Understanding "FICO Score Ingredients" and how to improve my scores

[Anonymous]

So this is my first post. 

I just pulled all three FICO and they are 811 (Equifax), 829 (TransUnion), and 807 (Experian).

However, under the "FICO Score Ingredients" section, under "New Credit", my ratings are "Good", "Very Good", and "Very Good", in the same order as my FICO scores.

What does this "New Credit" signify and how/what can one do to get these up to the "Great" rating?

[jamie123]

Welcome to the forums!

With all three of your scores at 800+ we are the ones that should be asking you the questions!

Just to answer your question...

The "New Credit" is probably refering to the fact that you DON'T have any "New Credit". New credit will drag your scores down.

So...

How old is your newest account?

[Anonymous]

The last credit card that I opened was about 1.5 years ago.

However, I did get a used car loan from my CU about 6 months ago..

[SevenNEW]

---

@Anonymous wrote:

So this is my first post. 

I just pulled all three FICO and they are 811 (Equifax), 829 (TransUnion), and 807 (Experian).

However, under the "FICO Score Ingredients" section, under "New Credit", my ratings are "Good", "Very Good", and "Very Good", in the same order as my FICO scores.

What does this "New Credit" signify and how/what can one do to get these up to the "Great" rating?

---

Welcome to the forum! In my experience the more you go up (and you are way up) the more puzzling the recommendations become and the less sense they make.

[Anonymous]

Thanks for the comments everyone..

I guess there really isn't much of what I can do to improve that category.

I will just keep truckin along as I have been then.

[bdhu2001]

---

@Anonymous wrote:

The last credit card that I opened was about 1.5 years ago.

However, I did get a used car loan from my CU about 6 months ago..

---

New credti usually causes your score to go down.  Thus, you generally have to wait for your new accounts to age.  Some comments will remain on there as an excuse for not giving you an 850.  However, I think that in 7 more months, when your car loan is over 1 year and your card over 2 years, one or more of the CBAs will say great.  

It's just supposition on my part, because no-one knows the exact algorithems that they use for FICO scores or their comments.