re: What’s your credit score?

I don’t understand mine is 775. I owe on a truck about $15,000. And our mortgage about $275,000.

quote:

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I’m guessing the score is meant to lean towards information to maximize the lender’s experience:

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No.
The score is a probability index that you will go 90 days past due on credit in the future (I forget how far into the future it is forecasting, but my guess would be 2 years).

What most people don't understand are the different types of scores and different types of scorecards.

A mortgage score is different than a consumer credit score is different from a bank checking/savings account is different from an insurance score.

And there are about 8 different scorecards for a mortgage score.
It is how someone with light credit who is young could potentially have a higher score than someone who is older and never has been late but has lots of use on the credit cards.

Thanks for replying
I’m also using the app - credit karma so I’m not sure how accurate it is.
100% payment
Utilization 7%
Credit history 12 yrs 1 month - I thought it would be longer.
Number of inquiries- 2

TransUnion 801
Equifax 814
FICO 825

We had a little windfall (inheritance) in March and have paid off a bunch of shite in the last two months. Was around 750 FICO before that happened.

CC Utilization is now like 4% with $36,500 across 4 cards.

Only debt we have left is 150k on our mortgage and like $4500 on wife’s vehicle.

Got denied the Chase Sapphire Reserve last week. WTF

Looks like I can call the reconsideration line when they send me the letter outlining why and state my case and probably be approved?

ETA: Funny part about the Chase thing, is they increased our business’ credit line by 60% like two days after denying the personal card.

I used to run the 800s…..then I went into business for myself.

Ouch.

I have no personal debt- but I am the personal guarantor on tens of millions of dollars of LOCs.

Never been late on a payment in my life- business or otherwise, and my credit score now looks like I’m the guy they would want to try to stick an 18% interest rate to on a used car loan.

It took me a long time to accept it.

Then I started to understand that my situation is in the absolute minority and the system isn’t geared to understand.

Or maybe it is- because I can sure as hell tell you- everytime I sign a personal guarantee I think “I’d like to know how TF someone thinks I’m gonna pay for this if this ship sinks” :-)

Yeah I haven’t opened a personal card in probably 7 or 8 years. I read on the Chase subreddit that they deny all the time and send a letter outlining why. You can see their reasoning and call a reconsideration line and kind of state your case and verify your financial situation and they’ll approve most of the time.

Was just floored that I was denied in less than 5 seconds after clicking submit.

1 UV 39 DV poor guy

Now that Joe Biden and the tax payers just paid off my student loans, my credit score jumped 75 points to 755. Thank you all!!

FICO says 850.

I feel special.

Am 15 less