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New Visitor
Posts: 2
Registered: ‎11-13-2007
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Need help with credit score.

Im 20 Years old and want to increase my credit score. Right now I have a 795 and want it to get above 800 before I purchase my first home in May of 2009.
 
In may of 2007 I had $2500 balance on my credit card (Maxed) with 22.3% interest. 
-Another credit card with a $400 balance on another with 17.6% interest.
-A $1600 Student Loan with 13.5% interest
-Loan for a Motorcycle of $2100 with 12% interest.
 
I was getting hit hard on the credit card. So I refinanced my car wich was just paid off and paid off all debt. Then I sold my motor cycle wich I had for 2 years. Now I still owe right at $1650 on my car. And the balance on credit cards is $0.
 
I have never been late on a payment is there any way for my credit score to go above 800? Or will I have to get the mortgage with my current score. Is a 800 score enough to get a 30,000 dollar loan if I down pay 50%?
New Visitor
Posts: 2
Registered: ‎11-13-2007
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Re: Need help with credit score.

Also my credit score was around 610 in May now its 795 will I have a problem getting higher since it was low?
Super Contributor
Posts: 8,166
Registered: ‎03-25-2007
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Re: Need help with credit score.

If your middle score (FICO, not FAKO) is above 760 you will get the best mortgage rate going for your position.  That is also probably true if your middle score is above 720.
 
The past does not matter - just the present score, and on all 3 reports.  A mortgage company will usually take the middle one
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
Posts: 741
Registered: ‎11-05-2007
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Re: Need help with credit score.



NsurN1987 wrote:
Im 20 Years old and want to increase my credit score. Right now I have a 795 and want it to get above 800 before I purchase my first home in May of 2009.
 
In may of 2007 I had $2500 balance on my credit card (Maxed) with 22.3% interest. 
-Another credit card with a $400 balance on another with 17.6% interest.
-A $1600 Student Loan with 13.5% interest
-Loan for a Motorcycle of $2100 with 12% interest.
 
I was getting hit hard on the credit card. So I refinanced my car wich was just paid off and paid off all debt. Then I sold my motor cycle wich I had for 2 years. Now I still owe right at $1650 on my car. And the balance on credit cards is $0.
 
I have never been late on a payment is there any way for my credit score to go above 800? Or will I have to get the mortgage with my current score. Is a 800 score enough to get a 30,000 dollar loan if I down pay 50%?


Nobody is going to be able to help you get above 800.  We can't even make a guarantee that you will ever get in the 800s.  Some people always follow the rules about utilization, have perfect payment history, and a thick credit file and yet they can stay in the vicinity of the early 700s.  No point in being an overachiever, you can get anything with a 795.
Time is credit's best friend...it can heal any wound.
Valued Contributor
Posts: 1,424
Registered: ‎07-24-2007
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Re: Need help with credit score.

Nsur..........there's nothing magical about 800. For such a young fella, you have great scores. I think the only thing that can push you higher is having your accounts age. ..........nothing you can do about that. Your 795 now is excellent - getting to 800 will not mean anything.
 
Good luck in your soon-to-be new home.  
New York Yankees - 2009 World Series Champions. 27... and counting.....
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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Need help with credit score.

Just be sure that the score you're looking at is a FICO. 795 is pretty high for a FICO score for a 20-year-old.

The other posters are right: a middle FICO score over 760 (maybe even 720) is all you need for the best rate. And you just have to spend some more on the planet to get into the 800's, as part of the score comes from the age of your oldest account, and they don't count until your 18th birthday.

Congrats on the nice work!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Mega Contributor
Posts: 19,115
Registered: ‎03-19-2007
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Re: Need help with credit score.

Length of credit is 128 FICO points, so you can write that part off for a few years, and just wallow in your otherwise flawless score!

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