topic Re: Goal for 800+ in Understanding FICO® Scoring

Goal for 800+

JFox418 — Thu, 04 Nov 2021 21:04:13 GMT

Hello all, I hope this is an appropriate topic for this forum since I think the majority of my work needing done will be based around credit cards. I also apologize for the long read. I'm looking for some input on how I can get to 800+. I'm currently sitting about 715-720 according to creditwise and credit karma with a %62 util on $41,600 available credit. This was from last month but I've been working on getting that down and should be well under %50 after everything updates this month.

I have zero inquiries, zero bad marks, perfect payment history and average account age just under 8 years. Here's how my CC balances should look after everything updates this month. I was really shooting to get the big cards down to %50.

Cap One Quicksilver - $6500/$13k

Cap One Platinum - $6500/$13k

Best Buy (citi) - $3350/$6k

Home Depot - $2800/$9100 (CL was actually just bumped $1500 and hasn't updated yet)

Kohls - $0/$2k

I have a few questions, should I apply for another card or two and try to increase my over all credit limit and help with utilization? I realize I need to stay strong with paying down current balances even if I do this. I'm guessing getting my util down to %30 or less would make a big impact.

I am thinking about switching phone carriers for our family to Verizon and I know they do a hard pull, and I'm going to purchase a new car in the next few months which would be a hard inquiry. How would that fit into my game plan?

Thanks!

Re: Goal for 800+

OmarGB9 — Thu, 04 Nov 2021 21:28:49 GMT

Firstly, have you checked your true FICO 8s? Either here on MyFICO, or on Credit Check Total? Because neither CK nor CreditWise provide FICO 8s. They both provide Vantage scores, which are nearly usless, as most lenders use FICO 8s, or some variation of FICO. Moreover, your Vantage scores can vary wildly from your FICO 8s, by as much as 100 points either higher or lower.

Secondly, I'd focus more on paying down your balances if I were you. You'd be hard pressed to get an approval with 62% overall utilization and 5/6 cards showing balances. Even if you did get approved, the limit would probably be very small.

Inquiries are a minor thing, as you probably wouldn't lose many points from them, if any. Plus, they're only calculated into your score for 1 year. And while they will remain for another year beyond that, the FICO algorithm will ignore them.

Finally, getting to 800 scores just takes time, more than anything. Credit age helps a lot with that. People with 800 scores typically have LONG histories, as in 20+ years.

Re: Goal for 800+

JFox418 — Thu, 04 Nov 2021 21:46:13 GMT

I have not checked the Fico 8 but sounds like that might be a good idea. I'll do that tomorrow.

My oldest account is 16 years and youngest is 2 years.

Re: Goal for 800+

ChessChik47 — Thu, 04 Nov 2021 22:09:19 GMT

@JFox418 wrote:
Hello all, I hope this is an appropriate topic for this forum since I think the majority of my work needing done will be based around credit cards. I also apologize for the long read. I'm looking for some input on how I can get to 800+. I'm currently sitting about 715-720 according to creditwise and credit karma with a %62 util on $41,600 available credit. This was from last month but I've been working on getting that down and should be well under %50 after everything updates this month.

I have zero inquiries, zero bad marks, perfect payment history and average account age just under 8 years. Here's how my CC balances should look after everything updates this month. I was really shooting to get the big cards down to %50.

Cap One Quicksilver - $6500/$13k
Cap One Platinum - $6500/$13k
Best Buy (citi) - $3350/$6k
Home Depot - $2800/$9100 (CL was actually just bumped $1500 and hasn't updated yet)
Kohls - $0/$2k

I have a few questions, should I apply for another card or two and try to increase my over all credit limit and help with utilization? I realize I need to stay strong with paying down current balances even if I do this. I'm guessing getting my util down to %30 or less would make a big impact.

I am thinking about switching phone carriers for our family to Verizon and I know they do a hard pull, and I'm going to purchase a new car in the next few months which would be a hard inquiry. How would that fit into my game plan?

Thanks!

I have to agree with the previous poster; paying down your debt will be better for your overall financial picture more than acquiring a new card with a questionable limit. Time is the main thing it takes to get to 800. You don't necessarily need a "thick" file either; just time and good payment history. I was in the mid 700s when I began paying attention again to my credit in 2016 and had student loans on my profile as my oldest account; then I added a mortgage, a few credit cards over 2 years (total of 5 revolvers and 1 AMEX charge card) and have even refinanced my mortgage and have been in the 800s consistently since 2018. I have grown my lines of revolving credit to over $215K on those same 5 cards instead of adding new cards to my portfolio, but that's what's worked for me. Good luck in whatever you decide to do!!

Re: Goal for 800+

JR_TX — Thu, 04 Nov 2021 22:13:28 GMT

Check out my siggy as it will give you an idea on how to reach your goal score. Best of Luck!

Re: Goal for 800+

JFox418 — Thu, 04 Nov 2021 23:24:14 GMT

@ChessChik47 wrote:
@JFox418 wrote:
Hello all, I hope this is an appropriate topic for this forum since I think the majority of my work needing done will be based around credit cards. I also apologize for the long read. I'm looking for some input on how I can get to 800+. I'm currently sitting about 715-720 according to creditwise and credit karma with a %62 util on $41,600 available credit. This was from last month but I've been working on getting that down and should be well under %50 after everything updates this month.

I have zero inquiries, zero bad marks, perfect payment history and average account age just under 8 years. Here's how my CC balances should look after everything updates this month. I was really shooting to get the big cards down to %50.

Cap One Quicksilver - $6500/$13k
Cap One Platinum - $6500/$13k
Best Buy (citi) - $3350/$6k
Home Depot - $2800/$9100 (CL was actually just bumped $1500 and hasn't updated yet)
Kohls - $0/$2k

I have a few questions, should I apply for another card or two and try to increase my over all credit limit and help with utilization? I realize I need to stay strong with paying down current balances even if I do this. I'm guessing getting my util down to %30 or less would make a big impact.

I am thinking about switching phone carriers for our family to Verizon and I know they do a hard pull, and I'm going to purchase a new car in the next few months which would be a hard inquiry. How would that fit into my game plan?

Thanks!
I have to agree with the previous poster; paying down your debt will be better for your overall financial picture more than acquiring a new card with a questionable limit. Time is the main thing it takes to get to 800. You don't necessarily need a "thick" file either; just time and good payment history. I was in the mid 700s when I began paying attention again to my credit in 2016 and had student loans on my profile as my oldest account; then I added a mortgage, a few credit cards over 2 years (total of 5 revolvers and 1 AMEX charge card) and have even refinanced my mortgage and have been in the 800s consistently since 2018. I have grown my lines of revolving credit to over $215K on those same 5 cards instead of adding new cards to my portfolio, but that's what's worked for me. Good luck in whatever you decide to do!!

My main concern was I don't see my CL increasing much more than what my capital one cards currently have? That seems like a pretty high CL for them already most seem to be at $10k. My thought was go for a CC that has more CL potential.

I'll hold off though if having balances would keep my CL low on new cards.

Re: Goal for 800+

JFox418 — Thu, 04 Nov 2021 23:31:18 GMT

@JR_TX wrote:
Check out my siggy as it will give you an idea on how to reach your goal score. Best of Luck!

Interesting numbers!

Re: Goal for 800+

JFox418 — Fri, 05 Nov 2021 19:35:36 GMT

@OmarGB9 wrote:
Firstly, have you checked your true FICO 8s? Either here on MyFICO, or on Credit Check Total? Because neither CK nor CreditWise provide FICO 8s. They both provide Vantage scores, which are nearly usless, as most lenders use FICO 8s, or some variation of FICO. Moreover, your Vantage scores can vary wildly from your FICO 8s, by as much as 100 points either higher or lower.

Secondly, I'd focus more on paying down your balances if I were you. You'd be hard pressed to get an approval with 62% overall utilization and 5/6 cards showing balances. Even if you did get approved, the limit would probably be very small.

Inquiries are a minor thing, as you probably wouldn't lose many points from them, if any. Plus, they're only calculated into your score for 1 year. And while they will remain for another year beyond that, the FICO algorithm will ignore them.

Finally, getting to 800 scores just takes time, more than anything. Credit age helps a lot with that. People with 800 scores typically have LONG histories, as in 20+ years.

Ok I signed up for the 7 day free trial for Credit Check Total for a base point. Should I go ahead and run my credit report so I can see the equifax and transunion too? It says I get 1 free with the trial and won't be able to do it again for 30 days. Here's where I'm at.

Fico Score 8 - 767 (only negative is high credit usage)

Mortage Lending - 751 (high credit usage, high account balances, short revolving history)

Auto Lending - 717 (high credit usage, high account balances, short revolving history, high revolving balances)

CC Lending - 747 (high credit usage, high account balances, short revolving history, high revolving balances)

Re: Goal for 800+

Anonymous — Sat, 06 Nov 2021 01:44:38 GMT

@JFox418 wrote:
@OmarGB9 wrote:
Firstly, have you checked your true FICO 8s? Either here on MyFICO, or on Credit Check Total? Because neither CK nor CreditWise provide FICO 8s. They both provide Vantage scores, which are nearly usless, as most lenders use FICO 8s, or some variation of FICO. Moreover, your Vantage scores can vary wildly from your FICO 8s, by as much as 100 points either higher or lower.

Secondly, I'd focus more on paying down your balances if I were you. You'd be hard pressed to get an approval with 62% overall utilization and 5/6 cards showing balances. Even if you did get approved, the limit would probably be very small.

Inquiries are a minor thing, as you probably wouldn't lose many points from them, if any. Plus, they're only calculated into your score for 1 year. And while they will remain for another year beyond that, the FICO algorithm will ignore them.

Finally, getting to 800 scores just takes time, more than anything. Credit age helps a lot with that. People with 800 scores typically have LONG histories, as in 20+ years.
Ok I signed up for the 7 day free trial for Credit Check Total for a base point. Should I go ahead and run my credit report so I can see the equifax and transunion too? It says I get 1 free with the trial and won't be able to do it again for 30 days. Here's where I'm at.

Fico Score 8 - 767 (only negative is high credit usage)
Mortage Lending - 751 (high credit usage, high account balances, short revolving history)
Auto Lending - 717 (high credit usage, high account balances, short revolving history, high revolving balances)
CC Lending - 747 (high credit usage, high account balances, short revolving history, high revolving balances)

If your only goal is to get in the 800's, keep paying down your debt just like you're doing. I wouldn't open another card for lowering utilization. I would keep asking Capital One for increases as you have nothing to lose since it's a soft inquiry.

Re: Goal for 800+

JFox418 — Sat, 06 Nov 2021 02:01:58 GMT

My auto loan score was lower than I anticipated which I plan to use soon. Haven't had a car payment in a few years.

How often can you expect to get a CLI? Both the cards were bumped from $10k to $13k a few months ago without asking them.

Re: Goal for 800+

Anonymous — Sat, 06 Nov 2021 02:41:16 GMT

@JFox418 wrote:
My auto loan score was lower than I anticipated which I plan to use soon. Haven't had a car payment in a few years.

How often can you expect to get a CLI? Both the cards were bumped from $10k to $13k a few months ago without asking them.

You are looking at 6 months between increases so that's out. Your BB and Home Depot are certainly hard pulls and I've heard mixed reviews on the Kohls. I wouldn't try any of them so I guess you're stuck for a little bit.

If you did open a new card for utilization help, you're going to take scoring penalties for the inquiry, lowering of AAoA, and resetting your youngest revolving account to less than 12 months. That's why I said don't if your goal is to hit 800 soon.

Do you know where you are getting the auto loan? There is no guarantee that they will use your auto scores. They can use any model they want.

Re: Goal for 800+

JFox418 — Sat, 06 Nov 2021 02:58:25 GMT

If my current car gets me through winter I won't buy until spring. I've been putting off the car buying to pay down my cards.

I'll probably just sit tight and keep paying down cards like you said. Looks like if I just get the util down I'll hit 800. No real reason for the goal other than having a goal haha.

Re: Goal for 800+

SouthJamaica — Sat, 06 Nov 2021 03:56:30 GMT

@JFox418 wrote:
@OmarGB9 wrote:
Firstly, have you checked your true FICO 8s? Either here on MyFICO, or on Credit Check Total? Because neither CK nor CreditWise provide FICO 8s. They both provide Vantage scores, which are nearly usless, as most lenders use FICO 8s, or some variation of FICO. Moreover, your Vantage scores can vary wildly from your FICO 8s, by as much as 100 points either higher or lower.

Secondly, I'd focus more on paying down your balances if I were you. You'd be hard pressed to get an approval with 62% overall utilization and 5/6 cards showing balances. Even if you did get approved, the limit would probably be very small.

Inquiries are a minor thing, as you probably wouldn't lose many points from them, if any. Plus, they're only calculated into your score for 1 year. And while they will remain for another year beyond that, the FICO algorithm will ignore them.

Finally, getting to 800 scores just takes time, more than anything. Credit age helps a lot with that. People with 800 scores typically have LONG histories, as in 20+ years.
Ok I signed up for the 7 day free trial for Credit Check Total for a base point. Should I go ahead and run my credit report so I can see the equifax and transunion too? It says I get 1 free with the trial and won't be able to do it again for 30 days. Here's where I'm at.

Fico Score 8 - 767 (only negative is high credit usage)
Mortage Lending - 751 (high credit usage, high account balances, short revolving history)
Auto Lending - 717 (high credit usage, high account balances, short revolving history, high revolving balances)
CC Lending - 747 (high credit usage, high account balances, short revolving history, high revolving balances)

Your path to 800 is

1. make no applications for any new credit, any credit limit increase request that could trigger a hard pull, or anything else that could trigger a hard pull, for 12 months

2. pay down all your revolving credit, so that one bank card reports a small balance, before you pay it off, while all the other cards report zero balances

No guarantee that that will get you to 800 in 12 months, but I can pretty much guarantee that you will not get to 800 unless you follow those 2 principles

I know this isn't what you wanted to hear, but it is the answer to your question

Re: Goal for 800+

JFox418 — Sat, 06 Nov 2021 04:16:36 GMT

@SouthJamaica wrote:
@JFox418 wrote:
@OmarGB9 wrote:
Firstly, have you checked your true FICO 8s? Either here on MyFICO, or on Credit Check Total? Because neither CK nor CreditWise provide FICO 8s. They both provide Vantage scores, which are nearly usless, as most lenders use FICO 8s, or some variation of FICO. Moreover, your Vantage scores can vary wildly from your FICO 8s, by as much as 100 points either higher or lower.

Secondly, I'd focus more on paying down your balances if I were you. You'd be hard pressed to get an approval with 62% overall utilization and 5/6 cards showing balances. Even if you did get approved, the limit would probably be very small.

Inquiries are a minor thing, as you probably wouldn't lose many points from them, if any. Plus, they're only calculated into your score for 1 year. And while they will remain for another year beyond that, the FICO algorithm will ignore them.

Finally, getting to 800 scores just takes time, more than anything. Credit age helps a lot with that. People with 800 scores typically have LONG histories, as in 20+ years.
Ok I signed up for the 7 day free trial for Credit Check Total for a base point. Should I go ahead and run my credit report so I can see the equifax and transunion too? It says I get 1 free with the trial and won't be able to do it again for 30 days. Here's where I'm at.

Fico Score 8 - 767 (only negative is high credit usage)
Mortage Lending - 751 (high credit usage, high account balances, short revolving history)
Auto Lending - 717 (high credit usage, high account balances, short revolving history, high revolving balances)
CC Lending - 747 (high credit usage, high account balances, short revolving history, high revolving balances)

Your path to 800 is
1. make no applications for any new credit, any credit limit increase request that could trigger a hard pull, or anything else that could trigger a hard pull, for 12 months
2. pay down all your revolving credit, so that one bank card reports a small balance, before you pay it off, while all the other cards report zero balances

No guarantee that that will get you to 800 in 12 months, but I can pretty much guarantee that you will not get to 800 unless you follow those 2 principles

I know this isn't what you wanted to hear, but it is the answer to your question
@SouthJamaica wrote:
@JFox418 wrote:
@OmarGB9 wrote:
Firstly, have you checked your true FICO 8s? Either here on MyFICO, or on Credit Check Total? Because neither CK nor CreditWise provide FICO 8s. They both provide Vantage scores, which are nearly usless, as most lenders use FICO 8s, or some variation of FICO. Moreover, your Vantage scores can vary wildly from your FICO 8s, by as much as 100 points either higher or lower.

Secondly, I'd focus more on paying down your balances if I were you. You'd be hard pressed to get an approval with 62% overall utilization and 5/6 cards showing balances. Even if you did get approved, the limit would probably be very small.

Inquiries are a minor thing, as you probably wouldn't lose many points from them, if any. Plus, they're only calculated into your score for 1 year. And while they will remain for another year beyond that, the FICO algorithm will ignore them.

Finally, getting to 800 scores just takes time, more than anything. Credit age helps a lot with that. People with 800 scores typically have LONG histories, as in 20+ years.
Ok I signed up for the 7 day free trial for Credit Check Total for a base point. Should I go ahead and run my credit report so I can see the equifax and transunion too? It says I get 1 free with the trial and won't be able to do it again for 30 days. Here's where I'm at.

Fico Score 8 - 767 (only negative is high credit usage)
Mortage Lending - 751 (high credit usage, high account balances, short revolving history)
Auto Lending - 717 (high credit usage, high account balances, short revolving history, high revolving balances)
CC Lending - 747 (high credit usage, high account balances, short revolving history, high revolving balances)

Your path to 800 is
1. make no applications for any new credit, any credit limit increase request that could trigger a hard pull, or anything else that could trigger a hard pull, for 12 months
2. pay down all your revolving credit, so that one bank card reports a small balance, before you pay it off, while all the other cards report zero balances

No guarantee that that will get you to 800 in 12 months, but I can pretty much guarantee that you will not get to 800 unless you follow those 2 principles

I know this isn't what you wanted to hear, but it is the answer to your question
thanks! Not really after a certain answer. I was playing around with the simulated score on experian and it seems like paying down my balances would be enough to get over 800. I guess time will tell!

Re: Goal for 800+

FireMedic1 — Sat, 06 Nov 2021 08:00:39 GMT

Simulators are for entertainment. So dont go by them alone. And 760+ is just as good as 800.

Re: Goal for 800+

rostrow416 — Sat, 06 Nov 2021 12:35:55 GMT

Honestly, don't worry about specific FICO scores while you are carrying balances and have high utilization.

Since your overall credit history is very good, simply paying off everything but 1 revolver could get you within close enough distance to an actual 800 score.

Re: Goal for 800+

JFox418 — Sat, 06 Nov 2021 13:44:44 GMT

Are there tiers to utilization? I'm waiting on a few payments to post that will take me below %50. Hoping that'll get me a few and then it seems like %30 is the next magic number.

Re: Goal for 800+

SouthJamaica — Sat, 06 Nov 2021 14:11:21 GMT

@JFox418 wrote:
Are there tiers to utilization? I'm waiting on a few payments to post that will take me below %50. Hoping that'll get me a few and then it seems like %30 is the next magic number.

50% and 30% (really 49% and 29%) are tiers in individual revolving account utilization. Getting below 50% can give a boost. Getting below 30% can give a boost.

There may be other tiers, but they are less clear.

Re: Goal for 800+

JFox418 — Sat, 06 Nov 2021 14:46:05 GMT

Thanks! Out of curiousity, would individual card balances use this tier system too? Say one is over %50 even though my overall is below %50 would that single card being over %50 have an impact?

Re: Goal for 800+

SouthJamaica — Sat, 06 Nov 2021 15:08:43 GMT

@JFox418 wrote:
Thanks! Out of curiousity, would individual card balances use this tier system too? Say one is over %50 even though my overall is below %50 would that single card being over %50 have an impact?

This is what I wrote: "50% and 30% (really 49% and 29%) are tiers in individual revolving account utilization."

I was only talking about individual accounts.