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You can't get in to the 700 club if....

Frequent Contributor

You can't get in to the 700 club if....

I'm wondering what are some disqualifying factors of getting in to the 700 club. Sure I know that each case varies, but are there any definitive no-nos that prevent someone from reaching that milestone? 

Maybe too many inquiries?

Maybe a BK?

 

Maybe you're more familiar with one reporting agency over another. I just want to start the conversation about factors one should consider when trying to attain that goal.

 

 

AmEx Platinum - AmEx BCP - Chase Freedom - NFCU Platinum - Chase Amazon Prime - Citi Costco - Citi Best Buy
Message 1 of 17
16 REPLIES 16
Frequent Contributor

Re: You can't get in to the 700 club if....

I'd say recent derogatories and high utilization are the two biggest things to nuke a score. Inquiries don't matter as much and the further out from BK the less it pulls down your score. I'm at 700 across the board and I have a 3 year old BK and a ton of inquiries and new accounts
Message 2 of 17
Valued Contributor

Re: You can't get in to the 700 club if....

I have 50 Inq on EX and 32 on the other 2 and I just reached 730+ on all 3. EX being my strongest. And new accounts 4 in the last 6 months.
Message 3 of 17
Established Contributor

Re: You can't get in to the 700 club if....

You get into the 700 club by being cool.
No late payments, have over $150K credit lines from all major banks discussed here, 777 FICO scores, and inquiries dropping like flies. Doing better than most here. LOLOL Goal: 850 FICO across board. Heh. Smiley Happy
Message 4 of 17
Established Contributor

Re: You can't get in to the 700 club if....

My AAOA is just under a year and I have 7 new accounts in that time. My scores are all over 730. My highest is 742. I have no negatives and have anywhere from 7-10 inqs depending on bureau.



|| TU08: 770 || EQ08: 776 || EX08: 773 ||



Message 5 of 17
Super Contributor

Re: You can't get in to the 700 club if....

The more that i've presssed for bigger limits and got them, the easier and faster it was to cross into 700 territory and stay there.

 

Utlilization and too many new accounts will knock your score down and keep it there if not careful to obtain cards spread apart by months.

 

At least this is been my experience so far. As always YMMV

Message 6 of 17
Moderator Emeritus

Re: You can't get in to the 700 club if....

Everyone can get to 700 on any version of FICO given time regardless of what's on their file: all it takes is sufficient positive history and some amount of age on any negative (not much I might add).

 

FICO 8 appears to be capped around 755ish for anyone with a collection or public record.  FICO 04/98 somewhat less, not certain by how much.

 

FICO 9 breaks that, I'm currently at 789 even with ugly installment utilization there so it may be possible to break 800 on that score even with a tax lien and a couple of old lates.




        
Message 7 of 17
Valued Contributor

Re: You can't get in to the 700 club if....

I think Revelate is spot on! In my case, I have a foreclosure and a CC settlement that will each begin to fall off in about two years. Despite these, I've had no problem getting FICO 8 scores well into the 700's - currently 735-740 neighborhood.

I also agree in regard to FICO 9. Just like Revelate, my FICO 9 scores are all in the 788 to 793 range, despite the two baddies. I am hoping FICO 9 might actually hit 800 in the next year to year and a half. I certainly expect that they will when my baddies fall off.


Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Jan 2021: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 824
In My Wallet: Discover $73.7K; Cap1 Venture $42.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $21K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $19K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $285K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 8 of 17
Valued Contributor

Re: You can't get in to the 700 club if....


@Revelate wrote:

Everyone can get to 700 on any version of FICO given time regardless of what's on their file: all it takes is sufficient positive history and some amount of age on any negative (not much I might add).

 

FICO 8 appears to be capped around 755ish for anyone with a collection or public record.  FICO 04/98 somewhat less, not certain by how much.

 

FICO 9 breaks that, I'm currently at 789 even with ugly installment utilization there so it may be possible to break 800 on that score even with a tax lien and a couple of old lates.


+1

                

TCL: $306,100Utilization: 6%AAoA: 5yr 2mOther: Lease, Loan, No Mtg.Baddies: 0

LWS-35k | BOA-50k | AMX-32.4k | DISC-33.6k | ALNT-25k | NFCU-33k | BARC-15k | BBUY-12k | CSE-10k | CP1-10k | CITI-11.7k | PF-38.4k


Message 9 of 17
Community Leader
Mega Contributor

Re: You can't get in to the 700 club if....

You never cross 699.....Smiley Happy
Message 10 of 17
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