How Long Until Score of 780?

[Anonymous]

My AAoA is only 12 months. I have 2 installment loans that are paid off and closed. I have 6 bank cards and 3 store credit cards. My current score is 730-740 aproximately*.

Information on FICO 08 is from American Express, Citi and Discover.

[RonM21]

Can you more details like utilixation, limts, an baddies, etc. Also, each person's file is different. Any answer would be more of an.estimated guess, ad there is really no way of knowing.

[Anonymous]

0 negative. 8% utilzation, and  more than 50K.

[Anonymous]

If you open another installment loan and pay it down to < 10% you'll probably pick up half of the points you need to get to 780.  Letting just 1 of your 9 cards report a balance of < 10% and making on time payments is all you need for the rest.  I'd estimate in 6 months you'd get there, a year TOPS once AAoA hits 2 years.  Would take longer if you don't have an open installment loan.  Also, aside from adding the installment loan you shouldn't open any more accounts as that would add further inquiries and keep your AAoA below 2 years even longer.

[Anonymous]

Last year I was a novice so I kept applying for redundant cash back credit cards. There isn't any more of them to apply for anymore accept for Chase Freedom but there is no reason to open any line of credit, ever. I guess it was amusing to me last year.

[Anonymous]

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@Anonymous wrote:

If you open another installment loan and pay it down to < 10% you'll probably pick up half of the points you need to get to 780.  Letting just 1 of your 9 cards report a balance of < 10% and making on time payments is all you need for the rest.  I'd estimate in 6 months you'd get there, a year TOPS once AAoA hits 2 years.  Would take longer if you don't have an open installment loan.  Also, aside from adding the installment loan you shouldn't open any more accounts as that would add further inquiries and keep your AAoA below 2 years even longer.

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Would you know how quickly the scores will change if all this was met? Is it based on when the installment loan reports?

[SouthJamaica]

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@Anonymous wrote:

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@Anonymous wrote:

If you open another installment loan and pay it down to < 10% you'll probably pick up half of the points you need to get to 780.  Letting just 1 of your 9 cards report a balance of < 10% and making on time payments is all you need for the rest.  I'd estimate in 6 months you'd get there, a year TOPS once AAoA hits 2 years.  Would take longer if you don't have an open installment loan.  Also, aside from adding the installment loan you shouldn't open any more accounts as that would add further inquiries and keep your AAoA below 2 years even longer.

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Would you know how quickly the scores will change if all this was met? Is it based on when the installment loan reports?

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It happens when the loan reports at 9% or so. I.e. it can be as soon as a month. It only works that way if it's your only open installment loan.

In my case taking out a share secure loan and paying it down to 9% got me around 20 points in my FICO Auto 8 scores, and around 25 to 30 points in my FICO8 scores.

[Anonymous]

Exactly, so you figure a month or so after you take the loan out, when it reports you'd see the score increases.

The rest of it, AAoA aging and making on time payments is something that simply takes time and cannot be rushed... but I feel the OP within 6-12 months of solid credit behavior (effectively increasing his credit history and portfolio by 50-100%) would result in meeting his score goals.

[Grafton88]

I saw about a 25 point gain when I paid down my share secured loan down to 8%.  It showed up on my next month's report.  I had also paid down my util to under 5%.

My AAoA was about 6 months.  My EX shot up to 775.  My TU went to 759.  My Eq still has a baddie so it only went to 712.

One thing to look at is how a loan at the start will affect your score.  You can take a hit for the INQ and another for a drop in your AAoA.  It may take several months to show a gain.  My loan was about 4 months old when I made the pay down.  I also have a very thin file so my score went into the crapper for awhile after I took out the loan.

I would only go for another loan if you don't have anything happening in the near term.

[Anonymous]

In addition to the AAoA hit and the inquiry from a newly originated loan, the other factor is that you now have a loan that's at 100% balance which isn't going to do much for a score until it gets "significantly paid down" which is often around 70% of the original balance (30% paid off).  As stated though, once below 10% is when the most points from an installment loan are realized.