topic 850 Score in Understanding FICO® Scoring

850 Score

Bay_Area_Joe — Thu, 28 Mar 2019 01:07:57 GMT

Have lots of high limit cards. Currently have about 20k on an 83.3k BofA card at 0%.

1 Auto loan from Aug 2018 and 1 Rec Vehicel Loan from early 2018. 1 mortage from 2012 with 200k balance.

So definetly you can get an 850 with a moderate amount of debt.

Re: 850 Score

Anonymous — Thu, 28 Mar 2019 01:19:29 GMT

Yup, it's all about utilization percentages and not dollars the majority of the time.

With your highest card at 23%-25% utilization or so, what is your aggregate utilization? I'm imagining it's low, (say) 5% or so?

Re: 850 Score

Kforce — Thu, 28 Mar 2019 01:22:37 GMT

I had 850 but it goes down when you pay off vehicles and mortgage.

Re: 850 Score

UpperNwGuy — Thu, 28 Mar 2019 01:37:43 GMT

The installment loans are what bring the scores up to 850. I haven't had a mortgage since 2001 or a car loan since 2006, so my scores are in the 820s and 830s despite a long credit history, few inquiries, few new cards, low credit utilization, perfect payment record, etc over the last five years. The reason given for my scores not growing is always the same: lack of installment loans. That's the key difference between an 820-830 and an 850.

I have the money in hand to pay cash for my next car, but I will probably finance half the cost of the car just to get an installment loan into my credit report.

Re: 850 Score

CreditInspired — Thu, 28 Mar 2019 01:49:24 GMT

Very impressive, OP, and thanks for sharing.

What’s your AAOA?

Re: 850 Score

Kforce — Thu, 28 Mar 2019 03:02:11 GMT

Maybe you know because you have longer history with no instalments loans than I do.

Will Fico scores keep going down each year from the loss of instalments loans or is the

loss immediate and not dependant on age.

I lost 15-20 points and just wondering if it will keep going down every year or that is all there is ?

My loss of instalment loans is about 1 year now.

Re: 850 Score

Anonymous — Thu, 28 Mar 2019 02:59:09 GMT

Congrats on that score! I can only hope to be there one day down the road.
The road just seems to get longer. lol

Re: 850 Score

Revelate — Thu, 28 Mar 2019 03:26:49 GMT

@UpperNwGuy wrote:
The installment loans are what bring the scores up to 850. I haven't had a mortgage since 2001 or a car loan since 2006, so my scores are in the 820s and 830s despite a long credit history, few inquiries, few new cards, low credit utilization, perfect payment record, etc over the last five years. The reason given for my scores not growing is always the same: lack of installment loans. That's the key difference between an 820-830 and an 850.

I have the money in hand to pay cash for my next car, but I will probably finance half the cost of the car just to get an installment loan into my credit report.

Depends on ratios; I somewhat doubt credit mix is worth 20-30 points on FICO 8 honestly; as for your vehicle purchase, finance as much as possible for as long as possible and then kick cash to it soon after it funds... especially as more than one auto lender that I've personally used will allow you to play reindeer games and put that installment loan at a pretty ratio and keep it for a slew of years taking that FICO benefit the entire time. See SSL trick specifically just used with an auto loan instead.

The interesting thing to me in the OP's stats is there's an AOYA < 1 year and still an 850 even on a new accounts scorecard for FICO 8.

Also curious as to the AAOA and the AOOA (oldest account) too.

Re: 850 Score

Anonymous — Thu, 28 Mar 2019 04:13:47 GMT

What's the highest FICO 8 score we've seen with no open installment loan? If AoYA < 12 months is "worth" 15-20 points and an installment loan almost paid off is "worth" (say) 25-30 points and one can have an 850 with AoYA being < 12 months, that would suggest to me that one could possess at least an 840 without an open installment loan. Of course this assumes everything else is ideal.

Re: 850 Score

Kforce — Thu, 28 Mar 2019 04:56:13 GMT

@Anonymous wrote:
What's the highest FICO 8 score we've seen with no open installment loan?

I am at 830 to 835

AoYA = 2, AAoA = 8+, AoOA = 23, DTI = 0

No instalments, perfect payments, 0 Inq, 7 Active CC's.

7 Closed CC's, 3 closed cars, 3 closed mortgages.

Lost 10-15 when last instalment fell off from 850

Re: 850 Score

Thomas_Thumb — Fri, 29 Mar 2019 21:05:26 GMT

Highest Classic Fico 8 score without an open installment loan is 850.

Ubuntu posted on achieving this back in 2015 and I have referenced it many times since.

Re: 850 Score

Anonymous — Fri, 29 Mar 2019 00:31:42 GMT

Good reference above TT. Do you recall the other stats surrounding his profile... age of accounts, etc?

Re: 850 Score

Anonymous — Fri, 29 Mar 2019 00:33:45 GMT

@Kforce wrote:
DTI = 0

I'm assuming that you're referring to utilization here? DTI is not considered by FICO scoring. If you mean 0 (%) [reported] utilization, that would result in a no revolving credit use penalty, which could easily be the points you're missing out on for an 850.

Re: 850 Score

Kforce — Fri, 29 Mar 2019 17:29:12 GMT

@Anonymous wrote:
@Kforce wrote:
DTI = 0
I'm assuming that you're referring to utilization here?
No.
I let one card report $5-$10 with all others at zero, when checking Fico scores.

DTI is not considered by FICO scoring.
Just shared worthless info.

No reported utilization would result in a no revolving credit use penalty, which could easily be the points you're missing out on for an 850.
Yes, this is true and tested.
Ten to 15 points for all zero for my profile.
I believe my score is less than 850 because I have 3 cards at just over 2 years old.
Fico should go up slowly as cards age.
Don't know for sure but thinking when they reach about 5-7 ?

Re: 850 Score

Thomas_Thumb — Fri, 29 Mar 2019 21:08:33 GMT

@Anonymous wrote:
Good reference above TT. Do you recall the other stats surrounding his profile... age of accounts, etc?

Refer to links below.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Our-Forums-FICO-High-Achievers-Who-has-at-least-one-FICO-Score/m-p/4339441#M101639

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Our-Forums-FICO-High-Achievers-Who-has-at-least-one-FICO-Score/m-p/4682878#M112016

Re: 850 Score

Anonymous — Sun, 31 Mar 2019 05:03:55 GMT

@Kforce wrote:
I believe my score is less than 850 because I have 3 cards at just over 2 years old.

I don't think that's the case. I have 7 cards total. 3 are less than 2 years old and 4 are 2-3 years old and I have all 850 FICO 8s. Your age of accounts factors (all 3 of them) are stronger than mine.

Re: 850 Score

Kforce — Sun, 31 Mar 2019 16:32:33 GMT

@Anonymous wrote:
@Kforce wrote:
I believe my score is less than 850 because I have 3 cards at just over 2 years old.
I don't think that's the case. I have 7 cards total. 3 are less than 2 years old and 4 are 2-3 years old and I have all 850 FICO 8s.
Your age of accounts factors (all 3 of them) are stronger than mine.

Do you have no open installment loans ?

Re: 850 Score

Anonymous — Mon, 01 Apr 2019 01:35:24 GMT

I have an open mortgage.

I'm still not clear on why you said it's worthless information to say that DTI doesn't impact a FICO score?