For those that are just starting at the age of around 18 or so, your fico score will not reach into the uppeer 700's or even into the 800's until you have a few years of history. One of the accounts needs to be a major credit card. It can take around 10 years to become a high fico score achiever. For those that are coming out of bankruptcy, tax liens, etc., you will not be given new credit on a silver plater. In other words you have to start all over again.
Go to the fico score estimator by clicking on this link and clciking on start. You will see what I mean.
I agree. Length of credit is 128 FICO points, and type of credit is 85 FICO points. So together, they are 213 points that must be earned through time and planning. For one with only limted credit lenght and without a mix of types of prior credit, only built through time, and subtracting that from 850 total FICO, this means that one with low length and only credit cards can only reaasonably expect a FICO around the mid-600's, even though the other FICO categories are spotless. Some inprovement can be obtained by improvomg credit mix by obtaining an installment loan, such as an auto loan, and that will help your credit mix. It just takes time, time, time to move into the 700s.
And as that time slowly wanders on, just make sure that you do nothing to destroy the other categories of FICO. Making just one late payment will destroy years of even the best FICO planning. Pay on time, and get older!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.