Examples of the Elusive Theoretical 850 FICO score and Fair Isaac Algarithom.

[Anonymous]

I was standing in line at the bank, and met a guy with an 850 FICO. He was dressed in Armani, with a gold Presidential Rolex. Despite his dress, he did not have a "flashy" appearance. If you saw him in a crowd, he wouldn't stick out. His first words to me were, "Please allow me to introduce myself, I'm a man of wealth and taste." He didn't seem quite right in the head though, talking about how he'd been ringside at several historical events, like the Crucifixion, the Russian Revolution, and Rommel's North African campaign. I was about to catch his name, but then the line moved forward...

Message Edited by TheNewWorldMan on 09-05-2007 01:22 PM

[Anonymous]

---

@Anonymous wrote:

---

@autofly wrote:
Do you really think that people with scores in the 840's are reading credit boards and info about boosting their credit?

---

Their are those seeking 850. I have seen members on this and other forums that say they have reached 840's. Only those that have reached it can say how credible. I believe the few I have seen based on their credit reports shown.

---

Pizza- I totally understand your obsession and inquistiviness  of the elusive 850 or higher. I am obsessed w/ 700, then 720- and going up thereafter. We all know that past 720 is just percentages of points. However, if you ever get to the point where you are financing a half million dollar house- which is what a decent one costs in Chicago- percentages of a point will matter to you.

To others who might think this is silly- listen to Pizza when she talked about why 720- to 840 matters. Most of us know- that the higher you get- one tiny mistake might cost a 100 pts. So if a 740 person makes one late payment- it is shot down to 640 maybe. There. That's why that person wants as high as possible. Too- anytime one applies for credit- there is going to be a loss. There is a big difference between 780-760 and 720-700. Again, why some of us want to KNOW

[Anonymous]

Know why and what we need to do. Granted those of us at 680 know it is going to be at least a year or year and half till 720 or higher, but yes- then it does become about ego and self awareness- because some of us this is now a fun game to try to "win as high as one can".

I know, I know, some will say just stop!!

But Fico scores alone, I want to know after I get what is considered great credit  to have excellent credit. And then I want to have excellent investments. And then I want passive income coming after my active income. I want to be very financially self secure at retirement. And I want to be able to teach my kids (don't have any yet but are dying for some) everything I learned because NONE of this stuff was told to me. There is such a difference between my dad and his parents, my parents and me. I think each generation, if they want to teach the other, does the very best they can in teaching. However, my father only owns one house and has never owned another. He also got it late in life in his last years in the military. When it came time for home buying- and this is nothing against my dear dad-what he had done in his day was totally different from my day.  He didn't know you could shop for mortgages- if he did he didn't tell me- the higher your scores the more leverage you would have- he just thought you needed great credit- etc, etc.

Also, I learned so much from buying my first to my second house  (a short sale pre foreclosure that had TONS of details, liens, taxes etc that had to be negotiated) by reading just about every book I could about home buying.

That being said- I totally understand Pizza's desire and motivation. I too- am very open w/ my collegues about what I learn. And I want to learn more!!!!

[Anonymous]

One final thing too that I think Pizza is trying to hit on- people are are "in good" w/ their money tend to be very quiet people. As it is considered bad taste to talk about your wealth- all the "good secrets'" tend to stay in the closet. I think thats why Suze Orman is so popular- and most financial health/planning books sell like hotcakes. But we all know that there is "insider" information that is NOT published in books- i.e. - which REALLY is the best financial planner? Can you really EVER trust a financial planner? What if you didn't start investing in your 20's like you found out later and are hoping to really do some heavy investing when you get your final car loan and heloc paid off? How do I start? I know now- but how now? Get it?

See what I mean? I know this is just a FICO forum, but if I am right I think this  is why Pizza keeps asking.

does anyone agree?

[MidnightVoice]

---

netpanther wrote:

 Can you really EVER trust a financial planner?

Well, I trust mine - but it is a small company in a small town and I have been with them for 20 years 

[Anonymous]

All parts equal/met of the FICO formula - what is the minimum credit age needed to go above an 800 and possibly achieve (or come close to) an 850?

A) 5 Years
B) 10 Years
C) 15 Years
D) 20 Years
E) Fill in the blank? _______

I wish I could figure out how to do a poll with a thread in this forum-

[Anonymous]

I'm taking a hit for 850 right now. But it's going to be at least 6 months before I get results. I'm guessing the max age points is 30 years for oldest account and an average age of 10. But those 2 numbers are really hard to match. I am guessing I might have found a way to gain more points else where, but won't know anything for at least 6 months. I believe I have all other areas filled. Working very very hard at hitting this number. But at this point I have nothing left to do except wait and see if I hit the mark. Age might be the factor that holds me back. I'll have more info to share in a few months.

Update 7/10/08.. Ahh those early days of score goals. Well still at it! I'm going to give until the end of 2008 to see if I can hit 850. I am about 20 points away currently. So close but so far away. I hear these are the hardest points to collect. So we'll see.

Message Edited by ilovepizza on 07-10-2008 04:49 PM

[Anonymous]

ilovepizza - would you mine sharing a "snapshot" or synopsis (so to speak) of your credit profile (e.g. how many TLs with type, cl, and age; inquiries; payment history; etc.)?

Of course without any personal identifiers and only if you want to? I'm really interested to see a before and (especially) after since you've taken on this conquest for 850! It's incredible, and of course, many, many CONGRATS!

Thanks for considering!

[Anonymous]

i have a 788 fico my wife has an 803 cant seem to go any higher however. after 15 plus years of 40-50 open paid off accounts and 15 more lines through my business that dont report, with a total of around 1,000,000 in available credit not used. never been late never a collection of any kind never a derog. but my mother has 2 credit cards and no bills but has a score of 836? i dont think there is any way to figure this one out.

[Anonymous]

I think I read somewhere that the FICO algorithm is constantly being updated/tweaked? I guess that's the fun part of the challenge?