15951

You're making the (wrong) assumption that I have bad credit, which I do not. There was no reason to make this personal.

I was sharing what I've learned through research and discussions with friends in finance. You know, the funny thing about credit scores is that those with 800+ scores are the ones most worried about them (there's an inverse relationship in there somewhere as well). Mine is in the high 700 range, and I don't really see any benefit of it going any higher. Frankly, dealerships fall all over themselves to give you credit if you have a score greater than 720.

By the way, the "special rate" you mention for people with scores over 840 is probably BS. Even if it isn't, just taking out a loan with a credit score that high would dip it lower than 840, especially an installment loan for a car.

YMMV.

is350daddy

thats ****ing solid
im jealous
in toronto you would be looking at 750-800/month minimum

ScKcBc

iTrader: (2)

I worked at an auto refinancing office a few years ago running credit day in and day out. All I did was take credit apps and submit them to banks. Here are the facts:



-There is NO special deal for people with 840+
-701+ used to get you tier 1. Hell back in 05/06, Nissan was offering Tier 1 if you had a score of 680+
-The economy has led to tier 1 ratings starting at 720-740. I've never heard of tier 1 requiring a 775 score. Now there are OTHER things that cause your score to down, or denial of credit even if your score qualifies. Short employment history, debt to income ration, excessive obligations, excessive available credit, etc can all hurt your approval chances even if you have the actual numerical score you need.




I've seen one married coule in my life with a super high score. They were both at exactly 830 and their credit reports were mirror images of each other. Sorry Xavier but 19591 is pretty much right on the formula voodoo. Having a score above 800 almost takes work to accomplish besides not overbuying and paying your bills on time. A normal person with perfect credit and great debt to income ration is usually going to have a high 700 score. Having 800+ will require things like maintaining a 20%-35% balance on no more then 3-4 credit cards. Some people with perfect credit may only have 1-2 cards, or maybe 7-8. Some may have only 5% balances or maybe nothing at all. All of those will hurt the credit "formula" even though they may be perfect bill payers

vdubturbo

The only person I know with a score higher than 800 has paid off multiple mortgages and has a low debt to income ratio. But like is said above, who knows what else is involved.

I do know this... Tier 1 definitely extends into the 700's as stated above.

Infra

iTrader: (1)

My credit score was a 740-750 until I got married. Then it shot up to 830.

It's not just your history, but your stability that matters.

Contrary to what you might think, having a mortgage INCREASES your score.

I also think the formulas prefer financing over leasing, and will reward you for that.

vdubturbo

My lease shows up on my credit report as a $12k finance.