Author Topic: What can you do with a perfect credit score?  (Read 7898 times)

Grigory

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What can you do with a perfect credit score?
« on: March 25, 2013, 09:50:41 PM »
My score is in the low 700s right now, which is not bad, considering I'm in my mid-20s. I know that having a high score helps you get lower financing rates and so on, but what kind of great deals would I be able to get if my score was 800 or *gasp* 850?

Would I be able to borrow $10,000,000 from the Treasury for 30 years with 0% interest? Become a corporate board member because of my knack for managing money? Get some sort of ridiculously amazing real estate deal that mere mortals would never be eligible for?

Inquiring minds want to know! ;)

arebelspy

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Re: What can you do with a perfect credit score?
« Reply #1 on: March 25, 2013, 10:00:55 PM »
For one you'd be able to get credit in tight markets. For example, right now many lenders want a 740 minimum.

That (and lower rates) aside, as your sarcasm implies, there is not much more that a 800 or 850 score gets you that a 750 won't.
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Kazimieras

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Re: What can you do with a perfect credit score?
« Reply #2 on: March 25, 2013, 10:37:35 PM »
Get some sort of ridiculously amazing real estate deal that mere mortals would never be eligible for?

Other mortals would be eligible, but the banks will go very far out of their way to help you out, which can be very helpful when trying to get in on an amazing real estate deal. Don't expect much for rate cuts, but the increased flexibility and availability of credit can be very much worth its weight in gold.

the fixer

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Re: What can you do with a perfect credit score?
« Reply #3 on: March 26, 2013, 09:15:15 AM »
Actually the gold is worth more (unless you say it's a trick question because credit is intangible and therefore weighs nothing).

If you have enough wealth you not only can get a low interest rate, you don't even have to put a down payment on a house! http://www.marketplace.org/topics/economy/no-money-down-home-loans-return-twist

willcate

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Re: What can you do with a perfect credit score?
« Reply #4 on: March 26, 2013, 09:55:14 AM »
Right - a better goal might be to get to where you don't need to use credit for anything.

arebelspy

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Re: What can you do with a perfect credit score?
« Reply #5 on: March 26, 2013, 10:09:04 AM »
Right - a better goal might be to get to where you don't need to use credit for anything.

I don't need to use credit for anything.

Yet I can strategically do so when it's advantageous to me.

Absolutely get to a point where you don't need to use it.  Don't get to a point where you're scared of using it.
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AJ

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Re: What can you do with a perfect credit score?
« Reply #6 on: March 26, 2013, 11:14:49 AM »
My score is in the low 700s right now, which is not bad, considering I'm in my mid-20s. I know that having a high score helps you get lower financing rates and so on, but what kind of great deals would I be able to get if my score was 800 or *gasp* 850?

Would I be able to borrow $10,000,000 from the Treasury for 30 years with 0% interest? Become a corporate board member because of my knack for managing money? Get some sort of ridiculously amazing real estate deal that mere mortals would never be eligible for?

Inquiring minds want to know! ;)

Yes, there is something. You can screw up and have it matter less. If your score is 850 and you get hit by a car and go into a coma and don't pay your bills for 2 months, you may end up with a 750 - still awesome. But if you went from 750 to 650 your rates suffer. That's the only real difference I can see...

chucklesmcgee

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Re: What can you do with a perfect credit score?
« Reply #7 on: March 26, 2013, 06:05:14 PM »
Credit scores only have a modest correlation with delinquency rates anyway, so it would make sense that lenders wouldn't offer much more to someone with a perfect score versus only a very good one.

grantmeaname

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Re: What can you do with a perfect credit score?
« Reply #8 on: March 26, 2013, 07:58:22 PM »
My score is in the low 700s right now, which is not bad, considering I'm in my mid-20s. I know that having a high score helps you get lower financing rates and so on, but what kind of great deals would I be able to get if my score was 800 or *gasp* 850?
You get that puny 725 up to the 800s, and the ladies will literally line up outside your door (or gentlemen, whatever your preference).

clutchy

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Re: What can you do with a perfect credit score?
« Reply #9 on: March 26, 2013, 11:02:56 PM »
When you get above 800 they give you a special "members only" jacket.  Then when you're out walking around people show you the special door and you get better service and life is just better....

or maybe having a score over 740 doesn't really matter...  well I guess it might depending on who you're dealing with.

My score has been over 800 for atleast 5 years now but I don't use credit often.  I think I take it for granted since I haven't really had to work for it, but I've probably paid more than my fair share of interest in my life.

I do think people concentrate on their score entirely too much.