What is your FICO Score?


Unknowm

Unknowm

Well-Known Member
What Is Your FICO Score and Why Is It Important?

Just because you want to buy a home doesn't mean that a lender is eager to loan you money. Lenders look at your past history in handling your finances, which is where the FICO score comes in. By the end of this article, you will be able to identify a good FICO score and how it was determined.

The FICO score boils your credit history down to a three-digit number that instantly tells a lender whether you are creditworthy. This score dictates what terms—if any—you will be offered in a mortgage. Pioneered by the Fair, Isaac Corporation, this score and similar ones used by other credit reporting services rely on the following factors:

How much you owe compared to how much you originally borrowed
Your payment history
How long you've had credit
What types of credit you have
New credit applications

Past payment history and outstanding debt are the two biggest factors in computing a FICO score. If you've consistently made loan payments after the due date and are using a large percentage of the credit available to you, that's bad. However, if you missed a car loan payment once three years ago, don't fret. Smaller blemishes, especially if they aren't recent, aren't enough to derail your FICO score.



http://www.calcxml.com/do/article?id=-1287474303&cat=credit
 

depends on if you care about having credit. You can get far ahead of the curve if you stop caring about credit. With all the repos...you can find a house with little money. You can buy a used car with little money. You can furnish a house with used furniture for little or no money. Cash is still king. Its all about perspectives. No debt with income coming in beats lots of "maintained" debt that encumbers a lot of the cash coming in for years to come. I'm not far from the first scenario...and I'm not mad. My brother just yesterday was asking me about getting a zero turn mower on credit...I'm like, aren't the push one $150? I'm no Scrooge but I'm tired of the run to the banks all the time for any little purchase.
 
chocalate_topaz said:
depends on if you care about having credit. You can get far ahead of the curve if you stop caring about credit. With all the repos...you can find a house with little money. You can buy a used car with little money. You can furnish a house with used furniture for little or no money. Cash is still king. Its all about perspectives. No debt with income coming in beats lots of "maintained" debt that encumbers a lot of the cash coming in for years to come. I'm not far from the first scenario...and I'm not mad. My brother just yesterday was asking me about getting a zero turn mower on credit...I'm like, aren't the push one $150? I'm no Scrooge but I'm tired of the run to the banks all the time for any little purchase.
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Well CT you know some folks live above their means and have no idea about things. It's certain things that I will not buy new. Folks pay so much for a look. I bought a lawn mower from a guy who stopped doing lawns. Hell he sold me the weed eater, push mower, blower, riding mower for the price of a new lawn mower. I ain't never heard nobody say "boy that dude is styling on that lawn mower."

:emlaugh:
 
I furnished my entire apartment dang near via craigslist. The only major thing I bought new was my mattress (don't trust ninjas like that). I am with Founder, I buy a bunch of stuff used. I buy a lot of stuff on ebay too. I got some speakers and subwoofers for my house for $15 on ebay. I buy my textbooks on ebay or google shopping. I now buy my dress shoes on Ebay. I am frugile. I have had a messed up radio in my truck for a year now and everytime I think about buying a new one, I think what else can that money go towards.

Craigslist is also great for side hustles. I have written a few papers for people in grad school who didn't have time. I charge $100 for research and $10 per page. I have came up on craigslist.
 
that's all I'm saying...quit all this credit this, credit that...truth is folks who don't understand credit phugg themselves up all the time. Credit to them is monopoly money. When you got to pay to play...they get some reality quick.
 
chocalate_topaz said:
that's all I'm saying...quit all this credit this, credit that...truth is folks who don't understand credit phugg themselves up all the time. Credit to them is monopoly money. When you got to pay to play...they get some reality quick.
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Credit in itself is neither good nor bad. It's simply a financial tool. How you use it is the key. Cash isn't always the cheapest or best option.
 
bernard said:
Last time I checked my FICO score was 809.
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That's good. Keep it up there.

Credit is tool as someone said earlier that can lead to wealth when used right. For most people it's not practical to pay cash for everything unless you have a lot of cash, like rich people. But even most rich people used credit to get where they are.
 
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My mom lived by this very thing.... She NEVER bought anything on credit.... . Not a house (My grandfather and my dad built our house), car, nothing.... (didn't even have a checking account... as God is my witness)....She could pinch a penny so much until it was dang near unrecognizable when she got through with it! She could budget and manage money and took care of all the family finances....She bought me my first house and paid CASH for it.... and because of her savings, she was able to leave all 9 of her children CASH money in addition to her investments, when she passed away...I wish I had a fraction of her financial savvy... I just realized again, how amazingly awesome my dear, sweet mom was!!!!
chocalate_topaz said:
pay cash as much as you can...not even an issue :tup:
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nevaehinvesting said:
That's good. Keep it up there.

Credit is tool as someone said earlier that can lead to wealth when used right. For most people it's not practical to pay cash for everything unless you have a lot of cash, like rich people. But even most rich people used credit to get where they are.
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Yes, this is true for most... but not for Mrs. Iva Lee Marshall.... We were not rich by any stretch of the imagination.... But when I tell you that lady could save...... I mean she could flat out make a $1.00 outta 15 cents!
 
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credit is a tool as is money. But the fact is, most people don't understand credit and how to use it wisely. But cash speaks for itself. It would be a good move to have to pay for stuff then the understanding of how far it goes and what it can buy really sinks in. More folks would be in a better position if they had to pay cash. Credit...its not for everyone, esp those who don't educate themselves about it...and you, me and everyone else reading knows folks don't educate themselves well. That's why they are constantly complaining about not having what they need. Delayed gratification is a beautiful thing. A lot of "managed" debt and you lose your job is not, esp with this economy.
 
DR. GSUAKA93 said:
My mom lived by this very thing.... She NEVER bought anything on credit.... . Not a house (My grandfather and my dad built our house), car, nothing.... (didn't even have a checking account... as God is my witness)....She could pinch a penny so much until it was dang near unrecognizable when she got through with it! She could budget and manage money and took care of all the family finances....She bought me my first house and paid CASH for it.... and because of her savings, she was able to leave all 9 of her children CASH money in addition to her investments, when she passed away...I wish I had a fraction of her financial savvy... I just realized again, how amazingly awesome my dear, sweet mom was!!!!




Yes, this is true for most... but not for Mrs. Iva Lee Marshall.... We were not rich by any stretch of the imagination.... But when I tell you that lady could save...... I mean she could flat out make a $1.00 outta 15 cents!
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sounds like you had a wonderful mama.
 
CT... she was truly an amazing mom.... When I was younger, I hated the fact that my mom didn't just go to the shopping center and buy all kinds of clothes and shoes and crap with a credit card.... No, she bought our Braxton jeans out of Howard Bros... and paid cash for them.... but now... I totally understand. I'm trying to follow in her footsteps... But my God it's difficult! I don't know how she did it! (This year, was the first year that I took my kids on vacation and paid cash for the entire trip.... It feels good to know that I'm done paying for that trip!)
chocalate_topaz said:
sounds like you had a wonderful mama.
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Those working in government positions that require a security clearance must maintain their credit worthiness. During my career I witness many employees having to deal with credit score issues.
 
J C said:
Those working in government positions that require a security clearance must maintain their credit worthiness. During my career I witness many employees having to deal with credit score issues.
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Yup. There is a security risk for those who have low scores. It's a sign that there is need for finances and feel that people with horrible credit scores will place confidential information as rick for a fiscal gain.
 
I've learned to play the system. I use the credit cards, but when I get tired of paying the credit card bills, I just pay them all off and I don't max them out when I use them. I don't go into gas stations, I pay at the pump to avoid people and avoid standing in line.

Zero financing is like paying cash for something, you can't get zero financing without good credit. You can get some good perks and discounts when using some credit cards, something you can't get when paying with cash.

Credit isn't for everyone, but credit cards sure can make life a little easier for those who know when to use them. Don't leave home without one, emergencies can happen anywhere and anytime.
 
Recently I found out my score was 820. My wife's was better. I'm still trying to figure out why that is even though everything we've purchased on credit (house, vehicles, etc) was purchased in both of our names. Maybe Pookie and Rey-Rey reported me for not paying them back that five dollars they "lent" me.
 
chocalate_topaz said:
credit is a tool as is money. But the fact is, most people don't understand credit and how to use it wisely. But cash speaks for itself. It would be a good move to have to pay for stuff then the understanding of how far it goes and what it can buy really sinks in. More folks would be in a better position if they had to pay cash. Credit...its not for everyone, esp those who don't educate themselves about it...and you, me and everyone else reading knows folks don't educate themselves well. That's why they are constantly complaining about not having what they need. Delayed gratification is a beautiful thing. A lot of "managed" debt and you lose your job is not, esp with this economy.
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So true, both are a tool and if used correctly can pay off big time. I put everything on my chase rewards card and I turn around and pay that thing COMPLETELY off at the end of each month. I accumulated enough reward points to get a $1000 check through the mail recently. That is free money their for the taking and anybody can take advantage.
 
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