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Minimum lines of credit to get 800+?

New Member

Minimum lines of credit to get 800+?

Realize that most with an 800+ have a home loan, credit card,

 

What happens after I pay off my car loan and don't have a home loan? All in all how many regular credit cards, store cards, or other lines do I need? Other than payment on time, low utilization, low inquiry ratio, what should I have open to maximize my score. 

Message 1 of 11
10 REPLIES
Valued Contributor

Re: Minimum lines of credit to get 800+?

I have an 800 plus score with just credit cards witj just 5 credit cards. See siggy

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 2 of 11
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Established Member

Re: Minimum lines of credit to get 800+?

As do I (forget what the sig says, haven't updated in a while) with no home or auto loan (nor have I ever had one)... I do have student loans though so that could help (maybe?)... Have 5 cc's with an overall utilization ~2-5%, longest going cc is 10y old, avg. is 5y
Message 3 of 11
Valued Contributor

Re: Minimum lines of credit to get 800+?


Lester1965 wrote:

Realize that most with an 800+ have a home loan, credit card,

 

What happens after I pay off my car loan and don't have a home loan? All in all how many regular credit cards, store cards, or other lines do I need? Other than payment on time, low utilization, low inquiry ratio, what should I have open to maximize my score


There are many factors to a 800+ score.  As noted from the previous replies, one doesn't NEED to have a mortgage or car loans.  While conventional wisdom suggests (as do various sources) a good mix of credit types (personal loans/auto loans/mortgage/revolving credit,etc) are conducive to a good credit score, it doesn't have to be.  Age of one's file,your utilisation of credit,  the thickness or how many prior accounts in good standing can also contribute to that 800+ score.  But there's no single answer to your question. 

 

What should you do?  What you mentioned are steps to take.  Managing your credit takes some time, so do so regularly.  Also, speaking of time, it's your ally.  As accounts age, that age contributes as part of the makeup of your score.  Depending on what cards you have now, requesting regular credit limit increase (or getting them automatically) can contribute to lowering your utilisation.  Getting new cards and doing so judiciously, can also be a positive factor.  Yes, you take a bit of a hit for the inquiry and new TL, but you also gain as new card(s) are factored in to your total credit history. 

 

I'm sure others will chime in with additional responses, this is just what immediately came to mind to answer your question.  Smiley Happy

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 4 of 11
Valued Contributor

Re: Minimum lines of credit to get 800+?

I only have 4 open accounts.  Mortgage, US Bank LOC, US Bank Cash+ card and my Amex BCE.  My oldest  acct, ( closed ), is 22 yrs.  My most recent cc is 2 yrs, 3 months.

FICO 08
TU 839 11/11/17
EX 833 11/11/17
EQ 837 11/12/17
(NASA 30K) ( Amex 38.6k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 5/15
Message 5 of 11
Senior Contributor

Re: Minimum lines of credit to get 800+?

The maximum score I was able to  reach  with 2 revolving accounts only was 793 EQ Fico. With 3 cards the 800 barrier could be broken. But  I have nothing but revolving accounts on my file and of course with all my new cards the 800 is not reachable anymore at the moment due to the heavy cut of AAoA..LOL

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 6 of 11
Valued Contributor

Re: Minimum lines of credit to get 800+?


Lester1965 wrote:

Realize that most with an 800+ have a home loan, credit card,

 

What happens after I pay off my car loan and don't have a home loan? All in all how many regular credit cards, store cards, or other lines do I need? Other than payment on time, low utilization, low inquiry ratio, what should I have open to maximize my score. 


I would assume 2-3 CCs minimum, and no auto or mortgage loans required.

 

800 is difficult to achieve with derogatories showing, or with high utilization.

 

Message 7 of 11
Valued Member

Re: Minimum lines of credit to get 800+?

The folks with 800s, are you all over 40? Can a person in their 20-30s achieve 800+?



Message 8 of 11
Valued Contributor

Re: Minimum lines of credit to get 800+?


lecorps4fun wrote:
The folks with 800s, are you all over 40? Can a person in their 20-30s achieve 800+?

I think so, but you need to avoid derogatories, keep utilization low, and only apply for credit you really want and need.

 

A person who is casual about maxing cards or 30-day lates won't make it into the 800s.

 

Message 9 of 11
Senior Contributor

Re: Minimum lines of credit to get 800+?

I'm under 40.  Not currently at 800 but I've been crossing back and forth over the line.

Message 10 of 11