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Contributor
xchap
Posts: 82
Registered: ‎01-23-2008
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Fico score 800+ Question?

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?


Starting Score: 760
Current Score: 760
Goal Score: 800


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Moderator Emeritus
Lel
Posts: 5,267
Registered: ‎03-18-2008
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Re: Fico score 800+ Question?

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


 

 

Established Contributor
cobaltnv
Posts: 640
Registered: ‎09-02-2008
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Re: Fico score 800+ Question?


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 
 

 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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MarineVietVet
Posts: 14,577
Registered: ‎07-14-2009
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Re: Fico score 800+ Question?

Here's a post from one of our moderators haulingthescoreup:

 


Characteristics of FICO® High Achievers (FICO scores of 760 and above)

Account age:

oldest account: FICO High Achievers opened their oldest account 19 years ago, on average.

average account age: Most FICO High Achievers have an average age of accounts between 6 and 12 years.

oldest revolving account: FICO High Achievers opened their first revolving account 19 years ago, on average.

average revolving age:

age of newest account: FICO High Achievers opened their most recent account 27 months ago, on average (from MidnightVoice's post)

Number of accounts reporting:

number of accounts currently being paid as agreed: FICO High Achievers have an average of 6 accounts currently paid as agreed. (number of open accounts that are currently not late, etc --incl mortgage, etc. Got + for having 8.)

total number of accounts: Your FICO score takes into account the number of accounts (such as credit cards or installment loans) on your credit report. You have a large number of accounts. In general, people who have a large number of accounts pose more of a risk to lenders than people with a moderate number of accounts. (On a TU report, reported by BobSki778 on 4/8/08)

number of accounts carrying a balance: FICO High Achievers have an average of 3 credit accounts carrying a balance. (Note: this is on all types of credit, not just CC's. Got - with 5 accounts: 2 CC's, mortgage, HELOC, student loan; got + with 4 accounts: 1 CC, mort, HELOC, SL--these out of a total of 8 accounts)

Utilization:

Revolving util: For FICO High Achievers, this ratio is 7%, on average.

Installment util: Most FICO High Score Achievers have paid down on average 35% of the original amount of the loan, in addition to the fact that on average they usually owe less than $1200 on their non-mortgage accounts (found on a search)

Inquiries:

Inquiries: About 72% of FICO High Achievers did not apply for credit in the past year. Of those that did, about 20% applied for credit just once. (got with 2 inqs--EQ, didn't get with only 1 on other reports)

Mix of accounts:Your FICO score evaluates your mix of credit cards, installment loans, and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. (found on a search)

Revolving:

Number of credit cards: FICO High Achievers have an average of 4 to 5 credit cards (including open and closed cards, bank cards and department store cards). (found on a search)

Recent CC use: Your FICO score evaluates your mix of credit cards, installment loans and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. You helped your FICO score by showing recent use of a credit card. (comment only, no percentage given)

Balance reported on CC's: Your FICO score evaluates how much you owe on your revolving accounts (such as your credit cards). The amount you owe on these accounts is too high. Most FICO High Achievers owe less than $600 on revolving accounts such as credit cards and department store cards. (on Phoenix-rising's report)

Installment:

Consumer finance account: Only 12% of FICO High Achievers have a consumer finance account. (found on a search)

Remaining balance: Most FICO High Achievers carry a total balance of less than $1200 on non-mortgage accounts. (found on a search)

Alternate average balance:Your FICO® score considers how much you owe on your credit accounts, such as revolving credit accounts and non-mortgage installment loans. Generally, the more you owe on these accounts, the greater risk you pose to lenders. FICO® High Achievers have an average total balance of $5000 on non-mortgage accounts. (contributed by JayToo 01/05/2008)

Late payments:

any lates: About 93% of FICO High Achievers have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.

60-day or longer: Very few FICO High Achievers, about 1%, have a 60 days late payment or worse listed on their credit report.

"bad payment history" --multiple accounts with lates: About 93% of FICO High Achievers have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average. (Got this with lates on 3 three different revolving accounts)

Other derogatories:

Virtually no FICO High Achievers have a public record or a collection listed on their credit report.
 
 

 

Contributor
xchap
Posts: 82
Registered: ‎01-23-2008
0

Re: Fico score 800+ Question?

Thanks guys

Starting Score: 760
Current Score: 760
Goal Score: 800


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1ofthefortunate
Posts: 1
Registered: ‎03-23-2010
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Re: Fico score 800+ Question?

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.

Member
miyasohot
Posts: 5
Registered: ‎03-23-2010
0

Re: Fico score 800+ Question?

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!

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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Fico score 800+ Question?

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.)

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Member
miyasohot
Posts: 5
Registered: ‎03-23-2010
0

Re: Pico score 800+ Question?

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.

Super Contributor
marty56
Posts: 5,672
Registered: ‎10-06-2007
0

Re: Pico score 800+ Question?

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.

09/12/2013 FICO: EQ: 772 EX:813 TU:752

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