topic Re: FICO® Score Planner/Experian in Understanding FICO® Scoring

FICO® Score Planner/Experian

AyaMai — Tue, 29 Aug 2023 03:03:19 GMT

My Score is 770 was 775 a month ago

A target FICO® Score 8 of 820 could actually be met within 9 months, instead of the 12 months you entered, with the following actions

Continue to make your monthly installment loan payments on time to reduce the total installment loan balances of $10,725 you owe, it is down to $9700 not reported yet.

Pay all your bills on time for 9 months.

Allow your average length of established history to increase from 1 year, 8 months to 2 years, 5 months.

Allow the age of your most recently opened account to increase to 1 year, 1 month which will be 5 months in September 1

I have 44 open accounts & 2 closed.

Credit cards or credit lines

Total balance: $1,907

1% credit usage

Credit used: $1,907

Credit limit: $227,550

17 inquiries, 8 will drop in the next 9 months.

Is it possible to reach that score, I have no desire to apply any card just one card in June 2024 which is CHOICE PRIVILEGES SELECT MASTERCARD. Opinions are appreciated.

Re: FICO® Score Planner/Experian

GZG — Tue, 29 Aug 2023 04:11:11 GMT

reaching 1 year on newest account will probably provide a score boost

unless WF doesn't like you for some reason, I can't imagine seeing you get denied for the card you want

how many cards have you opened in the last /12 months /24 months?

Re: FICO® Score Planner/Experian

SouthJamaica — Tue, 29 Aug 2023 13:46:38 GMT

@AyaMai wrote:
My Score is 770 was 775 a month ago

A target FICO® Score 8 of 820 could actually be met within 9 months, instead of the 12 months you entered, with the following actions

Continue to make your monthly installment loan payments on time to reduce the total installment loan balances of $10,725 you owe, it is down to $9700 not reported yet.

Pay all your bills on time for 9 months.

Allow your average length of established history to increase from 1 year, 8 months to 2 years, 5 months.

Allow the age of your most recently opened account to increase to 1 year, 1 month which will be 5 months in September 1

I have 44 open accounts & 2 closed.
Credit cards or credit lines
Total balance: $1,907
1% credit usage
Credit used: $1,907
Credit limit: $227,550
17 inquiries, 8 will drop in the next 9 months.

Is it possible to reach that score, I have no desire to apply any card just one card in June 2024 which is CHOICE PRIVILEGES SELECT MASTERCARD. Opinions are appreciated.

If you're really interested in getting an 820, you shouldn't apply for anything until you get there.

Disregard the score planner. Simulators are often way off.

But the advice it is giving, which is to let your profile age, is correct.

Re: FICO® Score Planner/Experian

AyaMai — Tue, 29 Aug 2023 23:24:26 GMT

@GZG wrote:
reaching 1 year on newest account will probably provide a score boost

unless WF doesn't like you for some reason, I can't imagine seeing you get denied for the card you want

how many cards have you opened in the last /12 months /24 months?

14 in the last 12 months, 29 in the last 24 months

Re: FICO® Score Planner/Experian

AyaMai — Wed, 30 Aug 2023 00:24:35 GMT

@SouthJamaica wrote:
@AyaMai wrote:
My Score is 770 was 775 a month ago

A target FICO® Score 8 of 820 could actually be met within 9 months, instead of the 12 months you entered, with the following actions

Continue to make your monthly installment loan payments on time to reduce the total installment loan balances of $10,725 you owe, it is down to $9700 not reported yet.

Pay all your bills on time for 9 months.

Allow your average length of established history to increase from 1 year, 8 months to 2 years, 5 months.

Allow the age of your most recently opened account to increase to 1 year, 1 month which will be 5 months in September 1

I have 44 open accounts & 2 closed.
Credit cards or credit lines
Total balance: $1,907
1% credit usage
Credit used: $1,907
Credit limit: $227,550
17 inquiries, 8 will drop in the next 9 months.

Is it possible to reach that score, I have no desire to apply any card just one card in June 2024 which is CHOICE PRIVILEGES SELECT MASTERCARD. Opinions are appreciated.
If you're really interested in getting an 820, you shouldn't apply for anything until you get there.

Disregard the score planner. Simulators are often way off.

But the advice it is giving, which is to let your profile age, is correct.

It has come to a point that I need to let my profile age if I want to get a certain card in 10 months and other 3 cards after 22 months and with a higher credit limit. As for 820 wasn't my aim but how long I need to age to obtain certain cards, I am happy even with 780.

Re: FICO® Score Planner/Experian

SouthJamaica — Wed, 30 Aug 2023 02:39:46 GMT

@AyaMai wrote:
@SouthJamaica wrote:
@AyaMai wrote:
My Score is 770 was 775 a month ago

A target FICO® Score 8 of 820 could actually be met within 9 months, instead of the 12 months you entered, with the following actions

Continue to make your monthly installment loan payments on time to reduce the total installment loan balances of $10,725 you owe, it is down to $9700 not reported yet.

Pay all your bills on time for 9 months.

Allow your average length of established history to increase from 1 year, 8 months to 2 years, 5 months.

Allow the age of your most recently opened account to increase to 1 year, 1 month which will be 5 months in September 1

I have 44 open accounts & 2 closed.
Credit cards or credit lines
Total balance: $1,907
1% credit usage
Credit used: $1,907
Credit limit: $227,550
17 inquiries, 8 will drop in the next 9 months.

Is it possible to reach that score, I have no desire to apply any card just one card in June 2024 which is CHOICE PRIVILEGES SELECT MASTERCARD. Opinions are appreciated.
If you're really interested in getting an 820, you shouldn't apply for anything until you get there.

Disregard the score planner. Simulators are often way off.

But the advice it is giving, which is to let your profile age, is correct.
It has come to a point that I need to let my profile age if I want to get a certain card in 10 months and other 3 cards after 22 months and with a higher credit limit. As for 820 wasn't my aim but how long I need to age to obtain certain cards, I am happy even with 780.

IMHO a score of 780 is just as good as a score of 820. Once you're in that league, it's the other factors that go into the credit-granting decision that determine the outcome.

Re: FICO® Score Planner/Experian

Junejer — Wed, 30 Aug 2023 11:40:15 GMT

In my experience, the simulators have been conservative in their timelines. In other words, I have reached the target score much earlier than they predicted on many occasions. As SJ said, follow the advice given for best results, score aside.