fico score

[Anonymous]

I am retired in my 70's , have a fixed income safe of around 4K month after taxes, own outright my home, pay my credit cards off every month, have around $65 credit limit and have a decent IRA and ROTH which I don't touch except for MRD.  So having only credit cards as debts hurts my score.  If I had a mortgage it would be better I understand.  This seems unfair.  My last FICO score was in the 765 range, good but not excellent.   What gives?

[sunshine7157]

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@Anonymous wrote:

I am retired in my 70's , have a fixed income safe of around 4K month after taxes, own outright my home, pay my credit cards off every month, have around $65 credit limit and have a decent IRA and ROTH which I don't touch except for MRD.  So having only credit cards as debts hurts my score.  If I had a mortgage it would be better I understand.  This seems unfair.  My last FICO score was in the 765 range, good but not excellent.   What gives?

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Its pretty sad, isn't it? Those of us who thought we were being responsible with our credit, our debt & our finances overall. Apparantely by doing things the way we did, we left ourselves unable to 'prove' (on paper) that we have our poop in a group. It's all about proof. I'm with you on this one. Sad but true.

[pizzadude]

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@Anonymous wrote:

I am retired in my 70's , have a fixed income safe of around 4K month after taxes, own outright my home, pay my credit cards off every month, have around $65 credit limit and have a decent IRA and ROTH which I don't touch except for MRD.  So having only credit cards as debts hurts my score.  If I had a mortgage it would be better I understand.  This seems unfair.  My last FICO score was in the 765 range, good but not excellent.   What gives?

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A FICO score of over 760 classifies you as a high achiever and you should qualify for the best interest rates on just about any credit product with that score.

You don't need to have a mortgage to have a higher score ~ many people have reported cracking into the 800s with only revolving debt.

You might be able to tweak your score higher if you manage how your credit card utilization reports.   How many open CCs do you have, what are their limits and ballpark balances reported each month ??