It is only a number, and at a certain point, you don't have to worry about fluctuations. Some of the credit card companies will give you your credit rating number, and also have a "tool" that will help you to better understand the ups and downs of the credit number. I wouldn't lose any sleep over the drop unless some unknown person opened an account in your name and is using your good credit to steal resulting in the number dropping since you now have the opportunity to have additional debt.
Credit Rating Nonsense
- Thread starter Henro
- Start date
Experian says exactly different IN THAT SAME LINK: “
“ But many, many scoring models exist, with different score ranges and measures of perfection that differ with their numerical scales. For instance, the first two versions of the VantageScore model, VantageScore 1.0 and 2.0, use a scale of 501 to 990, so 990 is their perfect ideal.
“
(Whatever… in any case, I only relied upon what my banker told me (my score) when I asked for the short-term loan.)
My insurance companies send them twice a year, my banks post my credit score on my online banking accounts every month. I have experienced similar "scores" as you, low 800's and just checking right now........... 796. Whatever, I could care less except insurance companies can nick me for higher premiums based on one's credit score. Apparently there is a correlation between credit, and insurance premium payments on time, and claims.
So I told my insurance company "I want your best rate always so if my *credit score* whoever comes up with causes you to increase any of my premiums you need to first tell me! For God's sake I want to pay my policies once each year (a year ahead) but you will not allow me to pay more than 6 months ahead, why is credit rating even a concern with you?"
She said "don't worry the credit score you have won't be affecting your premium". (At that time it was whatever 790-830). I said "OK what number do I have to make sure that it doesn't drop below that's all I want to know?" She said "your risk rating is based on various parameters credit being just one, so it's not possible to give you an exact number". Well if they're going to play the game of ambiguous rating, I see no option other than shop multiple insurance companies for the lowest quote every year.
torch
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It does with my bank. Mind you, credit ratings are calculated differently north of the border so I can't say if it's the bank or the system.
I went for years without a major credit card. I had a couple of store cards for the rewards systems and paid them off religiously to avoid interest charges. Then came the internet and the potential to shop on-line, but for that I needed a major CC.
So I went to the bank. Told the loan officer in charge of such things that I wanted a card for online shopping with a low credit limit, say $500. Or perhaps a pre-paid card. Something that would limit my risk if the number was stolen (yes I know the CC company is supposed to protect one in such events, but I prefer to limit my liability in the event they don't). I guess I gave him the wrong impression and he assumed I was trying to restore my credit rating or something. I didn't understand the direction of his comments until later on in the conversation but he clearly was not eager to give me a credit card.
The turning point came when he asked me if I had an account at that bank. When he typed in the account number he literally sat back in his chair and widened his eyes. It was the closest I've ever seen anyone come to a real spit-take. His whole demeanor changed and he said "Oh. Why Mr. [torch] I can give you a card with a $25,000 limit right now!".
That was the closest I have ever come to doing a real face-palm. Wasn't he listening? "I don't want a $25,000 limit, I want a $500 limit." That's when he explained about how people try to rebuild bad credit ratings and how pre-paid cards are a scam to prey on the poor, etc. etc. Anyway, the upshot was that the lowest limit card they had was a minimum $1,000 so I never got what I was after. But the overall balance sheet was definitely a factor in their equations.