Understanding FICO® Scoring

[nishant1]

My lowest of 3 credit score is in range of 840 to 850. I donot have any issues with credit.

I get best mortgage rate from credit unions for home refinance and have not been denied of any credit card.

I have 28 credit cards with a credit line of over 200K. The only two cards small credit lines just over $1000  are Target Redcard and Kohls card.

I earn about average $2500 cash back including new card promotions

I always pay cards in full and my typical average utilization is 4 % and maximum for a card is 20 %. From last month, I have started bringing utilization down to less than 1% by paying 3 days before cut off date

My score has been in this range for last 3 years. Never below 720 but also never above 760.

What do I need to do to increase it over 800. It does not matter but I am curious to know what is different with guys who have scores above 800.

If the only reason to get score over 800 is to have no credit card then I am OK with whatever I have got but if there is something else, I would like to know.

[nishant1]

Typo in line 1. Please read as 740 to 750 instead of 840 to 850.

[guiness56]

Don't pay all of your cards so they report a 0 balance.  Have at least one that reports a small utilization, like under 10%.  FICO doesn't like to see all of them reporting 0.

I may have misunderstood when you said you PIF each month.

What is your overall utilization?

[JM-AM]

Once you reach a certain level in your credit scores, and follow proper usage of CC's for UTIL, and have a good mix of credit reporting on your reports, the only thing that really helps to improve your scores is time.

The older your accounts become with excellent history, the more your scores increase.

What many dont understand, that the higher your scores are, the slower and harder it is to improve your scores.

If you dont have a good mix or credit, such as mortgage, car payments, store cards, banking cards, as examples on your Credit Reports, adding the new mix to your Credit Profile will help improve your Credit Scores.