The 800 Club

[CreditScholar]

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@user5387 wrote:

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@JMills wrote:

I am not there yet, but it is a goal I would love to accomplish. I am just wondering for all the folks that are in the 800 club, how did you get there? I know wants you reach 750+ you are pretty much in great standing but to have 800 is fascinating. Please tell me your journey or what you should or shouldn’t have to have a credit score of 800+

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There are a few approaches that I have used over the years.

1.  In the first place, I avoid overt negatives, such as late payments, chargeoffs, collections, and so on.  I do this by keeping a written monthly schedule of all my payments and bills.  For example, my Amex BCE statement date is around the 15th of the month, and I take responsibility for this, whether or not I get the statement from Amex.  As I deal with each monthly item, I check it off the list.  Another part of this is only charging what I can afford to pay at the end of the month.

2.  The next thing I do is only apply for credit I really want and need, and I tend to favor a few cards with large CLs over a lot of cards with lower CLs.  Doing it this way tends to keep AAoA up, and I have fewer cards (currently six) to track.  I avoid store cards entirely.

3.  Related to the previous, I don't obsess over maximizing rewards.  I don't think a few extra dollars is worth it, unless the card already has other benefits I want like a high CL.  Rewards are really nice, but not at any cost.

4.  I keep utilization low, with one card reporting a small balance.  This is good for around 10 points vs. no cards reporting a balance.

5.  A few years ago I was in a financial jam, and tried to isolate it by carrying a balance on my PSECU card, while keeping a balance off my other cards.  This was a less than ideal situation, but my score was still around 770 while doing this.  I recommend that everyone have one or more CU cards for this type of situation.

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Some excellent advice here, particularly #2-3. The first is self-explanatory, as is the fourth. Most people on the forums seem to know these already.

However as I've said many times before, stability is the difference between 770 and 800+. Keeping your AAoA high by not applying for new cards very often is what will push you above that 800-barrier. At this level, other things such as no derogs of any kind and low util are already assumed.

[CreditScholar]

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@thom02099 wrote:

There are differing opinions on this, but carrying a good mix of credit types has helped in my situation.

Having a mortgage or two, a few LOC or other types of personal loans, such as an auto/RV loan have been a benefit to me.  And having these over a very long period of time has also been beneficial.   My total credit history goes back to the early 70s.  Obviously, this does not impact now, but having an established credit history is a benefit as well.  My oldest credit cards date back to 1991 on my current history.  I have paid/closed loans with pristine payment info from 15+years ago that still show on my reports.  There are absolutely no negatives on my report; another benefit.  I do and have carried balances on some of my accounts, scores go up and down.  I don't sweat it unless I'm actually applying for new credit.  I DON'T obsess about staying in the 800s -- if I fall out, oh well!  I can always go back!

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+1. That sums up my take on credit scores as well.

[Jim-WI]

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@thom02099 wrote:

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@Shock_ wrote:

part of high limits comes from high income. do you think 800 is attainable for those who arent that well off?

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Not necessarily.  Define high income.  Many of us here have individual incomes in the $60-$75K range and household income ~$100K.  Is that high?  Not according to statistics.  That's somewhat average.  High, to me, is folks with individual income double that $60-$75K range and household >$200K. 

And even then, there's folks here at MyFICO in the 800 Club with incomes <$50K, some high achiever young people here who are learning/have learned the value of excellent credit.  I really enjoy reading of these youngsters who know what they are doing and are in their 20s!  Wish I'd been as knowledgeable at that age as some of them are now...and they're not making a boatload of money.

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I am 38 years old.  My oldest account is 20 years old.  My AAoA is 7 Years 10 Months.  My CR is absolutely clean, and my SW (Equifax) score is 798 after apping for three (3) CC's three months ago (all of which I received:  Discover $4,500; USAA VISA $5,500; USAA MasterCard $6,000).  Oh, I almost forgot, I earn $27k a year, and have for the last five years.  Yes, it is possible to have a score in the 800's without making a ton of money.  You do need to be unyielding on never, ever, ever missing a payment, EVER!  If I cannot pay for something outright, I do not buy it. I am also not caught up with keeping up with the Joneses.  All-in-all, I live a frugal lifestyle, but have never gone without.  For me, the secret is to try to live below my means.  Eat out twice or three times a month.  You save a ton of money by eating in.  Good luck to you all!  These forums are invaluable!

[L-TWT]

@ 30yrs of age, who would have thought I would crack the 800 mark, well I did!

I remember in 2007 when I attempted to purchase my 1st car on my own, and the dealer asked if I knew my CS's, and I had no idea. And when the dealer Ck'd and came back with a score of 580, I thought that was good , until he asked if some1 could CO-SIGN for me!

I have come so far, thanks to Suze Orman who lead me to the Fico Forums! and to all the member contributions.

[Anonymous]

Outstanding advice. Top shelf. I have had credit since 1972 and learning to be patient is very important. The poster who said if you don't have the money to buy it may be you shouldn't brings to light living within our means. Great thread!

[too-much-time]

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@Jim-WI wrote:

For me, the secret is to try to live below my means.  Eat out twice or three times a month.  You save a ton of money by eating in.

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And still as healthy as you would like it to be! When that is said, most on the list of 10 Drunkest States in the U.S. also show up on the top ten of Average Credit Scores by State. Go figure, lol.