14 accounts = 8 active credit cards, 1 car loan, 1 student loan, 4 closed accounts. What next?

[Fico2Go]

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@Bman70 wrote:

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@Fico2Go wrote:

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@Bman70 wrote:

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@Fico2Go wrote:

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@LearningMoreAboutCredit wrote:

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@Fico2Go wrote:

I have a 710 FICO now.  My goal is 800 by end of this year.  I'm looking for the fastest way to 800 scores.  

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So, the question is...is an 800 score for pride? Anything over 750 gets you the same rates as an 800+ score would.

Not saying that you shouldn't shoot for 800 but is overrated IMO.  Besides, a ding from 800+ has a greater impact (fall in score).

Some examples are here: http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=labels%2Clocation&location=foru...

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It's not for pride but so that I can take a ding or two without dropping down sub 700.  When I was at 750 a ding or two took me down to 680. 

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What two dings took 70 points off your score? Seems like a lot

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One new inquiry.  one new account opened.  AAoA dropped from 3.9 to 3.7 years.  Total Util ratio increased to 23%. 

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S-word! One new inquiry? ffs, I've been dinged twice with unauthorized hard pulls in the last two months - one from a car dealer and one from Comcast.. and my score has climbed steadily anyway! And that's not a big change in AAoA either. It must have been moving out of some low-util bucket into an over-20% bucket. Just guessing

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Yes of course you are correct.  My point is this.. at peak my scores can top at 750.  I can pinpoint the exact reasons why the scores dropped.  I am looking for direction on how to get to 800.   

[Bman70]

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@Fico2Go wrote:

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@Bman70 wrote:

 Highest individual utilization? 

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This could well be my biggest ding.  On one of my card I intentionally let it report a high balance of 1750 of a 2000 CLI.

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The plot thickens. Out of 8 cards, I'd shoot for 2 or 3 reporting some kind of balance. Most people say just 1, but I've come close to 800 with all 3 of my cards reporting balances - some near 30%. So if you can balance transfer, without destroying any single card's util, that might be one way to lower the number of cards reporting. (That's what I'm doing soon - 3 cards reporting to just 1 via balance transfer.) You will see a nice bump, I'm sure, if you get that 1750 down to 200. 

[Fico2Go]

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@LearningMoreAboutCredit wrote:

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@Fico2Go wrote:

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@Bman70 wrote:

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@Fico2Go wrote:

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@LearningMoreAboutCredit wrote:

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@Fico2Go wrote:

I have a 710 FICO now.  My goal is 800 by end of this year.  I'm looking for the fastest way to 800 scores.  

---

So, the question is...is an 800 score for pride? Anything over 750 gets you the same rates as an 800+ score would.

Not saying that you shouldn't shoot for 800 but is overrated IMO.  Besides, a ding from 800+ has a greater impact (fall in score).

Some examples are here: http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=labels%2Clocation&location=foru...

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It's not for pride but so that I can take a ding or two without dropping down sub 700.  When I was at 750 a ding or two took me down to 680. 

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What two dings took 70 points off your score? Seems like a lot

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One new inquiry.  one new account opened.  AAoA dropped from 3.9 to 3.7 years.  Total Util ratio increased to 23%. 

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 Once you reach AAoA of 5 years, you'll get rebucketed and scores will improve even more.  

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Letting it age it might be best.  Would getting added as an AU be helpful at this point? 

[fot1]

Anything negative on the reports?

[Fico2Go]

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@Bman70 wrote:

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@Fico2Go wrote:

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@Bman70 wrote:

 Highest individual utilization? 

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This could well be my biggest ding.  On one of my card I intentionally let it report a high balance of 1750 of a 2000 CLI.

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The plot thickens. Out of 8 cards, I'd shoot for 2 or 3 reporting some kind of balance. Most people say just 1, but I've come close to 800 with all 3 of my cards reporting balances - some near 30%. So if you can balance transfer, without destroying any single card's util, that might be one way to lower the number of cards reporting. (That's what I'm doing soon - 3 cards reporting to just 1 via balance transfer.) You will see a nice bump, I'm sure, if you get that 1750 down to 200. 

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Great point! 

Please clarify.  Are you saying that having 2-3 reporting balances can net higher FICO than 1? 

[LearningMoreAboutCredit]

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@Fico2Go wrote:

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@LearningMoreAboutCredit wrote:

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@Fico2Go wrote:

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@Bman70 wrote:

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@Fico2Go wrote:

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@LearningMoreAboutCredit wrote:

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@Fico2Go wrote:

I have a 710 FICO now.  My goal is 800 by end of this year.  I'm looking for the fastest way to 800 scores.  

---

So, the question is...is an 800 score for pride? Anything over 750 gets you the same rates as an 800+ score would.

Not saying that you shouldn't shoot for 800 but is overrated IMO.  Besides, a ding from 800+ has a greater impact (fall in score).

Some examples are here: http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=labels%2Clocation&location=foru...

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It's not for pride but so that I can take a ding or two without dropping down sub 700.  When I was at 750 a ding or two took me down to 680. 

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What two dings took 70 points off your score? Seems like a lot

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One new inquiry.  one new account opened.  AAoA dropped from 3.9 to 3.7 years.  Total Util ratio increased to 23%. 

---

 Once you reach AAoA of 5 years, you'll get rebucketed and scores will improve even more.  

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Letting it age it might be best.  Would getting added as an AU be helpful at this point? 

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AU's are beginning to have little effect on scores but YMMV.  Here are some links that address the same question as you.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-04-FICO-8-and-AU-Scoring/m-p/2547237...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/myFICO-s-EX08-score-is-not-including-AU-a...

[Fico2Go]

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@fot1 wrote:

Anything negative on the reports?

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ZERO negative.

[Bman70]

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@Fico2Go wrote:

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@Bman70 wrote:

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@Fico2Go wrote:

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@Bman70 wrote:

 Highest individual utilization? 

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This could well be my biggest ding.  On one of my card I intentionally let it report a high balance of 1750 of a 2000 CLI.

---

The plot thickens. Out of 8 cards, I'd shoot for 2 or 3 reporting some kind of balance. Most people say just 1, but I've come close to 800 with all 3 of my cards reporting balances - some near 30%. So if you can balance transfer, without destroying any single card's util, that might be one way to lower the number of cards reporting. (That's what I'm doing soon - 3 cards reporting to just 1 via balance transfer.) You will see a nice bump, I'm sure, if you get that 1750 down to 200. 

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Great point! 

Please clarify.  Are you saying that having 2-3 reporting balances can net higher FICO than 1? 

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Definitely not, just saying that in my own experience, having all my cards reporting didn't keep me from reaching 780, with util at 20% total. I'm sure if I had lowered my util I would have seen better

[Fico2Go]

Actually perhaps there are some negatives.  My biggest negative is that I opened most of my accounts in the past six months.  I had left the credit card world for a decade and just returned.  Having said that again my point is I'm seeking ways to go from 750 to 800 in the shortest  time frame..given my profile.

[fot1]

Looks like you just need to age then..