Credit Card Center Advertiser Disclosure

Reply
New Member
Posts: 6
Registered: ‎08-14-2017
0 Kudos

why can't i ever get my credit score higher than 776?

I have student loans, a few credit cards, no mortgage or auto loan. Are the last two the reasons why? And is there a way I can do any tricks to improve my score? I just want to have it higher than what it is currently for personal achievement. thanks for reading.

Valued Contributor
Posts: 1,486
Registered: ‎03-22-2012
0 Kudos

Re: why can't i ever get my credit score higher than 776?

Okay...A few things that you should know to get the highest scores that you can possibly get.

 

1. You need at least 3 credit cards. There are a couple of credit calculations that will ding you no matter what if you don't have at least 3 credit cards.

 

The way your credit cards report their balance is important. To get the highest scores, you want 1 card to report a balance of 9% or lower of its credit line and all the rest of your cards to report $0. You can do this by paying your reporting card down to less than 9% of its CL a few days BEFORE the card's due date and then not using that card for 5 days AFTER the due date. In this way you are controlling the reporting balance. Once the card reports to the credit reporting agencies, go back and pay this card down to $0. (I tested this once with a balance of $3 and yes, the difference in reporting $3 vs $0 was 18 points!)

 

You need to pay $0 reporting cards down to $0 a few days BEFORE the due date and not use them for 5 days AFTER the due date.

 

It is very important that 1 card report a balance of less than 9% of its CL. In my case, if I pay all of my cards to $0 I will lose 18 points! Everyone's loss will vary here but you will lose points if all of your cards report a $0 balance.

 

Once your credit scores are above 760 everything else is bragging rights. A score of 760 or higher will get you the best rates a lender has to offer.

 

There are really only 2 ways for most people to make money off of a high credit score. Buying a house or auto and getting the very best rates will save you hundreds or thousands of dollars over the life of the loan.


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Senior Contributor
Posts: 6,737
Registered: ‎04-11-2016

Re: why can't i ever get my credit score higher than 776?


squarebasketball wrote:

I have student loans, a few credit cards, no mortgage or auto loan. Are the last two the reasons why? And is there a way I can do any tricks to improve my score? I just want to have it higher than what it is currently for personal achievement. thanks for reading.


Do you have any negative items on your credit report?  What is your credit card utilization?  How many total accounts do you have on your credit report and what's your AAoA?  How many inquiries are you looking at in the last year on each bureau?

 

Also, where are you getting your score from?

Community Leader
Valued Contributor
Posts: 2,423
Registered: ‎08-25-2016
0 Kudos

Re: why can't i ever get my credit score higher than 776?

@jamie123 You have the right idea, except for 1 thing. You want the balances paid down or off before the statement date, not the due date. Card reporting is based on the statement with a few exceptions.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.