managing credit limits--specific question re: usage.

[Logan]

Finally, there are no bonus points for having a credit score over 800. Once you are 740 and above, you are tier one credit, there are no additional perks to being higher than 800. Having an 800+ score is more about credit longevity than any other factor. Everyone I have encountered and spoke with who is 800+ has had relatively unblemished credit for decades and a variety of credit (multiple credit cards, car loan, and mortgage). The irony is, those with 800+ scores are most at risk in an economic down turn, they have a mortage, they have car loans, they "use" credit cards, so when the music stops and they lose their job, these are the people filing bankruptcy.

My wife has an 800 FICO and has no car loan, never had a mortgage and has only lived in this country for 15 years. She does have a small student loan but that's it.

Logan

[catlfuzzy]

I wasn't real clear when I originated this question. Yeah, I used to be close to 800 fico. That was pre-BK. This is now--- Now I filed 7; and will begin the steady process of restoration. Was just asking about the magic number as far as revolving credit, and how much to charge in order to not be percieved as "too close to limit".

[HHM]

There is no Magic number per se, but as has been alluded to earlier, 10% or less.

[tigerman]

I have a question for you all, my credit report just dropped 20 points because my mortgage company updated about the discharge, can they do that? It was already on my credit report as discharged through chapter 7 bk, how can they come back almost 3 years later and do that as an update?

[justbroke]

Did you file a dispute or was this just done without knowledge? What was the prior status? If it was already IIB and they didn't do anything else, nothing should have happened. Are you sure something else didn't bring you down 20 points, such as inquiries or your utilization?

There is no way to know if that caused your point decrease. They can report whatever is true. They can not reset the "last major delinquency" or "first delinquency" date since that could severely affect your credit profile. I have seen my old (discharged) creditors sometimes post updates to the credit lines, but nothing that dropped my score.

[tigerman]

Yes that is what dropped my score, I signed up for a identity theft program with my bank, monitors my credit report, credit cards, debit cards, etc...I just got an email the other day about derogatory information posted on my credit report, it was BofA, that was the only thing I had through them... unfortunately. I called my bank yesterday about it and they told me they can update it like that for 7 to 10 years. I will be disputing it, just frustrating.