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Zachary
Member since Jan 2007
692 posts

Is there any meaningful difference between an 801 and an 850 credit score?
Thanks


LSUSUPERSTAR
USA Fan
TX
Member since Jan 2005
13812 posts
 Online 

re: Is there any meaningful difference between an 801 and an 850 credit score?
49?


Seriously, I don't think it really matters.


gobuxgo5
Ohio State Fan
Member since Nov 2012
8357 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
You should be able to get in debt over your ears with either score. But you'll feel more nostalgic about it with the 850.


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330
SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
373861 posts
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re: Is there any meaningful difference between an 801 and an 850 credit score?
This isn't my area of expertise but I think the last tier starts below 800 FICO, actually.


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Awesome All Day
LSU Fan
Plaquemine, La
Member since Jul 2011
628 posts
 Online 

re: Is there any meaningful difference between an 801 and an 850 credit score?
quote:

last tier starts below 800

This.

I just bought a new vehicle and refinanced my house and the loan officers said once you hit 800 there is no difference in the interest rate they offer. They said it goes by tier. Not sure if it is relevant in other areas or if you use a smaller bank.


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SDVTiger
Hawaii Fan
Cabo San Lucas
Member since Nov 2011
44653 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
No
If you have over a 740 you are top tier


SammyTiger
LSU Fan
New Orleans, LA
Member since Feb 2009
40013 posts
 Online 

re: Is there any meaningful difference between an 801 and an 850 credit score?
At 830 you get to strike people with scores below 350 in the face with impunity.

But only with a silk glove
This post was edited on 6/1 at 9:41 am


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110
alajones
LSU Fan
Derptown
Member since Oct 2005
30945 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
This looks like a good thread for my question

We’re car shopping, if a dealership pulls my credit score, will my score drop like thirty points? Full disclosure- it’s in the “good” range

I don’t plan on multiple places doing that. Just curious.


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
70693 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
No, 740 and up are equals with regard to credit quality


stewie
Central Florida Fan
Member since Jan 2006
3619 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
quote:

No, 740 and up are equals with regard to credit quality


I’m completely ignorant on this issue but 740 seems low for the floor for the “top tier.”


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Epic Cajun
New Orleans Pelicans Fan
Lafayette, LA
Member since Feb 2013
21123 posts
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re: Is there any meaningful difference between an 801 and an 850 credit score?
740 is considered “excellent”, there isn’t a tier above that.


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30
prostyleoffensetime
USA Fan
Mississippi
Member since Aug 2009
9571 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
quote:

I’m completely ignorant on this issue but 740 seems low for the floor for the “top tier.”


Yeah that surprises me too. I just took out a loan and the bank game me a rundown and the report said at 754, my credit score is only better than 60% of the population. So by that logic, 40+% of borrowers are top tier?


Puffoluffagus
LSU Fan
Savannah, GA
Member since Feb 2009
4660 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
quote:


We’re car shopping, if a dealership pulls my credit score, will my score drop like thirty points? Full disclosure- it’s in the “good” range

I don’t plan on multiple places doing that. Just curious.


1) of all the factors that go into the credit score, hard inquiries probably have the least impact. So doubtful it'll drop you by 30. Usually 5-10 points

2) When it comes to hard inquiries, it's usually assumed that to some degree you will "shop", so multiple inquiries within a short time frame have minimal impact on your score. So in reality it behooves you to do make multiple inquiries to get the best rate.

3) Unless you are making successive large purchases or opening new credit lines (i.e. buying a car, then a house, refinancing and then opening up credit cards, etc.), it shouldn't really matter if it dings your score anyway. It'll stop affecting in about a year.


natsoundup
Member since May 2013
183 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
I would be more concerned about dings... I had a hacker take something like 3 dollars out of an account.... then I didn't pay that account and didn't notice. it cost me 1/4 of percentage point on a mortgage.. when my credit score just dropped enough ouf of the excellent range


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hottub
Florida State Fan
Member since Dec 2012
1307 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
According to Experian 800-850 is “exceptional”. 740-799 is “very good.”
This post was edited on 6/1 at 6:46 pm


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yellowfin
Chicago Cubs Fan
Coastal Bar
Member since May 2006
94357 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
quote:

No
If you have over a 740 you are top tier




I just bought a vehicle and 740 got you best interest rate available at my credit union


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01
MexicanTiger97
Member since May 2018
998 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
quote:

We’re car shopping, if a dealership pulls my credit score, will my score drop like thirty points? Full disclosure- it’s in the “good” range

I don’t plan on multiple places doing that. Just curious.


A single credit check will do nothing. Multiple credit checks have minimal affect. No realistic number of credit checks with drop your credit score by 30 points.


audioaxes1
Member since Jul 2019
81 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
no difference at all. never seen any type of lender that had a another tier above mid 700s. But with that said, you have to make sure you are looking at the right score as there's various models that can vary substantially. Also only take Credit Karma's scores with a grain of salt if you are using that.


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alajones
LSU Fan
Derptown
Member since Oct 2005
30945 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
I appreciate y’alls help. I sold cars for two years a while ago and I knew it dinged it a little. But you alls responses jogged my memory.

I haven’t financed a car in 20 years. I imagine once the bills start showing up I’ll remember why.


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audioaxes1
Member since Jul 2019
81 posts

re: Is there any meaningful difference between an 801 and an 850 credit score?
also multiple credit checks in a short period should get consolidated into one calculation so that consumers dont get unfairly dinged for shopping around, atleast for home and car lender credit checks.
Also I would not use a dealership lender... they almost never will give the best rate especially if you dont walk in with a pre-approval for them to try to match or beat


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