topic Re: What I am doing wrong? in General Credit Topics

What I am doing wrong?

GBR — Sun, 18 Aug 2013 03:48:40 GMT

Greetings,

For the last 3 years I am down to 2 cards (Master and Home improvement card). Combined they are around 20k with the credit limit. I am using both occasionally. Consequently for last 3 years my FICO is fluctuating (809-813). I have good credit history, never missed payment.

So, it doesn't matter what I do (or don't do) it seems I can't get FICO to go over 813.

Recently I applied for Amex Cash (had Amex account in good standing for over the decade) and got approved for 6k. I found that kinda low since my cousin with virtually no credit history got approved for 2k.

What can I do to get this score up? I apologize if I sound greedy, just wondering I am doing anything wrong.

Any input is appreciated.

Thanks

Re: What I am doing wrong?

thom02099 — Sun, 18 Aug 2013 04:20:46 GMT

@GBR wrote:
Greetings,

For the last 3 years I am down to 2 cards (Master and Home improvement card). Combined they are around 20k with the credit limit. I am using both occasionally. Consequently for last 3 years my FICO is fluctuating (809-813). I have good credit history, never missed payment.
So, it doesn't matter what I do (or don't do) it seems I can't get FICO to go over 813.
Recently I applied for Amex Cash (had Amex account in good standing for over the decade) and got approved for 6k. I found that kinda low since my cousin with virtually no credit history got approved for 2k.

What can I do to get this score up? I apologize if I sound greedy, just wondering I am doing anything wrong.
Any input is appreciated.

Thanks

With a FICO score above 800, it looks to me like you're doing everything right! Yes, you might have expected a higher credit limit, but scores are not the only factor that's considered. There are many other factors, but frankly I think whatever you're doing is working so don't mess (too much) with success ! You could always try for a CLI further down the road, and if you're inclined to, you could apply for more cards. Just be judicious in that.

I'm sure others will probably have advice and comments as well. It would be helpful to know a bit more about your history; number of inquiries, which scores from which CRA, AAoA, any baddies (probably not, I'm guessing !) ...that sort of thing.

Re: What I am doing wrong?

Shogun — Sun, 18 Aug 2013 04:32:37 GMT

I too think you are doing a great job. Don't forget about the AMEX 3x CLI after 61 days. That would make it a $18k CL. I'd say that's pretty good.

Re: What I am doing wrong?

GBR — Sun, 18 Aug 2013 05:21:01 GMT

Thanks for your response. I am happy with the score etc, just puzzled with no FICO movement for years. Little bit disappointed with only 6k from Amex since I planned to charge more than that occasionally.

I was just reading about 3X CLI...hope that works down the road.

Thanks again,

GBR

Re: What I am doing wrong?

myjourney — Sun, 18 Aug 2013 06:01:16 GMT

@GBR wrote:
Greetings,

For the last 3 years I am down to 2 cards (Master and Home improvement card). Combined they are around 20k with the credit limit. I am using both occasionally. Consequently for last 3 years my FICO is fluctuating (809-813). I have good credit history, never missed payment.
So, it doesn't matter what I do (or don't do) it seems I can't get FICO to go over 813.
Recently I applied for Amex Cash (had Amex account in good standing for over the decade) and got approved for 6k. I found that kinda low since my cousin with virtually no credit history got approved for 2k.

What can I do to get this score up? I apologize if I sound greedy, just wondering I am doing anything wrong.
Any input is appreciated.

Thanks

800+ scores are great ..not good but great

The fact that your new Amex probably won't hurt your scores due to the long AAoA is also a plus and due to the backdating I think in a month or two you will in fact see a score bump thus breaking the 813 mark

Re: What I am doing wrong?

Shogun — Sun, 18 Aug 2013 13:36:27 GMT

I also think that your CR might be just a bit thin with only 2 CCs. That could have held you down a few points. Not sure, but it's a possibility.

Re: What I am doing wrong?

dp246 — Sun, 18 Aug 2013 14:24:25 GMT

I would say that you are doing everything right! Congratulations on your exceptionally high fico credit scores. I am not an expert (though I am occassionally reading the forums here on myfico over the last 4 - 5 years or so), and something I found to be very helpful is the "understanding your score" section that gives you an analysis of your scores -especially for your equifax and trans union fico scores. It lists positive and negative factors effecting your score. With a score of 800 or higher, I guess you may have no negative factors listed at all! However, sometimes there is still room for improvement. Maybe you can look at this section and find areas where there is still room for improvement. I have noticed that sometimes it seems that just simply letting your accounts age will raise your scores. You can't really control this entirely, it just happens as everything ages. If you are not at the desired ages, yet: try to keep your average age of accounts app. 6 years or higher, and if you haven't opened your oldest account at least 19 or more years ago, when you reach this desirable age you may see your scores become even higher than they are now!

Re: What I am doing wrong?

GBR — Sun, 18 Aug 2013 17:56:39 GMT

All positive factors are 'great' or 'very good', with no negative factors. Average age of my accounts is over 8 years. It could be as someone mentioned that I need to get another card or two. I haven't applied for CC for many years now. I had this thought that applying/carrying more cards will make me bigger risk and lower my score. Maybe my line of thinking was not accurate.

This is great forum. You guys are very helpful.

GBR

Re: What I am doing wrong?

Anonymous — Sun, 18 Aug 2013 18:58:11 GMT

Points are harder to gain when your scores are that high. Just an FYI.

Re: What I am doing wrong?

blondy250 — Sun, 18 Aug 2013 22:44:25 GMT

Your file is a little thin, the AMEX will help it. Frankly I wouldnt worry your about it your score is great. When you move over 800 it becomes much more difficult to make point gains, in my experience.

Re: What I am doing wrong?

GBR — Mon, 19 Aug 2013 02:34:38 GMT

Yep, I should stop thinking about something that doesn’t need to be fixed then. I will post later on if the new Amex card changed my score in either direction.

I appreciate all inputs.

GBR

Re: What I am doing wrong?

Luscher — Tue, 20 Aug 2013 03:03:28 GMT

it is often said that anything over 780 is as good as it gets. you will get the best rates/same rates if you are 780 or 850

Re: What I am doing wrong?

TheConductor — Fri, 23 Aug 2013 20:45:47 GMT

To be frank, when my own score reaches 780-790ish I will cease caring about getting it any higher.

As it is, I'm nowhere near that but I've reached a point where I am able to have many of the cards I have dreamed of having. My only reason for wanting it any higher right now is better mortgage rates. And around 780, those won't get much better.

That being said, I acknowledge that to some people the score is a way of celebrating their continued achievement in managing their credit well.

And it does sound like you've done very well indeed. Kudos!

If you don't have any installment loans (car loan, mortgage, etc.) on your report, maybe it's time to buy a new car or house.

Re: What I am doing wrong?

takeshi74 — Sat, 24 Aug 2013 20:48:29 GMT

@Anonymous wrote:
Points are harder to gain when your scores are that high. Just an FYI.

^ This. Think of it as a curve. At 800+ you're on a very steep incline.