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Work buddy has a FICO of 820+...This is what he said he does...

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JoshNurse
Frequent Contributor

Work buddy has a FICO of 820+...This is what he said he does...

He said he has about 10 cards.  Each card has an automatic recurring payment to it.  For example (netflix, auto insurance etc...)

 

The cards pay themselves in full automatically every month.  He uses 1 card (Amex Gold Card) to make his restaurant, entertainment spending).  Again paid in full each month.

 

He also said he gets 1 new installment loan (personal loan) every year. He gets the loans for about $5000+ using different lenders.  He pays it off in 3 months.  He doesnt need the $5000 just does it because of his FICO addiction.

 

He has not applied to any cards for over 2 years.

 

He has over $100,000 in open credit and utilization is 1% at most.

 

Now what do YOU do to raise your fico to over 800?

Message 1 of 52
51 REPLIES 51
-NewGuy-
Moderator Emeritus

Re: Work buddy has a FICO of 820+...This is what he said he does...

Misread, my bad

Message 2 of 52
Involver
Valued Contributor

Re: Work buddy has a FICO of 820+...This is what he said he does...

Currently 2/3 above 800

 

3 open installment loans (1 auto, 2 student)

15 revolving credit lines (1 charge, 13 true revolving, 1 store)

AAoA 5+ years

Oldest account 21 yrs

0 INQ on EQ, 1 on TU, 9 on EX

Util at 1% on a single card, every other PIF.  

Rotate small charges on the seldom used cards.

 

Many new accounts within the past 12 months.  I expect by Dec 2016 my scores should be around 830.

Message 3 of 52
JoshNurse
Frequent Contributor

Re: Work buddy has a FICO of 820+...This is what he said he does...


@Involver wrote:

Currently 2/3 above 800

 

3 open installment loans (1 auto, 2 student)

15 revolving credit lines (1 charge, 13 true revolving, 1 store)

AAoA 5+ years

Oldest account 21 yrs

0 INQ on EQ, 1 on TU, 9 on EX

Util at 1% on a single card, every other PIF.  

Rotate small charges on the seldom used cards.

 

Many new accounts within the past 12 months.  I expect by Dec 2016 my scores should be around 830.


Is the installment thing legal and can I do several a year?  Legal as in applying for a loan that I do not need just for the sake of showing as paid installment on my credit.

Message 4 of 52
Anonymous
Not applicable

Re: Work buddy has a FICO of 820+...This is what he said he does...


@JoshNurse wrote:

He said he has about 10 cards.  Each card has an automatic recurring payment to it.  For example (netflix, auto insurance etc...)

 

The cards pay themselves in full automatically every month.  He uses 1 card (Amex Gold Card) to make his restaurant, entertainment spending).  Again paid in full each month.

 

He also said he gets 1 new installment loan (personal loan) every year. He gets the loans for about $5000+ using different lenders.  He pays it off in 3 months.  He doesnt need the $5000 just does it because of his FICO addiction.

 

He has not applied to any cards for over 2 years.

 

He has over $100,000 in open credit and utilization is 1% at most.

 

Now what do YOU do to raise your fico to over 800?


Doesn't sound right.

 

Those installment loans would drag down his AAoA. Gonna call shenanigans on this one.

Message 5 of 52
psm
Contributor

Re: Work buddy has a FICO of 820+...This is what he said he does...

About the same for cards for me (about the same CLs and PIF before close all but one). I have a mortgage a car loan and student loan, I also have a number of closed mortgages (refinances) and loans. I have between 0-2 inq on my reports and the one with 2 ing (TU) is my lowest score at 821, EQ has no inq and is 839. No missed payments on record no baddies. 

08-2022: EQ 830, TU 834, EX 832 - total credit limit 230,000+
Message 6 of 52
JoshNurse
Frequent Contributor

Re: Work buddy has a FICO of 820+...This is what he said he does...


@Anonymous wrote:

@JoshNurse wrote:

He said he has about 10 cards.  Each card has an automatic recurring payment to it.  For example (netflix, auto insurance etc...)

 

The cards pay themselves in full automatically every month.  He uses 1 card (Amex Gold Card) to make his restaurant, entertainment spending).  Again paid in full each month.

 

He also said he gets 1 new installment loan (personal loan) every year. He gets the loans for about $5000+ using different lenders.  He pays it off in 3 months.  He doesnt need the $5000 just does it because of his FICO addiction.

 

He has not applied to any cards for over 2 years.

 

He has over $100,000 in open credit and utilization is 1% at most.

 

Now what do YOU do to raise your fico to over 800?


Doesn't sound right.

 

Those installment loans would drag down his AAoA. Gonna call shenanigans on this one.


is he trying to make me have a bad credit score?  Is that the only thing I should not do from all of the things he said he does?

Message 7 of 52
Involver
Valued Contributor

Re: Work buddy has a FICO of 820+...This is what he said he does...


@JoshNurse wrote:

@Involver wrote:

Currently 2/3 above 800

 

3 open installment loans (1 auto, 2 student)

15 revolving credit lines (1 charge, 13 true revolving, 1 store)

AAoA 5+ years

Oldest account 21 yrs

0 INQ on EQ, 1 on TU, 9 on EX

Util at 1% on a single card, every other PIF.  

Rotate small charges on the seldom used cards.

 

Many new accounts within the past 12 months.  I expect by Dec 2016 my scores should be around 830.


Is the installment thing legal and can I do several a year?  Legal as in applying for a loan that I do not need just for the sake of showing as paid installment on my credit.


 

Yes of course it's legal.  Nobody is obligated to give you an installment loan, and they honestly couldn't care less why you take it out as long as you pay it back.

 

I have several open AMEX cards solely for account age.  I certainly do not "need" them, but they help tremendously.

Message 8 of 52
JSS3
Valued Contributor

Re: Work buddy has a FICO of 820+...This is what he said he does...

Why does he need a new installment loan every year? Why not every 7-10 yrs?

Message 9 of 52
Anonymous
Not applicable

Re: Work buddy has a FICO of 820+...This is what he said he does...


@JoshNurse wrote:

@Anonymous wrote:

@JoshNurse wrote:

He said he has about 10 cards.  Each card has an automatic recurring payment to it.  For example (netflix, auto insurance etc...)

 

The cards pay themselves in full automatically every month.  He uses 1 card (Amex Gold Card) to make his restaurant, entertainment spending).  Again paid in full each month.

 

He also said he gets 1 new installment loan (personal loan) every year. He gets the loans for about $5000+ using different lenders.  He pays it off in 3 months.  He doesnt need the $5000 just does it because of his FICO addiction.

 

He has not applied to any cards for over 2 years.

 

He has over $100,000 in open credit and utilization is 1% at most.

 

Now what do YOU do to raise your fico to over 800?


Doesn't sound right.

 

Those installment loans would drag down his AAoA. Gonna call shenanigans on this one.


is he trying to make me have a bad credit score?  Is that the only thing I should not do from all of the things he said he does?


I wouldn't say it's on purpose. But opening that many installment loans that often for the hell of it kills AAoA which is weighted heavier than Account Mix.

Message 10 of 52
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