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thejanitor

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Why do we chase credit scores?
Am I the only one that has come to the realization that chasing credit scores is a joke? My CK scores are 75+ points higher than the actual credit bureau scores. After reading hundreds of posts in the CK community, there seems to be NO consistency in scoring by CK or the bureaus. In addition, none of the lenders agree on a scoring model so that makes this whole conversation a never ending matrix. I'm done.

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Well you can be done if you so choose.  And yes the ambiguity does get frustrating at times.  The fact remains that if you are inproving your score based on any scoring model, it WILL raise your score on all models.  Just the amount may differ.  Each lender makes different asspects of your score into higher or lower consideration.  Having a higher Utilization will not be so bad to a credit card company as it is to a car or home financer for example.  This is why there is different scoring systems,  and right or wrong if you want to be able to borrow money you need to learn to play the game.

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The good new is....

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Once you get to a point where your score is solid and you don't need to chase anything, you don't have to worry about it.

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The chase is not to the top, most of us will never see a top score.   You just get it to the point where it does you some good (interest rates) and to ensure no one else us is taking our hard work for their personal gain (identity theft).   Routinely, persons are only interested in raising their score at the time of need, at which time, is usually a bit late.   If you are planning to purchase a house or a car in the future, then you work to improve upon it so you can be approved and possibly get the best interest rate available.   Tho, most want instant  change or plan to make that large purchase in a few months at which time, they are not successful in their goal of a higher score.   I am also surprised at the number of persons who are only aware of a collection and/or debt when they begin to plan for that purchase.    If only there was a way that a creditor could send us information about what we owe them in a manner that we could respond and pay before it went into collections, like a mail service of some type.

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