topic Re: almost 800 FICO score in General Credit Topics

almost 800 FICO score

e123 — Thu, 05 Jul 2007 16:14:27 GMT

I have a friend who has almost 800 FICO scores. My friend wants to add me as an AU on one of her cards that has a 15K credit line and 12 year history of perfect payments. I have not done this yet because the current utli is around 75 % of the credit line. The card will be back at or near zero in 60 days. Should I do this now or wait ?.

Re: almost 800 FICO score

SmartCookie — Thu, 05 Jul 2007 16:20:35 GMT

By the time her cards have good utilization AU's won't be factored in to FICO anyway. Friends and finance don't mix anyway

What are your scores? Are you working your baddies off?

Re: almost 800 FICO score

e123 — Thu, 05 Jul 2007 16:43:13 GMT

My scores are mid 600's. I agree friends and credit don't mix. My friend is just trying to help. I have had really good credit until a divorce. Before and after my divorce everything is good. Bad period of six month's or so during divorce. At least I know in time my scores will improve. No amount of time was going to improve my marriage.

Re: almost 800 FICO score

MidnightVoice — Thu, 05 Jul 2007 16:45:12 GMT

Regarding AUs, I suggest you read:

FICO WILL NO LONGER COUNTS AUs

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4008

Regarding marriage - pass

Re: almost 800 FICO score

e123 — Thu, 05 Jul 2007 16:54:59 GMT

Thanks. I will read that. I think that in another 6 month's or so I can add 25 points or so. Chasing down and toying with my FICO scores has turned into a hobby. Safer and cheaper than hanging out in bars every night.

Re: almost 800 FICO score

dragonheartt — Thu, 05 Jul 2007 17:02:45 GMT

e123 wrote:
Thanks. I will read that. I think that in another 6 month's or so I can add 25 points or so. Chasing down and toying with my FICO scores has turned into a hobby. Safer and cheaper than hanging out in bars every night.

Right now it is a hobby, it want be long until it is an obsession

Re: almost 800 FICO score

MidnightVoice — Thu, 05 Jul 2007 17:05:38 GMT

Next step after obsession:

The MyFICO Forums 12 Step Program (For FICOholics)

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=5651

Re: almost 800 FICO score

e123 — Thu, 05 Jul 2007 18:11:01 GMT

I can see how this becomes all consuming. It s almost like playing chess or poker. As a player you have to anticipate each move and the immediate effects and future effects of each move.

Re: almost 800 FICO score

Anonymous — Thu, 05 Jul 2007 18:17:01 GMT

e123 wrote:
I can see how this becomes all consuming. It s almost like playing chess or poker. As a player you have to anticipate each move and the immediate effects and future effects of each move.

Sorry, but it doesn't exactly work that way with FICO, and that's where a lot of people get really frustrated. The factors that determine your score work together in weird and mysterious ways, so you can very rarely determine that a change in your score was caused by a specific action (except it's pretty likely a BK will torpedo it). There are lots of things happening behind the scenes, like the scorecards/buckets/pools issue, the aging factor of your accounts, etc.

So the best you can do is learn as much as Fair Isaac will let us know, and not get too obsessed.

Message Edited by masdeocho on 07-05-2007 02:17 PM

Re: almost 800 FICO score

fused — Thu, 05 Jul 2007 20:10:11 GMT

e123 wrote:
I have a friend who has almost 800 FICO scores. My friend wants to add me as an AU on one of her cards that has a 15K credit line and 12 year history of perfect payments. I have not done this yet because the current utli is around 75 % of the credit line. The card will be back at or near zero in 60 days. Should I do this now or wait ?.

Question, how does someone have a FICO score near 800 with util around 75% on a CC? Does your friend have a bunch of other cards with low balances or PIF?

Message Edited by fused111 on 07-05-2007 10:10 AM

Re: almost 800 FICO score

e123 — Thu, 05 Jul 2007 18:27:36 GMT

Hard not to get obsessed. But I will try. At this time I am just trying to make as much money as I can and not borrow any money. It is easier to pay everything on time overtime with money in the bank. Maximize income and minimize debt. Easier said than done but can be done.

Re: almost 800 FICO score

e123 — Thu, 05 Jul 2007 18:31:29 GMT

She has other cards with no balance. Her FICO was above 800 but dropped due to balance increase. The balance has only been on the card about a month and should be gone in another month. She paid a large bill with the card.

Re: almost 800 FICO score

Anonymous — Thu, 05 Jul 2007 18:31:31 GMT

e123 wrote:
Hard not to get obsessed. But I will try. At this time I am just trying to make as much money as I can and not borrow any money. It is easier to pay everything on time overtime with money in the bank. Maximize income and minimize debt. Easier said than done but can be done.

Yes, it can be done and there are lots of people here who have!

Re: almost 800 FICO score

dragonheartt — Thu, 05 Jul 2007 20:07:58 GMT

masdeocho wrote:

e123 wrote:
Hard not to get obsessed. But I will try. At this time I am just trying to make as much money as I can and not borrow any money. It is easier to pay everything on time overtime with money in the bank. Maximize income and minimize debt. Easier said than done but can be done.

Yes, it can be done and there are lots of people here who have!

Yes it can be done. I know back in 2004 when my wife lost her job and we had a new born as well as a 4 year old, it was hard to make ends meet. After about 3 months of debt collection phone calls, and many sleepless nights, I decided never again would I be in that position. I took on a part-time job and then started my on part-time business, electrical contracting, all in addition to my full time job. I'm still not in a position that I feel comfortable taking my business full time, but I am getting there. It is all about how bad you want something, for me it was making sure the bills was paid, our debt was reduced and to provide food and clothes for my children. It doesn't happen overnight, but the sooner you start the sooner you will get there.

Dragon

Message Edited by dragonheartt on 07-05-2007 01:07 PM

Re: almost 800 FICO score

e123 — Thu, 05 Jul 2007 20:32:50 GMT

I can relate to that. Never again will I allow myself to get behind the financial eight ball. I bought a used almost ten year old car that looks and runs good and paid cash. I want to buy a newer vehicle but I am waiting until I can pay for most of it in cash. I feel much more secure with cash in the bank rather than a new car in the drive way. Not to mention the money I save on motor vehicle taxes and auto insurance. I also try to keep several thousand cash in the bank at all times just in case something comes up. Very slow process but I am making head way. Working on my FICO scores just in case I need some credit down the road. Keep after it.

Re: almost 800 FICO score

Anonymous — Mon, 09 Jul 2007 21:26:50 GMT

e123 wrote:
I have a friend who has almost 800 FICO scores. My friend wants to add me as an AU on one of her cards that has a 15K credit line and 12 year history of perfect payments. I have not done this yet because the current utli is around 75 % of the credit line. The card will be back at or near zero in 60 days. Should I do this now or wait ?.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=4894

If it's a really good friend, you might consider asking them to convert it to a joint account. That will give you the benefit of the account in perpetuity. However, be darned certain it's a really good friend, and be darned certain they feel that way as well.

Come September, one of the CRAs (we don't yet know which), will begin using FICO's new model so AU accounts won't get counted and thus won't help your FICO score.

However, the other two CRAs (again we don't know which) will begin using FICO's new model some time next year.

If you know the OC reports AU TLs to all 3 CRAs, and if the account is in good standing, it is probably worth it to get added as an AU and try to cash in on the benefits you'll reap for the next couple of months. While 75% util is high, it will likely take 30-60 days for the CCC to issue the AU card and start reporting it to the CRAs. Even if you get the TL with the 75% util, the next billing cycle when it's paid down near $0 your FICOs (on at least 2 CRAs) will benefit. With that FICO LUV in hand, you could then leverage that to get a CC of your own.

Worst case, around October thru December your FICOs will be about at their peak, because of this AU TL, and that's plenty of time to try and leverage it.

Re: almost 800 FICO score

Anonymous — Mon, 09 Jul 2007 22:00:58 GMT

e123 wrote:
I can relate to that. Never again will I allow myself to get behind the financial eight ball. I bought a used almost ten year old car that looks and runs good and paid cash. I want to buy a newer vehicle but I am waiting until I can pay for most of it in cash. I feel much more secure with cash in the bank rather than a new car in the drive way. Not to mention the money I save on motor vehicle taxes and auto insurance. I also try to keep several thousand cash in the bank at all times just in case something comes up. Very slow process but I am making head way. Working on my FICO scores just in case I need some credit down the road. Keep after it.

You are certainly on the right track, keep up the good work & Good Luck to you...

To just comment on the obbsesion/hobby part of this, I find it somewhat amazing how this Hobby/obsesion can take hold....it's almost drug-like....what a rush (showing my age) to get a score bump...I have raised my 3 Ficos from 50 to 70 points in about 3 or 4 months just by reading and following advice on this board....

To even come to the realization that you can "affect" your scores is mindboggling...I was wandering around aimlessly thinking that my credit was in the crapper and that was just that.... I bought a dumb book titled "Credit Repair Kit for Dummies" (don't waste your money) and signed up for Fako scores thru BoA....and then discovered MyFico.com

I've talked before about my Score "goals"... Goals is really a wrong term, because as someone mentioned it is not really in your control to hit a certain point by a certain time, but all you can do is the best you can and work with what you got....kind of a "race for the finish line".....I've changed my "Goals" to "Hopes".. and I am currently exceeding my "hopes"....

OK, done rambling...

Live Long & Prosper,

ctRob

Message Edited by ctrob on 07-09-2007 03:00 PM

Re: almost 800 FICO score

Anonymous — Mon, 09 Jul 2007 22:01:14 GMT

Noah, have you read any where about how much effect will be on the drop in fico points. I have two on my CRA's report. They are awesome accounts. I am the one paying them. One has a 0 balance/closed, and the other I owe about $3000. on. I am just wondering how many points I will lose on those two accounts.

In a couple of months when my BK 13 drops as well as about six baddies with it. I am considering contacting B of A and try to get a cc limit in my name of at least $3500., and transfer this au (B of A) onto it. I am the one that has been paying it and can show a copy of all canceld checks to show that I am the one that has been paying since day one. Never late. I would like to have it in my name so that I can get the fico points myself.

I know if it were a neg. account, it would improve my scores. It will improve some peoples score, while it will decrease others. I'd just like to know about how many points I can expect to drop if anyone out there knows.

Re: almost 800 FICO score

Anonymous — Mon, 09 Jul 2007 22:08:54 GMT

cbjn1103 wrote:
Noah, have you read any where about how much effect will be on the drop in fico points. I have two on my CRA's report. They are awesome accounts. I am the one paying them. One has a 0 balance/closed, and the other I owe about $3000. on. I am just wondering how many points I will lose on those two accounts.

Near impossible to say. If the AU account is reporting, then the loss of it most definitely will lead to a drop in FICOs. Maybe only one point. Maybe a whole lot.

If there are 5 good TLs, and 1 drops, then the effect will likely be small-ish.

If there are 2 good TLs, and 1 drops, then the effect will likely be large-ish.

But it's no where near that simply. How much util is on the AU TL? What's the CL? What's the overall util? What's the total CL? Just some of the questions.

Adding new good TLs always helps, but if there's an existing AU TL, I would seek to get it converted to a joint account if at all possible. Older established good TLs are going to carry the most weight and no short term baggage as new TLs.

Re: almost 800 FICO score

Anonymous — Mon, 09 Jul 2007 22:24:56 GMT

Thanks, taht was what I was hoping for. Both accounts are closed. I just have a bal on one with boa. CL was 10,000., I am down to right around $3000.

I was planning on paying that of in the next couple of months, but decided pay it down some until my baddies drop off in a couple of months. That way, I might have a little more leverage with BoA to borrow to transfer that into my name only. Have a new cc tl to eventually help my score increase slowly over time.

If au's currently gets as much favor in the 35% credit payment history, I look for it to drop several points. The reason I believe that is because of my JC Penny account in dispute now on two lates from five years ago. My fico dropped 24 points on that while it is in dispute. I look to get that 24 points back within the next couple of weeks, I hope.

It could be a major impact to many in points...I guess we just have to wait and see.