topic Re: 800 FICO Possible? Before 22 in General Credit Topics

800 FICO Possible? Before 22

gr33nsuit — Wed, 23 Apr 2014 08:18:18 GMT

I'm turning 22 this December and was wondering if its possible to reach my FICO score above 800 and also I have a few questions, all comments and suggestions are welcomed. Thanks!

I have the CitiFoward, I've called and the reps said I still get 5% off book,food,movie year-round since I'm an existing member. It is true? I did a little research saying that new members are not getting the same benefits.

Below are my current cards and limits. Any suggestion to what I should do to increase my scores?

I've never missed a payments in the two years I've had credit cards

My utilization level is well below 3% across all cards

Things that are hurting my scores are (inquiries and credit history) (I'm stopping all inquiries starting now)

$17,200	         Chase Freedom
$12,500	         Usbank Cash+
$12,000	         Discover IT
$7,500		 PenFed Platinum Cash Rewards
$5,000		 Citibank Forward
$4,200		 QuicksilverOne (oldest 3 years, AF waived for life)
$3,600		 Amex TrueEarnings
$3,000		 StateFarm Credit Card

FICO: 767 (Provided by DISCOVER statement free FICO scores, idk how reliable it is)

Once again, thanks a bunch to all those that take their time and donate me their 2 cents.

Re: 800 FICO Possible? Before 22

wHiTeSoL — Sun, 13 Apr 2014 08:10:35 GMT

I dont mean to burst your bubble but the only way (IMO) to reach 800+ at by 22 is to have plenty of backdated amex cards. AAoA will def play a huge part getting you the last remain points (795>800, may be the toughest 5 points ever!)

But you're doing great as it is!

Re: 800 FICO Possible? Before 22

Anonymous — Sun, 13 Apr 2014 09:29:26 GMT

It is possible. I didn't read your profile but it definitely is doable under the right conditions.

I am 22 and at 792(TU08). I started when I was 21 at about halfway to 22. I have two Amex AUs(30 years each), plus 2 other cards with high age. I have opened up 6 cards over the past year as well as an auto loan. I got 6 HP on my TU as well as two of the AU cards have high balances as well as the car loan since it's new. If I had started a year earlier at 20, I'm sure I'd be at 800 since I wouldn't be bit for all the new accounts as well as the HPs no longer having an effect. Only thing I wouldn't be able to control is the balances on the AU cards but I'm sure I'd at least be over the 800 hump

TLDR: Yes. Must have started when you were 20 and must be AU on a few old cards.

Re: 800 FICO Possible? Before 22

Gunnar419 — Sun, 13 Apr 2014 14:54:30 GMT

@Anonymous wrote:
It is possible. I didn't read your profile but it definitely is doable under the right conditions.

I am 22 and at 792(TU08). I started when I was 21 at about halfway to 22. I have two Amex AUs(30 years each), plus 2 other cards with high age. I have opened up 6 cards over the past year as well as an auto loan. I got 6 HP on my TU as well as two of the AU cards have high balances as well as the car loan since it's new. If I had started a year earlier at 20, I'm sure I'd be at 800 since I wouldn't be bit for all the new accounts as well as the HPs no longer having an effect. Only thing I wouldn't be able to control is the balances on the AU cards but I'm sure I'd at least be over the 800 hump

TLDR: Yes. Must have started when you were 20 and must be AU on a few old cards.

OP, good job so far.

JKXX, how did you get those super backdates on the Amex AUs? I thought Amex had changed its policy so that AUs can only get a backdate to the year that they became AUs, and not the year the account was opened.

I agree that it's possible, but very unlikely, for a 22 year old to make it to 800 without very unusual circumstances.

Re: 800 FICO Possible? Before 22

asulaw — Sun, 13 Apr 2014 17:04:26 GMT

Yeah of course it is, everyone has different credit so anything is really possible!

Your creidt lines are outstanding too D: I am definitely jealous being I am only 21 and nearing into 22. I would just hang out on the Sapphire for a little while, and yes you can move over the line of credit before cancelling. It looks better if you hang onto that card for maybe a year or more before doing anything with it. Also, how in the world did you get the AF waived for LIFE on that QuickSilver...?

Re: 800 FICO Possible? Before 22

Anonymous — Sun, 13 Apr 2014 18:40:28 GMT

Most of the FICO scoring categories are under your control, for example payment history and utilization.

There are, however, some time-related factors that might prevent you from getting all the way to 800.

It really doesn't matter, though, since your score is only part of a larger picture in getting approvals. Other factors would include DTI, number of recent inquiries and new tradelines, and so on.

Re: 800 FICO Possible? Before 22

sexy_kitten7 — Mon, 14 Apr 2014 00:22:23 GMT

The benefits of a high score plateau around 760. I assume you have personal reasons for wanting such a high score.

I'd recommend letting accounts/inq age. Cancelling a card will have no immediate effect on your FICO and will actually hurt your AAoA starting 10 years from the closing date.

Please be aware of the "opportunity costs" associated with this persuit: no new accounts means no new bonuses or loans or perks.

Re: 800 FICO Possible? Before 22

JagerBombs89 — Mon, 14 Apr 2014 01:26:32 GMT

Not sure if you can hit 800+ without any backdating but you can definitely be there within a year or two. At age 24, I was sitting at an 825 TU FICO (via Discover) when I applied for one of their cards. Here was a write-up I did on myself a while back if you are interested: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/My-Credit-Journey-snapshot-Road-to-800/m-p/2674891

Re: 800 FICO Possible? Before 22

gr33nsuit — Mon, 14 Apr 2014 03:17:55 GMT

thanks everyone for the infos and really appreciated it. what exactly is backdating, i've done some research but still do not fully comprehend. Btw the quicksilver one AF is waived for life because I went to CapitalOne Facebook Page and left a comment and a rep contacted and waived it for me. They didn't let me do product change to the Quicksilver thats why.

Re: 800 FICO Possible? Before 22

asulaw — Mon, 14 Apr 2014 06:02:46 GMT

Wow, I can't believe they waived that for life was it a complaint?

Backdating is a technique people use for making their AAoA increase. But I don't know if it works anymore though...? For instance, someone you know like a parent or grandparent would have an Amex which would be backdated to whenever they opened their account. But I think that now it just starts a new AU date and does not bring all the backdating.

My AU card for Amex has 14 on it, and my girlfriend opened the account in 13. So not sure how it would work now...

Re: 800 FICO Possible? Before 22

takeshi74 — Mon, 14 Apr 2014 12:22:05 GMT

@gr33nsuit wrote:
Would cancelling affect my goal of reaching 800?

No idea. Take a look at the closing credit cards thread linked in the Frequently Requested Threads sticky. tl;dr version is that utilization is impacted immediately on closure and AAoA is impacted 10 years down the road when the account falls off.

@gr33nsuit wrote:
Additionally, can I transfer the ($5,000) credit limit from the Chase Sapphire to my Chase Freedom before cancelling it?

Chase does allow transfers (which would mitigate the impact to utlization) but I don't recall if they'll allow you to transfer the entire CL.

Re: 800 FICO Possible? Before 22

parakleet — Sun, 20 Apr 2014 15:38:31 GMT

@sexy_kitten7 wrote:
The benefits of a high score plateau around 760. I assume you have personal reasons for wanting such a high score.

I'd recommend letting accounts/inq age. Cancelling a card will have no immediate effect on your FICO and will actually hurt your AAoA starting 10 years from the closing date.

Please be aware of the "opportunity costs" associated with this persuit: no new accounts means no new bonuses or loans or perks.

Re: 800 FICO Possible? Before 22

Shogun — Sun, 20 Apr 2014 16:46:10 GMT

I sure hope you try to!!!! You're doing great!