My outlook on it is that banks want to do things to you to bring down your credit score. They will charge higher rates for NO reason. Charge fees that are unheard of etc.

The lower your credit score the more a bank can get out of you. I am convinced that banks will do whatever possible to lower a customers score.

BofA proved that to me with their high FICO score signature card. They gave me one only to show it as maxed out each month on all 3 of my credit reports. It did not matter if I owed out $1 or $100,000 it always showed as maxed out. I closed the account and my scores went up by 60 points the following month. Now tell me why a bank would pull such a thing? oh yeah, thats right, they cant make money charging you 3.9% so they look for ways to raise you to 30%

It is really basic economics. You are NOT a banks customer you are a banks next victim

Thanks for your comprehensive information - I believe max score for Fico 08 is 850 and just curious how to get the perfect score and how much more than the interbank lending bank rate that you have to pay for credit if you have 850.

Thanks for the link Porgy.

From what lenders tell me, hmmm, any FICO score over 720 and you can get the lowest rates out there. Fico over 750 gets you larger credit lines over $25,000. A perfect FICO score is 830 at some bureaus and 850 at others. I really do not think anyone has a 830 or a 850.

Again, I am told that once you have a 750 FICO it does not matter if it is 750 or 830 they treat them the same, so I guess it really does not matter.

Another change as a result of the subprime crisis. Anyone got a perfect FICO score?

In short detail this article details how fico 08 will change your credit rating.

http://online.wsj.com/article/SB119802346920538029-email.html

Well it could be GEMB, but I really think it has more to do with the Hooters card. You owed out $1600 on a 2K CL, now that you paid it down to $600 you should recover most of your score when it reports. Remember that it is one of your largest credit lines and shows that its almost maxed out. I know you took a hit for that. It may be as much as 20 points.

Merrick bank reports to all 3 CB's the day your statement closes, so just hang on until the payment posts. I bet you get a CLI at that time as well

Thanks big bro, I was thinking about the FICO 08, but then I was like, the lates were from 2003 so why should that be the reason. As far as the credit cards go, I just paid cap one down to $144.00 yesterday and my cl is $2500. Also, I just gave Hooters $1k yesterday which bought the limit down to $600 and my limit with them is $2k. These were all from my vacation which I made a goal to have all paid by Jan 08. Since my husbands work became slow due to the rain, I just took the money from the savings on my new car and paid the two main high balances down. I am not too much in a hurry to purchase my new vehicle and that money was just there for a down payment which could be put back with TAX RETURN!

I haven't used the credit cards in months, only paying on them. So what I am thinking happened was the select comfort (error over limit) making it over to experian. Remember what we had talked about in regards to the over payment through the chat? Well I did exactly what you said (typed letters) but before I had a chance to mail it off, I received GEMB letter which clearly states that my account was NOT over the limit and is current. It also stated that it was a transaction error. Everything is still in dispute right now so I am going to wait until my 30 days to kick in with the investigations. Just in case something goes wrong, I got my letter from GEMB to back it up. I have to give them credit, they did exactly what they said they were going to do, and they apologized on their behalf. See what happens when you join FGGGGGGG!

I am so glad that sales man did his part, he told them the exact story in what happened because GEMB called him before I had a chance to...hmmmm sneaky sneaky gemb, but the truth cracked your face huh!. I know what this economy is going through and they are not going to catch me with a fish hook and slap fees all over me. Noo nooo buddie! We started laughing on the phone because he said that his manager had nerves to have an attitude with him about it and he was the one that ok'd it, and that really it was GEMB fault because they should had caught the incident before it went through.

Your better off without that loan on your report. If it had lates on it there is no way it was helping you. I also do not think it is the reason your score dropped.

You may have gone over the 35 to 50% amount on a credit card that could have done it. The problem is when you pull your report so often as do I, you can see drops and raises in it for NO REASON that you can see. It does not mean it will not go up again in a few days. I really think you may have gone over the 35% on a credit card. That is the main reason scores drop.

Fico 08 is NOT being used yet so that is not the cause. The first bureau is now starting it in May of 2008

Ok, I don't know if i am running into a problem or not but, I just pulled my credit report yesterday and I noticed that EQ and EX has dropped my car loan (which was closed as of 2005) from my credit files. I am sort of worried but then again I am not because It did report paid in full but it aslo had 30 and 60 day lates on there. I looked up and my experian scores dropped nearly 20 pts from this.

Should I ask for it to be put back or should I leave it alone? I am not to worried about my EX scores because I am not applying for new credit and they already have 26 inq in it. My TU and EQ are pretty normal and has been standing still for a couple of months. Can someone help me with this decision?

Porgy, that was a good example but that's not true in my case. It's the other way around. My mom is an AU on my BofA Visa and Macy's card. I made her an AU on my cards so it can help improve her score because she is rebuilding her credit and I will still leave them on her report despite the fact F
FICO 08 won't increase scores for AUs anymore.

Lets say you are a AU on your moms visa with a $15,000 limit and the card is open for 8 years and never had a late payment, balance on it is $1200

You also have your own cards all with credit limits under $5000

Your scores with your moms visa is hmm, 700

OK, now they remove your moms visa from your scores, since your own cards are all under a $5000 limit (which is the minimum credit line needed for a high fico socre) guess what? Your fico score drops from 700 to 660

ALSO keep in mind that all your own cards are UNDER 3 years old. That too will bring your scores down even lower as your moms 8 year old card is no longer figured in, which kind of makes sense. If it was figured in, you would have had to have the card at 10 years old LOL

So your fico will be lowered for NOT having a long credit history, and for having cards with lines all under $5000

Also NEVER close your oldest open trade line, thats why I keep my Chase card open , the one thats 24 years 8 months. The longer you keep the oldest card open,the higher your scores will always be. It is the key to having a fico over 800

Wow, I think that this is a robbery! So basically an AU wouldn't get any points for their fico huh

See, listen to Meya she is correct again hehehehe.

Meya gave you a link to BankRate.com I read the entire 647 page FICO 08 system and I gave you a small sample of what it contains that pertains to most people on here. I could have gone on but then it would have been 647 pages and you could have just read it for yourself LOL

It will hurt your score if you're an AU. Here is why. Let's say that you were an au on your parents account for year's and your score was 700+. Well guess what? When they (fico 08) drop you from your parents account your scores will go to a complete zero if you do not have any cards of your own.