One of my goals is to acquire an 800+ FICO score. My main obstacle is that I don't have any loans: no mortgage, no car loans, no student loans. I had a mortgage for a few years, but that was 20 years ago. Never had a car loan or student loan. I lived the cash only life for quite a while and only recently started down the CC path the last 2 years.
So, my question is this: what metrics do I need to get to in order to go above 800? I have 100% payment history and $49,100 credit limit (accounting for being an AU on my wife's cards) with less than 2% utilization rate. My oldest account is 21+ years, but my average age is around 9 years. I guess that is due to the recent CCs.
What should my target goals look like?
Eq 8: 783 and Ex 8: 775
@Varsity_Lu wrote:(accounting for being an AU on my wife's cards)
for all AU cards, is at least one reporting a balance every month? otherwise you incur the all-zero AU penalty
but honestly, if you have no plans for another open loan in the next ~3 years, just get a 5-10 year PenFed or Navy Fed SSL
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Successful-PenFed-SSL-Loan/m-p/6773999
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Sec...
Deposit $3k, wait the 30 days (penfed only), take out the loan, pay it down to $2800 and you'll get all of the loan points for the next 5-10 years
@Varsity_Lu wrote:One of my goals is to acquire an 800+ FICO score. My main obstacle is that I don't have any loans: no mortgage, no car loans, no student loans. I had a mortgage for a few years, but that was 20 years ago. Never had a car loan or student loan. I lived the cash only life for quite a while and only recently started down the CC path the last 2 years.
So, my question is this: what metrics do I need to get to in order to go above 800? I have 100% payment history and $49,100 credit limit (accounting for being an AU on my wife's cards) with less than 2% utilization rate. My oldest account is 21+ years, but my average age is around 9 years. I guess that is due to the recent CCs.
What should my target goals look like?
I don't see any barrier to your reaching 800 and above in the near future, as long as you don't apply for new credit. I assume some of the credit cards are your own, rather than authorized user cards.
@SouthJamaica wrote:I don't see any barrier to your reaching 800 and above in the near future, as long as you don't apply for new credit. I assume some of the credit cards are your own, rather than authorized user cards.
Yes. I am the primary cardholder with the cards listed below. My wife has similar cards that I am AU on. The two Cap One cards are fee free and she just got them for the SUB. She got a second BCP because we max out the $6k grocery cap on both cards. I also wanted her to have some cards with her as the primary in case something happened to me (or vice versa). I would hate to have all my accounts closed and leave her scrambling to set up new accounts.
@FicoMike0 wrote:Go bucks!
I'm in a similar situation. Recovering from credit retirement. Mortgage and car loans all over the 10 year event horizon. No baddies, but two years ago I was unscorable. My age metrics and fico scores are being propped up by a couple of accounts that closed about 8 years ago.
I started about 22 months ago, my longtime bank huntington fixed me up with their MasterCard and a $500 cl. This account then made me scorable. I'm up to 8 cards now, cl > $50k. I've been doing azeo, aze3 now.
My concern is that when those closed accounts disappear, my scores will crash. To guard against this, I opened a ssl with penfed. Got a 30-40 point boost, cost ~$10. I'm now above 800, except ex, at 794.
I'm planning to have my aoya pass 12 months about the same time I lose the old accounts.
"Unscorable". That's exactly what happend to me two years ago. I was putting an addition on my house and tried to get some same-as-cash deal at Lowes and they rejected me. I was like, "Dude, I have zero debt and $70k sitting in my savings earmarked for this project and you are telling me I am a risk?" Needless to say I was ticked and decided to open an accout to get the score rolling. Your story seems similar to mine.
By the way, I just opned the Huntington Voice card. I plan to use it only for my utilites since I have my other big categories covered. What has your experinece been with that card & Huntington?
