whats your credit score?

[illusion88]

810

I got the extra 10 points for paying my CC company EXTRA money!

 

[highland145]

Would you loan someone thousands of dollars if there was a 1 in 5 chance they wouldn't pay up?

Banks use these numbers to get a handle on what kind of risk they are taking with their money. The best rates typically fall in at 720 - from what I've read/been told, 725-ish is the median.

If you seriously have that big of an issue with the credit ratings, it probably means you f'd up and destroyed your credit (someone else's fault or a broken system, obviously), or never bothered to build a credit history.

Thought we were discussing the S.O. sexual favors credit.

 

[shabby]

secret squirrel algorithm

Makes sense.

 

[HardcoreRobot]

dunno, dont care really. credit report is spotless though, just need to build more history and only time will do that.

 

[Dr. Detroit]

816 last I checked when they were handing them out free a few years back.

 

[jupiter57]

Mine's 997.
Took a 3 point hit because I paid my phone bill late a few years ago.

J/K: Don't know, don't care.
Damn sure wouldn't pay to find out!

 

[highland145]

Lenders can't be bothered to figure out if potential borrowers are good for the money so they buy personal intel from credit bureaus. The credit bureaus gather the intel from lenders and use a secret squirrel algorithm to rate a borrower's reliability and reduce all that it is known about the borrower to a single number. The system frees lenders from the messy and tediously unpleasant business of building personal business relationships with their clients.

No. Borrowers lie on their apps. Interestingly, people with both good and bad credit. The only way to get a read on a new one is with their credit history.

They customer doesn't want to wait 6 months while I decide he's a "good guy." And even that doesn't mean he's going to pay his debt. It's illegal for a lender to give a character reference on a customer. "Just the facts, ma'am."

Thought it was a ground hog algorithm.:\

FWIW, I look at the score only because it's there. I know the type of credit that's important to me and the rest is just "in other news", i.e. cell phones/medical.