topic Re: What DOES it take to reach 800? Age? in Understanding FICO® Scoring

What DOES it take to reach 800? Age?

jbh — Sun, 24 Aug 2008 03:38:42 GMT

Hey,

Besides me having to sacrifice a chicken or the fico software to burp, what DOES it really take for one to hit 800? Let's say you have low util, the right mix of credit no baddies/etc...is it safe to assume that the fico scoring is smart enough to require a 20 year record at least?

I'm more fascinated by it more than anything. Just curious. Has there every been an 800 member that didn't have a 20 year history? The way fico works really fascinates me, to say the least.

Re: What DOES it take to reach 800? Age?

athensguy — Sun, 24 Aug 2008 03:46:02 GMT

I doubt that you need a 20 year age to reach 800. You do need some age, perfect payments, low UTI, no new credit, and credit mix

Re: What DOES it take to reach 800? Age?

jbh — Sun, 24 Aug 2008 03:48:40 GMT

I see. I know that when my car loan expires in 2012, I'll be in doody land with regards to age (average and longest will be 4-5 years and growing from that point)

If all things are equal and no other baddies/etc appear, I'd be curious to see what happens to my scores on that day. I'm guessing it won't go from 720 --> 804

So I realize, regardless of the needed age limit, I'm a ways away.

Re: What DOES it take to reach 800? Age?

athensguy — Sun, 24 Aug 2008 04:58:40 GMT

I think you can get there with an average age around 5 if everything else is in place.

Re: What DOES it take to reach 800? Age?

jbh — Sun, 24 Aug 2008 06:35:07 GMT

Interesting. I guess there is only one way to find out

TY

Re: What DOES it take to reach 800? Age?

marty56 — Sun, 24 Aug 2008 11:09:51 GMT

athensguy wrote:
I think you can get there with an average age around 5 if everything else is in place.

Someone at work has a score in the 800's. I think she is 26. She owns a home and lives well bellow her means. I dont know which CRA she had the 800+ score with though since she transfered to another office.

Re: What DOES it take to reach 800? Age?

athensguy — Sun, 24 Aug 2008 12:46:36 GMT

I'm losing some overall UTI points, and a lot of individual UTI points with my 772. I have overall of 25% or so, and one card is at 75%. I think once I get those taken care of, I might be able to approach 800.

Re: What DOES it take to reach 800? Age?

marty56 — Sun, 24 Aug 2008 13:16:18 GMT

Try 1 CC reporting a balance of 1% - 9%

Re: What DOES it take to reach 800? Age?

athensguy — Sun, 24 Aug 2008 13:33:40 GMT

@marty56 wrote:
Try 1 CC reporting a balance of 1% - 9%

Can I borrow 10K please?

Re: What DOES it take to reach 800? Age?

marty56 — Sun, 24 Aug 2008 14:28:43 GMT

@athensguy wrote:

@marty56 wrote:
Try 1 CC reporting a balance of 1% - 9%

Can I borrow 10K please?

I hear you. Based on your util though I think your score would be over 800 if you could get your util there.

Re: What DOES it take to reach 800? Age?

jbh — Sun, 24 Aug 2008 16:40:59 GMT

I wonder, if they require a good mix of credit such as a mortgage and car loan, would it take up to x% of these loans being paid to reap the rewards? I would assume that is the case. As well, I assume that once I get approved, both loans would ding the score up a bit, correct?

Thanks

Re: What DOES it take to reach 800? Age?

smallfry — Sun, 24 Aug 2008 16:44:02 GMT

@jbh wrote:
I wonder, if they require a good mix of credit such as a mortgage and car loan, would it take up to x% of these loans being paid to reap the rewards? I would assume that is the case. As well, I assume that once I get approved, both loans would ding the score up a bit, correct?

Thanks

You can get away without a mortgage. You probably need a car loan and depending upon your circumstances you will need to pay off one month or darn near the whole installment amount. I didn't stop getting a small penalty for high installment balances until I paid 20K on my 25K car loan. This according to TU.

Re: What DOES it take to reach 800? Age?

jbh — Sun, 24 Aug 2008 17:30:07 GMT

Interesting. Since I have 2 sub prime cards and want to get to PenFed/BoA next year, I guess I should just get one star card and then apply for a used car loan. This way, I am within my means and still showing my worthiness over time.

Thanks, guys

Re: What DOES it take to reach 800? Age?

Anonymous — Sun, 24 Aug 2008 17:32:34 GMT

It's hard to hit 800 with out age or mix. You can hit 780-790 with a very low age, very low avg age, and just credit cards. But you will need the extra 10 or so points from an installment. So I'd say a mix would be needed.

But if you have age and avg age working for you, then you wouldn't need an installment to hit 800 I believe.

Message Edited by ilovepizza on 08-24-2008 01:32 PM

Re: What DOES it take to reach 800? Age?

Anonymous — Mon, 25 Aug 2008 02:15:26 GMT

Hm.. this thread prompted me to go check out my latest report. My highest score is 782 and my oldest account, an installment loan, will hit 7 years next month. Next are 3 CCs that are 5 years old. Average age is 3 years.

Payment history = great
Amount of debt = very good (seems high to me but whatever )
Length of credit history = not good
Amount of new credit = good

Seems my issue is length of credit history, which also seems the hardest for me to change of the 4 listed. I do hit 10-12% utilization sometimes on one CC so I guess that's a little more realistic to focus on.

Re: What DOES it take to reach 800? Age?

Anonymous — Mon, 25 Aug 2008 02:57:50 GMT

Is anybody here in this forum who got >800 score?

Re: What DOES it take to reach 800? Age?

haulingthescoreup — Mon, 25 Aug 2008 03:19:32 GMT

Yep, we have a fair number, although they tend to drift in and out. I think that once you're in the 800's, you're less likely to hang around credit education forums.

My husband's scores are in the 810 area, the turkey. (Must remember, very happy for him, very happy for him...)

Re: What DOES it take to reach 800? Age?

jbh — Mon, 25 Aug 2008 04:02:04 GMT

Wow, a 782 and it says "not good" for length of history. I guess you guys aren't kidding about it not needing 10+/20+ years. Hrm...I've become a mad scientist at this point and will clearly put life as a priority (secure the house/car/bills) but I find the goal of hitting 800 intriguing because it represents what I once that was impossible for me.

Great replies, thank you.

Re: What DOES it take to reach 800? Age?

Anonymous — Mon, 25 Aug 2008 05:42:57 GMT

Why stop at 800? I plan on going all the way to 850 if I ever can. But seriously, avg age is a huge part of 800 scores. If I had to design a magical credit profile it would be 10+ years for oldest account and 7+ years for avg age w/ no negative factors. That's going to give you a really easy shot at low 800s regardless of what kind of accounts you have with credit mix or no credit mix.

Re: What DOES it take to reach 800? Age?

Watchmann — Mon, 25 Aug 2008 06:25:25 GMT

I'm at 790 (+/-), oldest account at over 28 years, and never, ever missed a payment (AMEX). And a true FICO score, not these arbitrary numbers that are often quoted. I'd say 80% of those claiming 800+ are FAKO scores. Once you get close to 800 true FICO it is hard to increase it much, too many factors keep affecting it. It really doesn't matter, once you are are about 760+ you are only going for 'bragging rights'. Key factors, imo, AGE, LOW UTILIZATION, AND NEVER, EVER MISSING A PAYMENT. Repeat, NEVER, EVER MISSING A PAYMENT. Any late payment, collection or other self inflicted wound, will hurt. 35 years of having credit, and I have had ONE late payment, about 15 years ago. Those are deadly. I'm amused at those with one or two years of history who expect high scores, or who try to rationalize a history of missed payments. That length of age is nothing, and missed payments will kill you. You can't fake age, which is why people with AMEX cards of one or two years are getting dinged.

My advice, stay within your credit limits, don't ask for more credit than needed, ALWAYS pay your bills, stop worrying about your frickin' FICO score, and let TIME work for you.

Message Edited by Watchmann on 08-25-2008 01:25 AM