frogfan12 wrote:Is it impossible for someone under the age of say...30 to have a FICO score of 800+? I am 23 but I have an excellent credit history and FICO scores. My problem is that I would like to be in the 800 club but I don't see that happening due to my "short" credit history of 5 years.
It's possible but like you said, I don't think it's likely for someone who has a "short" credit history of 5 years. My parents established credit for me while I was around 5-6 years old (I'm currently 21). For obvious reasons, I didn't get to use it when I was that young (and I'm thankful that I didn't know much about it back then), but they did use it and made payments on it to establish credit for me. Currently, the oldest account under my name is 15 years.
I didn't start using credit cards until 3 years ago. My parents stressed the importance of being able to live within ones means, so it wasn't until I got a job that I got one for myself. If it weren't for this website and for many other online resources, I don't think I would be as educated or diligent in maintaining (and improving) my credit score. My credit score before I started managing my own finances was between 650-700 (I can't quite remember the exact score back then, but it was definitely in that range.) It looks like I'm doing something right because it's fluxuating between the high 700s and low 800s.
I managed to get an EQ FICO score of 803 in June 2010. It went down since then (but not by much).
Starting Score: TU: 751 (as of May 2010) EQ: 803 (as of late June 2010)
user5387 wrote:I recently got my updated Experian FICO from PSECU, and found that I had cracked the 800 barrier by a few points.
I started paying attention to my credit a couple of years ago, and the main thing I've done to get to 800 is to avoid overt negatives like late payments and collections.
Here are some of the details:
AAoA - around 7 years
oldest account - 20+ years
overt negatives - none
installment - yes
mortgage - no
inquiries in last year - none
utilization - around 10%
I got to 800 even though I'm still carrying a substantial balance on my cards.
Another thing that's helped is getting some cards with higher limits, to drive down the utilization.
I would like to seek advice from others on which way to go from here. I plan to pay off the remaining balance on my cards, and would like to use my current score in some way to expand a bit.
The problem I have is that I'm self-employed, with modest income ($25K), and thus my DTI is in the high 30s even without any debt payments.
What I'm wondering about is if there are some CCs that are more score driven than others. One that I've thought of is Penfed.
Does anyone have advice on this?
Wow, very impressive!
OK, one highlighted point at a time:
--Do stick with the plan to pay off your balances. With a modest income (as you describe it), you have no wiggle room if hit by a money crunch. Scores mean nothing when you can't pay your bills.
--Where is it that you're trying to get from here? Are you looking for specific rewards cards? Are you trying to get your scores even higher? (pointless; there's nothing in the world that an 810 will get you that an 800 won't)
--DTI is irrelevant to scoring. It's mostly considered in mortgage lending, although CC lenders certainly look at your ability to pay your debts as well. Once you pay off your balances (and you're aiming at never carrying balances again, right? 
), this won't be an issue at any level. However, I would STRONGLY recommend scrounging up six months' worth of expenses (rent, utilities, health insurance, car insurance, groceries, etc.) and keeping them in a savings account of some variety before worrying about expanding your credit. In your situation especially, finances are way more important than credit.
haulingthescoreup wrote:
user5387 wrote:I recently got my updated Experian FICO from PSECU, and found that I had cracked the 800 barrier by a few points.
I started paying attention to my credit a couple of years ago, and the main thing I've done to get to 800 is to avoid overt negatives like late payments and collections.
Here are some of the details:
AAoA - around 7 years
oldest account - 20+ years
overt negatives - none
installment - yes
mortgage - no
inquiries in last year - none
utilization - around 10%
I got to 800 even though I'm still carrying a substantial balance on my cards.
Another thing that's helped is getting some cards with higher limits, to drive down the utilization.
I would like to seek advice from others on which way to go from here. I plan to pay off the remaining balance on my cards, and would like to use my current score in some way to expand a bit.
The problem I have is that I'm self-employed, with modest income ($25K), and thus my DTI is in the high 30s even without any debt payments.
What I'm wondering about is if there are some CCs that are more score driven than others. One that I've thought of is Penfed.
Does anyone have advice on this?
Wow, very impressive!
OK, one highlighted point at a time:
--Do stick with the plan to pay off your balances. With a modest income (as you describe it), you have no wiggle room if hit by a money crunch. Scores mean nothing when you can't pay your bills.
--Where is it that you're trying to get from here? Are you looking for specific rewards cards? Are you trying to get your scores even higher? (pointless; there's nothing in the world that an 810 will get you that an 800 won't)
--DTI is irrelevant to scoring. It's mostly considered in mortgage lending, although CC lenders certainly look at your ability to pay your debts as well. Once you pay off your balances (and you're aiming at never carrying balances again, right?
Hi Hauling, thanks for the advice.
With regard to my long-term goals, there are really a couple of things.
I have a good Amex rewards card, but most of my big bills can't be paid with Amex, so I'm looking for a good MC / Visa card. I am thinking in particular of the new Penfed one, and also Fidelity Visa and Chase Freedom. I don't travel much, so many of the cards like Chase Sapphire Preferred wouldn't do much good.
The other goal is kind of an odd one. I am self-employed, and my income is highly variable. I'm frequently in a situation where companies promise to pay me, but the actual payment drags out a few months. So I use CCs as financial management tools to help smooth things out.
I especially like CCs that are flexible in areas like generous CLs, low APRs, good BT offers, no fees, and so on. I have a card that's good for this, and really would like to eventually add another one.
So I guess my primary goal to keep expanding my financial options, perhaps through another CU card, and also pick up a rewards card along the way. I realize that CCs are not the answer to insufficient business income, but I have found them helpful in smoothing over the rough edges that come with being self-employed.
I made it finally, my TU was 799 for the longest time, my EQ has been at 802 for like 4 months now. My EX 798 FICO is from BoA 11/17/11, I'm wondering if it has reached 800+ yet?
I'm hoping when my newest AmEx backdated to 91 reports in early May and the only two inq's I have on TU and EQ hit the year mark 5/16/12, might give me a few more points
