October Check in Thread

[Elcid89]

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@android01 wrote:

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@Elcid89 wrote:

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@RainaB13 wrote:
Current Score:742
Next Goal Score:782
Increase goals to 850, with each goal apply for a CB card & continue applying for CLIs every 6 mos.
Study forums & ask the community for advice on when to apply, etc.

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Bear in mind that 850 is a theoretical maximum. In practice with FICO 04 scoring, nobody ever has (or ever will) achieve it. The practical maximum (again, FICO 04 scoring) is 818 for EQ, and I believe somewhere in the mid 830's for EX and TU.

AFAIK the highest FICO 04 scores ever recorded were 834.

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The top score for TU04 is 839, and the highest for EX04 is 844. 

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Thanks for the clarification. I knew it was somewhere in that range, but I didn't know specifics and didn't want to speculate.

[Elcid89]

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@RainaB13 wrote:
Are 818 & 815 achievable goals if one follows the basic rules of credit?

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Of course. Anecdotal evidence suggests that the components of an 800 level score are bills that are always paid on time, low utilization, a lengthy credit history and a mix of credit types (installment / revolving / mortgage) being reported on one's file.

I can't speak for others, but my own situation involves a file that dates to the early 1970s ( I still have the first credit card account I ever opened remaining open, through several bank mergers, precisely to maintain that depth), never having missed a payment on anything (ever), utilization that stays below 3% by and large, and all three account types being reported. YMMV.

[user5387]

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@RainaB13 wrote:
Are 818 & 815 achievable goals if one follows the basic rules of credit?

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High scores are readily attainable, but at the same time, such scores represent a deliberate choice.

The most basic aspect of that choice is being obsessive about paying your bills on time, and not using credit to buy stuff that you can't pay for.

Beyond that, there are other choices that you make.  For example, I applied for a Cash+ card this week, and when I did so, my AAoA was 7.0 years.  I have one backdated Amex, and the rest of it is due to applying only for cards I really want.  I now have seven cards, and mostly only use three of them, and so having a large number of cards won't do me any good, even if I could get a few extra dollars in rewards.

[RainaB13]

That's great! My first card would have been 36 1/2 years ago but Bonwit Teller went bankrupt so, my oldest is 22 1/2 years. Somehow my report has me with a new one. 6 mos ago but, that is actually my Verizon account.

[RainaB13]

I actually pay the balances of the cards I use weekly. Discover says that is one of the reasons they've given me 2 CSIs in a short time.

[RainaB13]

CLIs. I'm new at this.

[nois]

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@RainaB13 wrote:
Are 818 & 815 achievable goals if one follows the basic rules of credit?

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Yes. Just stick to the basic rules of credit you'll learn here.

...and you don't need a particularly long credit history. I was able to get to 813 on Equifax with just a little over 12 years history and that was with no mortgage, just revolving and installment history. Now with a mortgage and at 13 yr 1 mo I got back up to 814.

[RainaB13]

Thanks,
In May when I have 0 inquiries,7 more months & my utilization is down from 11%; what would be a good CB card to add to my Discover It & Capital One Rewards?

[RainaB13]

Also, all bureaus will have gotten my $500 CLI from Cap1.

[ezdriver]

Ch 7 Discharge was in April of this year. My objective is to purchase a home by May of 2014.

Spent August and Sept obtaining tradelines for me and my wife. 

I now have 4 CC and 1 small installment loan. My wife has 2 CC. 

Had a loan officer friend pull my tri-merge credit report today and the results are in my signature below. I am following the advice that I gave to clients when I was a mortgage broker plus some great tips [utilization, payment strategies, addressing negative stuff on CR] learned on this forum. I'm now in gardneing mode until I purchase my next home. Oh yeah ... I'm living comfortably within my income.

All the best to everyone on the credit rebuilding journey.