Fico Score of 850

[acleynes]

I didn't raise a stink over it.  I was just so happy to be approved for a CC with a decent limit.  My highest Visa prior was only $2,500 and  I think my highest Mastercard was $1,500.  

Just the fact that they approved me I turned the other cheek.

[RED_Knives]

at this point thats my concern to raise my CC limit! im only at 1250 for my highest card. with a combined total of 2750 on 3 cards. Pretty annoyed, I'm sure after 12 months it should be a lot easier I should be getting paid a lot more as well, from 18000 to 32000 a year.

[takeshi74]

FYI there are prior threads that discuss this.  IIRC, anything over 750 is a negligible gain as the best terms are generally given to those with 750 or better.  The primary benefit of a 750+ score is having the added buffer of the additional points (i.e. you can apply and not worry about your score dropping into a less favorable bracket).  I didn't see where you indicated your AAoA but it sounds like you have a long haul before worrying about getting an 850 score.  It's worth keeping in mind as you manage your credit though.

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@RED_Knives wrote:

Would a score of 850 mean you have never messed up anywhere on your report ever? 

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Not at all.  Consider that closed accounts and derogs fall off reports over time.

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@RED_Knives wrote:

What exactly is someones starting credit? I herd someone today at work tell me we all start at 850 but that can't be true since that would be at 850 right when you started you would have access to the lowest apr and since you did no work and no credit management theres no way

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No idea what one starts off with.  Without any credit hitsory there's no way to generate a score.  Prior threads (again, don't overlook them as a resource) indicate that at least 6 months history is needed for a score.  No one starts off at 850.

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@RED_Knives wrote:

breakdown gathered from "https://www.mint.com/blog/credit/how-to-improve-your-credit-score/"

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You can also find the information here on myFICO.com:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Also, don't overlook the Understanding FICO Scoring subforum.

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@RED_Knives wrote:

3. the amounts I owe have stayed under 30 percent utilization for the majority of the accounts age, but after closer inspection I see I have even reach 40% Util at one   point which isn't terrible but probably dings the score a bit.

Keep in mind that 30% is the recommended maximum. Ideal will be much lower -- generally 10% or less but it can vary from person to person and you'd have to test to find your ideal utilization.

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@RED_Knives wrote:

My credit history length is short so I probably score the fairly low here, although I have read that we get put in brackets for where we should be based on our age and "where we are in life" so I think im doing ok but not great. should of opened this account 2 years ago! 

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This is why AmEx backdating is another common topic here.  Get your MSD locked in as early as possible.  I added 2 new AmEx cards last year.  Since my MSD is in 1998 they both report as 15 year old tradelines.

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@RED_Knives wrote:

Based on your credit needing a mixture of CC and installment I Wonder if I should get my own cell phone, im currently on my family's plan. I'm not sure if a 2 year contract is considered an "installment loan" its based 24 monthly installment payments. is it the same thing?

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While carriers pull credit at sign up, wireless service is not reported unless there's a derog.

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@Bobby1146 wrote:

I have never heard, known or even read of anyone with a 850 score. Not even "The Rich & Famous". Thats a interesting topic "Credit Lives of the Rich & Famous". lol...

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Rich & good credit aren't mutually inclusive.  There are certainly those with money that have poor credit and those that aren't rich and have good credit.  While income can help one's credit they're two entirely different things.

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@RED_Knives wrote:

This is great example of how the UX at Penfed CC is a disaster.

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The UX worked as designed.  acleynes shouldn't have assume (never rely on assumption) and should have verified with the CSR.  And/or the CSR should have been able to determine that a BT was already pending.

[Revelate]

Have to be careful with old posts on the Internet: wireless carriers used to report tradelines but they don't anymore as takeshi correctly points out.  Things do change over time.  If you want an installment loan for the mix of credit function (which I personally recommend) get a secured one either a Credit Builder style loan (DCU) or dump some cash into a CD and take out a loan secured against it (USAA et al).

[thom02099]

Regarding where one starts out...

No, it's not a situation where everyone gets 850 points and it's theirs to lose!   I'm sure LOTS of us would like that to be the case!  I've never heard/read of anyone checking their credit report for the very first time after establishing their credit, and getting an 850 score. 

Many of us have kids that we've assisted in establishing credit, by added them on our accounts as AU/ACM, or by encouraging them to apply on their own.  From my own experience with my kids, added to 3 different prime accounts (AMEX, Discover, CITI), after about 9 months, they both had  their own scores.  My daughter, the younger of the 2, had an initial score in the 710s; my son, in the upper 680s.  Both established at the same time, so no explanation as to the differences.  My daughter has since established credit in her own name, taking on a student loan and getting a Discover card on her own, and still has a score that ranges 720s-730s.  Not bad for a 20 year!  Son, however, is content to remain status quo. 

The point here is that neither of them started at 850.  Their scores were calculated based on the information that was reported by the card issuers to the CRA.  That's what happens to all of us at some point in our credit journey.  I can remember those days way back when in the low 500s, in the early days of my own journey.  I think if some of the other "oldsters" on here who've had credit history for a long time (20+)  will reflect back, we started at really low numbers and worked our way UP! 

[-Wade-]

I am @ 817 on EQ and i do not plan on any apping any time  soon. My 817 is my hightest ever. I can't wait to see what my score is this time next year. Only time will tell

[PaBill]

A few  years ago, I was working in a marina.  A guy came in to buy a boat and he was the first person that the sales manager had ever seen with an 850.  The sales manager had been there over 20 years...

[Revelate]

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@PaBill wrote:

A few  years ago, I was working in a marina.  A guy came in to buy a boat and he was the first person that the sales manager had ever seen with an 850.  The sales manager had been there over 20 years...

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A lot of the older scoring models you couldn't even hit a 850 FICO on the base/classic score.  Pretty much everything up to '08 that was the case, with the exception of various industry options which have had wonky score ranges.

[Anonymous]

My FICO Score is 811. My prior highest score was 804. Debt reporting for me more that 1.5% utilization just knocks my scores down. Also, my highest score comes with a mortgage, installment loan, department store/gas card and one bank card reporting.

[darkfrosty]

I have had a fico score of around 820s .. but currently it has dropped back down in the 790s .. it is a monthly thing of going over and under 800.