Anyone else obsessed with their credit score?

Kendro

Kendro

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I was never the type to obsess over it but I never had a late credit card payment in 10 years. Two years ago I got a free FICO score from myFico, found out I was in the top 1% in the country, and have been obsessing over it ever since. Also the fact that I am now at the age where I should soon be looking to buy a house and want the best rates possible.

The Fair Credit Reporting Act only gives access to your report (not your score) from the three main credit bureaus so I check them out every 4 months for review. Then I buy the actual scores from myFico twice a year every 6 months. Anyone else constantly obsess over their credit score and making sure they never make late payments, open too many credit cards, etc?
 
Not really. I've never once had a late payment and sometimes pay off purchases early if it's in the system at the bank but didn't make it on the last statement. Figure I already bought it so why not pay the whole balance instead of just the bill. Thing is I've never looked at my score. Too cheap to pay for a report. Hardly use my one card offline and only once got close to my limit when buying a PC years ago.
 
at first no, but when i first got a credit card i maxed it out and paid it off every month before due and my score jumped from 0 to 750 in 5 months, but now i screwed up and its way down, dont bite off more than you can chew. im sticking to one card for now. Its difficult to catch up and bring you score back up.And i gotta worry about that now because even if your going to rent an apartment they do credit checks, it sucks.
 
To a degree. Someone tried to steal my identity so I have to watch my credit for most likely my life in case they try again at some point.
 
Nope. I have great credit also and as long as I keep doing the same as I always have I shouldnt have to worry about it. You shouldnt check your credit so often either as it will end up lowering it.
 
[quote name='musha666']Nope. I have great credit also and as long as I keep doing the same as I always have I shouldnt have to worry about it. You shouldnt check your credit so often either as it will end up lowering it.[/QUOTE]

Actually checking your own credit score is considered a soft inquiry and doesn't affect your score (unlike a hard inquiry when you buy a house or a new car). Another example of a soft inquiry is when credit card companies pull your report to determine if they want to send you promotional mail and offer you a credit card (which then becomes a hard inquiry if you accept their offer and submit an application in which case they will review your credit history).

http://money.msn.com/credit-rating/7-nasty-credit-myths-that-will-not-die-weston.aspx

http://www.credit.com/answers/questions/43/Does-checking-my-credit-report-and-score-hurt-my-credit?
 
[quote name='lordopus99']To a degree. Someone tried to steal my identity so I have to watch my credit for most likely my life in case they try again at some point.[/QUOTE]

Same situation I've been in for over five years. Identity thieves can seriously burn in hell.
 
Had a few financial problems so my score tanked hard. I check it annually now to see how the damage control has been going (OK but not great).
 
Absolutely not. I have my credit frozen. I have all the credit I need right now. I'm debt free and pay off my card each month in full. I could not give two shits about my actual score. I know it's solid based on my history and current financial standing.
 
Shouldn't people be obsessed about their credit score? It does affect an awful lot when you need loans, even more so then it used to considering the economy the way it is.
 
I am new to credit I just started in November I only buy video games with my credit and pay it off at the end of month to keep up with everything.
 
Not really. My bank provides free quarterly updates on any significant events but I have no outstanding debt and have a flawless payment history on the loans I had in the past. I have no intention of ever taking out another loan but if I had to I know I would be able to get a good rate.
 
Does a credit score depend on how much money you spend, as long as you pay that amount back, or is it just the paying off of the credit card bills? I never really understood this obsession.
 
I buy most of my stuff with one of a few cards. I then pay off the balance every month. I pay my mortgage on time (I just have it taken out of my bank account). Surprisingly I have great credit. It isn't that hard to have great credit if you just use common sense.
 
I don't pay much attention to them. I have only one credit card I use regularly and put most every purchase on it and pay it off in full each month. I've never been late on a car payment or student loan payment, nor any utility bill. So I have a solid score and don't bother keeping tabs on it really.

I also don't plan on taking any more loans anytime soon. I suppose I'll eventually want to buy a house, but not for several years. I won't buy until I've got tenure at a university I know I want to stay at long term, and that's at least a few years a way as I'm only 2.5 years in and pretty sure I don't want to stay where I'm currently at long term. Doesn't make sense to buy for the short term with housing prices still dropping in this area, and I don't have enough for a down payment saved up yet anyway.
 
I applaud people who pay their bills on time and contribute financially to our society. The more people with good credit the better. Though I do think that credit is way too easy to get even now. There is no way I should have been the mortgage that I was given 7 years ago. Also, the 30 year mortgage is the devil - stay away everyone!! You can pay it off in 15.
 
[quote name='hufferstl'] Also, the 30 year mortgage is the devil - stay away everyone!! You can pay it off in 15.[/QUOTE]

That depends on one's finances. I could do it if I married my current g/f as she makes good money too.

On my own, it would be tough to do a 30 year mortgage and also pay off my student loans early.

But again, I'm in no hurry to buy a place. I'm currently just renting the condo my g/f bought before moving for work, and in general like renting and not having to worry as much with maintenance etc.
 
I understand that in some cases the 30 year mortgage might be necessary, but with 15s you get a better rate and honestly in the cases that I have looked at the additional payment was less than 10% more for getting the house paid off in HALF the time. Screw paying off those student loans early, get some principal in the house!

I wish I would have rented a little longer and waited on buying a house. I bought right before the bubble burst. At least in my case, I'm in no hurry to sell, so hopefully in 5 or so years, the market recovers a little bit...
 
No, there is not much point in obsessing about one's score. So long as you make all your payments on time and don't spend more than 1/2 of your credit card limit, your score will take care of itself. According to Marketplace Money on NPR, your FICO score that you would pay to see is not the same number that is pulled for a loan. Home, car, etc. lenders use different things to calculate your score that they use.
 
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