topic Re: No one knows: How to get your score over 800 in Understanding FICO® Scoring

No one knows: How to get your score over 800

Anonymous — Thu, 01 Nov 2007 03:22:40 GMT

Everywhere i look people say "Dont worry, just make payments on time and don't focus so much on 800", well I really want to know how to achieve a score over 800.

The FICO system is purely a mathematical equation and 11-13% of Americans have a score over 800, so what are they doing that the majority of us 700's aren't?

I realize that i shouldn't be hyper-focusing on getting over 800 but its just something that i'm really interested in.

Message Edited by none1 on 10-31-2007 08:22 PM

Re: No one knows: How to get your score over 800

Anonymous — Thu, 01 Nov 2007 06:10:58 GMT

none1 wrote:
Everywhere i look people say "Dont worry, just make payments on time and don't focus so much on 800", well I really want to know how to achieve a score over 800.

The FICO system is purely a mathematical equation and 11-13% of Americans have a score over 800, so what are they doing that the majority of us 700's aren't?

I realize that i shouldn't be hyper-focusing on getting over 800 but its just something that i'm really interested in.

Message Edited by none1 on 10-31-2007 08:22 PM

My 3 FICOs are in the 800s. All I can offer is what's usually stated on my reports (on the "Understanding Your FICO Score"page).

I have no negative factors present under "What's hurting your FICO score."

Under "What's helping your FICO score," a recent Equifax report stated:

The positive factors listed here reflect areas of your credit behavior that

are helping your FICO score. You should continue the good practices listed

here. These factors are listed in order of their impact to your score--the first
has the greatest positive impact and the last has the least.

1. You have no missed payments on your credit accounts.

2. You have an established credit history (My oldest account was opened

28 years ago and the average age of my accounts was 13 years [at the

time of that report]).

3. You've limited the use of your available credit (My ratio of revolving balances

to my credit limits was 8% [at the time of that report]).

4. You've shown recent use of credit cards.

In addition to these factors, my TransUnion report from October 16th stated that:

You have an established revolving credit history.

The report also states to "Continue to manage your credit as you currently are doing to maintain your very high FICO score."

Message Edited by psychic on 10-31-2007 11:02 PM

Message Edited by psychic on 10-31-2007 11:07 PM

Message Edited by psychic on 10-31-2007 11:10 PM

Re: No one knows: How to get your score over 800

haulingthescoreup — Thu, 01 Nov 2007 10:14:29 GMT

Can't wait to get all those messages for myself! I get a couple of them now, but others are on down the road...

A big part of the 800 club is simple age, both of credit history and of the human. That's pretty impressive to have kept a tradeline going 28 years!

Re: No one knows: How to get your score over 800

Dawn — Thu, 01 Nov 2007 13:28:23 GMT

Psychic wrote:
My 3 FICOs are in the 800s. All I can offer is what's usually stated on my reports (on the "Understanding Your FICO Score"page).

I have no negative factors present under "What's hurting your FICO score."

Under "What's helping your FICO score,"  a recent Equifax report stated:

The positive factors listed here reflect areas of your credit behavior that
are helping your FICO score. You should continue the good practices listed
here. These factors are listed in order of their impact to your score--the first
has the greatest positive impact and the last has the least.

1. You have no missed payments on your credit accounts.

2. You have an established credit history (My oldest account was opened
28 years ago and the average age of my accounts was 13 years [at the
time of that report]).

3. You've limited the use of your available credit (My ratio of revolving balances
to my credit limits was 8% [at the time of that report]).

4. You've shown recent use of credit cards.

In addition to these factors, my TransUnion report from October 16th stated that:

You have an established revolving credit history.

The report also states to "Continue to manage your credit as you currently are doing to maintain your very high FICO score."

On October 9 my scores were 779, 801, 801.

History is similar to Psychic's (Equifax reported oldest account 33 years, average account 12 years, utilization 2%. Reason #4 replaced with "You're not actively looking for credit." Mine had a "negative factor" listed only on Equifax (779) as "You recently opened a new credit account" (auto loan a few months ago.)

TU (801) did not list any negatives, even though that auto loan reported there as well.

As of yesterday, Scorewatch reported that Equifax was 793 (up from 779) and that recent changes on the account were the reporting of a new credit account (AU on husband's new Chase CC with a $500 balance on a $5,000 CL.) I previously had only one currently reporting CC account with a $46 balance and a $1,000 limit (the main CC account is reported as installment.) They like CC accounts better than installment loans???

Now ... I don't want to find out how losing older accounts will impact the credit score, so I will probably try to reopen the 33 year old account that I closed in 2000 because of the mistaken belief that if I wasn't using it, I should close it.

I also will probably try to get my husband's oldest account (28 years) re-opened since the creditor closed it last month (for inactivity?) But ... I think I shall wait until after our auto insurance renews just in case these activities cause our score to drop and draw attention of the insurance company. From what I can tell, they do a credit check prior to renewal. Not knowing what factors they consider in establishing rates, I don't want anything to cause them to alter our rate grouping from where it stands now.

This game makes no sense sometimes.

Message Edited by denbar2003 on 11-01-2007 08:28 AM

Re: No one knows: How to get your score over 800

MidnightVoice — Thu, 01 Nov 2007 13:24:24 GMT

First - get zero negatives.

Second - 800 can be achieved with oldest cards of 20 years and average age of 7 years, good mix of credit, low number of inqs and use of credit cards every month or so.

Re: No one knows: How to get your score over 800

Anonymous — Thu, 01 Nov 2007 14:40:37 GMT

haulingthescoreup wrote:

A big part of the 800 club is simple age, both of credit history and of the human. That's pretty impressive to have kept a tradeline going 28 years!

My oldest account was opened in 11/1978, so it turns 29 years old today. I have no idea if that will make much of a difference in my scores.

Re: No one knows: How to get your score over 800

Anonymous — Thu, 01 Nov 2007 17:36:20 GMT

none - As of 10/24/07, my TU = 815, EX = 818, EQ = 822. I can't say I have ever done anything out-of-the-ordinary as far as trying to increase my scores. I attribute these numbers strictly to the age of my accounts - and luck. When I was a kid, my grandfather left me some property which has appreciated greatly. I have also never applied for a CC in my life. Every card I have ever had I received as the result of a pre-approval letter. My first AMEX card was 1978 (Green), the Gold also in 1978. Then the Centurian. After that I was bombarded by Diners Club International, Chase, Citi, etc.

I just recently opened a BoA checking account and that cost me 15 points. My other checking account I opened with Chase in 1975, when I was 18. Frankly, I have never really paid attention to my scores. I even applied for 2 mortgages over the years without checking my score first.

Now, I am trying to get my Sister's credit back on track. After a not-so-friendly- divorce she is the mid-500's.

How to achieve 800? Pay on time, ALL the time, and let Father Time do his thing.

I am sure there are a lot of folks here a lot smarter about the ins-and-outs of FICO than I am that can advise you well.

Good luck.

Re: No one knows: How to get your score over 800

MidnightVoice — Thu, 01 Nov 2007 17:44:34 GMT

cobra19 wrote:

How to achieve 800? Pay on time, ALL the time, and let Father Time do his thing.

I am sure there are a lot of folks here a lot smarter about the ins-and-outs of FICO than I am that can advise you well.

Pretty good summary as far as I am concerned, once one is established

But if one is seeking to improve credit in a period of less than 7 years, then playing the game can help a great deal

Re: No one knows: How to get your score over 800

Anonymous — Thu, 01 Nov 2007 17:53:49 GMT

All three (3) of my scores are in the 800's. Like most people in the 800's I have never paid an account late. Pay your bills on time and every time. If you can not PIF, then at least pay the minimum. A late payment can really kill a score.

Keep your utilization down.

Build credit experience. I am in my mid 30's and I have had a Amex since I was 19. I have always paid this card on time and will continue. I have had many cards over the years, but I have held my Amex.

I can not express how important it is to pay your bills on time.

Did I say pay your bills on time!

Re: No one knows: How to get your score over 800

Anonymous — Thu, 01 Nov 2007 17:57:38 GMT

According to the FICO score report format, people with scores > 760:

1% or fewer of them have a 60 day late payment

Virtually none have a public record

Opened their oldest account 19 years ago, on average

Have an average age of accounts between 6 - 12 years

Opened their first revolving account 19 years ago, on average

93% have no missed payments at all

If they do have a missed payment, it happened 4 years ago, on average

Have an average of 12 accounts in good standing

Have an average total balance of $5000 on non-mortgage loans

The summary didn't say anything about # of inquiries. I remember reading somewhere that people with > 6 inquiries were 8x more likely to file BK than people with 0 inquiries. Or maybe it was people with > 8 inquiries were 6x more likely ... whatever.

Re: No one knows: How to get your score over 800

haulingthescoreup — Thu, 01 Nov 2007 19:14:31 GMT

tick... tick... tick... Mine's all about getting the lates off, either by GW or by waiting 'em out.

creditwhat, that is very impressive to have pulled off in 15 years or so! I guess you must have paid your bills on time.

Re: No one knows: How to get your score over 800

Anonymous — Sun, 04 Nov 2007 08:08:35 GMT

Is it possible for younger people age 26 to score an 800? It seems like the secret is to have credit accounts golder than 19

Re: No one knows: How to get your score over 800

MidnightVoice — Sun, 04 Nov 2007 14:49:44 GMT

I think MOST scores of 800 and above will be for older people - as in probably over 35. Not all, but most. probably.

Re: No one knows: How to get your score over 800

haulingthescoreup — Sun, 04 Nov 2007 15:01:22 GMT

By gum, there's SOMETHING reserved for us besides denture adhesives and hemorrhoid cream!

Re: No one knows: How to get your score over 800

Anonymous — Sun, 04 Nov 2007 23:17:42 GMT

The MOST important thing to do or not to do is: (1).DON'T DIE.

(2). Never be late, I use all auto electronic,Debits / Deposits, By authorizing my credit cards/and everyone else via cerified mail return reciept to debit my checking account in full and I keep overdraft in place as a 100% fool proof safety net.I do NOT purposely use overdraft.I do NOT authorize my bank checking account to pay. I do NOT use bill pay.I do NOT use the U.S. Mail to pay. I keep the $ free, 3 month fraud alert current...... 100% AUTO PILOT and Zero liability for me! The liability is on them!! READ THE SMALL PRINT IN YOUR AGREEMENTS.

(3). Proper Utliz.

(4). Proper Mix.

(5). Clean public records

(6). #5,4,3,2, and 1 TIME!

= 830 FICO SCORE

Note: You only need to use certified mail once at intial authorization or if changing checking/banking/routing account numbers.

Note: When I stated above, "I do NOT authorize my bank checking acount to pay" Means, I do NOT authorize my bank checking account to >initiate payment<, Rather, I authorize ALL my creditors TO >initiate a debit< FROM my checking account.

This is done for liability reasons. READ THE SMALL PRINT IN YOUR AGREEMENTS.

End.

Message Edited by AllTheNationsWillMournUSA on 11-04-2007 03:17 PM

Re: No one knows: How to get your score over 800

fused — Sun, 04 Nov 2007 20:49:10 GMT

For those of you in the 800+ club, how many open accounts do you have? How many of these open accounts have balances? How many are revolving and how many are installments? Do you have a mortgage TL and is it opened or closed? Finally, how many closed accounts do you have reporting in good standing?

Re: No one knows: How to get your score over 800

MidnightVoice — Sun, 04 Nov 2007 21:04:08 GMT

fused wrote:
For those of you in the 800+ club, how many open accounts do you have? How many of these open accounts have balances? How many are revolving and how many are installments? Do you have a mortgage TL and is it opened or closed? Finally, how many closed accounts do you have reporting in good standing?

7,5,5,2,y,1 open, one closed and one Heloc open,15.

This and no baddies leads to scores around 790 to 810

Message Edited by MidnightVoice on 11-04-2007 03:04 PM

Re: No one knows: How to get your score over 800

Dawn — Sun, 04 Nov 2007 21:51:46 GMT

fused wrote:
For those of you in the 800+ club, how many open accounts do you have? How many of these open accounts have balances? How many are revolving and how many are installments? Do you have a mortgage TL and is it opened or closed? Finally, how many closed accounts do you have reporting in good standing?

9 open (2 are dups)

4 balances (Mtg / Auto / Install / Revolving)

2 mortgages (1 open / 1 closed)

3 closed accounts / good standing

Re: No one knows: How to get your score over 800

Anonymous — Sun, 04 Nov 2007 23:24:09 GMT

5 - open, this figure includes overdraft with no balance on the overdraft.

4 - have balances, 3 cc's and 1 car loan

3 - Revolving are credit cards,but one of theres credit cards are reported as installments even tho it is a revolving credit card account because the limit is in the stratusfear so ....

2 - revolving credit cards

1 - revolving overdraft

1 - installment, high limit credit card

1 - installment, car loan

2 - closed. morg. Both paid off in my 20's.

10-closed accounts in good standing

Note: You do not need a hight limit cc to be able to hit 830 FICO ,I had 830

before I raised the limit. The score droped for awhile from the hard

hit for the limit increase,but rebounded shortly after.

Message Edited by AllTheNationsWillMournUSA on 11-04-2007 03:24 PM

Re: No one knows: How to get your score over 800

Anonymous — Sun, 04 Nov 2007 22:34:15 GMT

fused wrote:
For those of you in the 800+ club, how many open accounts do you have? How many of these open accounts have balances? How many are revolving and how many are installments? Do you have a mortgage TL and is it opened or closed? Finally, how many closed accounts do you have reporting in good standing?

9 open accounts

2 balances--both are on revolving credit; but one is on a high credit limit card, and is viewed by
TU and EX as installment.

no mortgage

20 closed accounts--all in good standing