Yoshi212

I have a friend who pays "cash" for everything in full. When he went to pay for his condo (Brooklyn) the board said they preferred candidates with higher credit scores. He did eventually get approved but to correct the issue he took out a loan to "remodel". I think it was 50k$ for 5 years but he paid it off in a few months. His credit score a year later was 100 points higher than before purchase.

NYCRuss

All models of FICO scores should also carry an EQ, EX, or TU reference. FICO scores don't exist without data from one of those three credit bureaus. "760 FICO" leaves out to much information. 760 TU 08 FICO is much more accurate.

blitzen

Correct but the TU the OP referred to was probably a TransUnion score not a FICO

NYCRuss

You're right. That's not any type of FICO.

isle-hawg

YES - that is how it works. When I paid off my house years ago my credit score dropped 10 points. It is still hovers around 800 so I am not loosing sleep over this. But as others point out different types of credit help your score so if you have CC, Home and Car loans active but paid down your score will rise. But this makes no sense for you to do based on what you posted. Better to pay cash if you can, just understand your score is excellent as is, but will likely not rise significantly if you only have credit cards listed in your CR.

wise2u

credit is so over-complicated with different scoring models and different numbers depending on the loan...a car dealer has different credit models and scores to look at than a mortgage broker or a credit analyst for a revolving charge card.
The main catch 22 is people who need it cant get it, and the people who don't need it get the best rates.
If you really hate paying interest, you can pay cash...but creditwise you should get the free financing at the car dealer with no penalty for early payment and pay it off. Same thing with a house, get loan paid down to a years worth of payments after closing and pay minimal interest. Both show as major positive credit score points, and add variety to your overall credit that having dozens of credit cards won't accomplish. There are tons of ways to negatively impact your credit, but few published ways to boost it that work for everyone.

vanillabean

The funny thing about perfect credit is that there is no such thing, but work on it, and the scores will follow. Ignore the credit card companies too; don�t bother with many cards, limits don�t matter much and don�t push the due date. In short, don�t be late, pay down before the statement date and apply sparingly.

But note the local customs, myfico isn�t in favor of posting to threads untouched for months nor is much time spent on churning, to mention a few.

Yoshi212

There is some irony in posting to an almost 3 year dead thread about how another forum isn't in favor of posting to months old untouched threads.