i love it that some credit cards give you your fico score each month

Discussion in 'The Bar' started by Harry Gibbs, Feb 4, 2014.

  1. Harry Gibbs

    Harry Gibbs the boss of all men

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    i know discover does it, but i don't have a discover card. my barclay's card just started doing it and i learnt that my credit score went up by like 11 points since i last checked it (i think in october 2013). :yes:

    [​IMG]
     
  2. basketcase

    basketcase Pissed that Naz only has 2 legs

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    wgaf!!!
     
  3. basketcase

    basketcase Pissed that Naz only has 2 legs

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    jk is this a monthly thing?
     
  4. Harry Gibbs

    Harry Gibbs the boss of all men

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    yeah you get it on every statement and i get it on my online statement with barclays. i dig it.
     
  5. Gomez

    Gomez Well-Known Member

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    dink - I will lend you $5,000 cuz I know you're good for it.
     
  6. Harry Gibbs

    Harry Gibbs the boss of all men

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    i want a fico score above 800 so badly.
     
  7. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    only the exceptionally hungry, and lame, lenders use the fico score. those that have demonstrated that their ability to judge credit worthiness is better than fico, don't bother with them.
     
  8. Harry Gibbs

    Harry Gibbs the boss of all men

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    thanks buddy. :cheer:

    i'm going to spend it on weed.
     
  9. Harry Gibbs

    Harry Gibbs the boss of all men

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    what what whaaaat? i've been sold a false bill of goods.
     
  10. Harry Gibbs

    Harry Gibbs the boss of all men

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    ps: froggy fico score = 560
     
  11. Harry Gibbs

    Harry Gibbs the boss of all men

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    j/k.
     
  12. Harry Gibbs

    Harry Gibbs the boss of all men

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    The average FICO score falls between 600 and 800, with the median at 723. The overall range is 300 to 850. Your FICO score makes a huge difference in terms of what interest rate you are offered on a mortgage. For example, a consumer with a FICO score more than 720 could get an interest rate nearly 2 percentage points below a consumer with a score below 620. That 2 percentage-point difference translates into a much more painful payment—on a $200,000 loan, it would be about $300 a month.
     
  13. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    i work for one of those organizations that does not use fico scores because our models are superior.
     
  14. Harry Gibbs

    Harry Gibbs the boss of all men

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    i was just kidding. what model do you use and how is it superior to fico?

    fico is based on the following factors:
    • How much you owe compared to how much you originally borrowed
    • Your payment history
    • How long you've had credit
    • What types of credit you have
    • New credit applications
     
  15. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    the credit reporting agencies' data is very poor and very skewed so as i understand it (different part of the org) it is not sufficiently reliable to filter out the top 2% which is the golden group of credit customers. these top customers are essentially skimmed off. every so often in the news you will see notices that one credit card company has sold a tier of its card holders' accounts to another company. the financial companies are constantly mixing and matching different groups of customers with different group characteristics. Basically they do derivative trading with groups of credit card customers.

    the top creditors basically are only concerned with your history with them: Amex works that way: how you pay them is far more important than how you pay anyone else. from what i've been told its common to look at how much you earn, and apply a formula to figure out how much you can afford to pay out each month. they then give you a credit line that matches your ability to pay them back. when you ask for better terms or larger credit line, then they look at payment history, but only with them.

    I haven't really had to ask for more credit in a long time, but when i did that i had established credit lines with the top tier creditors was more important than any score. it was is though they said "if XYZ gives him credit, he must be good enough for us to offer him credit as well". BarclayBank and Discover used that logic a few years ago for me.

    Discover really doesn't count because they are not really a bank, but a brokerage company and they apply brokerage credit rules rather than savings and loan credit rules.
    I like that when you call Barclays everyone has a british accent. I still try to pick out the fake ones.
     
  16. Harry Gibbs

    Harry Gibbs the boss of all men

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    so who should i go to for a mortgage? that's the only reason at this point i care about my credit score.
     
  17. Deepercreek

    Deepercreek Gone fishing Gold

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    I recently told Barclay to stick their card in their ass, had it for US Airway miles and dealing with them was like getting a root canal.

    Good FICO score, not as good as mine but good :c
     
  18. Harry Gibbs

    Harry Gibbs the boss of all men

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    btw...that's very interesting newcastle. i've always heard that amex is one of the best cards to get to build credit, which is why i have one. so far seems to be working. thanks for that explanation. i'm kind of a money retard.
     
  19. Harry Gibbs

    Harry Gibbs the boss of all men

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    i'm still a young man!
     
  20. Deepercreek

    Deepercreek Gone fishing Gold

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    And doing well evidently