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Question about Entering 800 club

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Anonymous
Not applicable

Question about Entering 800 club

Friends,

 

According to MyFico, my lowest score is 717 as of today, and my highest is 775. Looking to enter the 800 Club if possible.

 

7 recently closed (Sept 17) credit cards on my account (AXP, Delta Reserve, CSR, CSP, Wells Fargo, US Bank, Citi Hilton), I only ever had one installment, Mortgage, which is paid (paid in full in 2015).

 

I'm completely debt free (incl my house) with no open lines of credit whatsoever. Oldest closed card was from July 2003. Always pay everything in full.

 

I just opened a new card (Discover It Chrome) to have one revolving line. (approved yesterday, waiting for Card in mail) 

 

I'll be honest and say the main reason I want an 800 score is to be able to qualify for mortgage at best rates, should i ever choose to move or move up in house.

 

Can you help?

 

PG

Message 1 of 10
9 REPLIES 9
mkhan1093
Established Contributor

Re: Question about Entering 800 club

Welcome to the forums, petergee!

 

You have great scores, but in my opinion closing all those TLs and opening a new one is definitely not the way to go if you're looking to increase your scores to 800+. You should have downgraded whatever you could so that you would avoid AFs, and only closed whatever truly couldn't be downgraded and couldn't make sense no matter what you did. Anyway, luckily FICO scores still take closed accounts into consideration for a decade so if you just your new Discover card regularly and PIF while having a low utiliziation, you'll be on track to 800.

Message 2 of 10
Anonymous
Not applicable

Re: Question about Entering 800 club

Thanks for the feedback, mkhan, hindsight is always 20/20 but (as they say) what's done is done. Wondering what the optimal usage % on the Discover Card is, 7-10%?

Message 3 of 10
K-in-Boston
Credit Mentor

Re: Question about Entering 800 club

Ouch!  Agree what's done is done, though, so no use going down that path of discussion.  Optimal reporting on your Discover will be $5 to 8.9% of the limit.  You will lose a few points for more than 50% of your revolving accounts reporting a balance (in this case 100%) since you do not have 3 or more to balance out, but perhaps not more points than 0 cards reporting a balance.  A Share Secured Loan may be a good option that doesn't really cost much at all since you pay most of it off immediately before accruing interest and just drag out really tiny apyments over the course of years to have an open installment loan.  That can be good for quite a few points!

Message 4 of 10
Anonymous
Not applicable

Re: Question about Entering 800 club

Thank you K!

Message 5 of 10
Anonymous
Not applicable

Re: Question about Entering 800 club

OP, when you say your lowest score is 717 and highest is 775, are you talking across ALL FICO scores, or are those your FICO 08 scores only?

 

If they are only FICO 08 scores, what is the reason why there's such a big difference between your top and bottom score?  There must be different account information present.

Message 6 of 10
Anonymous
Not applicable

Re: Question about Entering 800 club


@Anonymous wrote:

Friends,

 

According to MyFico, my lowest score is 717 as of today, and my highest is 775. Looking to enter the 800 Club if possible.

 

7 recently closed (Sept 17) credit cards on my account (AXP, Delta Reserve, CSR, CSP, Wells Fargo, US Bank, Citi Hilton), I only ever had one installment, Mortgage, which is paid (paid in full in 2015).

 

I'm completely debt free (incl my house) with no open lines of credit whatsoever. Oldest closed card was from July 2003. Always pay everything in full.

 

I just opened a new card (Discover It Chrome) to have one revolving line. (approved yesterday, waiting for Card in mail) 

 

I'll be honest and say the main reason I want an 800 score is to be able to qualify for mortgage at best rates, should i ever choose to move or move up in house.

 

Can you help?

 

PG


I hear ya!!!!  I remember reading about how if you close an account it remains on your CR for eeyons, so I closed about 10+ cards in a month - most cards with an AF and store cards, all used in the beginning to start rebuilding my credit.  I had an AAoC of around 5+ years before this and was shocked to see how badly my credit scores sunk as a result of opening a prime card to replace a sub-prime.  I went from the low 700's to the mid to high 600's with a 1 year 5 month AAoC in just two months.  It's like I seem (?) to be starting all over again on that front like you seem to be also.  I guess I'll probably have no choice but to be gardening for a little while. 

Message 7 of 10
marty56
Super Contributor

Re: Question about Entering 800 club

IMHO you don't need an 800 score to get the best mortage rates but others may chime in here.  Worst case you could always refi down the road if the opertunity is there to get the home you want now.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 8 of 10
Anonymous
Not applicable

Re: Question about Entering 800 club


@marty56 wrote:

IMHO you don't need an 800 score to get the best mortage rates but others may chime in here.  Worst case you could always refi down the road if the opertunity is there to get the home you want now.


I know the best mortgage rates can be had at 760, but I think even those in the 730-740 range have reported getting the best tier rates depending on the lender.

Message 9 of 10
Anonymous
Not applicable

Re: Question about Entering 800 club

Thank you all. Very informative, and I appreciate the help!

Message 10 of 10
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