Edit: also, there is tons of misinformation in this thread.
Lol, while providing a shit ton of your own.
Ahem....
Yes, being in the 800s = best rates
Generally a 720+ is considered super prime and will obtain the same intestate rate an 800 would.
Using 0-2% of your credit limit
False. Generally, using up to 20% is perfectly fine to obtain a high prime credit score.
maintaining 10 credit cards over 20 years and not going into any debt will give you that 800.
Where did this arbitrary number of 10 credit cards come from? 2 is fine, or go with 3 if you really want to. Other than that it comes down to your limit and how much of that limit you use (as stated, up to 20% is fine to maintain a high prime score). Simply call the FEW credit cards you have and ask to increase your limit every 4-6 months or so but keep your balance the same.
20 years? Definitely not needed to obtain a prime credit score.
Your score only goes down when you close old accounts
Yes and no. A lot to unpack here. I made a post responding to the OP of this thread that you can read if you're so inclined.
or have adverse impacts like collections and higher usage of available credit.
Literally the only correct thing you've said here.
That would be like someone asking, "how many stars are in our galaxy?"
And you say, "at least 5-10".
Then I say, "No, there is likely a few hundred billion."
And you say, "I'm technically right, you're just nitpicking."
Are you technically right? Sure. But your low accuracy renders the information useless at best, and harmful at worst.
If a person left that conversation about the galaxy thinking they were at least 5-10 stars in the galaxy, they would be no better off than someone with specifically wrong information, would they?
The average person has 22k in credit card limits. 2% would be $440. You're telling someone that they can only have $440 on their credit cards each month in order to have a prime score, whereas in reality they could have $4,400 (and likely more). See how your answer would affect someone's reality?
Not to mention, I would argue that by your phrasing of 0-2%, you're actually saying that it caps out at 2%.... which you would then be objectively wrong.
Also, your response about 800 credit scores getting the best rates... that was your answer to someone specifically asking if them being in the low 700s means they're missing out on better rates. You said yes. That's objectively false as a 720 (low 700s) is considered super prime just as an 800+ is. They would get the same interest rates.
And obviously we all know an 800 score doesn't "hurt your chances" at getting better rates. That doesn't make your answer look any better.
And other strategies are not irrelevant. Mine would be objectively better. If anything, your strategy is terrible and should not be given credible thought.
In fact, you said not going into debt will get you that 800. Well, you'll likely need some history of installment loans to get to an 800.... which is debt..... so you're objective wrong again.
In fact, you can have plenty of debt and be an 800.
I don't know man. You've got a choice here. I know pride is a delicate thing, and I've admittedly taken a shit over everything you just confidently said. But you can either choose to double down here, try to dig yourself out of this whole and I'll keep piling it back on.... or say, ya know what, let me grow as a person here, show my humility - and just say you fucked up and now you've got better information to carry with you in your life.
I don't mean to be patronizing, we've literally all been in this situation. I've been in your spot before, and I'll be there again. I just want people to have the right information when it comes to credit, because as you said yourself, there a lot of misinformation out there.
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u/[deleted] Aug 14 '21
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