790, 800 doesn’t really matter. What does is your thin profile when you try to get a car.
You have what most auto lenders consider a “fake” 800, fake score, however you want to say it.
What kind of car are you looking at?
Nothing crazy, I’m interested in a lightly used Sonata N line. I’m not set on it though. I didn’t realize there was a such thing as a “fake” credit score. It would be irresponsible for me to spend any more than I already do. I suppose I could open another card and put my bills on it? I have avoided doing that in the past because of fees, so right now they come straight out of my checking account.
Because it’s not fake. It’s that there’s a thousand ways to get to a score and what you were told was a god awful explanation. What actually matters is credit profile, not a standalone score. You have a limited history with credit, which is totally normal when you’re young, but results in have a young file. You also have a limited number of accounts, which results in having a thin file. You also have no experience with loans. You’re basically off to a good start, but relatively unknown from a risk perspective. This typically results in higher APRs for car loans.
I see. I didn’t realize it was so complicated. I thought your entire credit history was calculated to give you a score, and then the score is wholly representative of the quality of your credit history. It would make more sense to me if my credit score was much lower to accurately reflect my loaning power
It is, but it takes all the data and boils it down to a number. There’s an untold amount of ways to get to that number. To use a shitty baseball analogy, being on third and hitting a triple aren’t the same thing, but the outcome is still being on third base. Credit scores are similar in that regard. Profile is king, but there’s a number of ways to turn that into a three digit number.
Scores matter, but your overall credit profile is as important equally if not more important. Your score will fluctuate month to month based on your reported utilization. For most credit cards, your statement balance is what's reported (there are a few exceptions like US Bank who reports at the end if the month regardless of your statement balance). For scoring purposes, having 3 or more CCs will help, but it's not necessary unless you're trying to micromanage rewards. If you dont want a lot of cards, I still would suggest having a second card. With a 2 card setup, it would be good to have the second card from a different lender and different payment network. This covers you in the event there's an issue with one bank or one of the payment networks.
As stated, it is not just a credit score that is looked at by creditors but rather your credit profile, of which your score is a part. Profile includes job status, income, if you rent or own a home, other existing monthly credit expenses, being married or single, etc. Also, many times, being the responsible party ("owner") of the credit card is weighted heavier over being an authorized user. Not only all this, but you actually have numerous credit scores that apply for different situations. You have a score for auto loans, a different score for mortgages, another for credit cards, etc. They all have slight variations on how they score that targets the specifics of what they are for. A person might show as having a 650 score but also have a 615 credit card score, 675 auto score, and a 645 mortgage score, all at the same time.
Please beware: Hyundai & Kia vehicles are high theft vehicles. The insurance companies have been charging extra for this risk. *Some insurance companies are refusing to insure them.*
Call to get estimate for the sonata and another non-Hyundai vehicle in a similar class to compare.
Google “Hyundai insurance rate”
My grandson has an excellent job, excellent credit, owns his own home and is married with no children and his insurance company steadfastly refuses to give him any insurance whatsoever on a Kia that he owns.
You cannot drive a car that is not insured so buying a Kia is literally like burning your money. I had a Hyundai once and it was an okay car but again insurance is everything.
Buyer beware.
This is true to some extent, but only the non push to starts were high theft. Insurance may account for that. But push to start and keyed ignition look the same from the outside. Call for estimates for sure.
Only a few model years of Hyundais and Kia’s were affected by the issue that made them easy targets of theft. I’m not saying you’re wrong, but it’s crazy to me that all Hyundais and Kia’s suffer as a consequence.
Tell that to the criminal breaking in to the vehicle, for several years now we’ve seen numerous posts of Hyundais and Kia owners that weren’t affected but still had an attempt on their vehicles.
when you get the repair they put stickers on driver and passenger window to say it's no longer affectted. *thankfully* never had someone try to steal mine.
Just as long as it’s something reasonable. Not a BMW M3 😂.
Thin files are just so hard to say what will happen. I have seen 750’s get flat out denied, get 20% rates, to getting very reasonable terms.
Are or can become a member of a CU? I would probably start there and see if you can get a pre approval going.
I am not. To be honest I don’t even understand what a credit union is. I thought I didn’t have to worry about it since I was almost an 800 haha. I suppose I’m going to have to do some research. Thank you.
Yeah see/hear about it all the time. People with new credit, high scores, coming into a dealership thinking they can get anything they want, at the best rates. Just to get met with the “so do you have a co-signer?”.
A CU=Credit Union. They are more or less a bank, but tend to be easier to get loans with, work with their members better. Also they will have some form of eligibility requirements. Could be having to work at certain companies, member/family member of military, live in a certain area, stuff like that.
A CU is not a requirement by any stretch. Just can be a good first step.
Have you tried Capital One Auto Navigator? They can do a pre-qual with no credit check. Not always the best rates, but can give you an idea of where you stand.
Of course you can go to a dealer and have them shotgun your credit to 10+ different banks and see where the chips fall.
Because there isn’t any weight behind it. There is little to no history. Nothing showing the lender “yeah this person can take a 20k (or however much) and we are confident they will pay us back)”. A thicker 800 walks into the dealer, 5 minute or less approval at tier 1s/best rates. A thin, either doesn’t get approved, gets approved with work from F&I, potential required down payment, gets approved at a high/er rate, could be a mix of a couple of those.
Because your 2 year credit file is thin af, and your 800 score by itself is just a false idol when a lender is looking to loan you money
Score by itself isn't everything.
Right but that's why you're here. You asked. And now you know.
You’ve done really well starting out… You have two years of good credit card history under your belt.
What is your credit limit on your existing credit card(s)?
Your score is likely fluctuating due to reported utilization varying from month to month. This is nothing to sweat about as it has no memory under the current scoring models. You'll get the same rates being at 790+. Keep in mind the scores that are pulled up when you go for the auto loan will be different than the one you're looking at now.
You're looking at a FICO 8 score calculated using TU data, which is good. FICO 8 is the model most often being used currently for most consumer lending. But there are different FICO models for different purposes.
On top of that you have 3 FICO 8 scores, which may be different. They are calculated by plugging data from each of the three major credit bureaus (Experian, Equifax and TransUnion) into the FICO algorithm.
You can see your Experian FICO 8 for free at Experian.com. At myFICO.com you can get your Equifax FICO 8 for free.
The reason they may be different (and usually are for people with a longer history and multiple lines of credit) is that no creditor is required to report anything to any bureau, let alone all 3 of them.
Auto lenders might use FICO 8, 2, 4, 5 or 9. Those models will all return a slightly different score, even when using the same bureau's data, because they weigh various factors differently. Still, your FICO 8 is a good overall indicator.
Reading this makes me hate the credit system. I have a upper 600/lower 700 scores on both Trans Union and Equifax but when it comes to Experian and their FICO score, my shit is in the low 500s it’s insane to me.
Are you looking at *FICO* scores from TU and Equifax?
When you say "on both TransUnion and Equifax" it sounds like you are looking at scores from Credit Karma. Those are Vantage scores, not FICO scores.
Vantage scores are worthless nonsense. 99% of lenders will never care what those numbers are, it's irrelevant. Vantage scores are just a marketing tool.
Lenders use FICO. That's the industry standard, they invented credit scores. FICO was developed by the Fair Issac Corporation. It's a secret formula, they own it, and if a site like CK wanted to show you a FICO score they'd have to pay for it. So they don't.
I mentioned above how to see 2 out of 3 of your FICO 8 scores, because OP already has access to their TU FICO 8. Getting your TU FICO 8 for free is a little trickier, but if you sign up for the free trial at Experian.com you can see all 3. Cancel the trial before it ends without having to pay, and you can repeat again as often as you want.
The three bureaus (Experian, Equifax and TransUnion) are not calculating your credit score, they don't do that. What they do is provide data, which can be plugged into the FICO algorithm, or the Vantage algorithm. So, you don't have an "Equifax score." You have many scores based on data from Equifax, and the others.
FICO scores are the only ones that matter. Seriously, please ignore any Vantage scores. You should check all 3 of your FICO 8 scores, they are probably all different, even using the same formula. Why? Because no creditor is required to report anything to anyone, let alone all 3 bureaus. So some only report to 1 or 2. This means the 3 bureaus likely have slightly different data on you, and that's normal.
This isn't something to worry about. Small fluctuations happen, usually tied to utilization. When you are ready to finance a car, you can fully pay off all your cards to bring your score as high as possible. Honestly, I don't think it would make any difference.
Only having one card is a bigger issue, plus it's a recent card by credit score standards. And of course, your income, which isn't part of your score at all, will matter.
Someone else mentioned joining a credit union. I agree. I've been at a credit union for a while and have a car loan with a cu. A car advisor at the credit union found a used car for me. Highly recommend.
The credit rating system can be quite counter intuitive. With just one card I'm surprised your rating is so high. Especially with no other loans, available credit or an equity building mortgage on some property or a home. You are young so being tied to land or home may not be practical however you can open a few more credit card accounts. It would look much better to have 4 cards that you pay $200 on each month than one that you pay $800. Also, more cards means you have access to more available credit as each card will have a credit card with limits the same as your current card so you will have increased your available credit 4x.
They don't like to see you go above 30% usage on your available credit so be sure to try and keep them paid off every month. Credit card spending is absolutely the utmost dangerous thing a young person encounters when it comes to managing your credit. They are easily one of life's biggest bear traps avoid tangling with them at all costs.
Your credit is excellent now so I wouldn't worry about the car loan as long as the one you pick is within your budget, repossessions suck. You'd be better off taking the bus in the first place.
The two best pieces of advice I can give any young person is to
1. NOT get the 'new car' disease that traps you into a lifetime of high car payments and insurance just for the ego boost you get for showing off your new car. No one that will really matter to you in life will care what kind of car you drive. New cars themselves are ridiculous for the simple reason that you take a 20% hit on your money the moment you drive off the lot. Depending on your knowledge of automobiles you can save a considerable amount of money getting into a second hand vehicle. There's lots of ways to do that. Buying one off a used car lot makes financing easy but be very careful because everything they say about used car sales man is true. Buying one that your bank has taken back or getting your personal loan to buy one directly from a owner if you can.
2. The absolute number one most important thing that any young person can do and this is the younger the better is to open an IRA, an individual retirement account. The very best one you can open is s ROTH account so you can start SAVING MONEY. I don't care if it's $5 a month it's better than nuttin. I've had several different brokers in my time but the ONLY ONE that I would recommend is Charles Schwab. They will meet all your financial needs for the rest of your life and that includes totally FREE banking, stock trades, research and 24/7 access to a HUMAN financial advisor...all online. The only other financial need you might have would be to open up an account at a local credit union. When it comes to your car loans and house mortgage having someone you can easily drive to and have a face-to-face meeting is nice and they can be a good source for a used auto on top of having the best savings rate on a personal savings account and even your checking account.
At your age the world is an oyster and you are it's Pearl because no matter what anyone else tells you the only one you need to listen to is the little guy between your ears because you're smart enough and young enough to have anything you want out of life as long as you're willing to put into it the effort necessary to get it.
Good luck you're going to need it.
We all are. I'm 70 years old and the future of everything is looking worse than I have ever seen it in my life and getting darker everyday. Going forward nothing's going to get easier, nothing.
With the government racing to the right, your human and civil rights are going to be diminishing by the day and it will also cripple any efforts to slow the implosion of the environment that is happening at an even faster rate...that collapse is going parabolic as I type. The supreme courts reversal of the Chevron ruling is the final straw for that camel's back.
The more you do to protect yourself from that dismal future now the easier it's going to be to deal with when it gets here.
Just don't ever forget that life is an endless battle that never ends until you do, so you can never except defeat. Mistakes are GOOD for you, it means you are still in the fight and you have eliminated one path that doesn't lead to your eventual success as long as you NEVER quit on your dreams and commit yourself to dying game my young friend...die game.
Upper 700 range of a FICO is just fine to apply for an auto loan.
Your score will fluctuate the rest of your life. Credit scores are a dynamic snapshot of your credit worthiness. It has no memory.
Don’t worry about the few points as long as you’re paying on time. Continue monitoring though, to make sure no identity theft or fraud has occurred.
I highly recommend you freeze your credit report accounts at all 3 bureaus. Remove the freeze on the day you decide to apply for the loans.
You need to start building your credit file, that high score is just a facade. Get another credit card in a near future. Capital One is a good starting point.
Which of your 40+ credit scores are you looking at? When you quote a score, quote the complete score. Include these 3 missing parts of your score:
1. The bureau. Equifax, Experian or TransUnion.
2. The model. FICO or Vantage.
3. The version. It will be a # between 2 and 10.
My bad. I missed that when I was scanning. I apologize.
Your FICO scores change every single day. But also your balances are changing. FICO scores are sensitive to balances changing. Your average age of accounts changes each month as well. So does your payment history. So don't expect your scores to remain the same when the data used to calculate them doesn't remain the same.
Hope that helps.
790, 800 doesn’t really matter. What does is your thin profile when you try to get a car. You have what most auto lenders consider a “fake” 800, fake score, however you want to say it. What kind of car are you looking at?
Nothing crazy, I’m interested in a lightly used Sonata N line. I’m not set on it though. I didn’t realize there was a such thing as a “fake” credit score. It would be irresponsible for me to spend any more than I already do. I suppose I could open another card and put my bills on it? I have avoided doing that in the past because of fees, so right now they come straight out of my checking account.
Because it’s not fake. It’s that there’s a thousand ways to get to a score and what you were told was a god awful explanation. What actually matters is credit profile, not a standalone score. You have a limited history with credit, which is totally normal when you’re young, but results in have a young file. You also have a limited number of accounts, which results in having a thin file. You also have no experience with loans. You’re basically off to a good start, but relatively unknown from a risk perspective. This typically results in higher APRs for car loans.
I see. I didn’t realize it was so complicated. I thought your entire credit history was calculated to give you a score, and then the score is wholly representative of the quality of your credit history. It would make more sense to me if my credit score was much lower to accurately reflect my loaning power
It is, but it takes all the data and boils it down to a number. There’s an untold amount of ways to get to that number. To use a shitty baseball analogy, being on third and hitting a triple aren’t the same thing, but the outcome is still being on third base. Credit scores are similar in that regard. Profile is king, but there’s a number of ways to turn that into a three digit number.
That was a great analogy, thank you.
Scores matter, but your overall credit profile is as important equally if not more important. Your score will fluctuate month to month based on your reported utilization. For most credit cards, your statement balance is what's reported (there are a few exceptions like US Bank who reports at the end if the month regardless of your statement balance). For scoring purposes, having 3 or more CCs will help, but it's not necessary unless you're trying to micromanage rewards. If you dont want a lot of cards, I still would suggest having a second card. With a 2 card setup, it would be good to have the second card from a different lender and different payment network. This covers you in the event there's an issue with one bank or one of the payment networks.
As stated, it is not just a credit score that is looked at by creditors but rather your credit profile, of which your score is a part. Profile includes job status, income, if you rent or own a home, other existing monthly credit expenses, being married or single, etc. Also, many times, being the responsible party ("owner") of the credit card is weighted heavier over being an authorized user. Not only all this, but you actually have numerous credit scores that apply for different situations. You have a score for auto loans, a different score for mortgages, another for credit cards, etc. They all have slight variations on how they score that targets the specifics of what they are for. A person might show as having a 650 score but also have a 615 credit card score, 675 auto score, and a 645 mortgage score, all at the same time.
Correct...it would make a lot more sense for you to actually have a lower credit score
Please beware: Hyundai & Kia vehicles are high theft vehicles. The insurance companies have been charging extra for this risk. *Some insurance companies are refusing to insure them.* Call to get estimate for the sonata and another non-Hyundai vehicle in a similar class to compare. Google “Hyundai insurance rate”
My grandson has an excellent job, excellent credit, owns his own home and is married with no children and his insurance company steadfastly refuses to give him any insurance whatsoever on a Kia that he owns. You cannot drive a car that is not insured so buying a Kia is literally like burning your money. I had a Hyundai once and it was an okay car but again insurance is everything. Buyer beware.
This is true to some extent, but only the non push to starts were high theft. Insurance may account for that. But push to start and keyed ignition look the same from the outside. Call for estimates for sure.
Hyundai and Kia are pure junk brands. Mazda, Honda or Toyota. Nothing else. These three are pound 4 pound the best right now
Only a few model years of Hyundais and Kia’s were affected by the issue that made them easy targets of theft. I’m not saying you’re wrong, but it’s crazy to me that all Hyundais and Kia’s suffer as a consequence.
Tell that to the criminal breaking in to the vehicle, for several years now we’ve seen numerous posts of Hyundais and Kia owners that weren’t affected but still had an attempt on their vehicles.
when you get the repair they put stickers on driver and passenger window to say it's no longer affectted. *thankfully* never had someone try to steal mine.
Ohhhh! A sticker!!! Even better, I bet that stops criminals dead in their tracks!!!
Double check for engine issues as well. Almost ALL hyundai engines have oil consumption issues!
Fake is the wrong word. The right thing is credit score is just one part of a credit decision and often not that big a part.
Just as long as it’s something reasonable. Not a BMW M3 😂. Thin files are just so hard to say what will happen. I have seen 750’s get flat out denied, get 20% rates, to getting very reasonable terms. Are or can become a member of a CU? I would probably start there and see if you can get a pre approval going.
I am not. To be honest I don’t even understand what a credit union is. I thought I didn’t have to worry about it since I was almost an 800 haha. I suppose I’m going to have to do some research. Thank you.
Yeah see/hear about it all the time. People with new credit, high scores, coming into a dealership thinking they can get anything they want, at the best rates. Just to get met with the “so do you have a co-signer?”. A CU=Credit Union. They are more or less a bank, but tend to be easier to get loans with, work with their members better. Also they will have some form of eligibility requirements. Could be having to work at certain companies, member/family member of military, live in a certain area, stuff like that. A CU is not a requirement by any stretch. Just can be a good first step. Have you tried Capital One Auto Navigator? They can do a pre-qual with no credit check. Not always the best rates, but can give you an idea of where you stand. Of course you can go to a dealer and have them shotgun your credit to 10+ different banks and see where the chips fall.
What makes it a "fake" 800?
Because there isn’t any weight behind it. There is little to no history. Nothing showing the lender “yeah this person can take a 20k (or however much) and we are confident they will pay us back)”. A thicker 800 walks into the dealer, 5 minute or less approval at tier 1s/best rates. A thin, either doesn’t get approved, gets approved with work from F&I, potential required down payment, gets approved at a high/er rate, could be a mix of a couple of those.
Hi, I'm in a similar situation. Good credit score, but definitely a lean profile. How to build a real credit profile and not just some score.
There are many credit scores, none are fake.
Because your 2 year credit file is thin af, and your 800 score by itself is just a false idol when a lender is looking to loan you money Score by itself isn't everything.
Damn I really had no idea before I made this post. I legitimately thought score is everything lol. Seen too many car salesman tiktoks.
Right but that's why you're here. You asked. And now you know. You’ve done really well starting out… You have two years of good credit card history under your belt. What is your credit limit on your existing credit card(s)?
I just have one and it’s 4,500
Your score is likely fluctuating due to reported utilization varying from month to month. This is nothing to sweat about as it has no memory under the current scoring models. You'll get the same rates being at 790+. Keep in mind the scores that are pulled up when you go for the auto loan will be different than the one you're looking at now.
Thank you. Which scores would they be looking at? I suppose it was naive of me to believe the text under the transunion logo “the score lenders use”…
https://www.myfico.com/credit-education/credit-scores/fico-score-versions
You're looking at a FICO 8 score calculated using TU data, which is good. FICO 8 is the model most often being used currently for most consumer lending. But there are different FICO models for different purposes. On top of that you have 3 FICO 8 scores, which may be different. They are calculated by plugging data from each of the three major credit bureaus (Experian, Equifax and TransUnion) into the FICO algorithm. You can see your Experian FICO 8 for free at Experian.com. At myFICO.com you can get your Equifax FICO 8 for free. The reason they may be different (and usually are for people with a longer history and multiple lines of credit) is that no creditor is required to report anything to any bureau, let alone all 3 of them. Auto lenders might use FICO 8, 2, 4, 5 or 9. Those models will all return a slightly different score, even when using the same bureau's data, because they weigh various factors differently. Still, your FICO 8 is a good overall indicator.
Reading this makes me hate the credit system. I have a upper 600/lower 700 scores on both Trans Union and Equifax but when it comes to Experian and their FICO score, my shit is in the low 500s it’s insane to me.
Are you looking at *FICO* scores from TU and Equifax? When you say "on both TransUnion and Equifax" it sounds like you are looking at scores from Credit Karma. Those are Vantage scores, not FICO scores. Vantage scores are worthless nonsense. 99% of lenders will never care what those numbers are, it's irrelevant. Vantage scores are just a marketing tool. Lenders use FICO. That's the industry standard, they invented credit scores. FICO was developed by the Fair Issac Corporation. It's a secret formula, they own it, and if a site like CK wanted to show you a FICO score they'd have to pay for it. So they don't. I mentioned above how to see 2 out of 3 of your FICO 8 scores, because OP already has access to their TU FICO 8. Getting your TU FICO 8 for free is a little trickier, but if you sign up for the free trial at Experian.com you can see all 3. Cancel the trial before it ends without having to pay, and you can repeat again as often as you want. The three bureaus (Experian, Equifax and TransUnion) are not calculating your credit score, they don't do that. What they do is provide data, which can be plugged into the FICO algorithm, or the Vantage algorithm. So, you don't have an "Equifax score." You have many scores based on data from Equifax, and the others. FICO scores are the only ones that matter. Seriously, please ignore any Vantage scores. You should check all 3 of your FICO 8 scores, they are probably all different, even using the same formula. Why? Because no creditor is required to report anything to anyone, let alone all 3 bureaus. So some only report to 1 or 2. This means the 3 bureaus likely have slightly different data on you, and that's normal.
This isn't something to worry about. Small fluctuations happen, usually tied to utilization. When you are ready to finance a car, you can fully pay off all your cards to bring your score as high as possible. Honestly, I don't think it would make any difference. Only having one card is a bigger issue, plus it's a recent card by credit score standards. And of course, your income, which isn't part of your score at all, will matter.
Thank you, I’m looking into opening a card with a credit union
Someone else mentioned joining a credit union. I agree. I've been at a credit union for a while and have a car loan with a cu. A car advisor at the credit union found a used car for me. Highly recommend.
I’m going to look into it, thank you!
The credit rating system can be quite counter intuitive. With just one card I'm surprised your rating is so high. Especially with no other loans, available credit or an equity building mortgage on some property or a home. You are young so being tied to land or home may not be practical however you can open a few more credit card accounts. It would look much better to have 4 cards that you pay $200 on each month than one that you pay $800. Also, more cards means you have access to more available credit as each card will have a credit card with limits the same as your current card so you will have increased your available credit 4x. They don't like to see you go above 30% usage on your available credit so be sure to try and keep them paid off every month. Credit card spending is absolutely the utmost dangerous thing a young person encounters when it comes to managing your credit. They are easily one of life's biggest bear traps avoid tangling with them at all costs. Your credit is excellent now so I wouldn't worry about the car loan as long as the one you pick is within your budget, repossessions suck. You'd be better off taking the bus in the first place. The two best pieces of advice I can give any young person is to 1. NOT get the 'new car' disease that traps you into a lifetime of high car payments and insurance just for the ego boost you get for showing off your new car. No one that will really matter to you in life will care what kind of car you drive. New cars themselves are ridiculous for the simple reason that you take a 20% hit on your money the moment you drive off the lot. Depending on your knowledge of automobiles you can save a considerable amount of money getting into a second hand vehicle. There's lots of ways to do that. Buying one off a used car lot makes financing easy but be very careful because everything they say about used car sales man is true. Buying one that your bank has taken back or getting your personal loan to buy one directly from a owner if you can. 2. The absolute number one most important thing that any young person can do and this is the younger the better is to open an IRA, an individual retirement account. The very best one you can open is s ROTH account so you can start SAVING MONEY. I don't care if it's $5 a month it's better than nuttin. I've had several different brokers in my time but the ONLY ONE that I would recommend is Charles Schwab. They will meet all your financial needs for the rest of your life and that includes totally FREE banking, stock trades, research and 24/7 access to a HUMAN financial advisor...all online. The only other financial need you might have would be to open up an account at a local credit union. When it comes to your car loans and house mortgage having someone you can easily drive to and have a face-to-face meeting is nice and they can be a good source for a used auto on top of having the best savings rate on a personal savings account and even your checking account. At your age the world is an oyster and you are it's Pearl because no matter what anyone else tells you the only one you need to listen to is the little guy between your ears because you're smart enough and young enough to have anything you want out of life as long as you're willing to put into it the effort necessary to get it. Good luck you're going to need it. We all are. I'm 70 years old and the future of everything is looking worse than I have ever seen it in my life and getting darker everyday. Going forward nothing's going to get easier, nothing. With the government racing to the right, your human and civil rights are going to be diminishing by the day and it will also cripple any efforts to slow the implosion of the environment that is happening at an even faster rate...that collapse is going parabolic as I type. The supreme courts reversal of the Chevron ruling is the final straw for that camel's back. The more you do to protect yourself from that dismal future now the easier it's going to be to deal with when it gets here. Just don't ever forget that life is an endless battle that never ends until you do, so you can never except defeat. Mistakes are GOOD for you, it means you are still in the fight and you have eliminated one path that doesn't lead to your eventual success as long as you NEVER quit on your dreams and commit yourself to dying game my young friend...die game.
Upper 700 range of a FICO is just fine to apply for an auto loan. Your score will fluctuate the rest of your life. Credit scores are a dynamic snapshot of your credit worthiness. It has no memory. Don’t worry about the few points as long as you’re paying on time. Continue monitoring though, to make sure no identity theft or fraud has occurred. I highly recommend you freeze your credit report accounts at all 3 bureaus. Remove the freeze on the day you decide to apply for the loans.
Thank you
You need to start building your credit file, that high score is just a facade. Get another credit card in a near future. Capital One is a good starting point.
Which of your 40+ credit scores are you looking at? When you quote a score, quote the complete score. Include these 3 missing parts of your score: 1. The bureau. Equifax, Experian or TransUnion. 2. The model. FICO or Vantage. 3. The version. It will be a # between 2 and 10.
All of that information is in my original post.
My bad. I missed that when I was scanning. I apologize. Your FICO scores change every single day. But also your balances are changing. FICO scores are sensitive to balances changing. Your average age of accounts changes each month as well. So does your payment history. So don't expect your scores to remain the same when the data used to calculate them doesn't remain the same. Hope that helps.
It’s okay, it happens. Your response does help, thank you.