Lion of the Blogosphere

Free FICO scores!

846

I got an email from American Express that I can view my Experian FICO score for free.

Damn, that’s a good FICO score! 850 is the highest possible score. One lesson here is that frequently being more than a month late paying my Time Warner Cable bill has not affected my FICO score.

But should I be worried that it dropped 2 points in the last month?

Written by Lion of the Blogosphere

October 8, 2015 at 10:39 am

Posted in Wealth

26 Responses

Subscribe to comments with RSS.

  1. Credit Cards are for proles!

    JS

    October 8, 2015 at 10:56 am

    • I don’t have a credit card. My only cards are an American Express card (technically a charge card and not a credit card) and bank debit cards with a VISA logo on them.

      Lion of the Blogosphere

      October 8, 2015 at 11:00 am

      • Credit scores should not be a concern to you, because I assume you will not applying for a loan, anytime soon.

        JS

        October 8, 2015 at 11:08 am

      • Credit cards are a lot more secure than debit cards. You should use a credit card for almost everything (unless you have issues with being tracked) and pay it off every month.

        everybodyhatesscott

        October 8, 2015 at 12:20 pm

      • That’s why I use the American Express charge card, and would only use the debit card if there’s some place that doesn’t take American Express, which is extremely rare.

        Lion of the Blogosphere

        October 8, 2015 at 12:43 pm

    • Not even remotely true. Credit cards have offered excellent 0% interest deals on balance transfers and are essential for foreign travel as well, your least prole activity.

      Joe

      October 8, 2015 at 11:18 am

      • TOOS don’t borrow money, and smart bobos don’t borrow money from banks.

        JS

        October 8, 2015 at 11:28 am

      • Bobos do borrow money to buy a home.

        Lion of the Blogosphere

        October 8, 2015 at 11:31 am

      • Bobo territory to me, is household income of more than 500K a year. Anything less, is still SWPL territory.

        Anyone who earns 1 million or more in NYC, can buy a decent apartment in Manhattan, without taking a mortgage.

        JS

        October 8, 2015 at 11:43 am

      • “Anyone who earns 1 million or more in NYC, can buy a decent apartment in Manhattan, without taking a mortgage.”

        Not true. Because even if you can buy an apartment for cash its often financially wiser to have a mortgage. There are coops in NYC that don’t allow financing and require money in reserves. But those coop apartments are priced at a discount to reflect that onerous requirement.

        Jimi

        October 8, 2015 at 12:26 pm

      • How is it financially wiser to buy a home with borrowed funds from a bank?

        JS

        October 8, 2015 at 1:50 pm

      • “How is it financially wiser to buy a home with borrowed funds from a bank?”

        Because Mortgages are cheap money (especially now, when you get sub-4% rates), and the interest is tax-deductable, which makes it even cheaper, os you could make much more by taking the money you would have put in the home and investing it elsewhere.

        jimbo

        October 8, 2015 at 3:08 pm

      • Bobos do borrow money to buy a home.

        Well, do you expect them to pay 100% cash upfront?

        The Undiscovered Jew

        October 8, 2015 at 8:47 pm

    • People who think are truly proles.

      Kaz

      October 9, 2015 at 10:29 pm

  2. That’s the kind of score you only hear fables about. MIne is 808 last month and I thought I was big time.

    I’ve read, though, that for all intents and purposes anything above about 780 is treated the same by companies who care about your credit score.

    rdorsey

    October 8, 2015 at 11:36 am

  3. OT but I think the European migrant crisis is going to hurt international tourism to Europe. I posted a comment at DM that I wouldn’t be going back there because I wanted to preserve my memory of the “way it was”, and I got 145 up arrows and only 1 down arrow, last I checked. My future vacations are going to be to Japan, India, and maybe Chile.

    CamelCaseRob

    October 8, 2015 at 11:41 am

  4. My credit score used to be 787 and now is about 740. I have opened a few credit cards in the last year and that lowers your score a bit. I’d love to get it back up but don’t know much about how to do this. They say to pay off your credit cards and this will raise your score. But my cards are already at zero every month.

    However, credit cards can be either a blessing or a curse. Over the past few years I’ve made about $750 opening new credit cards with bonuses and then bonus points after the initial opening period of 3 months. But you can only do this for a brief period. Credit card rewards are a nice perk. The key is to use credit cards strategically and not as a way of pretending you have money that you don’t really have. I’m not a spender, so it works for me. But Dave Ramsey’s “no credit cards ever” advice is best for a lot of people.

    Maryk

    October 8, 2015 at 1:00 pm

  5. My score is a measly 710. Low debt, no collections or missed payments? How do you get it up so high?

    Jimi

    October 8, 2015 at 1:09 pm

    • That’s what she said!

      Seriously: have lots of credit with high limits that you don’t use, regularly charge stuff on credit cards and pay it off every month.

      jimbo

      October 8, 2015 at 3:11 pm

      • Yeah, a FICO score isn’t only a measure of financial health, but a measurement of how good of a customer you are for lenders. Borrow money frequently, pay it off (preferably while paying interest) always, and your FICO score will be high.

        Half Canadian

        October 9, 2015 at 10:43 am

      • “Yeah, a FICO score isn’t only a measure of financial health, but a measurement of how good of a customer you are for lenders. Borrow money frequently, pay it off (preferably while paying interest) always, and your FICO score will be high.”

        This is not true, you are confusing what makes someone profitable to credit card companies (reliable enough not to file for bankruptcy, but foolish enough to spend beyond their means) and what makes someone have an 800+ credit score.

        I rarely if ever get any credit card offers in the mail anymore because people with my credit rating are not profitable for credit card companies. We don’t rack up charges we can’t pay off right away and then pay usurious interest rates to the credit card companies.

        Lion of the Blogosphere

        October 9, 2015 at 12:00 pm

  6. A high FICO comes from getting big credit card bills and then paying huge credit card bills.

    Dan

    October 8, 2015 at 2:29 pm

    • That is to say, successfully managing high expenses over time. The person who spends little won’t see as high a FICO score.

      Dan

      October 8, 2015 at 2:31 pm

      • My FICO score, last time I looked into it (in 2012) was 815, and I almost never use either of my two credit cards. The only things I buy with them are books on Amazon (about $200 per year) and one international airplane flight (about $1000). I make sure to pay both off as soon as I spend the money. One credit line is $5000 and the other is some insanely high figure like $20,000. I think it’s that low usage-to-limit ratio that is the key.

        Kyo

        October 9, 2015 at 8:07 am

      • $20,000 isn’t insanely high. My VISA card had a higher credit limit than that before I got rid of it.

        Lion of the Blogosphere

        October 9, 2015 at 8:45 am

  7. Sailer was also thinking of credit scores today.
    http://www.unz.com/isteve/whats-the-average-credit-score-of-a-mass-shooter/

    cesqy

    October 8, 2015 at 6:01 pm


Comments are closed.

%d bloggers like this: