Credit Score and Credit Cards

[angielee]

Way back when, me and DH messed his credit up pretty bad, I mean his score was like 300 or something like that. We have been working VERY hard to get it up. Last a saw we had it up to 645 I believe. We were excited about that lol. Well I check his score today and we got it up above 800!! I was so excited!! Anyway I also found that there was a mistake on his report that I have spent ALL day dealing with. To further his credit I was thinking of getting a credit card. I believe we are ready to handle one. I was reading a post on here about them and some offer cash back on groceries and gas. I was thinking that would be great to do, get one just for say gas. Im still VERY scared of them and know NOTHING about them at all. My dad always taught me they were EVIL! Are they any good websites out there to help learn about them? Or mabe some knowledgeable people out there? I know we have received offers from CC companies. They all come with a booklet filled with tiny words from a far away planet.

[summermay]

Congrats on getting that credit score so high.

Now let's keep it that way. If you do get a credit card pay it off monthly so you have no finance charges and pay on time. A reward one is good. Have a low limit to start, you can always raise it later if you need too.

I only have 2 cards. One is the back up card if the first one is not excepted at that store. I get a cashback reward and pay the balance in full each month.

Good luck to you for continued good credit.

[BzyBee]

Well how much higher do you want it to go...LOL
Sounds to me like you are doing a great job without credit cards. You don't need them to improve your credit score...just keep paying your bills on time.
Nice Job!!!

[wabashriver1]

If it is that high, you don't need credit cards. A perfect score is 820 and after 780 or something, you are considered almost perfect and the rates you are able to get are the same as actually having perfect credit.

Good job! Keep up the excellent work!

[My2Miracles]

Yowza!! Great job!!

[hotcouponmama]

If it is that high, you don't need credit cards. A perfect score is 820 and after 780 or something, you are considered almost perfect and the rates you are able to get are the same as actually having perfect credit.

Good job! Keep up the excellent work!

I think the numbers are 850 = perfect, and anything over 720 is usually considered very very good.

[BzyBee DH]

C&P below -

Proclamations of the FICO score range
At the risk of creating more confusion, these quotes are submitted for your amusement. This stuff is dry enough.

Federal Reserve:
My files contain the statements of four different experts who describe the range of scores in the basic Fair Isaac (FICO) model as 300 to 900, 400 to 900, 336 to 843, and 395 to 848. If product offerings are such that the “experts” can’t agree on basic information, how can consumers be expected to gain a meaningful understanding of the scoring process and its impact?

Fair Isaac
o "In the Fair, Isaac credit bureau systems, which is probably what you've got in mind, the range is from somewhere in the low 300's to something close to 900."
o "FICO scores range from 300 to 850."
o "FICO scores range from the 300s to the 900s... "

Experian
o "The FICO scoring scale is roughly 400 to 900."
o "The Experian/Fair, Isaac scores range from the high-300s to the mid-800s."

Equifax
o "Scores range from 350 to 950... "
o "The highest score in numbers for Beacon is about 850... "

Fannie Mae: "Credit scores typically used in mortgage lending range from approximately 300 to 900."
Freddie Mac: FICO scores range from approximately 400 to 900.

[angielee]

Thanks everyone, I was wanting one also to mabe help pay for something major that comes up we may not have the money for. We have a loan out on 401k for another 2 yrs, so we cant use that. Chances are we will take out another when that one is paid off too lol. Isnt it a good idea to have one for say medical expenses, car repair ect...

[katwoman]

First, congrats on the super great score!:yourock:

Next, I don't care what anyone says, get a CC but only get a good one like Amex that you have to pay off every month. No carrying balances on Amex.

If you can be disciplined enough to handle that for a year go on to Citibank credit cards.

[BzyBee DH]

I'd go against the grain and say don't get a credit card.

Yes, get a debit card.