Everywhere i look people say "Dont worry, just make payments on time and don't focus so much on 800", well I really want to know how to achieve a score over 800.
The FICO system is purely a mathematical equation and 11-13% of Americans have a score over 800, so what are they doing that the majority of us 700's aren't?
I realize that i shouldn't be hyper-focusing on getting over 800 but its just something that i'm really interested in.
Message Edited by none1 on 10-31-2007 08:22 PM
Psychic wrote:My 3 FICOs are in the 800s. All I can offer is what's usually stated on my reports (on the "Understanding Your FICO Score"page).I have no negative factors present under "What's hurting your FICO score."Under "What's helping your FICO score," a recent Equifax report stated:The positive factors listed here reflect areas of your credit behavior thatare helping your FICO score. You should continue the good practices listedhere. These factors are listed in order of their impact to your score--the first
has the greatest positive impact and the last has the least.1. You have no missed payments on your credit accounts.2. You have an established credit history (My oldest account was opened28 years ago and the average age of my accounts was 13 years [at thetime of that report]).3. You've limited the use of your available credit (My ratio of revolving balancesto my credit limits was 8% [at the time of that report]).4. You've shown recent use of credit cards.In addition to these factors, my TransUnion report from October 16th stated that:You have an established revolving credit history.The report also states to "Continue to manage your credit as you currently are doing to maintain your very high FICO score."
A big part of the 800 club is simple age, both of credit history and of the human. That's pretty impressive to have kept a tradeline going 28 years!
cobra19 wrote:How to achieve 800? Pay on time, ALL the time, and let Father Time do his thing.I am sure there are a lot of folks here a lot smarter about the ins-and-outs of FICO than I am that can advise you well.