Ok I'm currently working towards joining the 700+ club, and I've been making pretty good progress. I'm just wondering however, how does it feel to have a score of 700+?? What are the things I can look forward to.. or that you have done recently that was only possible with your score? e.g what kind of credit are you able to get, and at what rate? By the way, my FICO is at 653, and according to the simulator, I should be over between 670-725 is I pay down my revolving credit. I'm just excited! Cant wait to join the 700 club
I got my first prime card in 13 years, $3500 limit, up to $5000 with a BT!! I am very happy! Post is here... http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=3&postid=236785#post236785
YOU WANT THE TRUTH??? I'm DISAPOINTED after 24+ years of making sure I NEVER had a late payment...and I can't even get above 714...(686-714). ALSO I WILL NEVER GET ABOVE ~827 IF I PAY EVERYTHING OFF!!!
I really do hope that you make it to 700. I languised in the 630's for a long time, went to high 650's after some bumpage and am now at exactly 700 after my only derog fell off. I think I should caution you, though, on the FICO simulator. I too was salivating in anticipation of my score going up when I paid down debt. The simulator told me that when I got to a certain debt level, my number would jump to at least 699 (it was at 669 at the time). How much did it jump? Zero, Zilch, Nada. Don't want to rain on your parade but take a wait and see attitude on that.
YES...a lot...NOT excessive... AS OF TODAY, EVERYTHING IS 4.75%---->0.00% All rates above 4.75%...WE only have 6 total >4.75%...GET PAID IN FULL MONTHLY...
You may expect prime doors to come flying open when you hit about 720. That will save you a great deal of money on interest and fees etc. Remember that's the BIGGEST plus for being a high scorer. Don't expect any NY ticker-tape parades or your face on the cover of "Financially Savvy".
rackt3, I just hit the 700 club this month after many years in the subprime market. It feels great, a sense of accomplishment to achieve prime status. I had no inquiries on my 703 FICO EQ report, so I immediately applied for 6 credit cards, and obtained them all. I already had 4 that had smaller CLs. I was able to increase my credit card limits by 500%, lower my interest rates from 29.9% to 9.9% and 14.74%. Of the 6 new cards, 4 are gold or platinum cards with high CLs. So I am very hyped! My utilization went from 69% to 20% overnight (or will when they all report to the CRAs) Also, I would caution you on the simulators. I've had similar experiences of getting my hopes up on the expected impact a dropped inquiry or baddie would have on my report, only to see that it didn't do a thing. The fact that my EX score is only 661 on the score page, but shows 680 on the simulator really furthers my distrust. In addition, I've had 4 hard inquiries drop off this week (all less than a year old) and it didn't affect my score at all even though the simulator said I would gain 20 points!
I'm delighted with my scores (EQ 781, EX 762). I started monitoring on 08/11 at which time I had 688. Paid off 11k in credit balance off 15k CL and thats the reward for it. Last week I got the Principal Platinum Cash Reward card with 5k CL (highest CL is 8400 Citi) and they pulled my 715 TU at the time. Not sure what I'll get with AT&T Universal Platinum for which I applied last week. Scores will probably dip some once the cards start reporting and once my new mortgage shows up, but for only 5 years of credit history I couldn't wish for more.
Woohoo! I just joined the 700 club today! (Do I get a party or an induction ceremony or anything ?) Been trying to get my scores up so I can refinance my house -- I have a few other problems unrelated to credit that require my scores to be in the 700s, or I won't be able to qualify for the loan. So I am very happy to be joining the 700 club. Once I finish my refi and pay off remaining balances on CCs, I will be well on my way to joining the 800 club
Congrats, but we want you in the 720's+ club. That's when the prime flood gates open. No parties till then. ~
Thanks all for all your insight. What I gather here is that 700 is only a start? As I've understood it, getting to 700 *is* the "holy grail". I always see those ads on t.v that says "get 0% financial till 2005!!" etc etc, and I always thought.. if only I had a score of at least 700, I could actually apply for this stuff, and not get laughed at! To tell you how bad my credit was a year ago, I'm paying 15.5% on my car loan, and 9.5% on my mortgage! I'm just imagining how much I'll save once I join the 700 club and refinance. So far, since march when I started my "battle", I've gone from a FICO score of 585 in march to 653 today. Currently I have a revolving credit utilization of about 95% ( I have 2 credit cards ). I will pay it off in about a month, so I expect to be in the 700 club for sure once I get it between 1 - 10% utilization. I cant wait!!
