Fico scoring

[Anonymous]

How what type of credit report does a person have to have to get scores in the 700 range

[Anonymous]

There are an infinite amount of possibilities, so it's very difficult to answer your question.

It's possible to have a 700 score with one sector of the FICO pie looking ugly so long as your other areas are looking good, generally speaking.  So if you have a dirty payment history, high utilization or short credit history (just 1 of these things) but the others look very strong, it's possible to have a 700 (or better) score.  This is a very general answer to your question, but it's not an easy question to answer really.

[HeavenOhio]

It seems that another way to reach 700 is to be new to credit and to have one account report on-time payments for six months.

[Anonymous]

You have gotten responses from two knowledgeable people who are very helpful with newcomers.  If you explain what your reports look like now, they can point you toward what you need to do to break 700.

Be sure to tell them about your credit cards and any derogs that may be on the reports.

[Anonymous]

I am literally at 699 FICO8 on EX as of this week.  Was at 540 in February this year.

My data points on almost being at 700:

• Age of oldest account (AoOA) is 11.1 years, account has been closed 9.5 years.
• Average age of accounts (AAoA) is 24.3 months.
• Total installment loans open: 2 (boat loan showing as an auto loan, plus SSL at $40/$500)
• Installment loan utilization is close to 97% (paying that down to under 5% by January as the interest on the boat loan is being 100% credited back to me)
• Total credit cards open:   (bank cards: 5, store cards: 2)
• Aggregate utilization: 10% (paying down to <5% this week)
• One card with a 42% utilization balance (was supposed to be $5 but Irma caused me to not get my PIF in before statement cut)
• Charge-offs: 0
• Collections: 0
• Public records: 0
• Late payments: 0
• Inquiries: 7 (all less than 12 months old)

The next 6-12 months should be exciting once that oldest account drops off (replaced with my second oldest at 5-6 years old, open credit card), my installment loans hitting <5% left to pay (SSL), but my AAoA staying about the same (24 months or higher).  And my inquiries should drop from 7 to 1 or 2 if I app for anything new.

I bet when my 42% utilization card shows PIF this week my score goes up a tiny bit, plus my aggregate utilization will drop below 9% so that should give me a little boost.  Hoping to see 715-720 but who knows.

My goal was to raise my FICO scores by 200 points in 12 months or less (February 17 to February 17) which I think I'll do.

The keys to do it for me were:

• build new positive credit history and let it age and show very low utilization
• negotiate with all negative report information -- I sent hundreds (maybe 1000?) good will requests, PFD requests, and even a threat or two to get all my derogatory information removed, including chargeoffs, lates, tax liens and collections.  I keep a log of everyone I communicate with and how long it took and I think I've invested over 100 hours this year just negotiating for a clean report.  It was successful, but it was a LOT of work.
• build a hefty savings account so I never have to worry about missing a payment
• setting up autopay on EVERY account so it is never late

[Anonymous]

OP, see ABCD's post above.  What you're going to want to do is bullet-point all of your profile data much the way he did to give us an idea of what yours looks like.  As you can see from ABCD's 10+ bullet points, there is a lot of data that goes into a profile and thus a FICO score.  And, for each bullet point in many cases there are tons (many times infinite) of different possibilities, then an infinite amount differences when comparing all of these pieces of data relative to one another.

He provides an example of one way to achieve a ~700 score.  Without question though, your profile is going to be different.