Understanding FICO® Scoring

[mkatan]

This is quite accurate, I joined the 800 club sometime in 2005 and never looked back. Funny thing though at first I thought oh I am gonna be at 830-850 range at no time, however in the last 2 years I only gained about 5 point on the average, my only "negative" is my credit history is only 16 years old (I moved into the US in 1992). My highest score is TU at 828, my lowest is Ex at 817

[haulingthescoreup]

Yes, that's what happens as you approach the speed of light in FICO scoring. It's harder and harder to wring out a couple of points of increase, but boy, try missing a payment, and see how far and how fast your scores can fall!

Thanks for posting --it's always fun to know that there really are people in the 800+ ranges.

[psychic]

My scores haven't budged in 7 months.  I imagine that subscribing to Score Watch wouldn't be very exciting for me. 

[mkatan]

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haulingthescoreup wrote:
Yes, that's what happens as you approach the speed of light in FICO scoring. It's harder and harder to wring out a couple of points of increase, but boy, try missing a payment, and see how far and how fast your scores can fall!

Thanks for posting --it's always fun to know that there really are people in the 800+ ranges.

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You are very welcome, I am very proud of it, since I wasn't handed my parents history( like my wife). I always paid on time etc but honestly after I read Suze Orman Young Fabulous and Broke, I begun to understand the system better and joined Fico monitoring. My scores go up n down a point or two every few weeks but are basically the same for the last 11 months. BTW, while our combined income is in the 6 figures , we are by no means rich which proves that even with modest income you can have high fico scores.

[haulingthescoreup]

If I may ask, how old is your oldest credit tradeline reporting? It looks more and more as if, all other things being equal, that is the determining factor in breaking through the 800 ceiling. Oh, and do you have a mortgage?

Sorry --hope you don't suddently have the feeling that you are surrounded by people in white lab coats with bright lights and magnifying glasses!

Message Edited by haulingthescoreup on 01-03-2008 08:54 AM

[mkatan]

no problem, no I do not have a mortgage. I had a car payment that I paid off in 16 months instead of 60 (finished on 12/06), I paid off all my student loans (totaling 35k from grad school, finished them before the end of the 6 months grace period, but started paying while in school, when I started my PhD I had all my MS loans paid, and after graduating I rapidly paid them off before they start the finance charges). I have a current car loan, but again I am a head of schedule (again 60 month but I am about 65% paid, it should be paid off by August). My oldest CC is from 1993, its my BoA account, that when I opened they used my saving acct as collateral (secured card as they are know now, back than you got it with a 2 years CD account). That account that is now 15 years old also has my highest CL (45k, up from the original 3k). I normally have 0 balance on all my CC but occasionally carry a balance for a month or two,usually when we travel. For example, we went to Europe in June and used CC while there, it took me 3 month to pay off, the tickets and the usage, however I used my CITI account that beside having very low interest rate (2.9%) gives me great rewards. I also buy our season tickets using my card and always pay it off in 3-4 months. I think I have a good ix of credits: few CC, 2 gas cards(haven't used them in years), couple department store and Sams club, paid off student loans, paid off car with a 2nd one 2/3 done. My wife inherited the house we live in from her grandparents, so we didn't need a mortgage (and yeah I understand how lucky we were for that, we did however spent 65k revamping the place and she is the only daughter on an only son).

Message Edited by mkatan on 01-03-2008 11:38 PM

[haulingthescoreup]

You very much fit the classic profile of the FICO High Achiever, other than the mortgage --always clean history, restrained number and use of cards, one open loan with only 1/3 the balance of the original loan amount, and a 15-year-old card. Looks like length of credit history carries more weight than the presence of a mortgage, interesting.

Thanks so much for posting, and I hope you survived the older home remodel with sanity intact!

[MidnightVoice]

mkatan wrote:

 My wife inherited the house we live in from her grandparents, so we didn't need a mortgage (and yeah I understand how lucky we were for that, we did however spent 65k revamping the place

did you get a loan for that, and if so was it secured by the house?

[mkatan]

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MidnightVoice wrote:

mkatan wrote:

 My wife inherited the house we live in from her grandparents, so we didn't need a mortgage (and yeah I understand how lucky we were for that, we did however spent 65k revamping the place

did you get a loan for that, and if so was it secured by the house?

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no we didnt use a loan, just some saving and the cc( paid it off as fast as we could, I think it took few months). I try not to borrow if I can avoid it, Why?

Message Edited by mkatan on 01-05-2008 01:16 AM

[MidnightVoice]

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mkatan wrote:

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MidnightVoice wrote:

mkatan wrote:

 My wife inherited the house we live in from her grandparents, so we didn't need a mortgage (and yeah I understand how lucky we were for that, we did however spent 65k revamping the place

did you get a loan for that, and if so was it secured by the house?

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no we didnt use a loan, just some saving and the cc( paid it off as fast as we could, I think it took few months). I try not to borrow if I can avoid it, Why?

Message Edited by mkatan on 01-05-2008 01:16 AM

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Just though a HELOC might be on your CR - a good thing