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Is it possible to obtain a fico score of 800 or better ?
1. with out having a mortage?
2. with out having a business?
3 .what are the debt to credit ratio for fico 800 or better?
4. inquire amount for fico 800 or better?
5. average age of account for fico 800 or better?
6. total amount of total credit for fico 800 or better?
I can answer some of these questions based on my DW's experience a few years ago:
xchap wrote:
Is it possible to obtain a fico score of 800 or better ?
1. with out having a mortage? - yes
2. with out having a business? - yes
3 .what are the debt to credit ratio for fico 800 or better? - her utilization was below 9%, because she used CCs sparingly
4. inquire amount for fico 800 or better? - don't know
5. average age of account for fico 800 or better? - definitely less than 10 years; oldest account was 12 years
6. total amount of total credit for fico 800 or better? - don't know
@xchap wrote:Is it possible to obtain a fico score of 800 or better ?
1. with out having a mortage? Yes, my wife was over 800 before she was added to my mortgage
2. with out having a business? Wether you have a business or not does not effect your fico score in and of itself.
3 .what are the debt to credit ratio for fico 800 or better? Mine is normally below 2%. My fico reports state that high acheivers have less than 7% utilization
4. inquire amount for fico 800 or better? Hard to say inquires make up only a small portion of your credit score. My wife and I generally have 3 or less.
5. average age of account for fico 800 or better? Greater than 6 years. My wife did not cross 800 until here AAoA exceeded 6 years
6. total amount of total credit for fico 800 or better? Not relevant. Your total amount of available credit is not part of the fico score calculation other than as part of your % utilization
You might wish to read Credit scoring 101 and the what is in my Fico score PDF both available in my siggy.
cheers
Here's a post from one of our moderators haulingthescoreup:
Characteristics of FICO® High Achievers (FICO scores of 760 and above)
Account age:
Is it possible to obtain a fico score of 800 or better ? YES - I've never missed a payment or been late. I did have a mortgage, but don't have one now. My oldest account was opened 22 years ago.
1. with out having a mortage? YES
2. with out having a business? YES
3 .what are the debt to credit ratio for fico 800 or better? Ratio of my revolving balances to my credit limits is
3%. I have 19 accounts listed and 2 with balances.
4. inquire amount for fico 800 or better? not sure what you mean by this
5. average age of account for fico 800 or better? Mine is 10 years with my oldest being 22 years and my
6. total amount of total credit for fico 800 or better? My total revolving credit balance right now is under $1000 and my total revolving credit is over $20K.
Can someone please answer this question for me. I purchase a copy of my experian vantage score on 3/25/2010 and this moring I check my Ex credit monitoring and it said my score is 654, which one is correct? the I paid for the before or the monitored score? just seem like a rip off to me!
OK, what is your "EX monitoring score"? Here on the forums, we use EX as the abbreviation for Experian. Are you using EX as an abbreviation for Equifax?
You have three different FICO scores, one from Equifax (EQ), one from TransUnion (TU), and one from Experian (EX.) Vary rarely do two FICO scores match, and I've never seen all three FICO scores match.
The Experian Vantage score is what we call a FAKO --it's a "credit score" that isn't used by lenders, but it provides a nice income for Experian, at the expense of consumers IMO.
If your credit monitoring is Score Watch, it's following your EQ (Equifax) FICO score. It's a legit FICO score, but even so, your TU FICO and EX FICO scores could be completely different, as they use different formulas, plus you might have different info on your three credit reports.
It's hard enough to compare apples to apples (one FICO score to another), and it's pretty much impossible to compare apples to oranges (FICO's to FAKO's.)
I was referring to my experian credit score. When I yesterday the told me Icould get my score for $7.95 so did it show a score of 691 however the monitoring
that have with them told me 654 this morning. I also have score watch with equifax my score 700 Tu score is 697.
DW has TU and EQ scores over 800 with AAoA of 6 years and a closed autoloan. Length of credit history is abut 18 years.