topic Re: How to get over 800 in Understanding FICO® Scoring

How to get over 800

Anonymous — Mon, 07 Dec 2009 01:48:06 GMT

My scores are: EQ- 782; TU- 775. Any suggestions to getting over 800? I know I have to keep paying my bills on time. Any other suggestions.

I had an 803 from EQ and then two inquiries dropped it to 782? One inquiry was controversial. If I can get that one removed could I get back over 800?

Re: How to get over 800

llecs — Mon, 07 Dec 2009 04:25:52 GMT

How's your individual and overall CC utilization?

When were the inquiries and did anything new report on your CRs as a result of that inquiry?

Re: How to get over 800

Anonymous — Mon, 07 Dec 2009 04:58:25 GMT

I have under 20% CC utilization. Nothing new except for the inquiries.

I have another question. My Fico scores are EQ 782, TU- 775. How can my Vantage score be 733, a C in their system?

I know there are differences in the scoring formulas but I did not think they could be that different. Should I be concerned at all about the Vantage score?

Re: How to get over 800

Anonymous — Mon, 07 Dec 2009 05:05:51 GMT

@Anonymous wrote:
I have under 20% CC utilization. Nothing new except for the inquiries.

I have another question. My Fico scores are EQ 782, TU- 775. How can my Vantage score be 733, a C in their system?
I know there are differences in the scoring formulas but I did not think they could be that different. Should I be concerned at all about the Vantage score?

FICO looks at individual utilization as well as overall util.

Optimal credit utilization for FICO scoring purposes seems to be:

Total revolving utilization > 0 and < 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.

Re: How to get over 800

Anonymous — Mon, 07 Dec 2009 08:43:20 GMT

If one of the inquiries gets removed, this might help. Hard to say, sometimes a 1-3 inquires are scored the same. When I was at 806+, inquiries didn't seem to bother my score.

Paying down utilization is your most effective method now. Get reported balances to a single account and under 9%.

And age...time takes time, unfortunately.

You can get minor benefits from having auto loan or other installements down to 65% or less of original balance. This isn't going to be huge, but it can help.

Re: How to get over 800

Jazzzy — Mon, 07 Dec 2009 16:26:38 GMT

@Anonymous wrote:
I have under 20% CC utilization. Nothing new except for the inquiries.

I have another question. My Fico scores are EQ 782, TU- 775. How can my Vantage score be 733, a C in their system?
I know there are differences in the scoring formulas but I did not think they could be that different. Should I be concerned at all about the Vantage score?

No...it's not a FICO. It's challenging enough to tweak your true FICO scores. Me...I wouldn't even be looking at the others.

Re: How to get over 800

Anonymous — Tue, 08 Dec 2009 05:14:42 GMT

Thanks to all of you for your answers.

I have another question. I recently opened a new Wells Fargo LOC for $ 5,000. I belong to score watch and credit watch, ( Equifax). they alerted me to the new account, my question is that Experian listed the Credit limit of $ 5,000, but Equifax listed the credit limit as N/A. Why is that and doesn't that hurt my score since EQ is not showing $ 5,000 more of available credit. Having said that, my EQ score went from 782 to 786 as a result of this alert.

Go figure? Can I call Wells and tell them to call EQ and get them to put the credit limit on the report?

Re: How to get over 800

Anonymous — Tue, 08 Dec 2009 05:26:55 GMT

I pullrf my EQ report and the $ 5k credit limit is showing up. My utilization on revolving debt is now 8%. I guess that under 9% is true since my score went from 782 to 786 after the new account.

Re: How to get over 800

Anonymous — Tue, 08 Dec 2009 05:49:59 GMT

@Anonymous wrote:
I pullrf my EQ report and the $ 5k credit limit is showing up. My utilization on revolving debt is now 8%. I guess that under 9% is true since my score went from 782 to 786 after the new account.

Good to hear it.

Re: How to get over 800

Anonymous — Sun, 13 Dec 2009 15:38:16 GMT

@Anonymous wrote:
Thanks to all of you for your answers.

I have another question. I recently opened a new Wells Fargo LOC for $ 5,000. I belong to score watch and credit watch, ( Equifax). they alerted me to the new account, my question is that Experian listed the Credit limit of $ 5,000, but Equifax listed the credit limit as N/A. Why is that and doesn't that hurt my score since EQ is not showing $ 5,000 more of available credit. Having said that, my EQ score went from 782 to 786 as a result of this alert.

Go figure? Can I call Wells and tell them to call EQ and get them to put the credit limit on the report?

You're balancing a scale with AAoA on one side and UTIL % on the other. Opening a new account has lowered your UTIL leading to a score increase. However it also lowered you AAoA which may have the effect of lowering your maximum attainable score.

That said having FICO's above 760 makes you a FICO High Achiever and you have made it to the FICO promissed land. A FICO score of 800+ is good for bragging rights, but no additional benefits will inure once you surpass 760. Be happy, enjoy your great credit and don't frustrate yourself attempting to micro manage your way to 800+. There's no point and the two factors in getting there are: 1) maintaining perfect credit performance and 2) time! Just make sure you control the one of those two that you can control.

Re: How to get over 800

Anonymous — Sun, 13 Dec 2009 16:28:54 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks to all of you for your answers.

I have another question. I recently opened a new Wells Fargo LOC for $ 5,000. I belong to score watch and credit watch, ( Equifax). they alerted me to the new account, my question is that Experian listed the Credit limit of $ 5,000, but Equifax listed the credit limit as N/A. Why is that and doesn't that hurt my score since EQ is not showing $ 5,000 more of available credit. Having said that, my EQ score went from 782 to 786 as a result of this alert.

Go figure? Can I call Wells and tell them to call EQ and get them to put the credit limit on the report?
You're balancing a scale with AAoA on one side and UTIL % on the other. Opening a new account has lowered your UTIL leading to a score increase. However it also lowered you AAoA which may have the effect of lowering your maximum attainable score.

That said having FICO's above 760 makes you a FICO High Achiever and you have made it to the FICO promissed land. A FICO score of 800+ is good for bragging rights, but no additional benefits will inure once you surpass 760. Be happy, enjoy your great credit and don't frustrate yourself attempting to micro manage your way to 800+. There's no point and the two factors in getting there are: 1) maintaining perfect credit performance and 2) time! Just make sure you control the one of those two that you can control.

There are CCC accounts which generally approve (statistically) at FICO levels higher than 760.

760 will get you the lowest auto and home mortgage rates. But for revolving and charge accounts, you may find certain issuers actually do like 780 or higher, with certain ages, existing CL's and absence of derogs.

IME

Re: How to get over 800

Anonymous — Sun, 13 Dec 2009 19:29:27 GMT

These are extremely few and far between. And of course there are many other factors besides FICO scores that affect every kind of credit approval, not just credit cards. Very, very few credit issuers will pop out an approval based solely on FICO. My original point was that there is no practical purpose to possessing an 800+ FICO score other than bragging rights. (You know that from your own personal experience.) I would rather have myself set up with a really nice set of newer, larger CL CC's and have a 760 to 780 FICO score (like you, txjohn) than have a thinner credit file consisting of older accounts and an 800+ FICO score. The extra points have no practical usefulness.