credit scores

[Speedgoat]

730 and up will get you anything and great rates

[Outback]

I look forward to the day we go from over 800 to 0.

Us too. I think it would be cool to have a 0 credit score. We have no debts except the house but we're adding $500/month to pay it off quicker. The last several cars have been cash, not new, but cash. And we will put both boys through college without school loans and with cars to last until they can save up and pay cash themselves. It feels good and it's all thanks to Dave and Financial Peace.

[JACK71]

Ive been in finance almost all my life and have seen some crazy scores, its amazing how many little things affect your score, I 100% agree it is a joke, the highest score Ive ever seen was a 819 and thats in at least 20 years of looking at credit. I know everyone says pay cash but its hard to pay cash when you can get rates as low as they are today with exceptional credit, heck I just did a new truck at 1.29% through Chase, I could of paid cash but I guarantee I can make more than 1.29% with my money.

650 and up is passing (you can still qualify for loans with a lower score). 700 plus is good and 800 up is great.

been lending for 18+ years and credit scores are a JOKE. i have people who struggle to make payments, but do make them and have credit scores in the low 600's. i see people who filed bankruptcy just over a year ago with close to 700 scores. not a fair system of judging people, determining their rate or deciding if they deserve a loan. unfortuantely the government is pushing us closer to a system that will be done 100% by credit score and they are doign it all to "protect the consumer."

[FULL DRAW]

805 and 825 for me and the wife. My parents were both around 840. The one thing always drilled in my head by my dad was to never mess up your credit. Told me credit was everything. I leared it really was when buying my first house. Second house was breeze and a low interest rate because of it.

[bowhunterchris]

All I have is a Mortgage paying $400 more a moth on it and bought a washer with a home depot card but had six months no interest on it and paid it in those six months. With only those two things my credit score is only like 730, I have no clue why. Maybe because im only 20, IDK, who cares. I am never financing another thing in my lifetime, CASH only.


except maybe a ranch...

[BrianL]

Anything above 700 is good. Above 740 really good. Not really a distinction between a 750 and a 850 for the most part.

[narco1]

Credit scores just show you can pay on debt. Like Dave says aim for 0. I believe in building wealth not debt.

[klepdo]

The only thing you are leaving out is what if the market tanks and you loose half of your investment or you loose your job? I won't buy a new truck or car again I will let someone else take the hit the first year.

Ive been in finance almost all my life and have seen some crazy scores, its amazing how many little things affect your score, I 100% agree it is a joke, the highest score Ive ever seen was a 819 and thats in at least 20 years of looking at credit. I know everyone says pay cash but its hard to pay cash when you can get rates as low as they are today with exceptional credit, heck I just did a new truck at 1.29% through Chase, I could of paid cash but I guarantee I can make more than 1.29% with my money.

[holdem]

debt free since the mid 90's

[mudbone]

Scores!!

It really depends on the institution. Recently I've had one bank tell me at least 750 and two different credit unions tell me upwards of 700 and 720.

Go to credit unions, banks suck!!!!!

[randal]

I'd love to be debt free but its just not possible at this point in my life

[LWD]

It changes. Your lender will let you know.

This. It really depends on the environment and what they want to underwrite or loan. 2 years ago, you couldn't get a home loan with less than 800. But that was for no rationale reason other than banks didn't want to make the loans. It was all blowback to the crazy lending in previous years and the foreclosures that resulted from that. But the vast majority of those weren't to people with 700+ credit. They were to people the banks and mortgage companies shouldn't have loaned to in the first place—but did.

LWD

[Mike Javi Cooper]

I had a local car dealer tell me that credit scores meant nothing to lenders... then watched his whole demeanor change when he ran my credit and it came back with the highest score he'd ever seen...

[bwssr]

thanks guys...the shop guys were telling me bull sh.....and that I had no clue about this stuff...of course they rent, have high end trucks and such...I have no car payments, 1 house note and own my 13 acres out right....but it helps to have other info rather than just my own...I think I'll print this and pass it out!

Again, THANKS!

[luckey7]

Thanks Bwssr for bringing up this subject. I see a lot of financial Gurus speaking up and i need some direction. Ive got bad credit and i dont want to file bankruptcy. Is there a place i can call to help fix my credit? Ive been married for 20 years and when me and my wife got married we got some credit cards that we got in trouble with (back in the 90s) and they've been purchased by collection agencies and they call all the time. I thought that after 7 years they dropped off your credit? Anyway, i live in Conroe, Tx and am iin need of some help so i thought my TBH brothers could give me some advice.

Thanks in advance,
Luckey7