topic Re: Highest score possible with no Mortgage or auto loan in Understanding FICO® Scoring

Highest score possible with no Mortgage or auto loan

joeblow2 — Sat, 26 Nov 2011 18:09:31 GMT

Once you no longer have a mortgage or auto loan reporting just CC accounts with 0 balances what is the highest score you can get or have seen. At this point you are relying only on AAoA and length of credit history

Re: Highest score possible with no Mortgage or auto loan

MarineVietVet — Sat, 26 Nov 2011 19:30:01 GMT

@joeblow2 wrote:
Once you no longer have a mortgage or auto loan reporting just CC accounts with 0 balances what is the highest score you can get or have seen. At this point you are relying only on AAoA and length of credit history

Even closed accounts are still scored as being part of a credit mix although they are not weighed as heavily as open, active accounts.

I won't hazard a guess though as to your question about possible scores. There are simply too many varuiables IMO.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Highest score possible with no Mortgage or auto loan

joeblow2 — Sat, 26 Nov 2011 19:31:34 GMT

My question is for when all the auto loans and mortgage loans drop off and its only CC accounts reporting

Re: Highest score possible with no Mortgage or auto loan

MarineVietVet — Sat, 26 Nov 2011 19:33:52 GMT

@joeblow2 wrote:
My question is for when all the auto loans and mortgage loans drop off and its only CC accounts reporting

Oh......I misread your post.

But I still won't try to guess any possible score.

Re: Highest score possible with no Mortgage or auto loan

namvet — Sat, 26 Nov 2011 19:36:43 GMT

Your guess is as good as mine!

Re: Highest score possible with no Mortgage or auto loan

RobertEG — Sun, 27 Nov 2011 03:28:18 GMT

Types of credit, at 10% overall weighting, would account for 85 points.

What is done with scoring of those 85 points is part of the mystery of the properietary FICO scoring algorithm, what factors it considers under that category, and the weighting of each.

In addition to the presence of both revolving and installment, I am speculating that, since FICO puts strong reliance on revolving credit in their risk analysis, additional factors, such as lack of any revolving, or lack of plural revolving, might additionally be part of this types of credit category. Maybe store cards score less in types of credit than major bank cards. Who knows.

Unless one makes assumptions of all the factors and their relative weithtings, it would not be possible to isolate the affect only of mix of install/revolv. Make a guess.

Re: Highest score possible with no Mortgage or auto loan

mazinaige — Sun, 27 Nov 2011 15:02:58 GMT

One of my scores is over 800 and my tradelines are made of three credit cards and student loans that are in in-school deferment. No mortgage or auto loan (past or present).

Re: Highest score possible with no Mortgage or auto loan

cashnocredit — Sun, 27 Nov 2011 22:32:29 GMT

My gf has a FICO score of just under 820. She doesn't have auto loans or mortgages but a long history of CCs. She is completely crazy about paying her CCs the instant they come in the mail.

Re: Highest score possible with no Mortgage or auto loan

joeblow2 — Sun, 27 Nov 2011 22:33:45 GMT

What is the length of her Credit history and her AAoA ?

Re: Highest score possible with no Mortgage or auto loan

cashnocredit — Sun, 27 Nov 2011 22:43:09 GMT

Not sure, she only has 4 CCs and doesn't use most of them often. Her first CCs were probably at least 25 years ago and I'm sure her AAoA is around 10 years.

Re: Highest score possible with no Mortgage or auto loan

Anonymous — Mon, 28 Nov 2011 03:49:52 GMT

@RobertEG wrote:
Types of credit, at 10% overall weighting, would account for 85 points.
What is done with scoring of those 85 points is part of the mystery of the properietary FICO scoring algorithm, what factors it considers under that category, and the weighting of each.
In addition to the presence of both revolving and installment, I am speculating that, since FICO puts strong reliance on revolving credit in their risk analysis, additional factors, such as lack of any revolving, or lack of plural revolving, might additionally be part of this types of credit category. Maybe store cards score less in types of credit than major bank cards. Who knows.

Unless one makes assumptions of all the factors and their relative weithtings, it would not be possible to isolate the affect only of mix of install/revolv. Make a guess.

I know I had this discussion elsewhere on the forums before without getting to a resolution. Since the score range is 300-850, are the percentages based on the possible range of scores (850-300=550 --> 10% = 55) or out of the maximum possible score (850 --> 10% = 85)?

Re: Highest score possible with no Mortgage or auto loan

Anonymous — Mon, 28 Nov 2011 03:59:23 GMT

@cashnocredit wrote:
My gf has a FICO score of just under 820. She doesn't have auto loans or mortgages but a long history of CCs. She is completely crazy about paying her CCs the instant they come in the mail.

I too have no installment loans. The my highest Fico scores have been:

EX - 793 (9/10 from USA Fed app pull)
TU - 791 (4/11 from MyFico)
EQ - 813 (4/11 from MyFico)

I have 17 revolving trade lines reporting, a 12 year history and an AAOA of 8 years.

Re: Highest score possible with no Mortgage or auto loan

Anonymous — Mon, 28 Nov 2011 04:52:02 GMT

I have a few student loans from 2006 as well as 5 credit cards that are pretty new (oldest is around 3 years). My EX is 738.

Re: Highest score possible with no Mortgage or auto loan

Odiseous — Mon, 28 Nov 2011 06:09:52 GMT

@cashnocredit wrote:
My gf has a FICO score of just under 820. She doesn't have auto loans or mortgages but a long history of CCs. She is completely crazy about paying her CCs the instant they come in the mail.

Wait... This is crazy?

I pay mine either before the statement cuts, or within days of the statement cutting (for whichever one I'm letting report); which is usually well before I'd ever receive a statement in the mail (assuming I didn't have everything on e-bill).

Comparitively: Does this make me a complete loon?

Re: Highest score possible with no Mortgage or auto loan

cashnocredit — Mon, 28 Nov 2011 18:11:02 GMT

@Odiseous wrote:
@cashnocredit wrote:
My gf has a FICO score of just under 820. She doesn't have auto loans or mortgages but a long history of CCs. She is completely crazy about paying her CCs the instant they come in the mail.

Wait... This is crazy?

I pay mine either before the statement cuts, or within days of the statement cutting (for whichever one I'm letting report); which is usually well before I'd ever receive a statement in the mail (assuming I didn't have everything on e-bill).

Comparitively: Does this make me a complete loon?

Lol! Nah, that makes you knowledgeable about credit. My gf had no idea what credit reports are, what's in them, what a credit score is, and so on. I practically had to hound her to get her to check her credit report and sign up for a service that would let her know if stuff showed up on her credit report without her knowledge. She wouldn't even know how to go about prepaying to get a zero balance on a reporting loc. She probably could pump her FICO up a bit if she wanted to but she doesn't.