Hit a 780 credit score last month and I think the system is rigged

I finally broke 780 on my credit score last month after 4 years of paying down debt. Everyone acts like a high score means you're winning at money, but my bank still offered me a 9% rate on a personal loan. Meanwhile my buddy with a 620 got approved for the same amount at 7.5% because he used a credit union. What good is a perfect number if the big lenders don't even care about it?

2 comments

2 Comments

holly_walker762d ago

The whole credit scoring system is a joke when you look at it closely. Lenders don't actually reward high scores the way they claim they do. Your buddy's lower score got a better rate because credit unions work differently from big banks. It's more about where you borrow than how perfect your number is. You worked hard to get to 780 and they still slap you with a high rate. The system rewards loyalty to smaller institutions over the actual score itself.

bettyfox2d ago

Credit unions don't even report to all three bureaus the same way.