800+ score

[Anonymous]

Is it imperative to have a mortgage to qualify for a 800+ FICO score?

[superj]

From my own experience...i say no because i just broke over an 800+ for the first time and i still never owned a house yet even though i just got preapproved for a mortgage..

[lg8302ch]

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@Anonymous wrote:

Is it imperative to have a mortgage to qualify for a 800+ FICO score?

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Not at all. I did it with only credit cards. But the AAoA has to be higher than my present one.  Before adding my last two cards I managed to cross the 800 barrier but only with optimal utilisation. Right now I have balances on 8 accounts and below 4 years I think my profile will not be able to reach the 800.  I have no installment loans at all only the revolving accounts in my signature. So that is a terrible credit mix but even with that it will work again if I have the patience to garden.

[vanillabean]

No, you can actually have FICO 08 of 850 with no mortgage. You can't have a FICO 04 of 850 even with a mortgage though.

[Anonymous]

Thank you for your reply, I do have a FICO score of 750. Always have a zero balance at the end of the billing cycle each and every month on my credit cards. AoA is only two years, probably making my climb into the upper echelon of FICO scores more difficult. 

[gdale6]

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@Anonymous wrote:

Thank you for your reply, I do have a FICO score of 750. Always have a zero balance at the end of the billing cycle each and every month on my credit cards. AoA is only two years, probably making my climb into the upper echelon of FICO scores more difficult. 

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You need to have 1 card reporting 1-9% of its individual CL, all revolvers at 0 on file at the CRA is a Fico score ding for not using any credit at all.

[too-much-time]

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@gdale6 wrote:

You need to have 1 card reporting 1-9% of its individual CL, all revolvers at 0 on file at the CRA is a Fico score ding for not using any credit at all.

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But if you have 10 cards, why wouldn't you get a ding for each of the 9 cards? You're not using them responsibly.

[gdale6]

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@too-much-time wrote:

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@gdale6 wrote:

You need to have 1 card reporting 1-9% of its individual CL, all revolvers at 0 on file at the CRA is a Fico score ding for not using any credit at all.

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But if you have 10 cards, why wouldn't you get a ding for each of the 9 cards? You're not using them responsibly.

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Its not the way Fico calculates utilization. We know it calculates on overall util, individual card util, the number of cards reporting a balance, whether or not any revolving credit is being used and there is probably more we dont know about. We do know if you let a single buck report on all cards its a pretty good Fico ding so it does matter that they report a 0 balance.

[too-much-time]

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@gdale6 wrote:

Its not the way Fico calculates utilization. We know it calculates on overall util, individual card util, the number of cards reporting a balance, whether or not any revolving credit is being used and there is probably more we dont know about. We do know if you let a single buck report on all cards its a pretty good Fico ding so it does matter that they report a 0 balance.

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So each additional card with a balance may ding you something like 10 points? So 30 for a total of 4 cards.

[Anonymous]

I am basically a newbie,  carrying a balance of 1% is better than a zero balance seems to defy logic. I will, however, take your advice.