Personal Finance

Just curious... my credit score is 847, is there anything worthwhile it can be used for?

  • Last Updated:
  • Jun 9th, 2021 1:50 pm
[OP]
Newbie
Jan 13, 2010
2 posts
5 upvotes
Toronto

Just curious... my credit score is 847, is there anything worthwhile it can be used for?

Other than churning credit cards for signup bonuses... lol

Already have a mortgage, and there isn't really much I actually need--although cash is always welcome I suppose.
Thread Summary
Not-so-humble-brag by OP, gets dunked as expected
40 replies
Deal Addict
Dec 27, 2013
3488 posts
1260 upvotes
Woodbridge
Here's what you're looking for...

OMG your score is SOOO good you're a financial GURU please teach me your ways sensei!

And here's what you asked about, but don't actually want to know...

Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent. Higher credit scores mean you have demonstrated responsible credit behaviour in the past, which may make potential lenders and creditors more confident about your ability to repay a debt when evaluating your request for credit.

https://www.consumer.equifax.ca/persona ... dit-score/

The credit score you see from TransUnion is based on the VantageScore® 3.0 model. Scores in this model range from 300 to 850. A good score with TransUnion and VantageScore 3.0 is between 661 and 720. As your score climbs through and above this range, you can benefit from the increased freedom and flexibility healthy credit brings. Some people want to achieve a score of 850, the highest credit score possible. Having this “perfect” score may feel like a win, but nothing specific unlocks if you hit that magic number.

https://www.transunion.com/blog/credit- ... edit-score

"Why Good Credit Scores Matter"

https://www.transunion.com/blog/credit- ... res-matter
Deal Addict
Feb 4, 2010
4662 posts
3490 upvotes
What an odd "question but ....lol @ the responses thus far.

I've got a really good credit score too but don't feel the need to do anything with it. It's meant mostly for lenders to assess your credit worthiness, if you don't need to borrow then this is clearly this thread is just for bragging rights hence the downvotes.
Deal Guru
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Mar 9, 2007
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Think of the Childre…
Image

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Newbie
Apr 8, 2021
21 posts
20 upvotes
I find this quite sad. Please go and have a fun. Enjoy the beautiful weather. You are a responsible credit user but I would focus on other areas of life. Good luck!
Deal Fanatic
Jan 21, 2014
5528 posts
3037 upvotes
Was that from Equifax or Transunion? Because I remember seeing someone post 900 score before
Deal Expert
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Jan 27, 2004
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T.O. Lotto Captain
Buddy… it isnt dragon ball z.
You arent getting any other worldly super saiyan powers here.
Someone with a 770 score will get the same rates and approval as you. Lol

Approval is based on utilization, age of accounts, and behaviour mostly. Its not just strictly the number.

That number is just for quick glance.

An 20 year old 2nd year student with a $14/hr burger flipping job with a few (non maxed out) $1000 credit cards from age 18 could easily have a 850 score too.
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Oct 24, 2016
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Deal Fanatic
Jan 21, 2014
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My daughter is not working yet (still in school) and her TU score is 883. She was jokingly saying that because I paid everything for her. I am curious if she will get to 900. BTW, she doesn't churn CC or anything like that.
Deal Fanatic
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Jan 6, 2002
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Toronto
Lepistiku wrote: Other than churning credit cards for signup bonuses... lol

Already have a mortgage, and there isn't really much I actually need--although cash is always welcome I suppose.
If you fill in form CRA-1899-1 correctly, you can cash in one point of credit score for about $14 (it is taxable though.)

Since you can pretty much get anything you need with a credit score of 750, you can easily pocket about $1000 after taxes. You can repeat this once every 12 months as long as your score rebuilds.
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Deal Guru
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Jan 9, 2011
11064 posts
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Vancouver
I usually repost this when someone is worried about tiny credit score drops. But it's totally relevant here too.
dutchca wrote: I swear credit score is rfds internet dick measuring gauge.

In the grand scheme of things credit score means very little. 30 points is like 3mm so relax.
Member
May 10, 2017
324 posts
196 upvotes
Nice credit score :)
Donate to your local food bank today!
Deal Addict
Aug 19, 2002
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You can trade in 100 points for a plastic yo-yo, 200 for a whistle and 500 for a slap bracelet. 1000 points for a 24" stuffed penguin. Keep it up!
Deal Addict
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Feb 1, 2012
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Someone should start a credit trading system where you can trade points with more needy spenders. Like trading carbon credits.
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Deal Expert
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Jan 27, 2004
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T.O. Lotto Captain
UrbanPoet wrote: Buddy… it isnt dragon ball z.
You arent getting any other worldly super saiyan powers here.
Someone with a 770 score will get the same rates and approval as you. Lol

Approval is based on utilization, age of accounts, and behaviour mostly. Its not just strictly the number.

That number is just for quick glance.

An 20 year old 2nd year student with a $14/hr burger flipping job with a few (non maxed out) $1000 credit cards from age 18 could easily have a 850 score too.
mkl38s wrote: My daughter is not working yet (still in school) and her TU score is 883. She was jokingly saying that because I paid everything for her. I am curious if she will get to 900. BTW, she doesn't churn CC or anything like that.
Thanks for your real life example.
Pretty much anyone who pays off their credit card to $0 with no debts is gonna have a high 800’s credit record.
So responsible teenagers and young adults.

Its once you start needing a car loan and mortgage that it starts to dip down a bit. But even then… you’ll be in the high 700’s or low 800’s still. More than enough to have the ability to get approved for whatever credit needs you have.
Sr. Member
Oct 1, 2003
504 posts
214 upvotes
Vancouver
847! Excellence!

See how much unsecured LOC you can get.

I figure, get it while you can, just in case something happens in the future.
Deal Addict
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Oct 13, 2007
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Edmonton
Lepistiku wrote: Other than churning credit cards for signup bonuses... lol

Already have a mortgage, and there isn't really much I actually need--although cash is always welcome I suppose.
Should easily get you laid with the right (financial savvy) girl.
Member
May 28, 2012
436 posts
383 upvotes
ONT
Recently bought and then sold houses, needed bridging loan for 7 days. I am sure good credit scores made it easy for RBC to approve the $600K loan for the week...........

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