topic Re: 850 without a mortgage? in Understanding FICO® Scoring

850 without a mortgage?

Anonymous — Wed, 10 Feb 2021 02:36:56 GMT

So I'm just sort of curious...I've noticed occasionally that sometimes one of the reasons for a lower FICO score is because of not having a mortgage/real estate loan. I doubt I'll ever get to 850 but is a mortgage account really required to get the highest scores possible?

Re: 850 without a mortgage?

Anonymous — Wed, 10 Feb 2021 03:03:39 GMT

No, it's not necessary. Having an open/significantly paid down installment loan can certainly help achieve an 850 sooner, but I do believe there have been 850 reports without an open loan being present.

Re: 850 without a mortgage?

Anonymous — Wed, 10 Feb 2021 07:50:08 GMT

No you don't need a mortgage specifically (I don't have one) but a mix of credit cards, auto, personal, and home loans is probably the best formula for 850. That said, I'd rather be debt free than have an 850 score.

Re: 850 without a mortgage?

Anonymous — Wed, 10 Feb 2021 09:23:43 GMT

A mortgage is absolutely not necessary for an 850. It can help you get there quicker though.