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Hey credit warriors, and a lot of people often obses with getting their credit score into the 800 club or even up to the highest possible level of 850, which is as high as most scoring models go here in the United States. But the 800 club is a lot like the mile high club, you can do the same thing at a lower altitude and it is the same or better actually.
So in this video we are going to tell you why having a sky high credit score doesn’t really matter, once you are above a certain level and we will tell you what that level is so that you can always qualify for the best interest rates on any credit product you apply for. If you like the sound of that and other credit related content, hit the subscribe button and turn on notifications so you never miss a video.
So when someone starts building their credit score they normally focus on credit cards first. Once you get your credit score to around 700, you can basically get approved for any credit card. Some banks may want to see other factors, like Chase likes to see at least a year of credit history for example and some other cards may require a higher income. But assuming other factors are in order, above 700 you can get any credit card.
For other credit products like loans and mortgages credit scores determine the interest rate you will get, provided you meet the minimum credit score required for the product. Banks sort people into groups based on credit score and offer different products to different groups and also better interest rates to people with higher scores. These groups are set in stone, so if you have a 699 credit score, you wont get offered the interest rates that the people with scores of 700 and above will be offered.
So what are these credit score ranges and what score do you need to be offered the best interest rates and the best credit opportunities?
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46 comments
I am around a 780, I just want to be above 800 for bragging rights!
So my credit score is at a 703 how long will it take me to get my credit score up to 750
if you are at 850… you don't have enough new credit cards… way too much money to be made from credit cards out there!
great advice and video. thanks
The jacket suits you Credit Shifu 👌
Dapper Shifu!
835 Club 😎
Like 3 months ago I tried to get the PNC 4% back on gas credit card but they denied me for a few reasons one is having to many cards with balances even though I never had a balance ever and one is not enough credit history which makes sense and one of them is not enough installment loans and I don't want to take on any loans ever unless I take out a mortgage. Also they said not enough credit history. And they don't like to have a single hard inquiry for a whole year. So 3 months later I applied for the Fiddley 2% back card and I got approved instaly with a 5k limit. So I once that get's hear I will get 2% back on everything and my Discover card that get's 2% back on gas and restaurants and 1% back on everything else I called them and asked them to turn it into the 5% rotating card so in a few days my card will be that card and I have the Bank of America card that is set for gas on the catorgy right now but when I get a better gas card I will turn that into online shopping. I want that 4% back gas card but I would like to have a few more cards first before not applying for any cards for a whole year to be able to get that credit card.
Ace Ventura
People should work towards perfection for some things but credit score is not one of them! Great video
my goal is 760 i’m at 753 currently. My credit age is only about 3 years so i feel like it’s pretty much thin file. 3 credit cards and a car loan.
Very nice sports coat! Is that DKNY you're wearing? Just asking for a friend. Oh yeah, Great video!
Trying to look more slick. I see what you’re doing.
My FICO is 822. I tried to get a credit limit increase on 2 cards and was rejected for not spending enough on them. I'm currently unemployed, but have access to savings. While in between jobs, I need to purchase a replacement computer for future work and I'd like to use a 0% APR card to do so. I'm afraid I might be rejected for a new card or my limit won't be high enough for the purchase. Any experience like this working out?
Looking fresh!
Even the Amex Black Card doesn’t require an 850 score 😁👊
My god, he put on a jacket and did his hair!
Awesome background!
Fun fact: In Australia a "perfect score" is 1000 (Experian or Illion) or 1200 for Equifax 🙂 .. an 850 would be considered "very good" to "great" but not perfect 🙂
Brilliant!
I got my credit score to 819 last month so I can buy a house; but I was told by many I would have gotten the same rates at 760. All I did was waste time to get it that high when i could have bought a house sooner.
Been watching for years and this haircut is the best I’ve seen Ben!
Ben on credit tiers: Part I: when working with a captive lender fir a car (Honda, BMW, Subaru, Hyundai etc.) you can frequently get an accommodation by the dealer working with the lender on your behalf called obtaining a “tier bump”. This works best for the 620-720 range and can save people a lot of interest or $20-$30 payment on a lease. Part II always tell the finance manager to submit to the captive FIRST IF THEY QUOTED A SPECIAL RATE and see the terms offered. There is rarely an advantage going to your own lender over .25 point and dealers have incentives staying with their captive based on “market share”. No lenders outside captives offer 0%, and remember .90 for 72 is also an awesome rate, so don’t get hung up on “getting 0%”! PS love the haircut!
This is the video I needed to watch
I have always heard the magic number is 780. It always depends on the creditor, but from my understanding, no one requires higher than 780. AZEO is the best to maximize your score and report for mortgages.
My credit score hit 807 and I'm going to open a Charles Schwab account and try for their AMEX Platinum card.
I'm 18 and I have 3 credit cards and I have a 704 credit score. Am i in a good spot?
770 to 780 Fico is perfect gives you a little wiggle room for error or recent credit seeking aplicación ~~~ don’t care about 800 + club doesn’t matter
This guy looks like Jim Carey
I was 760 but I have finally reached the 800 mark …it is a dope feeling, I must say lol 😝
An important point not mentioned in the video or the comment section is that you have many different FICO scores, which are used for different things. In the case of getting a mortgage, you want to check that specific FICO score because it will be different than the FICO 8 score that most people check
Lmao I have a 782 and I can't get approved for anything. I put down 15000 on a 25000 rv and they still denied me. Iv pretty much given up. Plus everytime I get it up high a credit card lowers my amount of credit and dings my report like30 points. Iv come to the conclusion with america going bankrupt no one wants to give people a loan.
If you don’t borrow money , who cares
I am at 762 but I still want 800+ just because on principle, I want all my financial literacy the past 24 months to pay off
850 isn't perfect, 900 is.
Getting approved with a 700 credit score will get you a $2500 credit limit with a 25.99% APR. Fixing the problems that are keeping your scores low are more important then getting a new card with a toy limit
Finally reached 835 last year. Went to buy a car and the dealership was pretty confident they could offer me the lowest financing. I told them I didn’t think so, especially since I was already pretty-approved by my credit Union. They made me the offer and my credit Union was still lower. They weren’t or couldn’t offer me a lower rate.
You can totally do the loan option to start building credit. You get the loan. You open another account that you don't touch the money in. You deposit all of the loan into that account and have the loan payments taken directly out of there. Only depositing more money in there to cover the interest. After a year you pay off that loan completely with the rest of the funds. Rinse and repeat.
This video seems exactly what someone who can't get in the 800 club would say lol
At 732 hopefully I’ll be at 800 by the end of the year
Nobody…..
shifu: Max rewards!!!
Next vid
Shifu: but have you heard of max rewards?
I would celebrate hitting the 800 club by applying for a new card and immediately kicking myself out from the 800 club from a hard inquiry
Cash- One and done. The real banks are grain silos. If your dream home bankrupts you down a cascade to homelessness was it really shelter?, Or was it someone else's premeditated and scientifically orchestrated box of predatory exploitation?
thank u
I am only 774 now jajaja brot nice video
Is asking for a credit raise a hard pull?