topic Re: 840 in Understanding FICO® Scoring

840

mborgens — Wed, 22 Aug 2007 04:16:13 GMT

I just had to tell someone I pulled my first 840. I think it would have been higher if I hadn't moved our accounts to a new bank that pulled my score last week that showed as an inquiry.

Re: 840

Anonymous — Wed, 22 Aug 2007 04:18:47 GMT

Fantastic..........

Re: 840

Anonymous — Wed, 22 Aug 2007 13:40:41 GMT

Very sweet!!! If you could, would you post how many accounts you have total, open, closed, and type of installments, how many credit cards, and other types of accounts. Would be very helpful. Thanks. Congrats.

Message Edited by ilovepizza on 08-22-2007 06:40 AM

Re: 840

oracles — Wed, 22 Aug 2007 04:54:05 GMT

wtg, congrats

Re: 840

Tuscani — Wed, 22 Aug 2007 12:58:25 GMT

Only an 840?

Re: 840

Anonymous — Wed, 22 Aug 2007 14:43:41 GMT

Wow!!!! Keep up the good work. That is a great score!!! What does your credit profile look like?

How many accounts?
Legnth of history?
Type of accounts (i.e. how many credit card, installment, etc?)
Credit utilization to balance available?
Any lates or old derogs?

Thanks. This would be helpful to show the rest of us what makes a really strong credit profile in addition to timely paymnent history.

Re: 840

mborgens — Wed, 22 Aug 2007 17:45:53 GMT

Here's my info:

Accounts 16 - 9 Revolving; 5 Installment; 2 Mortgage
Accounts w/ balances 3 - 2 credit cards $600 & 1 mortgage
Accounts opened in past year 0
Recent inquiries 1
Ratio of your revolving balances to your credit limits 1%
Your oldest account was opened >20 years
Average age of your accounts >10 years

All of the Installments are at $0

Any lates or old derogs? That's silly

I can guarantee that this score is not based on income. It is based on a great wife who paid the bills on time for years and a little over and a little luck.

Re: 840

Anonymous — Wed, 22 Aug 2007 18:53:38 GMT

@mborgens wrote:
Here's my info:

Accounts 16 - 9 Revolving; 5 Installment; 2 Mortgage
Accounts w/ balances 3 - 2 credit cards $600 & 1 mortgage
Accounts opened in past year 0
Recent inquiries 1
Ratio of your revolving balances to your credit limits 1%
Your oldest account was opened >20 years
Average age of your accounts >10 years

All of the Installments are at $0

Any lates or old derogs? That's silly

I can guarantee that this score is not based on income. It is based on a great wife who paid the bills on time for years and a little over and a little luck.

This information is great! Thank you.

Re: 840

Anonymous — Wed, 22 Aug 2007 19:07:10 GMT

How many revolving accounts are closed? Thanks

Re: 840

mborgens — Wed, 22 Aug 2007 19:45:07 GMT

How many revolving accounts are closed? - 4 or 5. We just had one of our oldest CC expire. They were surprised that I wasn't going to take no on getting it reopened.

Re: 840

Anonymous — Wed, 22 Aug 2007 21:00:28 GMT

That's great. Thanks for the info.

Re: 840

smallfry — Wed, 22 Aug 2007 21:12:27 GMT

2 credit cards showing a balance and a meager one at that. What a surprise. Not. Well done OP.

Re: 840

mborgens — Wed, 22 Aug 2007 21:31:21 GMT

I ran the simulator.

If I miss 1 payment, my score could drop as much as 140 points. Wow!

And on my lower score (817), paying my CC's to show a $0 balance, could raise my score by 20 points. I thought we were told to keep a low balance, interesting?

Re: 840

smallfry — Wed, 22 Aug 2007 21:53:17 GMT

@mborgens wrote:
I ran the simulator.

If I miss 1 payment, my score could drop as much as 140 points. Wow!

And on my lower score (817), paying my CC's to show a $0 balance, could raise my score by 20 points. I thought we were told to keep a low balance, interesting?

Lots of opinions on that from both sides of the aisle. I have heard highest scores are obtained when paying in full before the statement cuts and some say to wait until the balance reports then PIF before the due date. Try both ways and see what happens.

Re: 840

mborgens — Wed, 22 Aug 2007 23:25:25 GMT

smallfry wrote: Lots of opinions on that from both sides of the aisle. I have heard highest scores are obtained when paying in full before the statement cuts and some say to wait until the balance reports then PIF before the due date. Try both ways and see what happens.

I'm already doing the latter. I PIF each month after the balance is reported.

It seems odd that a zero balance would generate higher scores than a balance between 0 and 1%