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Started By
Message
Credit Score
Posted on 3/9/16 at 8:12 am
Posted on 3/9/16 at 8:12 am
This is a subtle brag and an inquiry. An 815 credit score for a 31 year old, whats can i use it for now? Reality purchases?
4
Posted on 3/9/16 at 8:19 am to slutiger5
quote:
An 815 credit score
quote:
whats can i use it for now
Whatever you want. That is a fantastic score.
Posted on 3/9/16 at 8:33 am to slutiger5
quote:
subtle brag and an inquiry
quote:
815 credit score
quote:
whats can i use it for now?
Lets be honest here, with that score you know exactly what you can do with it. You dont just wind up with that, you have to work for it. Just call this thread what it is, bragging.
Posted on 3/9/16 at 8:39 am to Big Floppy TDs
Not really. Just keep debt to cash ration in favor. Borrow and keep a small amount of debt at all times. Doesn't mean i know how to handle the purchasing power.
Posted on 3/9/16 at 8:42 am to slutiger5
quote:
An 815 credit score for a 31 year old, whats can i use it for now? Reality purchases?
Go get you a LOC and buy a few properties. Depending on your area, you can do very well with $100K LOC and a little bit of work.
Posted on 3/9/16 at 8:44 am to slutiger5
quote:
n 815 credit score for a 31 year old, whats can i use it for now? Reality purchases?
Where did you pull that score from? My "credit score" using FICO models at 23 is 795 but my score used for mortgage/real estate lending came back as 735
Both scores are right, just they are used by different lending areas
This post was edited on 3/9/16 at 8:45 am
Posted on 3/9/16 at 8:45 am to GenesChin
USAA ran it for me. They own most of my debt.
Posted on 3/9/16 at 8:47 am to stevengtiger
quote:
stevengtiger
Dude landlording sounds like a bitch of a job.
Posted on 3/9/16 at 8:48 am to Big Floppy TDs
quote:
Lets be honest here, with that score you know exactly what you can do with it. You dont just wind up with that, you have to work for it.
Not true. I have a friend with a score of 830 and he has no clue what he is doing. He just has no credit cards, been an AU on an old account (mom's) for years and little debt.
sluttiger5
My favorite answer - free travel around the world maybe?
This post was edited on 3/9/16 at 8:49 am
Posted on 3/9/16 at 9:05 am to slutiger5
I have 4 rentals that I have acquired in the last year and have flipped one and working on another. Pick good tenants and it is not difficult at all. You could hypnotically flip a property at a time and not have to worry about tenants or buy 4 properties and pay someone to manage them. If you have capital and credit, it is definitely something to look into at our age (I'm 31 as well). I have a really good team of guys that do most of the work for me and on our first flip, all I did was cut the grass a few times.
Posted on 3/9/16 at 9:07 am to stevengtiger
Thanks!
Posted on 3/9/16 at 9:41 am to slutiger5
quote:
USAA ran it for me. They own most of my debt.
Missed my point.
Your credit score changes based on what type of credit model being used. As in, your credit card score is different than a mortgage credit score which is different than an auto loan credit score
If it was an Auto or Mortgage score, then you are probably around that 800 mark for all your scores anyways though
Posted on 3/9/16 at 9:44 am to GenesChin
quote:
If it was an Auto or Mortgage score, then you are probably around that 800 mark for all your scores anyways though
Yea if any model is saying 815, everything else is just trivial and semantics.
Posted on 3/9/16 at 12:44 pm to 13SaintTiger
quote:
Yea if any model is saying 815, everything else is just trivial and semantics.
Not necessarily true. If it is a FICO model and your credit history on avg is >2 years though then you're pretty solid.
My credit score runs around 790 by the FICO 8 & 9 models bu tmy mortgage score is a 721. Old models used by mortgage lenders give more weight to credit history and installment loans than new models do
Posted on 3/9/16 at 12:58 pm to GenesChin
Well i dont know which one it is.
Posted on 3/9/16 at 12:59 pm to slutiger5
quote:
Well i dont know which one it is.
Did they pull your credit score for lending? They should give you your credit report when they do that which will give you relevant scoring models.
If it is just the USAA Credit score from a credit card, those vary wildly from relevant lending models
Posted on 3/9/16 at 1:41 pm to GenesChin
quote:
Old models used by mortgage lenders give more weight to credit history and installment loans than new models do
Certainly not true in my experience. I believe I had 4.5 years avg of credit experience (which isn't a lot) when I bought my first home. They quoted me a higher credit score than when I bought my first vehicle on credit.
quote:
Not necessarily true. If it is a FICO model and your credit history on avg is >2 years though then you're pretty solid.
Yes it is necessarily true, his credit score should not be fluctuating from a good to excellent rating, or any rating that gives him that wide of a left and right limit, when one model is showing 815.
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