It's not luck

[wincrasher]

I keep seeing in these threads and on the news referring to people with high credit scores as "lucky".

WTF?

Luck has nothing to do with it - it's alot of hard work and sacrifice.

Granted, there are "unlucky" folks with poor scores due to job loss or health problems - I appreciate that, believe me.

But my high score was not thru "luck". Maybe if in Vegas they had a slot machine where you won an 800 FICO.....hmmm......

[Joan.of.the.Arch]

I think I might have heard that on a radio commercial for one of those "credit counselling" businesses that want to get people to hire them to negotiate with creditors for them. But it doesn't seem like I've read it in any news nor on these forums. It would bother me, too.

[Seeker]

Whomever is saying this, is probably meaning that anyone with a 800+ FICO has been lucky to not have a major unrecoverable financial disaster take place.

I consider myself lucky (I have a 829 FICO -- or did little over a year ago -- have not checked since)...

But I've been lucky in the sense that the times in the past, where I have been laid off, that I've been able to find replacement work within a very short period of time.

And I've been lucky in the sense that (so far) I've not been hit by any major financial disasters.

Many people work hard and still do not have a FICO above 800. Maybe they've had a financial disaster or two to recover from.... maybe not.

Many people don't use credit cards and thus have absolutely no credit history. Are they "unlucky?"

No, it's not "luck" ; but there is a "luck" component that works it's way in.

People can make their own luck by hard work, yes. But "hard work" isn't the sole determinant either... not when anyone can lose everything in a moment of carelessness... an accident or a disaster.

[Uneventoast]

I have always wondered about my credit score. My credit score was measured three ways and they were 794, 805, and 799. I wonder what it takes to get over the 800 mark. I missed one payment to my Credit Union almost seven years ago when our sub went out for a two week op and I forgot to send the bill before I went. Surely that isn't the reason is it?

[Seeker]

I have always wondered about my credit score. My credit score was measured three ways and they were 794, 805, and 799. I wonder what it takes to get over the 800 mark. I missed one payment to my Credit Union almost seven years ago when our sub went out for a two week op and I forgot to send the bill before I went. Surely that isn't the reason is it?

There's nothing wrong with your scores. Cosidering that the various companies all have differing criteria, if I were in your shoes, I'd not worry about it.

Here's an article describing things to know:
The Importance Of Your Credit Rating

My 829 score a year and some months ago, came from them looking up my score for my DHs auto loan. Both our names were put on the car, but I'm primary.

My score is derived from some 33 years of working (yes, even in HS) and not spending any money if I didn't have the cash already in the bank ready to spend... except of course for the mortgage and the auto loans.

Ultimately, you have to watch, don't be late with payments, be ready to correct mistakes, and never spend more than you can afford to pay. If you don't understand something, you don't want to buy it.

[ksluis62]

I wonder what it takes to get over the 800 mark. I missed one payment to my Credit Union almost seven years ago

I subscribe to Equifax to track my score, as I'm trying to work my score up in the process of financing investment property. They have a chart that indicates the "best" mortgage rates go to those with 760 and above. I'm currently in the "very low risk" category, between 700 and 760. The difference between these two categories is roughly 0.2% on average for a 30 year mortgage rate.

I don't think you need to spend any energy to raise your score. You already are in the best rate category for mortgages, and likely for other credit as well.

[ceejay74]

To the OP: "You're lucky" is also a common colloquial way of saying "I'm jealous" or "Congratulations" or "I wish I had your moxie" or "Your life is better than mine." People often don't mean it literally. If someone had worked hard and found their dream job, I might say admiringly, "You're lucky!" It wouldn't be intended to demean all their effort and chalk everything up to luck.

In a similar bent, as an atheist it sometimes irks me a little when people attribute the good things in my life to gods or the stars or whatever. But it's a passing irritation as I recognize the good intention behind the statement, and open my heart to appreciate that.

[lebaggblu]

I'm 22 and my credit is excellent. I have a 760. I wouldn't say I have sacrificed anything to get there, I just don't spend what I don't have. I've never had a car loan or a mortgage, just payed off the full balance every month for the past 4 years. I wouldn't exactly say reaching this was "hard work". I do know people in trouble with $$, and I would say that getting out of debt. is the hard part.