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      05-28-2015, 08:28 AM   #23
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So he has his own cards with higher limits, but uses yours to fill up trucks, and you use yours for $25 each month? Why doesn't he use his own? Why do you have so many? Why do you have 15 cards to just use on gas, instead of having 2 and gaining benefits since you don't use them anyways?

You're still not answering the questions.
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      05-28-2015, 08:29 AM   #24
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Quote:
Originally Posted by CANGRKE70 View Post
That isn't always the case. People who are new to credit who say have a 1M card with 0 utilization can have high scores, but that comes with a limited credit history flag the lenders see and we take the score with a grain of salt.

I've seen high scores to new immigrants who's bureau was opened in the same calendar year with 800+ scores...doesn't mean I'm going to approve a 20M LOC for them.
Account age is a big factor for true FICO (www.myfico.com) scores. 800+ with the real FICO algorithm requires at least a couple of years of revolving credit history. A $1 million card with 0% utilization opened 6 months ago on a brand new profile will not get you an 800 on FICO - period. People with true 800s will actually get dinged by an account like that due to (lack of) age.

The fastest (only?) way to an 800 for your example new immigrant is getting added as an authorized user to 2-3 aged (10+ years) revolving accounts with perfect payment history and near-zero utilization.
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      05-28-2015, 08:38 AM   #25
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Quote:
Originally Posted by mashoutposse View Post
Account age is a big factor for true FICO (www.myfico.com) scores. 800+ with the real FICO algorithm requires at least a couple of years of revolving credit history. A $1 million card with 0% utilization opened 6 months ago on a brand new profile will not get you an 800 on FICO - period. People with true 800s will actually get dinged by an account like that due to (lack of) age.

The fastest (only?) way to an 800 for your example new immigrant is getting added as an authorized user to 2-3 aged (10+ years) revolving accounts with perfect payment history and near-zero utilization.


In credit 1M = 1 thousand. 1MM is 1 Million.



Did you even read anything I said about limited credit history. I'm sure you know since between the two of us, you're the one that runs a Credit Card Center for one of the biggest banks in north america and deals with the credit bureaus on a daily basis.

Here is an example. Removed...but proved that you can be a new immigrant and have a 800 bureau with LHC, which is what I've been saying all this time.

Last edited by CANGRKE70; 05-28-2015 at 09:59 AM..
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      05-28-2015, 09:54 AM   #26
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Originally Posted by mashoutposse View Post
There's no way you have an 825 FICO score if you've never had a credit card and pay for everything with debit cards (cash).

You don't get a great credit score by not participating.
I was shocked too when i saw it. I've been paying utility bills since the age of 18. I took an auto loan for my BMW which was paid regularly on time until i paid it off. I've had a mortgage for almost 6yrs now. I make descent income. I have no other loans except College tuition.
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      05-28-2015, 10:03 AM   #27
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I love how you guys "play" humble.
Credit score? Come on!!

I know most of you guys/gals can buy a car&house with cash.
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      05-28-2015, 10:03 AM   #28
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Quote:
Originally Posted by Whostheboss View Post
I was shocked too when i saw it. I've been paying utility bills since the age of 18. I took an auto loan for my BMW which was paid regularly on time until i paid it off. I've had a mortgage for almost 6yrs now. I make descent income. I have no other loans except College tuition.
Ok...so you're just new to credit cards. You've already built your credit history by the loans you've mentioned. No LCH. Auto and student loans report to the bureaus so your score is legit due to your re-payment history and obligations paid on time.
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      05-28-2015, 10:04 AM   #29
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I love how you guys "play" humble.
Credit score? Come on!!

I know most of you guys/gals can buy a car&house with cash.
I think Sara504 is watching this thread with interest to check off one box on her list...
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      05-28-2015, 01:03 PM   #30
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I have a question for whostheboss: you've been apprehensive about getting a credit card, even though we all said it was a good idea. And here you are applying for line of credit to buy a gold chain? Why not get a credit card, and buy a gold chain with that?
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      05-28-2015, 01:21 PM   #31
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I wanna see a picture of OP wearing gold chain!
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      05-28-2015, 01:33 PM   #32
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What is it with you yanks and credit scores? never even comes up here or back home in OZ.
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      05-28-2015, 01:42 PM   #33
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Quote:
Originally Posted by e92_boost View Post
How does it not make sense? What am I going to do with my credit cards with 8k limits? When he has semi trucks to fill with diesel lol what am I going to spend all that money on?

Billup does have a point. Assuming the numerous cards you have are rewards cards earning cash back or flight miles, you are spreading those rewards across many cards meaning it will take much longer to reap the benefits of each card. Those rewards will rack up much more quickly if you frequently use just a few cards. Depending on the limits of all those cards, you may also be hurting the credit utilization portion of your credit score.
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      05-28-2015, 01:42 PM   #34
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What is it with you yanks and credit scores? never even comes up here or back home in OZ.
It's done a bit different in 'Merica compared to Canada. A credit score gives you leverage on lenders to provide you with the best rate possible depending on your credit score. That is why they are all so aware. Here it's pretty much this is the rate regardless if you're a 720 or 820.
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      05-28-2015, 01:48 PM   #35
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Quote:
Originally Posted by Alfisti View Post
What is it with you yanks and credit scores? never even comes up here or back home in OZ.

It is how financial risk of an individual is determined. How does it not come up in other countries? Do banks just issue credit cards or approve loans for anyone regardless of their financial situation?
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      05-28-2015, 02:02 PM   #36
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Quote:
Originally Posted by JasonCSU View Post
It is how financial risk of an individual is determined. How does it not come up in other countries? Do banks just issue credit cards or approve loans for anyone regardless of their financial situation?
No, they look at your income and credit payment history as well as potential credit load and make a call. Seems to work, the US seems OBSESSED by this score that can be fudged or screwed up for better or worse.
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      05-28-2015, 02:02 PM   #37
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Do banks just issue credit cards or approve loans for anyone regardless of their financial situation?
Quite the opposite. Hence why the bank I work for is a very tight lender and was not mixed in with the sub prime mortgage collapse.

We base our adjudication in Character / Creditworthiness, Capacity / Debt Serviceability and Collateral / Security

Pretty simple framework...doesn't hurt that the average Canadian Credit score is 750.
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      05-28-2015, 02:24 PM   #38
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      05-28-2015, 03:22 PM   #39
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Originally Posted by P1et View Post
I have a question for whostheboss: you've been apprehensive about getting a credit card, even though we all said it was a good idea. And here you are applying for line of credit to buy a gold chain? Why not get a credit card, and buy a gold chain with that?
Yea, it was a last minute thing. I was traveling and thought it will be a good idea to get the chain before i traveled. Soon after i applied for the card... i thought to myself, "Damn, i should have just applied for regular CC then used that to buy the jewelry" But that thought came too late.
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      05-28-2015, 04:44 PM   #40
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Quote:
Originally Posted by Whostheboss View Post
Yea, it was a last minute thing. I was traveling and thought it will be a good idea to get the chain before i traveled. Soon after i applied for the card... i thought to myself, "Damn, i should have just applied for regular CC then used that to buy the jewelry" But that thought came too late.
Honestly, even if you have cash, I'll finance or credit most anything I buy. I pay it off within a week, shit sometimes I'll let things settle for a couple months and make smaller payments. In the end, it's only made my life 100000x easier.


Plus, it gave me extra cash to buy that stripper pole I've always wanted.
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      05-28-2015, 04:57 PM   #41
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Originally Posted by Billup View Post
Honestly, even if you have cash, I'll finance or credit most anything I buy. I pay it off within a week, shit sometimes I'll let things settle for a couple months and make smaller payments. In the end, it's only made my life 100000x easier.


Plus, it gave me extra cash to buy that stripper pole I've always wanted.
Hmmmm about that stripper pole, when are you inviting some prostitutes?
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      05-28-2015, 05:05 PM   #42
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Hmmmm about that stripper pole, when are you inviting some prostitutes?
Pffft, you know me better than that. I don't invite them, they come over on their own free willing.
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      05-28-2015, 05:06 PM   #43
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Cash is subprime ... No points/rewards back! I charge then pay the full balance but I try to keep it under 10% utilization on those cards
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      05-28-2015, 05:09 PM   #44
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Quote:
Originally Posted by Billup View Post
So he has his own cards with higher limits, but uses yours to fill up trucks, and you use yours for $25 each month? Why doesn't he use his own? Why do you have so many? Why do you have 15 cards to just use on gas, instead of having 2 and gaining benefits since you don't use them anyways?

You're still not answering the questions.
+1 nothing he said makes sense.
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