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Highest score w/o installment; only revolving accounts

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Re: Highest score w/o installment; only revolving accounts

I've never had an installment or auto loan. Scores provided by credit card issuers are Experian 823, Transunion 819, Equifax bankcard score 833 currently.

Message 11 of 16
Super Contributor

Re: Highest score w/o installment; only revolving accounts


@Save-n-Invest wrote:

I've never had an installment or auto loan. Scores provided by credit card issuers are Experian 823, Transunion 819, Equifax bankcard score 833 currently.


Are those all Fico scores?  I'm assuming the EQ BCE is through a Citi account, the EX 823 from perhaps Amex, but not sure about the TU since many CCCs (Chase, Cap One, etc) give a TU VS 3.0 rather than a Fico score.

Message 12 of 16
Super Contributor

Re: Highest score w/o installment; only revolving accounts


@toruchina wrote:

Hi, I was just wondering -- for those of you that were never interested in/needed loans or opened installment accounts and only have revolvers (credit cards), what's the highest credit score you've achieved? Is it possible to go 825+ FICO without them? I saw credit mix was 10% of the FICO score, and assuming 5% of 850 for revolvers/5% for installment, I figure it might be impossible? Obviously not how it's calculated, but just led me to wonder what the highest someone has achieved without installment accounts is.

 

Thanks


According to @Ubuntu 850 is doable without any open or closed installment loan:

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Our-Forums-FICO-High-Achievers-Who-has-a...


7/1/18: FICO8 EQ 749 TU 783 EX 746 Total revolving limits 713500 (592500 reporting)
Message 13 of 16
Frequent Contributor

Re: Highest score w/o installment; only revolving accounts

I didn't save the author's name, but he reverse engineered the Fico 8 score and came up with below. If he is correct, and many think he is, 850 cannot be achieved without installment loan on file.

UtilizationLess than 9.0000%
Number of Accounts Reporting BalanceUp to Three [AND] Less than 40% of total accounts.
AAoAMax bonus at 7 year 8 month
Oldest account(AoOA)Not a scoring factor. Used as a scorecard assignment segmenter.
Youngest account (AoYA)Remove score penalty after 12+ months {Exact proprietary: 90% confidence}
Total Number of Accounts5+ credit cards, 1 installment loan
Latest Open AccountScore penalty if less than 90 days between apps. Complete score penalty removed after 6 months
Inquiries in Last YearZero. Score penalty removed after 1 year
Late paymentsZero. Score penalty removed after 2 years (minor) and 7 years (major)









Starting Score: 580
Current Score: 673
Goal Score: 750

Take the myFICO Fitness Challenge
Message 14 of 16
Super Contributor

Re: Highest score w/o installment; only revolving accounts


@mikesonthemend wrote:

I didn't save the author's name, but he reverse engineered the Fico 8 score and came up with below. If he is correct, and many think he is, 850 cannot be achieved without installment loan on file.

UtilizationLess than 9.0000%
Number of Accounts Reporting BalanceUp to Three [AND] Less than 40% of total accounts.
AAoAMax bonus at 7 year 8 month
Oldest account(AoOA)Not a scoring factor. Used as a scorecard assignment segmenter.
Youngest account (AoYA)Remove score penalty after 12+ months {Exact proprietary: 90% confidence}
Total Number of Accounts5+ credit cards, 1 installment loan
Latest Open AccountScore penalty if less than 90 days between apps. Complete score penalty removed after 6 months
Inquiries in Last YearZero. Score penalty removed after 1 year
Late paymentsZero. Score penalty removed after 2 years (minor) and 7 years (major)

Well, based on SJ's reference in the previous post, it sounds like 850 can be had without an installement loan present.  The data in the table pictured above to me doesn't seem like a list of requirements for 850, moreso just a list to maximize 850 potential.  I do believe one or two forum members have achieved 850 with their AoYA landing under 12 months and others have definitely hit 850 with a scoreable inquiry present.

Message 15 of 16
Regular Contributor

Re: Highest score w/o installment; only revolving accounts


@BrutalBodyShots wrote:

@Save-n-Invest wrote:

I've never had an installment or auto loan. Scores provided by credit card issuers are Experian 823, Transunion 819, Equifax bankcard score 833 currently.


Are those all Fico scores?  I'm assuming the EQ BCE is through a Citi account, the EX 823 from perhaps Amex, but not sure about the TU since many CCCs (Chase, Cap One, etc) give a TU VS 3.0 rather than a Fico score.


 

TU is from Discover

Message 16 of 16