fico 08 high achiever 785

[guimicm1]

new fico 08  high achiever are people whoo have a fico score of 785 or higher

have average age of account of 11 years

opened their oldest account 25 years ago ,on average  WAOO

[iv]

Are you collecting these?

For what it's worth, the top three "High Achievers have..." descriptions are the same on the current EQ08/EX08 reports here, as they are on current TU98 reports here (only difference is TU98 still lists "High Achievers" as 760+, vs the 785+ on the FICO 8 reports.

You have no missed payments on your credit accounts.

About 96% of FICO High Achievers have no missed payments at all. But of those who do, the missed payment happened nearly 4 years ago, on average.

You've limited the use of your available credit. (Ratio of your revolving balances to your credit limits)

For FICO High Achievers, the average ratio is less than 6%

You have an established credit history.

FICO High Achievers opened their oldest account 25 years ago, on average.

Most FICO High Achievers have an average age of accounts of 11 years or more.

Your balances on mortgage and/or non-mortgage installment loans are low or substantially paid off.

FICO High Achievers have paid down an average of 37% of the principal on their non-mortgage installment loans.

Of those, the ratio of revolving balances to credit limits has been the most twitchy for FICO 8.

Staying under 3% overall, and under 10% for any single card can give an 850, even with a single HP (over 6 months, under 12 months).

Hitting 4% overall and staying under 10% for any single card drops to 849.

Hitting 6% overall and breaking 20% on one card drops to 844.

(None of which matters in the least, but it's interesting to see what makes it jump.)

[Revelate]

Am thinking in the community we'll still list the gold-plated benchmark at 760 since that's what the lenders do anecdotally .

I suspect the FICO provided "High Achiever" is likely based on a percentage of people that have that score or higher.  

[jello77]

Hello iv,

Congratulations on achieving a perfect score of 850. 

I think you are the only person on this board to report having 850 from two different credit agencies (TU-08 and EX-08).

It would be very interesting to see what it takes to achieve a score of 850.

Would you mind sharing some key stats from your credit profile?   Such as:

Length of credit history (age of oldest account):

Number of accounts:

Average age of accounts:

Number of inquiries:

Utilization percent:

Type of accounts (credit cards, mortgage, auto, etc): 

You can see my own stats at bottom of this message.

[iv]

The only variation I've seen across all three CRAs with FICO 8 has been based on reporting dates and current utilization - when the reports match, so do the scores.

Much more consistent than the '04 variations.  If someone tops out FICO 8 at one CRA, the others will be very close or the same, barring missing items or errors.

Oldest account: 17 years

AAoA: 8 years

Total accounts reported: 11

Mortgage: 3 (two closed, one open, balance under 20% of initial)

Auto: 2 (one closed, one open, balance under 65% of initial)

CC: 6 (one closed, three open, two AU, utilization at 3% for 850 - see post above for variations)

Inquires: 1 (TU only, cell phone provider, 9 months old)

[jello77]

iv,

Many thanks for sharing the stats from your credit reports that allowed you to get a perfect FICO score of 850.

For a long time I've been curious about what it take to get a perfect score.

Shown below is a comparison of our credit stats:

_________________iv__________Jello

EX-08 FICO_______850_________813

Total accnts_______11___________10

Oldest accnt______17 yrs________36 yrs

Average age______8 yrs_________12 yrs

EX inquiries_______0____________0

Utilization_________3%__________3%

Credit cards_______6____________6

Mortgage_________3____________0

Auto_____________2____________0

I have a completely "clean" report with no negative factors.

The only place where my stats are inferior to yours is a lack of mortgage and auto loans.  One factor in the FICO score is "type of accounts," and FICO prefers to see a healthy "mix" of different type of accounts.  The only accounts I have now are credit cards.

I've never had an auto loan, but for 24 years I had a mortgage and never missed a payment. But I paid off the mortgage 12 years ago.  Like most closed accounts, it stayed on my credit report for 10 years and dropped off 2 years ago.

Being retired, I have no plans to buy another house or car.  So it's unlikely I will ever have better credit stats that what I have now.

Without a mortgage, auto, or other installment loan, my current EX-08 score of  813 is probably the highest I can ever get.  

Of course, this makes no practical difference.  Any score over 800 will get the best credit terms.  So trying to increase your score above 800 is really just a game.

Here is a link to a youtube video you might find interesting:   http://youtu.be/4sny-172p9Q

In the video, a man who has studied FICO scores for many years says he recently achieved his dream of getting an 850 score. He goes over all the stats from his credit reports to explain how and why he achieved the score.  

Here are some key points from the video:

-- He says the mortgage and auto loans on his credit report are key factors in why he got an 850 score (even though most of the mortgage and auto accounts are closed).

-- He says for mortgage and auto loans,  having a current loan balance below 70% of the initial balance is needed to achieve an 850 score.

-- He says that for someone with only credit cards on your report (such as me), it's impossible to get close to 850 no matter how perfect your credit profile otherwise might be.

[Revelate]

We've theorized that.

If you want to do a test with your scores, go open up a small secured share loan (call it $500, 4 year term) from Alliant and maybe SDFCU and see what that does for your resultant score.  

On the mix of credit function ANY installment history should hit that window, but there might be a michelin-style rating system with mortgage > auto > personal > student, but that has been only theorized.

I haven't watched the entire youtube presentation, but I do take some of the things you posted that he said with a grain of salt.  It's really hard to know unless you have direct access to the model.  In any event, if you can afford the new account or two (two as we understand it fufills the mix better than 1, that's almost anecdotally known from a lot of data here), I'd certainly try it especially if I wanted to get past where I was at now.

ETA: the new accounts would likely be a negative (first two installment loans were straight positives for me but I was nowhere close to your gold-plated credit strata and was a thin file otherwise), but as I inferred from your post, you don't have any big ticket items coming up for a long while which is a good time to experiment for the greater good

[iv]

---

@jello77 wrote:

-- He says for mortgage and auto loans,  having a current loan balance below 70% of the initial balance is needed to achieve an 850 score.

---

Hmm.  Looks like I can confirm that part.

The only differences between:

EX08:840 (MyFico) - 2013-09-29 and EX08:850 (MyFico) - 2014-02-09

(except for a few months of AAoA, not crossing any thresholds) were:

• going from 33% to 29% balance on a mortgage
• going from 77% to 69% balance on a car loan

Utilization was the same (3%), no inquires, and no other account changes.

[vanillabean]

---

@jello77 wrote:
 

-- He says for mortgage and auto loans,  having a current loan balance below 70% of the initial balance is needed to achieve an 850 score.

---

DW had an EX 08 of 850 at a time when our mortgage balance was higher than 70%.