Got some great news today!

Congratulation!

 

That only lasts a short time. When I got divorced, my credit score dropped too since I no longer had a mortgage tied to my name. But it soon came back up. I only had two CC - one basic Visa (which I had for years before) and also HD , and I pay them off every month. In the last couple of years I've had some vehicle payments too, which doesn't hurt since it shows that I am responsible. What "hurts" my credit score now is that my credit history is short. As in, the average life of credit used is short (3.5 years) since I pay off vehicles quickly. However, despite being "hurt" by that, my credit is still over 800.

Anyway, the moral to the story is the drop is short lived as long as you show some sort of "debt".

 

Congrats Maina ... !

 

That is true, it is just a matter of how much you will pay to borrow. While I pay the lowest rates (having excellent credit at >830), someone with a "Good" 700 or 750 score will usually pay a couple % higher (or more). That is why I get the advertised 0.9%, "well-qualified" rate while others can pay up to 7+%.

 

The wife and I are over 830 as well, and we run most expenses through a credit card and pay the balance each month. I know that doesn’t help, but it puts money in the grandsons college fund. We still have a car loan and the Kubota loan going so I don’t expect it’ll change too much.

 

Not sure if it is correct, but according to Discover and Citibank Visa, I seem to hover between 805 and 830.

Lose my income tomorrow and it all goes in the toilet!