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New Member
Posts: 2
Registered: ‎09-20-2012
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Improving an already good score

So I find lots of info about how to improve my score if I have troubled history but how can a person with good credit make it better?

 

Lets say I have no potentially negative items, a relatively small mortgage with perfect payment history, and an auto loan also with a perfect history. Iets say I have 6 revolving credit lines with low utilization and all but one are seasoned five years or more, all have a perfect payment history. lets also say 6 hard credit inquiries, ranging from 6 months old to almost two years old.

 

What could this person do? Is a perfect credit score even possible? If not what is actually attainable? Sorry for what may seem like a silly question to some, but just because you are doing well does not mean you cant do better.

Super Contributor
Posts: 5,754
Registered: ‎12-11-2011
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Re: Improving an already good score


noahfecks wrote:

So I find lots of info about how to improve my score if I have troubled history but how can a person with good credit make it better?

 

Lets say I have no potentially negative items, a relatively small mortgage with perfect payment history, and an auto loan also with a perfect history. Iets say I have 6 revolving credit lines with low utilization and all but one are seasoned five years or more, all have a perfect payment history. lets also say 6 hard credit inquiries, ranging from 6 months old to almost two years old.

 

What could this person do? Is a perfect credit score even possible? If not what is actually attainable? Sorry for what may seem like a silly question to some, but just because you are doing well does not mean you cant do better.


I've seen people with scores well into the 800s....or at least they claimed so Smiley Tongue 

 

Eventually you get to a point where you could just be approved for everything. 

 

Your score (or whoever this person is in your post Smiley Tongue ) will jump up a little bit after all of those inqs are at least 1 year old (they will report for 2 years, but only affect scoring for the first year)

;
Frequent Contributor
Posts: 305
Registered: ‎04-26-2012
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Re: Improving an already good score

Sometimes in the world of credit, time is the only answer. Smiley Wink

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Improving an already good score

My wifehas a score in the 800's, never a mortage, only one car loan. The balance of her file is long term opened credit cards with never a late payment. My step son has an 817, two car loans only, no credit cards or mortage.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


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Valued Contributor
Posts: 1,181
Registered: ‎03-22-2012
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Re: Improving an already good score

Yes, someone on these forums actually posted a screenshot of their perfect 850 score. Scores do however change and they only held that score for that pull.

 

The only thing you can do in your situation is to groom your utilization. Utilization plays a huge role in your credit score, more so the higher your score. You really only need to do this for 2 reasons:

 

1. You are planning on applying for new credit in the near future. (30 to 60 days)

 

2.You want to see exactly how high your scores can get and have bragging rights on these forums.

 

This is what you need to do:

 

Have 1 credit card report less than 9% of the total of all your credit cards' credit limits and all the rest of your cards report a zero balance.Depending on the person, the highest score might be any of the percentages from 1% to 9%. Some people might get their highest score with 2% reporting, others at 7%.

 

If all your cards are reporting a zero balance every month your score is not maximized. This method has been proven time and again on these forums.



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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Improving an already good score

When you get to the point where you can be approved for anything; its very hard to limit your applications so that you are only applying for what you "need"

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Posts: 2
Registered: ‎09-20-2012
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Re: Improving an already good score

So my score just wont stay over 800, it hovers near there but never more than a few points over. I may be looking to make a major purchase in the next few months, so maximizing the score would be beneficial. My utilization is low, I use a couple of credit cards but always pay the balance in full at the end of the billing cycle. Half of the hard credit inquiries will drop off next month. Is it possible that refinancing my home last year hurt my score because it's now a shorter time open account? I am very careful not to open or accept offers of new credit just because I can get approved. In fact if it would not be detrimental to my credit I would like to close several very seasoned credit accounts that I just don't use or need.

 

I do appreciate the knowledge shared here

Valued Contributor
Posts: 1,181
Registered: ‎03-22-2012
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Re: Improving an already good score

You have nothing to worry about!

 

You will get the best rates with most lenders with a score of 760. A score of 780 would guarantee you the best rates with ANY lender.

 

How long is your average age of accounts? That might be one factor holding you back a bit. If I remember correctly the poster with the perfect score had a AAoA that was 20 years or more. You want to make sure you keep all the credit cards you have now open so your AAoA grows.

 

What type of major purchase do you have in mind?



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Posts: 13,892
Registered: ‎04-15-2011
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Re: Improving an already good score


AZHeather wrote:

Sometimes in the world of credit, time is the only answer. Smiley Wink


+1   Truer words were never spoken.

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