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No one knows: How to get your score over 800

[ Edited ]
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
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Re: No one knows: How to get your score over 800

[ Edited ]


none1 wrote:
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

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 that                 
                           are helping your FICO score.  You should continue the good practices listed
                           here.  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 opened
                                28 years ago and the average age of my accounts was 13 years [at the
                                time of that report]).
 
                           3.  You've limited the use of your available credit (My ratio of revolving balances
                                to 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."
 
                           


Message Edited by psychic on 10-31-2007 11:02 PM

Message Edited by psychic on 10-31-2007 11:07 PM

Message Edited by psychic on 10-31-2007 11:10 PM
EQ 814 / TU 815 / EX 842
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Re: No one knows: How to get your score over 800

Can't wait to get all those messages for myself! I get a couple of them now, but others are on down the road...

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!
* 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
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Re: No one knows: How to get your score over 800

[ Edited ]
 
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 that                 
are helping your FICO score.  You should continue the good practices listed
here.  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 opened
28 years ago and the average age of my accounts was 13 years [at the
time of that report]).
 
3.  You've limited the use of your available credit (My ratio of revolving balances
to 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."

On October 9 my scores were 779, 801, 801. 
 
History is similar to Psychic's (Equifax reported oldest account 33 years, average account 12 years, utilization 2%.  Reason #4 replaced with "You're not actively looking for credit."  Mine had a "negative factor" listed only on Equifax (779) as  "You recently opened a new credit account" (auto loan a few months ago.) 
 
TU (801) did not list any negatives, even though that auto loan reported there as well.
 
As of yesterday, Scorewatch reported that Equifax was 793 (up from 779)  and that recent changes on the account were the reporting of a new credit account (AU on husband's new Chase CC with a $500 balance on a $5,000 CL.)  I previously had only one currently reporting CC account with a $46 balance and a $1,000 limit (the main CC account is reported as installment.)  They like CC accounts better than installment loans??? 
 
Now ... I don't want to find out how losing older accounts will impact the credit score, so I will probably try to reopen the 33 year old account that I closed in 2000 because of the mistaken belief that if I wasn't using it, I should close it.  :smileysad:
 
I also will probably  try to get my husband's oldest account (28 years) re-opened since the creditor closed it last month (for inactivity?)  But ... I think I shall wait until after our auto insurance renews just in case these activities cause our score to drop and draw attention of the insurance company.  From what I can tell, they do a credit check prior to renewal.  Not knowing what factors they consider in establishing rates, I don't want anything to cause them to alter our rate grouping from where it stands now.
 
This game makes no sense sometimes.  :smileysurprised:
 


Message Edited by denbar2003 on 11-01-2007 08:28 AM
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Re: No one knows: How to get your score over 800

First - get zero negatives.
 
Second - 800 can be achieved with oldest cards of 20 years and average age of 7 years, good mix of credit, low number of inqs and use of credit cards every month or so.
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
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Re: No one knows: How to get your score over 800



haulingthescoreup wrote:


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!


My oldest account was opened in 11/1978, so it turns 29 years old today.  I have no idea if that will make much of a difference in my scores. 
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Re: No one knows: How to get your score over 800

none - As of 10/24/07, my TU = 815, EX = 818, EQ = 822.  I can't say I have ever done anything out-of-the-ordinary as far as trying to increase my scores. I attribute these numbers strictly to the age of my accounts - and luck. When I was a kid, my grandfather left me some property which has appreciated greatly. I have also never applied for a CC in my life. Every card I have ever had I received as the result of a pre-approval letter. My first AMEX card was 1978 (Green), the Gold also in 1978.  Then the Centurian. After that I was bombarded by Diners Club International, Chase, Citi, etc.
 
I just recently opened a BoA checking account and that cost me 15 points. My other checking account I opened with Chase in 1975, when I was 18.  Frankly, I have never really paid attention to my scores. I even applied for 2 mortgages over the years without checking my score first.
 
Now, I am trying to get my Sister's credit back on track.  After a not-so-friendly- divorce she is the mid-500's.
 
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.
 
Good luck.
New York Yankees - 2009 World Series Champions. 27... and counting.....
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Re: No one knows: How to get your score over 800



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.


Pretty good summary as far as I am concerned, once one is established  :smileyvery-happy:
 
But if one is seeking to improve credit in a period of less than 7 years, then playing the game can help a great deal

 

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
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Re: No one knows: How to get your score over 800

All three (3) of my scores are in the 800's. Like most people in the 800's I have never paid an account late.  Pay your bills on time and every time.  If you can not PIF, then at least pay the minimum.  A late payment can really kill a score.
 
Keep your utilization down.
 
Build credit experience.  I am in my mid 30's and I have had a Amex since I was 19.  I have always paid this card on time and will continue.  I have had many cards over the years, but I have held my Amex.
 
I can not express how important it is to pay your bills on time. 
 
Did I say pay your bills on time!
 
 
 
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Re: No one knows: How to get your score over 800

According to the FICO score report format, people with scores > 760:
 
1% or fewer of them have a 60 day late payment
Virtually none have a public record
Opened their oldest account 19 years ago, on average
Have an average age of accounts between 6 - 12 years
Opened their first revolving account 19 years ago, on average
93% have no missed payments at all
If they do have a missed payment, it happened 4 years ago, on average
Have an average of 12 accounts in good standing
Have an average total balance of $5000 on non-mortgage loans
 
The summary didn't say anything about # of inquiries.  I remember reading somewhere that people with > 6 inquiries were 8x more likely to file BK than people with 0 inquiries.  Or maybe it was people with > 8 inquiries were 6x more likely ... whatever.
-----------------
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