Credit score

[theiacowtipper]

A what am I doing wrong post. My credit score, pulled by a dealer for a potential auto loan, is 754. That’s the first pull in four years. My only loans are a 20k house loan and a paid off student loan from just after the forgiveness was overturned. Well, sort of. I have a credit card we use for monthly expenses that is paid off every month. It is never above 20% utilization. We have never been late on any payment in our 28 years of marriage. Plenty of documented income. Why isn’t my score higher? Not enough credit utilization? It doesn’t really matter but apparently I don’t qualify for the absolute best interest rates. Pisses me off. It seems arbitrary.

 

[BrianNole777]

If you have to ask, you're too poor to post here. No offense.

Go take a long walk off a short pier and never come back.

 

[theiacowtipper]

If you have to ask, you're too poor to post here. No offense.

Go take a long walk off a short pier and never come back.

I’m actually asking for my driver. I just said it was me.

 

[TunzaHawk]

I’m actually asking for my driver. I just said it was me.

Not enough debt evidently.

 

[BrianNole777]

I’m actually asking for my driver. I just said it was me.

You should pay off his loans with your 9 figure salary...

 

[theiacowtipper]

You should pay off his loans with your 9 figure salary...

Three comma salary.

 

[globalhawk]

Three comma salary.

Definitely not enough debt. I am in the same boat.

 

[Chishawk1425]

A what am I doing wrong post. My credit score, pulled by a dealer for a potential auto loan, is 754. That’s the first pull in four years. My only loans are a 20k house loan and a paid off student loan from just after the forgiveness was overturned. Well, sort of. I have a credit card we use for monthly expenses that is paid off every month. It is never above 20% utilization. We have never been late on any payment in our 28 years of marriage. Plenty of documented income. Why isn’t my score higher? Not enough credit utilization? It doesn’t really matter but apparently I don’t qualify for the absolute best interest rates. Pisses me off. It seems arbitrary.

FICO is frivolous. No rhyme or reason.

 

[luvmyhawks]

A what am I doing wrong post. My credit score, pulled by a dealer for a potential auto loan, is 754. That’s the first pull in four years. My only loans are a 20k house loan and a paid off student loan from just after the forgiveness was overturned. Well, sort of. I have a credit card we use for monthly expenses that is paid off every month. It is never above 20% utilization. We have never been late on any payment in our 28 years of marriage. Plenty of documented income. Why isn’t my score higher? Not enough credit utilization? It doesn’t really matter but apparently I don’t qualify for the absolute best interest rates. Pisses me off. It seems arbitrary.

It should annoy the shit out of you and is totally arbitrary. It is an outdated system that rewards the Les responsible for carrying balances while punishing people, like yourself, that are responsible and using credit the way it should be used and too their advantage. It’s really frustrating

 

[millah_22]

FWIW OP, 754 isn't all that bad and some would even consider that pretty good.

Also, my wife and I have joint accounts for about everything and her score is like 815 and mine is like 785. So, who knows.

 

[Chishawk1425]

The best FICO is a 0. No activity aka no debt.

 

[theiacowtipper]

FWIW OP, 754 isn't all that bad and some would even consider that pretty good.

That’s what the office manager lady person said. Basically she said it’s really good, just not good enough.

 

[millah_22]

That’s what the office manager lady person said. Basically she said it’s really good, just not good enough.

Good enough for what? What are the "best rates" vs the one you were offered?

 

[Chishawk1425]

That’s what the office manager lady person said. Basically she said it’s really good, just not good enough.

In house rules. That score generally opens doors for almost anything. They have ridiculous in house rules.

 

[millah_22]

The best FICO is a 0. No activity aka no debt.

Well, until you need a FICO score. Then 0 is not good.

 

[theiacowtipper]

The best FICO is a 0. No activity aka no debt.

Is that you grandpa? That’s what he would have said. If I had never taken on debt, I wouldn’t have my current job, as I wouldn’t have been able to afford to get a degree. I wouldn’t have a house. I wouldn’t have had a dozen or more free nights in a hotel over the last year.

 

[Chishawk1425]

Well, until you need a FICO score. Then 0 is not good.

Manual underwriting happens but yes unfortunately it can he held against you. Capitalism

 

[Chishawk1425]

Is that you grandpa? That’s what he would have said. If I had never taken on debt, I wouldn’t have my current job, as I wouldn’t have been able to afford to get a degree. I wouldn’t have a house. I wouldn’t have had a dozen or more free nights in a hotel over the last year.

No sir just saying. 754 is good. What you're dealing with are morons.

 

[theiacowtipper]

In house rules. That score generally opens doors for almost anything. They have ridiculous in house rules.

Maybe? I don’t know. I thought it was a Ram thing but I don’t know.

 

[theiacowtipper]

No sir just saying. 754 is good. What you're dealing with are morons.

It’s not her system. It’s not her fault. It just is what it is. She doesn’t make the rules. However, based on my history, there is basically zero chance I’m not paying this back. That should lead to a lowest possible interest rate. I’m buy an 82,000 truck with 40,000 total down. They have zero risk with this loan.

 

[theiacowtipper]

Good enough for what? What are the "best rates" vs the one you were offered?

I was offered 3.9. The best they have for anyone is 1.9. I’m almost certain those were the numbers. For what it’s worth my bank offered 3.9 and my credit union 4.1

 

[Chishawk1425]

It’s not her system. It’s not her fault. It just is what it is. She doesn’t make the rules. However, based on my history, there is basically zero chance I’m not paying this back. That should lead to a lowest possible interest rate. I’m buy an 82,000 truck with 40,000 total down. They have zero risk with this loan.

They do I now buy vehicles for cheap that last a long time. No more car loans for me.

 

[NoleinATL]

A what am I doing wrong post. My credit score, pulled by a dealer for a potential auto loan, is 754. That’s the first pull in four years. My only loans are a 20k house loan and a paid off student loan from just after the forgiveness was overturned. Well, sort of. I have a credit card we use for monthly expenses that is paid off every month. It is never above 20% utilization. We have never been late on any payment in our 28 years of marriage. Plenty of documented income. Why isn’t my score higher? Not enough credit utilization? It doesn’t really matter but apparently I don’t qualify for the absolute best interest rates. Pisses me off. It seems arbitrary.

754 would qualify you for the best rates at most banks. I'm not sure who said you would not be eligible for the "best" rates, but if someone made that comment, look for another lender.
That said, the algorithm looks primarily at credit risk, if you want to improve your score, increase your available unused credit.
Presumably, you have 250k+ in your primary household savings account, so have your banker create a revolving card off of that account. The account will show on your report as available 250k revolving credit, which decreases your credit risk, resulting in an increased CS.

 

[millah_22]

I was offered 3.9. The best they have for anyone is 1.9. I’m almost certain those were the numbers. For what it’s worth my bank offered 3.9 and my credit union 4.1

1.9 is pretty ridiculous but yeah, 3.9-4.1 is pretty standard for an exceptional score. I wonder how many people actually qualify for 1.9. I doubt it's many.

 

[HawkinK.C.1]

I have an 820 but don't carry a balance on anything. When I do have a balance on a credit card, it can drop my score considerably, depending on the balance. If you pay it off and make sure the balance is zero on your report before applying for a loan, your score will be higher.

 

[HawkinK.C.1]

Also, join credit karma. You can see all the factors that affect your score and how they are weighted. It's free.

 

[bdcolt45er]

1.9 is pretty ridiculous but yeah, 3.9-4.1 is pretty standard for an exceptional score. I wonder how many people actually qualify for 1.9. I doubt it's many.

These seem like really good interest rates at the moment on a car loan. 1.9 sounds like some sort of new vehicle promotional rate. I imagine this would be model dependent.

 

[HawkeyeHitman]

A man’s name is more important than his credit score.

 

[NoleinATL]

Also, join credit karma. You can see all the factors that affect your score and how they are weighted. It's free.

I could not disagree more strongly.
Intuit Credit Karma is a business that represents huge jumps/decreases in its Vantage Scoring system in hopes of selling products that are not tied to FICO and give a false sense of actual credit rating.
Get a sound credit card that offers free credit monitoring, and check annualcreditreport.com once a quarter to monitor your status.