topic Re: I finally broke 800!!! in Understanding FICO® Scoring

I finally broke 800!!!

masscredit — Sun, 10 Feb 2019 15:40:14 GMT

I remember my low score of 525 after life took a nose dive and now I've exited the end the tunnel. The pastures are green, the sun is shining and my TU score is 801! That came after a 9 point gain. I added another card to my profile and a $28K auto loan. 1HP for the two accounts. The auto loan is in addition to another one that has a $2200 balance. I expected to lose a few points when those accounts started reporting. Total credit card utilization is at 10% with 3 cards reporting. One is for monthly expenses that is always PIF and the other two are taking advantage of 0% offers. The highest single card utilization is 42%.

Re: I finally broke 800!!!

SouthJamaica — Sun, 10 Feb 2019 16:02:34 GMT

@masscredit wrote:
I remember my low score of 525 after life took a nose dive and now I've exited the end the tunnel. The pastures are green, the sun is shining and my TU score is 801! That came after a 9 point gain. I added another card to my profile and a $28K auto loan. 1HP for the two accounts. The auto loan is in addition to another one that has a $2200 balance. I expected to lose a few points when those accounts started reporting. Total credit card utilization is at 10% with 3 cards reporting. One is for monthly expenses that is always PIF and the other two are taking advantage of 0% offers. The highest single card utilization is 42%.

Congratulations

Re: I finally broke 800!!!

EW800 — Sun, 10 Feb 2019 16:43:53 GMT

Congratulations on the major score improvements and breaking into the 800’s. Isn’t it a great feeling! You almost certainly gain even more points as you get the 42% Util down.

Congrats!

Re: I finally broke 800!!!

Revelate — Sun, 10 Feb 2019 17:37:48 GMT

Congrats dude! I know you've been working on that for a long time.

Now just don't have a booboo like I did and lose it heh.

Re: I finally broke 800!!!

Nayola — Sun, 10 Feb 2019 20:35:16 GMT

Woohoo!!! Congrats. I know that feels so nice :-)

Re: I finally broke 800!!!

NRB525 — Sun, 10 Feb 2019 21:52:24 GMT

Congrats! That is an excellent result from all the effort to rebuild!

The 42% utilization shows you can still have an excellent score with some borrowing. And that is one purpose of getting to an excellent score.

Re: I finally broke 800!!!

Remedios — Sun, 10 Feb 2019 23:31:07 GMT

Congrats!

Re: I finally broke 800!!!

Trudy — Mon, 11 Feb 2019 00:49:15 GMT

Awesome.....Congratulations!

Re: I finally broke 800!!!

Anonymous — Mon, 11 Feb 2019 00:50:22 GMT

MC, congrats on hitting that eight-hundo milestone!

Prior to your AoYA drop to 0 months here, what was your AoYA prior? I'm thinking it must have been < 12 months, as if not your scores would likely have taken a 15-20 points penalty?

Re: I finally broke 800!!!

Fico82 — Mon, 11 Feb 2019 01:30:46 GMT

Congrats !

Re: I finally broke 800!!!

masscredit — Mon, 11 Feb 2019 05:49:12 GMT

@Anonymous wrote:
MC, congrats on hitting that eight-hundo milestone!

Prior to your AoYA drop to 0 months here, what was your AoYA prior? I'm thinking it must have been < 12 months, as if not your scores would likely have taken a 15-20 points penalty?

That would be my Discover card. It was 51 weeks old when I was approved for the DCU credit card and auto loan. I was wondering why I didn't take a score hit from the new accounts. My TU gained 9 points. I would have said that was from paying my first auto loan to under 9% but I added another auto loan to the mix.

I'm thinking I might lose some points when that first loan is paid off in September The origional amount was $24,995. It's now at $2200 (8.8% rounded to 9). The new loan is $28,300. ($53,295 for the two). I expect it to be $25,800 when loan #1 is paid off. So loan utilization will go from 57% to about 91%.

Re: I finally broke 800!!!

Anonymous — Tue, 12 Feb 2019 18:55:09 GMT

Congrats!!

Re: I finally broke 800!!!

flan — Wed, 13 Feb 2019 01:35:47 GMT

@NRB525 wrote:
Congrats! That is an excellent result from all the effort to rebuild!

The 42% utilization shows you can still have an excellent score with some borrowing. And that is one purpose of getting to an excellent score.

My wife and I put almost all of our spend on a single credit card, which is in my name, she's the AU. It usually reports a balance of 10 to 20 %, which is paid in full every month. My other cards rarely show a balance. That's about 3 or 4 % of my revolving limit. Until about a year ago, I would notice big flucuations in my FICO 8 scores (I get scores from TU and EX from various credit cards, no way I am paying for them.) depending on what balance got reported. 790ish on the high end, 760 low end when their was a high balance on the main card, and more than one of my other cards reported a balance.

About a year ago (a little longer now, I think), my scores took a jump (from the 790s to the 810s). At the same time, there is very little variation in the score, it's between 810 and 816, even the month we had 32% util on the card, and one of my other cards reported a 5% balance. Nothing changed in my behavior; my overall limits went up, but not on the main card; no new accounts. Apparently, I aged on to a score card that's much less sensitve to balances.

I have a new installment loan that should report soon, I will be interested to see how that changes things.

Re: I finally broke 800!!!

Anonymous — Wed, 13 Feb 2019 01:54:05 GMT

It definitely sounds like based on your age of accounts factors that your scores are less sensitive today to balance changes than was the case prior.

Would you be able to tell us your AoYA, AAoA and AoOA now (when you're seeing 10 point or less fluctuations) compared to those same factors not too long ago when you were seeing up to 30 point fluctuations from the utilization sector of the FICO pie?

Re: I finally broke 800!!!

Anonymous — Fri, 15 Feb 2019 11:26:36 GMT

Good job. I have had my score jump up and hit 800 but goes back to 700s fast. Still cool though, I always get the urge to finance a sweet car when it's 800 but never lasts, utilization has to be perfect I think.

Re: I finally broke 800!!!

Anonymous — Fri, 15 Feb 2019 18:00:55 GMT

Congratulations and always aim high!