Why having more cc's is better than not

[Anonymous]

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@Revelate wrote:
You would have been at 850 in a lot shorter time than 15 years with multiple cards BBS.

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I strongly disagree, Rev.  Talking FICO 8 scores here, of course.  Reference me someone with 850 FICO 8 scores with under a 15-17 year AoOA.  I don't know if AU accounts would count here, so I'm talking a non-AU profile.  Whether I opened 3, 5 or 10 cards rather than 1 card at the time I opened my 1 card would not have changed my AoOA.  From the research I've done on this forum, I've seen an average of 8 points on FICO 8 for those with 3+ revolvers compared to 1 (assuming a thick file regardless)... so maybe 850 would have been squeaked out a year earlier for me at age 38 instead of age 39, but no sooner... certainly not "a lot shorter time" as you put it.  AoOA is always going to be the constraint here, not number of revolvers.  Again, reference me someone with more than 1 revolver, however many you think is sufficient (3, 5, 10, whatever) with an AoOA less than 15-17 years that's achieved an 850 FICO 8 score and I'll be a believer.

I started a thread on here probably a year ago asking what the youngest age was that anyone had ever achieved an 850 FICO 8 score.  I don't believe anyone under the age of 35-37 was ever referenced, strongly supporting the point that AoOA is the limiting factor.  Certainly some or likely most of those individuals had more than 1 revolver over the course of a decade+; I would think if anything me with 1 revolver would be the outlier example.

[Anonymous]

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@Revelate wrote:
1) do a 5 year term

2) there are no fees for financing a car except buy here pay here spots which are to be avoided anyway.

3) they may move it out 58 payments or they might only move it out a few payments; just see what your new due date is after the fact.

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Got it. Thank you.

[Anonymous]

Birdman7 very thought provoking analogy!

Believe as it relates to me a good fit. One thing I noticed about FNBO Fico score reporting is that the mortgage and installment loan outstanding balance is holding my score down. Yet, using a straight Fico 8 I sit at 850 (been in the 800's for five years).

One of the FAKO Score Boards tells me I need my installment loan to be under 30% ... interesting and I did play with that (paying off vehicle loans and taking new ones - did find the 30% was close to improving my scores on some scoring models). I must not have the Citi Fico score and the FNBO Fico Score on the same page as Citi says 885 out of 900 and FNBO says 837 out of 900. Thought they were the same scoring?!

Your comments on a thin credit file versus a thick credit file fits spot on as I have played with my credit over the years. Spent two years working many of the angles people post on. Yes, not very scientific and limited to my profile but it follows much of what gets written up in posts.

[Anonymous]

Dinosaur Citibank gives a EQ FICO 8 Bank card enhanced Industry option score. FNBO gives a FICO 9 Bankcard Enhanced industry option score, but I’m not sure from who's data. (Edit: i’m not going for that 30% number, I think that is a red herring...the only one we know for sure is 8.9 maybe another between 60 and 70.)

BBS IMHO You can definitely reach 850 quicker and easier on a thick file. And your position seems to be that one cannot reach an 850 without being on an aged scoresheet. I strongly disagree. I believe someone on a nonaged scoresheet can reach 850, though not as quickly and easily. Same way someone on a thin file can reach it, but not as easily as someone on a thick file.

It would be interesting to start a thread and see what the profiles are for people with 850. How many are from a thin profile? How many from a non-age profile? Specifically, you feel like AooA has to be at least 15 years to reach 850. I strongly disagree. I feel it can be reached on a non- aged profile and even easier on a thick nonaged profile. But I can be corrected. Why don’t you start some threads and let’s find out?

[Anonymous]

BBS Just another thought, but how many people at age 18 know what you know and are working towards an 850 as one of their top priorities? Not many, probably not any.

That being said, has that been your top priority since you were 18? I kind of doubt that it has. The algorithm was designed to assess repayment risk and I just don’t believe to get a perfect score you have to be on an aged scoresheet. And even if you do, I don’t believe that delineation line is higher than 15 years, if that high. It would simply exclude too big of a portion of the population to be useful to the industry in my opinion.

I mean there’s a reason they made different scoresheets. Because it should be more difficult for certain classes of people to score a perfect 850. Someone that has a 15 year track record of perfect payment history will more easily score 850 than someone with under 10 years.

Keep in mind everyone doesn’t start their credit history at 18. What about the individual that starts at 35 or 40? Does he have to wait until 55 or 60 to score a perfect score? There are many people who have had credit histories and then shied away from credit to where they had no credit and then went back and built again. Some people have had many credit cycles in a lifetime.

But think about the difference in a thick/thin file. Someone who can manage a greater number of accounts has a greater acumen on average, reasonable? That being the case why would they require as long of a time to develop the same skill? Therefore someone with a thick file would demonstrate proficiency in a shorter period of time? I believe a thick/nonaged file could hit 850.

I think the obverse is also true. Someone with a thin file is going to take longer to hit 850.

[Anonymous]

Birdman7 thanks ... I did not catch the fact Citi Bank and FNBO were not the same FICO Scoring models. For information ... I have found that FICO 9 does not treat me anywhere as well as FICO 8 Scoring so I am not surprised about FNBO now that you have offered me the current information. It fits! Again thanks as this scoring difference has BUGGED me big time!

[Anonymous]

Dinosaur there are definitely a few differences between FICO 8 & 9. Who knows how many Btw industry options like bankcard!

I would be interested in knowing what bureau FNBO sources it’s data from tho. When you go to the meter, does it state anywhere on that page what bureau the data comes from?

[AverageJoesCredit]

I would rather have 0 debt and a 700 fico then an 800 plus fico score.

[Anonymous]

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@Anonymous wrote:

BBS IMHO You can definitely reach 850 quicker and easier on a thick file. And your position seems to be that one cannot reach an 850 without being on an aged scoresheet. I strongly disagree. I believe someone on a nonaged scoresheet can reach 850, though not as quickly and easily. Same way someone on a thin file can reach it, but not as easily as someone on a thick file.

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What do you base what "you believe" on when to my knowledge not a single person on this forum has ever referenced that?  If you can find a reference, please do link it.

[Anonymous]

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@Anonymous wrote:
BBS Just another thought, but how many people at age 18 know what you know and are working towards an 850 as one of their top priorities? Not many, probably not any.

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No, but IMO that's not relevant, as the most relevant factor is starting the clock on AoOA at a young age.  I didn't care about my FICO scores until the age of 36 or so and by 39 was at 850.  The reason though was due to my AoOA being where it was.  You suggested starting a thread.  I already have (and there were others before mine) and to my knowledge no one under the age of 35 or so ever referenced 850s.  That's not to say it isn't possible at all, but it really would be a unicorn outlier example if we found someone.  I just started a thread on youngest AoOA to reach an 850, which is similar to youngest age someone is, but more relevant direct to the factor being discussed.