Curious about OOT's credit scores

[buriedbeds]

Just got a car so I checked it - 798. 28 years old. I am a debt-avoiding freak. I hate it and do everything I can to avoid getting it, and I pay it off as soon as I can if I have it. I pay my credit card bill online literally as soon as the purchase posts. Buying a car pretty much made me sick to my stomach. Now I'm thinking about going back to school, and thinking about the debt from that also makes me sick. I had 1 blemish on my credit report (one late payment from 2002), and the other biggest mark against me (besides not having piles of liquid cash) was that I didn't have *enough* debt, or rather enough debt history because I've avoided it so thoroughly.

What's odd is that despite being a cheap, debt-avoiding bastard, I have no problem not thinking of chips as money. I don't know why. What's also odd is that despite being a cheap, debt-avoiding bastard, I drop way a lot of money at strip clubs, my other big life-leak. It's like I have a split-brained combination of paranoia about money mixed with absolutely no respect for it.

-bb.

[FortunaMaximus]

<shudders> It's gonna be cash on the barrel for the next couple years. Whatever.

[Inthacup]

A true BALLA can only have one score

[TheDarkHorse]

720 Bitches!!!!

[The X-Factor]

I have one in the mid 700's

[AbreuTime]

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This is not a good score breakdown.

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Constructive.

FICO scores are usually calibrated such that an increase in 20 points means you are half as likely to default on your lending agreement. (for example, 50-1 odds to 100-1 odds) But it seems tedious for the point of this poll to make 20 point cutpoints. Different lenders have different criteria for underwriting loans. Interesting poll.

[ceczar]

[ QUOTE ]
FICO scores are usually calibrated such that an increase in 20 points means you are half as likely to default on your lending agreement. (for example, 50-1 odds to 100-1 odds) But it seems tedious for the point of this poll to make 20 point cutpoints. Different lenders have different criteria for underwriting loans. Interesting poll.

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i'm pretty sure this isn't true. it's possible that this is approximately true locally around some averagish score, but i don't see an 800 being 1/32768 as likely to default as a 500

also, this could only be true for a specified loan amount, as the difference in likelihood of default between a 720 and a 740 on a 5k loan is a lot different than the likelihood differences on a 500k mortgage. and because FICOs are used for so many things, it wouldn't make be worth the effort to construct the score that way.

[DMBFan23]

credit scores are retarded because although I've never had a balance on a credit card, made a late payment on anything, and make pretty decent $, I'm too young to have a well-established history. nice "objective" score you have there asses.

[Tennenbaum]

Mine used to be terrible. It's getting better. And will continue to do so as I pay off all this revolving bs credit crap I have. Mine is 680's right now. Kinda lame, but not too bad.

[italianstang]

[ QUOTE ]
[ QUOTE ]
This is not a good score breakdown.

[/ QUOTE ]

Constructive.

FICO scores are usually calibrated such that an increase in 20 points means you are half as likely to default on your lending agreement. (for example, 50-1 odds to 100-1 odds) But it seems tedious for the point of this poll to make 20 point cutpoints. Different lenders have different criteria for underwriting loans. Interesting poll.

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I agree this is an interesting poll. However I did not mean that they should be broken down in 20 point increments, just differently.

For example, if you have a 550 and two open trade lines and can pretend you have a job, then I can get you a rather large loan.

Obviously each incremental increase helps your interest rate, approvability, etc.

The poll (sort of) assumes that if you are below the 675ish range you are in the same boat as someone in the mid 500's.