Our Forums' FICO High Achievers: Who has at least one FICO Score of 760 or above?

[gdale6]

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@Anonymous wrote:

Thanks for the quick reply.  But I don't understand the 0=30% math.  Any insight on that would be much appreciated.

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Basically what it is is you get penalized for not using any revolving credit so Fico dings you for not having any balances reporting, we believe the ding that Fico gives you is near the 30% utilization mark for 1 card.

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:

Thanks for the quick reply.  But I don't understand the 0=30% math.  Any insight on that would be much appreciated.

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Basically what it is is you get penalized for not using any revolving credit so Fico dings you for not having any balances reporting, we believe the ding that Fico gives you is near the 30% utilization mark for 1 card.

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Ouch!  That's a painful ding after so much work.  They will probably ding me again for "balance increase" as soon as I let a small balance get back on the report.  Thanks again!

[Ubuntu]

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

Thanks for the quick reply.  But I don't understand the 0=30% math.  Any insight on that would be much appreciated.

---

Basically what it is is you get penalized for not using any revolving credit so Fico dings you for not having any balances reporting, we believe the ding that Fico gives you is near the 30% utilization mark for 1 card.

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Ouch!  That's a painful ding after so much work.  They will probably ding me again for "balance increase" as soon as I let a small balance get back on the report.  Thanks again!

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I did an experiment last October and let all of my cards go to zero balances. I immediately dropped 23 points but one week later when another card posted a balance I got 25 points back so hopefully the same will happen for you. Not sure why the extra 2 points but my scores often have 2 or 8 point drops followed by 2 or 8 point gains. The only thing that I can see that might cause those is slight differences in UTIL which bounces around from 1% to 3%.

Last week I accidentally let all of my cards go to zero again and I got dinged for 36 points which was a bit of a schock. I'm hoping it pops right back up in a few weeks when another card reports but I'm dealing with a, thankfully, fairly minor identity theft situation right now so there could be other things happening that haven't made it to my attention yet.

[Anonymous]

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@Ubuntu wrote:

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

Thanks for the quick reply.  But I don't understand the 0=30% math.  Any insight on that would be much appreciated.

---

Basically what it is is you get penalized for not using any revolving credit so Fico dings you for not having any balances reporting, we believe the ding that Fico gives you is near the 30% utilization mark for 1 card.

---

Ouch!  That's a painful ding after so much work.  They will probably ding me again for "balance increase" as soon as I let a small balance get back on the report.  Thanks again!

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I did an experiment last October and let all of my cards go to zero balances. I immediately dropped 23 points but one week later when another card posted a balance I got 25 points back so hopefully the same will happen for you. Not sure why the extra 2 points but my scores often have 2 or 8 point drops followed by 2 or 8 point gains. The only thing that I can see that might cause those is slight differences in UTIL which bounces around from 1% to 3%.

Last week I accidentally let all of my cards go to zero again and I got dinged for 36 points which was a bit of a schock. I'm hoping it pops right back up in a few weeks when another card reports but I'm dealing with a, thankfully, fairly minor identity theft situation right now so there could be other things happening that haven't made it to my attention yet.

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Thanks!  I hope that's how it goes as soon as I can get a card with a balance posted.  I'll report back with the results.

[DD60]

I had the same thing happen just when I thought I had reached my goal.  Paid off the mortgage, car loans, and credit cards, and my score dropped twenty points.  The CRAs were reporting me as not using my cards, when I was actually charging over $5,000 a month.  Then I tried leaving a small balance on a couple of cards and got dinged again for using a card that I had not used for a year or so.  Apparently, you have to leave a small balance on every card every month.  In view of that, and the fact that I no longer have any consumer loans, I just quit trying to improve my score and dropped out.

[paramed3]

I use each of my cards monthly and pay all off except one. If I pay all off or leave small balance on each one it knocks 11 points off my score. I can't wait to hit the 800 range. Close but not there yet. I hope to see it in 6-8 months. How do you know cc report you as not using card ?

[paramed3]

That is fantastic. Congratulations. What all is on your report as far as credit cards installment loans and mortgage loan. I can't wait to see 840+ 820 + is going to be amazing. I have a 30 month finance company that will payoff March 1 I hope that sub prime loan along with 30 month perfect payment on it off my credit will bump me upward.

[Ubuntu]

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@paramed3 wrote:
I use each of my cards monthly and pay all off except one. If I pay all off or leave small balance on each one it knocks 11 points off my score. I can't wait to hit the 800 range. Close but not there yet. I hope to see it in 6-8 months. How do you know cc report you as not using card ?

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I had a flag appear in a ScoreWatch alert that said:

    "Dormant Card Activity. An account that has been inactive for more than 4 months has become recently active."

I've only seen it once and it came along with a two other flags, "Balance Amount Increase" and "Balance Percent Increase."  All three were due to an Amex PRG that had been used every month during the last 4 months but had never reported a balance. The amount reported was only $10 and my score only went down 2 points so I don't know how much affect using a dormant card has in general.

The only was I know for sure to tell if a card is being reported every month is to look at your full credit report, the kind without a score. Those show your balance for every month going back 7 years. You can also sort of tell with ScoreWatch by monitoring the balance change alerts.

[gdale6]

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@DD60 wrote:

I had the same thing happen just when I thought I had reached my goal.  Paid off the mortgage, car loans, and credit cards, and my score dropped twenty points.  The CRAs were reporting me as not using my cards, when I was actually charging over $5,000 a month.  Then I tried leaving a small balance on a couple of cards and got dinged again for using a card that I had not used for a year or so.  Apparently, you have to leave a small balance on every card every month.  In view of that, and the fact that I no longer have any consumer loans, I just quit trying to improve my score and dropped out.

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You would not want to do this it would result in a pretty good Fico ding. I would just let one card report $100 or so if your CL is 5K or higher.

[Anonymous]

The other two suck, though.