer term is even higher. Hopefully the new chair will send out some signals that will bring those rates down cause it looks like the current expectations will lead to more economic stagnation.
Er... no room to go up 68 points...
But the banks hate me, I haven't paid interest in a decade. I have 24 Cards and earned 4,000 to 5,000 off Welcome Bonuses and CB over the last few years. I owe 7k, which has another year of 0 APR interest. Got all the good cards time to start canceling so I can acquire them again with new perks. Used the cards for stacking with the CB and WB more than offsetting the dealer CC surcharges.
Maybe GAW users got a bump?
I thought we get an immediate -300 the second we make an account.
I was 840 before covid. Tjey for bo reason slashed me to under six hundred. I do t ise credit at all now andnits now back to 710. Thats with me doing zip. So its fake as hell and they are killing themselves to get me to borrow.
Credit scoring makes no sense in many ways.
A possible situation.
You have 50k credit over 6 cards. Your utilization is 5% or $2,500.00 (5 or less is ideal). Credit rating is 750.
You get an offer from Home Depot for a card and it is 0% interest for 1 year and it has a credit limit of 5k. You need appliances in kitchen and think, damn , i can make that 4k purchase and pay it off over the year with zero interest.
You make the 4k purchase and now you have a utilization of 12% (6,500 out of 55,000.00 credit).
Going above 10%, but under 15% is minor hit.
You just did a hard pull on your credit report. Major hit.
And the biggest hit to your credit score? You now have a credit card reporting at 80% (4k out of 5k) of its utilization.
Oh dear lord the credit agencies think you are now homeless and on the streets.
Super major big hit. That 1 card with a 5k limit brings your entire credit worthiness down.
Just because you wanted a new fridge and stove top at zero percent interest.
Credit drops from 750 to 700.
Months later you decide to pay off that card because carrying a big balance is not your vibe.
That Home Depot card then reports to the agency a few days before your new statement is released that you have zero balance.
They realize you are not homeless and on the streets and raise your credit 68 points.
And it just so happened at same time as new fed asshole appointed.
Just spitballing here.
Noone actually knows how they calculate, but some basics are figured out.
Yeah, that makes sense.