I've paid off almost a dozen unsecured personal loans. Just paid off a $10,000 loan I opened back in September 2013. Paid it off in 5 months instead of 36. I always seem to get one of these big loans once per year. Paid off a handful of car loans too. Hopefully, I will be back at 800 by September 2014.
If you are trying to get a huge loan to jump start your business. I really feel you need to show the banks you are credit worthy by getting larger and larger installment loans too and not just credit card accounts.
You can have a high score like 750 and only have a couple thousand dollars worth of credit and a few years of history. But that just shows the bank you can handle a small monthly payment. Paying a $1,200 credit card every month without fail is not in the same league as paying a $300,000.00 mortgage or a $60,000 car payment every month.
It is unreasonable to think that a bank will loan you tens of thousands of dollars after just 6 months worth of on time payments on a store card like Bestbuy. It takes time and a lot of different accounts and types to build your way to 800.
On my Myfico Credit report it says the following:
About 93% of FICO High Achievers have no missed payments at all. But of those who do, the missed payment happened nearly 4 years ago, on average.
FICO High Achievers opened their oldest account 19 years ago, on average.
Most FICO High Achievers have an average age of accounts between 6 and 12 years.
Virtually no FICO High Achievers have a public record listed on their credit report.
Virtually no FICO High Achievers have a collection listed on their credit report.
My TU08 score is 850 as of the last check.
II'm curious as to what % of the population actually have an 850 on any FICO model. I've read articles that say it doesn't exist and other articles that say 1% of the population has an 850, which seems extreme on both ends. I pulled my EQ FICO score in 02/13 which was 839, and I recently signed up for the Disconver IT card, just so I could see a free, true FICO score every month. I was pleased to see that it was 847 as of 01/19/14, which got me wondering how many people have a higher score. My research taught me that the EQ score is from a classic FICO 04 model that they use and that discover card is using a TU classic FICO 08 model, which differs from the TU FICO 98 model that myfico.com reports. So, does anyone know how many people attain 850?