Does this sound like a practical idea of how to judge how well ones credit scores are?

2 years ago

Mon Sep 19, 2022 8:28 pm

BrutalBodyShots

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I think this would be an easier way to represent a "grade" if you will, since something like this is obviously a format that everyone having gone through school and such is very familiar with. Credit scores unless explained don't make sense to a lot of people / they don't know what is "good" and what is "bad" etc.

2 years ago

Mon Sep 19, 2022 8:37 pm

Credible

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BrutalBodyShots wrote: ↑Mon Sep 19, 2022 8:28 pm I think this would be an easier way to represent a "grade" if you will, since something like this is obviously a format that everyone having gone through school and such is very familiar with. Credit scores unless explained don't make sense to a lot of people / they don't know what is "good" and what is "bad" etc.

I like the idea of calling it a "grade" for credit scores. Then that brings up the question "what grade do I need?" and that would require more context to elaborate on.

2 years ago

Mon Sep 19, 2022 10:06 pm

Cassie

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Interesting idea, @Credible . I like the concept and think we might collectively come up with something unique and useful. This makes me think of how so many people with experience in the credit world point to a 760 score as the 'sweet spot', with diminishing returns above that. I wonder if an A (or A+ if we use neg/pos) could be the 760-850 range?

2 years ago

Mon Sep 19, 2022 10:17 pm

Credible

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I would guess whether or not 760 is an A would be more subjective than objective, but given the fact that "A" is Excellent, and a mortgage lender told me 760 is an excellent score, I would agree that 760-850 is an A. I think we can make this a lot of fun.

2 years ago

Mon Sep 19, 2022 10:27 pm

BrutalBodyShots

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Credible wrote: ↑Mon Sep 19, 2022 10:17 pm I would guess whether or not 760 is an A would be more subjective than objective, but given the fact that "A" is Excellent, and a mortgage lender told me 760 is an excellent score, I would agree that 760-850 is an A. I think we can make this a lot of fun.

I think that's where we would run into an issue with the "grade" system... because if a (say) 760 is equal to an 850 in terms of the products able to be acquired at the best rates, one would most likely label that range as "A" in terms of grading. However, percentage wise, the 760 returns a 82% or so on the percentage grading scale and we all know that 82% under no scoring range that I've ever heard of constitutes an "A" score. So to me, this wouldn't really make sense and could wind up being just as confusing as using standard credit scores as numerical representations. "I've got an 'A' grade for credit... good thing I hit 82%!" - That just doesn't make much sense, you know? I think this is a good/fun idea, but it would definitely need some more talking through.

2 years ago

Tue Sep 20, 2022 1:07 pm

Cassie

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BrutalBodyShots wrote: ↑Mon Sep 19, 2022 10:27 pm I think that's where we would run into an issue with the "grade" system... because if a (say) 760 is equal to an 850 in terms of the products able to be acquired at the best rates, one would most likely label that range as "A" in terms of grading. However, percentage wise, the 760 returns a 82% or so on the percentage grading scale and we all know that 82% under no scoring range that I've ever heard of constitutes an "A" score. So to me, this wouldn't really make sense and could wind up being just as confusing as using standard credit scores as numerical representations.

That's a little of what I had in the back of my mind. The formula would just need to be tweaked a little. I'm thinking of this as a kind of real-world-in-lender-eyes grade. In their world, low credit usage transactors aren't as valuable as high credit usage transactors, who aren't as valuable as revolvers. Yeah, we all know it's backwards in their world. lol