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The Perfect Credit Score is 760 (and up)

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Super Contributor

Re: The Perfect Credit Score is 760 (and up)

@longtimelurker Impressive! Do you mind giving us your other data points at that point in time?
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 21 of 22
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Frequent Contributor

Re: The Perfect Credit Score is 760 (and up)

I compleely agree with "all 760's aren't equal".

 

I never had a credit history at all until 2013. I disocvered that I was never going to achieve anything financially if I didn't start building. So in 4 years I reached a (771 FICO avg), mixing 3 credit sources (Visa, MC & Disco) and a couple installment loans to get that credit mix. Took out my first auto loan in 2017 and dropped to about 720 (but I have a sick 3.4% rate on my truck).

 

Then in March 2018, I app'ed for 4 CC's. And I did this for one major reason.....well, two reasons.

1) I needed more credit sources in my mix and I am a huge believer in cashback cards. Yes sir, I would very much like to have the money back that I spent so I can spend it again, thank you.

2) I app'ed for all 4 CC's in a one-day spree (and these were meticulously chosen to spread the INQ's across different bureaus) - In order to keep the AAoA in a cluster.

 

My credit scores dropped to about 668 before they started to recover ( because I did add some balance to these 0%-15 months promos, why not?)

 

Now, after 7 years of credit history, I have a current truck loan, 2 closed installment loans, and 7 revolving CC's (all high % cashback cards, except for my pop-my-cherry CC through my local bank).  My AAoA is 2 yrs 7 mths and my oldest is obviously 7 years.

And some people may go **bleep**, you just killed your AAoA with those 4 cards, but......all of those cards will age together. Think about 4 years from now when my AAoA is about 5 years aross the board, oldest 10.

 

But in August this year (2020) I'll be adding a mortgage loan, so who knows what that will do. But at least I will have a 760+ to apply for the loan. That's all I need for the %rate. Then I will rebuild again.

 

Current Wallet
Sock Drawered


Message 22 of 22
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