Will people with 'good' credit now have 'best' credit tomorrow?

Well I mean paying your past bills only goes so far. My credit is spotless but without 500K per year income you won't ever get "elite" status.

The max ceiling is based on your income. Any past late payments or whatever will just reduce from that level.

 

Funny... my dad never made over 50k a year, and his credit score was in the 900's on a 1000 pt. scale. That's pretty dang "elite." Tier 1 iirc.

But he never had a late payment since the 60's.

 

Interesting aside:

"Assurant Health" just filed a $5,000 suit against me for breach of contract. As an independent contractor for the past decade, I find it slightly humorous, but it is a tell-tale sign of company's ethics in this new world. When Insurance companies start pulling this crap, we're in a world of hurt.

 

What is the basis of Assurant's claim.... or did your attorney advise you not to comment?!

 

That does not matter at all if he went and tried to buy 3 cars and a million dollar house if his income cannot cover the payments.

I am sure he could get what they consider the max for his income but I could do that and I just got my first CC 12 years ago.

 

There is no 1000 point scale. There is a 990(Vantage Score) and 850 (Fico). No one really uses Vantage and it is actually harder to have a top score because there are more factors that determine it. Fico is more widely used and a mortgage and car note won't get you to the top. You have to carry multiple lines of credit (credit cards, bank lines, department store lines, home improvement loans, etc.), you have to consistently carry debt on you credit lines multiple months before payoff, you can't carry more than 30% of any line month to month, you can't inquire about new lines too often, you have to pay on time every time and you have to keep account 15 years plus. Really, you have to know all the tricks and almost make a concerted effort to even get in to the top range.

I used to work really hard on getting my score up but once your above 750 there really is not a big difference. I make a bigger effort to expand my credit than worry how high the score is. My theory is to have enough credit to suite me in an emergency, whether it be me out of a job or a medical issue. To be honest it is also great if you are running a business.

 

the bottom line is unless you are opening a line of credit for a business once you are "A" rated or whatever by your loan institution then you will have no problem buying houses and cars and whatever other crap you think you need.