I have a high credit score how can I use it?
I have an 822 credit score. Is it good to have such a high score? I am on my way to get a loan because I need a gas saving car. Will that help me. I have a home equity home which I am almost done paying and a credit card which I haven't used in a while. All my other accounts have been closed for years and were paid as agreed. Oh yes and I have a student loan on deferment.
- bdancer222Lv 77 years agoFavorite Answer
I'm willing to bet that ain't a FICO score. There is no way you have an 822 FICO. You simply do not have a long enough credit history and not enough open active accounts. More likely that is a Vantage score which would make it about average.
Score means very little in the loan approval process. What really counts is what shows on your credit report, your work history and income. Your income probably will be the deciding factor in how much loan you can qualify for.Source(s): BD
- Go with the flowLv 77 years ago
From Money Magazine.
Scores above 740 to 760 are considered among the best.
Any higher are simply not necessary to get those best interest rates.
Google: Buying a new gas economical car vs. keeping old car.
Often you come out ahead just driving your old car a few more years.
^ very often.
Don't buy a new $25,000 just to save a few dollars in gas a year.
There is a reason that student loan is in deferment.
A lender will FOCUS on why.
And if what you have is a real fico score, you are in the top 10% of the population.
Hard to believe with your student loan in deferment.
- demaioLv 43 years ago
you may not *purchase* a good credit in case you have had subject concerns and nonetheless have low credit. Like somebody else reported, which could be why the web content you have investigated look shady. maximum probable the funds you're able to have reachable over to people asserting they could purchase you a good credit or upload factors *legally* and directly.. LOL nicely, possibly it could be greater suitable to take that funds and look after your buddy a place. regrettably, i don't think there are any valid a thank you to purchase a credit, and your buddy will in all possibility be throwing funds down the bathroom. so a techniques as her not being the *type* to head to a shield..what *type* is going to a shield? If she is in an abusive situation and desires to get out, for this reason shelters exist. And if she is actual being abused, nicely it is the *type* of those that shelters help. Can your buddy stay with you on account that she does not desire to be with those *varieties* in a shield? the only incorrect way she could have the skill to get a place is possibly having 6mos up front nicely worth of lease to furnish the owner, or go stay in a inn/lodge til she gets a plan so as. i assume you probably did not understand that shelters additionally help those *varieties* of individuals look after secure housing and get returned on their very own.
- A HunchLv 77 years ago
Are you sure this is a FICO score? Based on your credit history, it doesn't sound like you have the types of credit that you would even be able to earn over 775 on a FICO scale.
Are you sure this isn't a VANTAGE or another scale?
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- Mr. SonnyLv 77 years ago
A high credit score is great. It enables you to get credit at lower interest rates.
- Fred FLv 77 years ago
Great idea about the gas saving part.
I have 100,000 on my Prius and figure
that I have saved at least $5,000 on gas so far.
Also save on oil. After the warranty is up go longer between oil changes.
Synthetic oil will not wear out, just get dirty.
- Anonymous7 years ago
If the home equity line is still open, you can use that to buy the car. You could also be able to deduct the interest when you do your taxes next yearSource(s): Retired bill collector 35 years
- gertieLv 43 years ago
This is weird
- caraLv 43 years ago
That is not true