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Best Possible Fico Score?

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Anonymous
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Best Possible Fico Score?

Best Possible FICO Score?

 

OK. Here’s my scenario.

7 Revolving accounts. .95% Total Utilization

1 Unsecured Loan. $1200 - Balance $781

 

Discover It: $1500 - $100 Balance – 6.67% Utilization

 

The remaining 6 revolving accounts with a zero balance:

Home Depot:                      $1500

Capital One Quicksilver:     $1000

Exxon Mobile1:                   $800

Capital One Secured          $651

Credit One Ban                   $400

Target:                                 $300

 

All of these accounts are due on the same date, and will report at the same time, give or take a few days. Is this the best way to maximize FICO? There are no negative accounts (Except Equifax), and zero late payments. All of these accounts are recent, but I have old “Good Credit” that helps with the AAOA.

 

I have been thinking of closing the Target, Credit One, and Capital One Secured at the two year mark. As they are not very good cards and they have served their purpose. I know it will be an initial hurt, but I don't think they would be that drastic, considering I do have some decent cards now.

 

Thoughts?

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1 REPLY 1
Revelate
Moderator Emeritus

Re: Best Possible Fico Score?


@Anonymous wrote:

Best Possible FICO Score?

 

OK. Here’s my scenario.

7 Revolving accounts. .95% Total Utilization

1 Unsecured Loan. $1200 - Balance $781

 

Discover It: $1500 - $100 Balance – 6.67% Utilization

 

The remaining 6 revolving accounts with a zero balance:

Home Depot:                      $1500

Capital One Quicksilver:     $1000

Exxon Mobile1:                   $800

Capital One Secured          $651

Credit One Ban                   $400

Target:                                 $300

 

All of these accounts are due on the same date, and will report at the same time, give or take a few days. Is this the best way to maximize FICO? There are no negative accounts (Except Equifax), and zero late payments. All of these accounts are recent, but I have old “Good Credit” that helps with the AAOA.

 

I have been thinking of closing the Target, Credit One, and Capital One Secured at the two year mark. As they are not very good cards and they have served their purpose. I know it will be an initial hurt, but I don't think they would be that drastic, considering I do have some decent cards now.

 

Thoughts?


It's close to optimal.  You may need to figure out what specifically individual balances and in some cases we've heard users state there was no difference between 1 vs. 2 balances reporting (I'm in the 1 balance camp for what it's worth on my own credit report, but again that's individual) and short of subscribing to SW or similar, it's hard to do better.

 

Realistically your path to longer-term FICO improvement is simply never to miss a payment and let time pass; you could close the cards with no real impact if you wanted to (unless it changes your utilization or your number of balances reporting ratio it doesn't matter) but personally if you're not paying an AF with them and it's not any trouble to keep them active, I would do so until I got some higher tier cards to replace them.




        
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