https://www.wsj.com/articles/getting-into-the-800-club-is-toughstaying-in-is-tougher-11551659604

Getting Into the 800 Credit Score Club Is Tough—Staying in Is Tougher

Peter Rudegeair and AnnaMaria Andriotis

McCathern Painter’s heart sank when she learned her cat, Cinco, needed emergency surgery.

Ms. Painter later confessed her first thought wasn’t kitty’s health. The nearly $1,000 credit-card charge would cost her a victory over her pizzeria co-workers in their monthly competition for highest credit score.

“I sound like such a bad cat mom,” said Ms. Painter, a 22-year-old law student in Greensboro, N.C.

Consumer credit scores, which typically range from 300 to 850, were created to give lenders a snapshot of a borrower’s payment history. That helps them decide whether to approve consumers for loans, credit cards or other financing. Higher scores also translate into lower interest rates.

This measure of creditworthiness has since become a status symbol for overachievers and perfectionists who can’t stomach less than stellar grades.

Obsessive types keep a vigil on smartphone apps that send alerts when their credit score changes. Many fret about making the “800 club,” as the class of first-rate borrowers is known among those who care.

McCathern Painter and her cat, Cinco. Photo: McCathern Painter

To them, top credit scores aren’t just a means to borrow more cheaply. It’s also about passing 800—and one more reason to check their smartphones.

“I’m motivated to have the digits start with an 8 rather than a 7,” said Patrick Quion, a 21-year-old college student at Purdue University majoring in industrial engineering.

Every couple of days, Mr. Quion eyeballs his score through the Bank of America app on his phone. He pays his credit-card bill weekly to goose his score, recently a respectable and creditworthy 746.

Until about a decade ago, consumers who wanted to review their scores before they applied for a loan typically had to pay a fee. Then websites such as Credit Karma and Credit Sesame offered users a free look at their credit scores, any time they wanted. Banks soon gave customers similar access.

College student Patrick Quion pays his credit card every week to keep a low balance and help boost his score. Photo: Patrick Quion

“They’re obsessed,” said Adrian Nazari, chief executive of Credit Sesame, which has roughly 15 million members. “They want to get over 800.”

During the credit-score contests at Monza Pizza Bar, Ms. Painter paid her credit-card bill every week, to avoid the black mark of carrying a balance. She trash-talked rivals who ran up bar tabs.

Each month, Ms. Painter and her competitors emailed around their scores. The highest number won, with bragging rights the sole prize. When her credit-card company sent her a score update topping 800, she taped a screenshot to a colleague’s refrigerator.

“It got very intense,” said Ms. Painter, who has since moved cities but still checks her score each month. She plans to spend a chunk of her tax refund paying off debt, she said, which should add points.

About a fifth of American adults with FICO credit scores have an 800 or more, according to Fair Isaac Corp., which developed them. It turns out there are few benefits for scores past the high 700s, a range that generally rewards borrowers with lower interest rates and higher credit limits.

Most people with a credit history have more than one score, which are calculated from consumers’ credit reports. Scores depend on such factors as paying debts on time; length of credit history; and how close consumers are to maxing out their credit cards.

The formula to calculate FICO scores isn’t public, making it difficult to game the system. People still try.

Credit-score fanatics trade such tips as asking card issuers to increase spending limits or signing up for financing they don’t need.

Dave Carpio, a computer-hardware installer, said applying for credit cards helped him pass the 800 mark. While his score fell between three and seven points after applying for the cards, he said, the new credit lines boosted his score 20 to 30 points within six months.

Mr. Carpio, 49, said his score dropped by 10 to 15 points to its current, laudable level, around 820, after he paid off a motorcycle loan. He noticed that carrying a balance on more than three credit cards triggers about a 5-point drop.

Some people resort to complaining. Irate consumers routinely dial FICO’s customer service line, asking why their admirable scores aren’t higher.

“‘I went to Harvard Law,’ ‘I’m a doctor, I don’t manage a McDonald’s, ’ ‘I make a lot of money,’” Tom Quinn, vice president of scores at FICO, recalled hearing. He told a lawyer making $1 million a year that income, occupation and education aren’t factored into their scores.

“Well it should be,” the caller said, as Mr. Quinn recalled.

He even hears about scores at home. During a recent work meeting, Mr. Quinn said he got a text from his wife with a screenshot of her Wells Fargo & Co. account. “Hahaha,” it said, “I have an 850.”

Grigory Lukin was disappointed to learn the biggest outcome of his high credit score was more offers for new credit cards. Photo: Grigory Lukin

Making the grade doesn’t guarantee prominence. When Grigory Lukin’s credit score surpassed 800, he expected the red-carpet treatment from banks. On Reddit, he asked whether there were special wine-and-dine events for people in the 800 club.

The 32-year-old Seattle resident was disappointed to find out that the biggest outcome was more mail offers for new credit cards.

“I heard in the United Kingdom, once you reach your 100th birthday you get a greeting card from the Queen,” Mr. Lukin said. “It’d be nice to get something like that when you reach the magic 800.”

Write to Peter Rudegeair at Peter.Rudegeair@wsj.com and AnnaMaria Andriotis at annamaria.andriotis@wsj.com

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39477837)

I have an 850 and have utilization in the low single digits.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39477959)

As opposed to living off only cash like a drug dealer?

You sound like some sort of Dave Ramsey retard who thinks that using credit cards inevitably requires living beyond your means and paying high interest.

You're not a Dave Ramsey retard, are you?

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478714)

And you think I don't? I've never paid a penny of credit card interest.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39484837)

I got dinged after I paid off my car loan. Like wtf

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39477923)

Only credit cards = bad

Credit cards, student loans, mortgage, car payment = good (within reason)

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478114)

The only reason it's bad for them to close you (aside from the fact that it will impact your credit age on your account when a closed account drops off after 10 years) is that in a manual review it will say "Card closed by issuer" rather than "closed at consumer's request" which could lead to some speculation as to why they closed it.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478503)

And it was easy.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39477936)

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39477974)

“They’re obsessed,” said Adrian Nazari, chief executive of Credit Sesame, which has roughly 15 million members. “They want to get over 800.”

https://media.bizj.us/view/img/10667716/credit-sesame-ceo-adrian-nazari*750xx641-361-0-55.jpg

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478006)

Having a mortgage helps a ton - i don't think you need to carry a balance and pay (((APR))) so much as be a good goy and spend enough each month to keep the utilization at a respectable 5-10%.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39477989)

The second time for the lease they said 866 (different car company).

My credit karma scores are usually around 830-840.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478029)

Edit:

https://www.myfico.com/credit-education/credit-scores/fico-score-versions

FICO® Auto Scores and FICO Bankcard Scores have these aspects in common:

. . . .

• The versions range from 250-900 (compared to 300-850 for base FICO® Scores) and higher scores continue to equate to lower risk.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478146)

"Your FICO® Score is calculated based on data from Equifax using the FICO® Bankcard Score 8 model and is the same score we use, among other information, to manage your account. This model has a FICO® Score range from 250 through 900."

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478062)

Also just this past weekend I turned in my m240i lease for a 540i.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478079)

540i is also fast but not sporty. Much more comfortable and it appears the gas mileage is better (also the tank is twice the size).

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478606)

less than i paid for the m240i which is a bit absurd given the car is like $15,000 more. Difference between having loyalty credit and a car everyone has versus a car few people have I guess.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478823)

M sport package

M brakes

Executive Package (which apparently is better than premium package, whatever)

multi contour seats (which are awesome)

MSRP of $73,000 or some fraud bullshit

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39484041)

there is a lot to be said for fewer trips to the gas station if you are driving a decent amount of mileage. my current vehicle gets far more miles per tank and i really consider it a plus

regular 5 series bimmers are too commonplace for me to notice them, but i suppose that's not what they are designed for

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39484030)

And we always took the prius on long drives for gas and comfort (relatively prius seats suck) so I put less than 10,000 miles on the car in 3 years which is tragic.

It's uncomfortable because the seat is so low for me to have enough headroom that my legs are almost straight out in front of my, which is terrible for my back, ass and hips.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39484052)

I'm guessing she was new there.

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39478013)

“‘I went to Harvard Law,’ ‘I’m a doctor, I don’t manage a McDonald’s, ’ ‘I make a lot of money,’” Tom Quinn, vice president of scores at FICO, recalled hearing. He told a lawyer making $1 million a year that income, occupation and education aren’t factored into their scores.

“Well it should be,” the caller said, as Mr. Quinn recalled."

(http://www.autoadmit.com/thread.php?thread_id=4428154&forum_id=2#39479866)