850 Score

[Bay_Area_Joe]

Have lots of high limit cards.  Currently have about 20k on an 83.3k BofA card at 0%.

1 Auto loan from Aug 2018 and 1 Rec Vehicel Loan from early 2018. 1 mortage from 2012 with 200k balance.

So definetly you can get an 850 with a moderate amount of debt.

[Anonymous]

Yup, it's all about utilization percentages and not dollars the majority of the time.

With your highest card at 23%-25% utilization or so, what is your aggregate utilization?  I'm imagining it's low, (say) 5% or so?

[Kforce]

I had 850 but it goes down when you pay off vehicles and mortgage.

[UpperNwGuy]

The installment loans are what bring the scores up to 850.  I haven't had a mortgage since 2001 or a car loan since 2006, so my scores are in the 820s and 830s despite a long credit history, few inquiries, few new cards, low credit utilization, perfect payment record, etc over the last five years.  The reason given for my scores not growing is always the same:  lack of installment loans.  That's the key difference between an 820-830 and an 850.

I have the money in hand to pay cash for my next car, but I will probably finance half the cost of the car just to get an installment loan into my credit report.

[CreditInspired]

Very impressive, OP, and thanks for sharing. 

What’s your AAOA?  

[Kforce]

UpperNwGuy

 Valued Contributor

Maybe you know because you have longer history with no instalments loans than I do.

Will  Fico scores keep going down each year from the loss of instalments loans or is the

loss immediate and not dependant on age.

I lost 15-20 points and just wondering if it will keep going down every year or that is all there is ?

My loss of instalment loans is about 1 year now.

[Anonymous]

Congrats on that score! I can only hope to be there one day down the road.
The road just seems to get longer. lol

[Revelate]

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@UpperNwGuy wrote:

The installment loans are what bring the scores up to 850.  I haven't had a mortgage since 2001 or a car loan since 2006, so my scores are in the 820s and 830s despite a long credit history, few inquiries, few new cards, low credit utilization, perfect payment record, etc over the last five years.  The reason given for my scores not growing is always the same:  lack of installment loans.  That's the key difference between an 820-830 and an 850.

I have the money in hand to pay cash for my next car, but I will probably finance half the cost of the car just to get an installment loan into my credit report.

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Depends on ratios; I somewhat doubt credit mix is worth 20-30 points on FICO 8 honestly; as for your vehicle purchase, finance as much as possible for as long as possible and then kick cash to it soon after it funds... especially as more than one auto lender that I've personally used will allow you to play reindeer games and put that installment loan at a pretty ratio and keep it for a slew of years taking that FICO benefit the entire time.  See SSL trick specifically just used with an auto loan instead.

The interesting thing to me in the OP's stats is there's an AOYA < 1 year and still an 850 even on a new accounts scorecard for FICO 8.

Also curious as to the AAOA and the AOOA (oldest account) too.

[Anonymous]

What's the highest FICO 8 score we've seen with no open installment loan?  If AoYA < 12 months is "worth" 15-20 points and an installment loan almost paid off is "worth" (say) 25-30 points and one can have an 850 with AoYA being < 12 months, that would suggest to me that one could possess at least an 840 without an open installment loan.  Of course this assumes everything else is ideal.

[Kforce]

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@Anonymous wrote:

What's the highest FICO 8 score we've seen with no open installment loan? 

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I am at 830 to 835

AoYA = 2,  AAoA = 8+,  AoOA = 23, DTI = 0

No instalments, perfect payments, 0 Inq, 7 Active CC's.

7 Closed CC's, 3 closed cars,  3 closed mortgages.

Lost 10-15 when last instalment fell off from 850