One time I was buying a car and the finance guy said my FICO score was over 800. Said it was the 2nd highest he had ever seen.
I was proud
I do finance for a living. Over 800 is excellent.
I’ve seen quite a few over 800, but what consumers should keep in mind is that there are different credit scores depending on the purpose of the credit.
You will not have the same score for a $5000 credit card as you would for a $25,000 car or a $300k house.
The variables are weighted differently in the risk analysis.
Also, the only thing Credit Karma is good for is alerting you to new accounts or new credit pulls. It is not accurate in terms of score or accounts that you think have “fallen off”.
However, while Credit Karma does not reflect accurate scores, the relative increase or decrease in your score is a decent indicator.
That was HFBlues financial education bit for the day.
That’ll be $500 please.
Thank you.