topic 810 Score in Understanding FICO® Scoring

810 Score

Anonymous — Sun, 04 Mar 2007 19:02:03 GMT

I have a score of 810 and at the bottom of the page it says “insufficient length of credit history.” I have impeccable credit and just want to know what this means?

810 Score

Anonymous — Tue, 06 Mar 2007 17:04:06 GMT

@Anonymous wrote:
I have a score of 810 and at the bottom of the page it says “insufficient length of credit history.” I have impeccable credit and just want to know what this means?

Hi Sam... Please give us some ideas as to your great score and how you got there???? What were the key protocols you used. I am stuck and don't seem to be getting any increases in scores...takes forever. Any suggestions as I have a clean record also but not lots of longevity. Would this be the key factor?

Characteristics of a 775+

Anonymous — Tue, 06 Mar 2007 20:02:51 GMT

To provide a yardstick for anyone wanting a high FICO score, we offer the following facts about consumers who already have high FICO scores -- between 775 and 850. No late payments or other payment problems listed on their credit reports. Most use less than 10 percent of the amount available to them on credit cards. Most have credit histories of over 20 years Most have opened no more than one new credit account in the past year. Most have between 6 and 15 credit accounts listed on their credit reports. Of those accounts: Between 3 and 6 accounts are active, the rest are no longer active; Between 2 and 6 accounts are credit cards issued by banks; Between 2 and 5 accounts are credit cards issued by retail stores; Between 1 and 4 accounts are car loans, mortgages, student loans or other types of installment account (that is, loans repaid in installments).

I hate to say it but lots of time the FICO model will giv...

Anonymous — Sat, 10 Mar 2007 18:23:39 GMT

I hate to say it but lots of time the FICO model will give you a statement simply because it can find nothing else as to why your score isn't perfect. If that is the only reason you're given with scores that high its not a big thing.

There is no such thing as the 850 score so there are code...

Anonymous — Wed, 14 Mar 2007 04:57:51 GMT

There is no such thing as the 850 score so there are codes to explain why the score is less than 850. It's nothing to worry about or that you can really do anything tangibly to change. Don't sweat it.

Re: There is no such thing as the 850 score so there are code...

Tavares — Thu, 10 May 2007 04:08:23 GMT

Hi Guys,

My Wife has had only student loans since 2002 on her credit history. and her score is 770. She has not enough history written all over her report, she I just listed her on my credit cards with i monitor religeouly and pay everymonth to help out. Hopefully she will have a stellar credit in the future. She is of to a good start . Mine is about 646 right now primarily due to lack of history too. We both started getting loans and credit cards around 2002.

Good Luck Guys,

Joao

Re: 810 Score

Anonymous — Thu, 10 May 2007 08:59:47 GMT

@Anonymous wrote:
I have a score of 810 and at the bottom of the page it says “insufficient length of credit history.” I have impeccable credit and just want to know what this means?

What that means is that you're just about as high as you can get. Much higher and Bill Gates or George Soros might just have to rub you out...they hate competition. So be thankful you're not any higher.

No, actually what others have said is right: once you get past 775 or so, you're approaching a lot of asymptotes in terms of positive influences on your credit. The software then nitpicks to find the slightest reasons why you don't have that 850.

Bottom line is you really don't gain much in terms of interest rates or loan eligibilities past 750 or so. From 600 to 650, you gain 3-4%. From 650 to 700, maybe 3%. 700 to 750, about 1%. From 750 to 800, maybe 0.2%. From 800 to 850, your gain in interest rates is negligible.

Re: There is no such thing as the 850 score so there are code...

Tuscani — Thu, 10 May 2007 12:35:14 GMT

Credit_Author wrote:
There is no such thing as the 850 score so there are codes to explain why the score is less than 850. It's nothing to worry about or that you can really do anything tangibly to change. Don't sweat it.

Not true. There are people with an 850.

Re: There is no such thing as the 850 score so there are code...

Anonymous — Thu, 10 May 2007 17:35:18 GMT

What do they do for fun? LOL

Re: There is no such thing as the 850 score so there are code...

Tuscani — Thu, 10 May 2007 17:46:14 GMT

masdeocho wrote:
What do they do for fun? LOL

Wish I knew!

Re: Characteristics of a 775+

Anonymous — Thu, 10 May 2007 18:21:09 GMT

Great info Andy!

I have one question.

It's possible to have only student loan on your report or only 1 cc(like my friend) and your score is like more than 700.

But can you get, for example house loan, just based your pure number?

Message Edited by cinoeye on 05-10-2007 11:21 AM

Re: Characteristics of a 775+

Tuscani — Thu, 10 May 2007 18:40:35 GMT

cinoeye wrote:
Great info Andy!

I have one question.

It's possible to have only student loan on your report or only 1 cc(like my friend) and your score is like more than 700.

But can you get, for example house loan, just based your pure number?

Message Edited by cinoeye on 05-10-2007 11:21 AM

A mortgage requires more than just a high FICO.. many things are considered DTI, income, overall file, ect.

Re: 810 Score

Anonymous — Thu, 10 May 2007 21:39:42 GMT

I understand your problem Sam..I have a similar problem. Equifax and Experian and Transunion have given me between 803 and 813 credit scores but my scores are now trending lower and there is absolutely no clear reason why. TransUnion is the worst recently gave me a 790 score with last year being 803. I pay credit cards in full (using only small portion of my credit card balance-about 1% per month is used at any one time) every month, have no late payments, paying off mortgage on 10 year loan without any late payments, have not opened any new credit in 2 years, have no recent credit inquiries, and the only clear reason they are giving is...short credit history..avg acct open 6 years and oldest acct is 12 years old.

So what gives? I am really open to suggestion.. I realize 790 is not a bad score but why would is my score trending lower?

I am starting to question the validity of the scores when they get into the higher ranges. My score should be higher not lower.

Re: 810 Score

Anonymous — Thu, 10 May 2007 22:10:41 GMT

toddj1965 wrote:
I understand your problem Sam..I have a similar problem. Equifax and Experian and Transunion have given me between 803 and 813 credit scores but my scores are now trending lower and there is absolutely no clear reason why. TransUnion is the worst recently gave me a 790 score with last year being 803. I pay credit cards in full (using only small portion of my credit card balance-about 1% per month is used at any one time) every month, have no late payments, paying off mortgage on 10 year loan without any late payments, have not opened any new credit in 2 years, have no recent credit inquiries, and the only clear reason they are giving is...short credit history..avg acct open 6 years and oldest acct is 12 years old.

So what gives? I am really open to suggestion.. I realize 790 is not a bad score but why would is my score trending lower?

I am starting to question the validity of the scores when they get into the higher ranges. My score should be higher not lower.

It's probably the "pond" or "bucket" problem. All FICO scores are not created equal. You are in the pond with the fish with the best credit. But among those fish, there are many with longer credit histories than yours. Their oldest accounts are 20+ years old. So compared with them (and not with the fish in the next lowest pond), you are scoring lower. Just keep swimming along and your score will rise. Of course, once it's over 760 it's pretty much all academic ...

Re: 810 Score

Anonymous — Thu, 10 May 2007 22:24:32 GMT

I appreciate your feedback...if I understand you correctly you are stating..that at present Transunion, experian, equifax are grouping us by score. Since I am in the top (or next to top group) my "credit peers" have longer credit history. This means to a lesser degree my score could trend down lower simply because of who the other fishes in my pond are?

I guess I always thought they took the different factors (length of credit history, number of inquiries, late payments, etc) and calculated your score using a formula. In this case your score would only go up or down if you changes a variable (made a late payment, got a new mortgage or vice versa continue to pay on time, etc)?

The swimming is fairly simple. I am just worried my score is going to go down further for no good reason.

Although this has given me even more motivation to live a completely credit free life (with the exception of the strategic use of a credit card to purchase something and pay it off at the end of the month). I refuse to be held hostage to a credit score..They only have power over you if you need to borrow money.

Re: There is no such thing as the 850 score so there are code...

Anonymous — Sun, 13 May 2007 14:32:38 GMT

My step father has an 850 score and he golfs for fun...

Re: 810 Score

Anonymous — Sun, 13 May 2007 16:02:58 GMT

toddj1965 wrote:
I appreciate your feedback...if I understand you correctly you are stating..that at present Transunion, experian, equifax are grouping us by score. Since I am in the top (or next to top group) my "credit peers" have longer credit history. This means to a lesser degree my score could trend down lower simply because of who the other fishes in my pond are?

I guess I always thought they took the different factors (length of credit history, number of inquiries, late payments, etc) and calculated your score using a formula. In this case your score would only go up or down if you changes a variable (made a late payment, got a new mortgage or vice versa continue to pay on time, etc)?

The swimming is fairly simple. I am just worried my score is going to go down further for no good reason.

Although this has given me even more motivation to live a completely credit free life (with the exception of the strategic use of a credit card to purchase something and pay it off at the end of the month). I refuse to be held hostage to a credit score..They only have power over you if you need to borrow money.

You are grouped by your features and history rather than by score. For example, you may be in the group of people who have never filed BK, have 6 TLs, util is under 10%, have a current mortgage, etc. Some people in that group got their first credit card 20 years ago, so their score will be higher than someone who just got into the pond. So as long as you keep doing what you're doing -- paying on time, not making an insame # of inquiries, keeping util down -- your score will eventually trend up because your history will get longer and longer, and eventually it will be longer than the new pond arrivals.

Don't give up on credit. It plays a bigger role in our lives than you think. Auto insurance premiums are now being determined partially by credit scores. They have found a correlation between low credit scorers and a greater frequency of insurance claims, so you can keep your premiums down if you keep your credit up. More employers are checking credit for applicants or for current employees seeking promotions. If you ever want a job with a security clearance, they head straight for the credit bureaus after checking criminal records. Want to start a small business? If you want funding or a surety bond, guess what they check.

Re: There is no such thing as the 850 score so there are code...

Anonymous — Sun, 13 May 2007 16:04:09 GMT

Fritz wrote:
My step father has an 850 score and he golfs for fun...

And I'm sure he doesn't hang out here like the rest of us ... maybe we should take up golf LOL ...

Re: 810 Score

Anonymous — Sun, 13 May 2007 20:03:59 GMT

Sam, It's sometimes helpful to view the FICO negative reasons with the prefix: "You don't have an 850 because...." In other words, while you obviously have great credit, there are people out there who have longer histories than you and therefore compare more favorably and therefore have higher scores. Does that make a bit more sense?