What DOES it take to reach 800? Age?

[jbh]

I wonder, if they require a good mix of credit such as a mortgage and car loan, would it take up to x% of these loans being paid to reap the rewards? I would assume that is the case. As well, I assume that once I get approved, both loans would ding the score up a bit, correct?

Thanks

[smallfry]

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@jbh wrote:
I wonder, if they require a good mix of credit such as a mortgage and car loan, would it take up to x% of these loans being paid to reap the rewards? I would assume that is the case. As well, I assume that once I get approved, both loans would ding the score up a bit, correct?

Thanks

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You can get away without a mortgage. You probably need a car loan and depending upon your circumstances you will need to pay off one month or darn near the whole installment amount. I didn't stop getting a small penalty for high installment balances until I paid 20K on my 25K car loan. This according to TU.

[jbh]

Interesting. Since I have 2 sub prime cards and want to get to PenFed/BoA next year, I guess I should just get one star card and then apply for a used car loan. This way, I am within my means and still showing my worthiness over time.

Thanks, guys

[Anonymous]

It's hard to hit 800 with out age or mix. You can hit 780-790 with a very low age, very low avg age, and just credit cards. But you will need the extra 10 or so points from an installment. So I'd say a mix would be needed.

But if you have age and avg age working for you, then you wouldn't need an installment to hit 800 I believe.

Message Edited by ilovepizza on 08-24-2008 01:32 PM

[Anonymous]

Hm.. this thread prompted me to go check out my latest report. My highest score is 782 and my oldest account, an installment loan, will hit 7 years next month. Next are 3 CCs that are 5 years old. Average age is 3 years.

Payment history = great
Amount of debt = very good (seems high to me but whatever )
Length of credit history = not good
Amount of new credit = good

Seems my issue is length of credit history, which also seems the hardest for me to change of the 4 listed. I do hit 10-12% utilization sometimes on one CC so I guess that's a little more realistic to focus on.

[Anonymous]

Is anybody here in this forum who got >800 score?

[haulingthescoreup]

Yep, we have a fair number, although they tend to drift in and out. I think that once you're in the 800's, you're less likely to hang around credit education forums.

My husband's scores are in the 810 area, the turkey. (Must remember, very happy for him, very happy for him...)

[jbh]

Wow, a 782 and it says "not good" for length of history. I guess you guys aren't kidding about it not needing 10+/20+ years. Hrm...I've become a mad scientist at this point and will clearly put life as a priority (secure the house/car/bills) but I find the goal of hitting 800 intriguing because it represents what I once that was impossible for me.

Great replies, thank you.

[Anonymous]

Why stop at 800? I plan on going all the way to 850 if I ever can. But seriously, avg age is a huge part of 800 scores. If I had to design a magical credit profile it would be 10+ years for oldest account and 7+ years for avg age w/ no negative factors. That's going to give you a really easy shot at low 800s regardless of what kind of accounts you have with credit mix or no credit mix.

[Watchmann]

I'm at 790 (+/-), oldest account at over 28 years, and never, ever missed a payment (AMEX).  And a true FICO score, not these arbitrary numbers that are often quoted.  I'd say 80% of those claiming 800+ are FAKO scores.  Once you get close to 800 true FICO it is hard to increase it much, too many factors keep affecting it.  It really doesn't matter, once you are are about 760+ you are only going for 'bragging rights'.  Key factors, imo, AGE, LOW UTILIZATION, AND NEVER, EVER MISSING A PAYMENT.  Repeat, NEVER, EVER MISSING A PAYMENT.  Any late payment, collection or other self inflicted wound, will hurt.  35 years of having credit, and I have had ONE late payment, about 15 years ago.  Those are deadly.  I'm amused at those with one or two years of history who expect high scores, or who try to rationalize a history of missed payments.  That length of age is nothing, and missed payments will kill you.  You can't fake age, which is why people with AMEX cards of one or two years are getting dinged.

My advice, stay within your credit limits, don't ask for more credit than needed, ALWAYS pay your bills, stop worrying about your frickin' FICO score, and let TIME work for you.

Message Edited by Watchmann on 08-25-2008 01:25 AM