Chance of score increase?

[Anonymous]

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@paramed3 wrote:

You should add an installment loan and with a payment history of 1 year in Aug of 2016 will give you a lot better chance to get to 800. Even if you take out a small installment put the money in a savings account to use to pay the installment payments. That is the best thing you could do to get to your goal. Another good idea would be to buy a small valued rental property that would not only give you an installment but a mortgage installment loan. Even if you had to have a co-signer but if the income is there with your scores you should be able to qualify for a small rental income property. That will be a shot in the arm to get to the CC goal you want and as you travel make sure you apply for premium cards and not rebuilt cards. The premiums cards will pay off in the long run for your FICO I have read. The Chase Freedom I think you said you want would be one of those along with BOA rewards card and the Capital one Venture or Quicksilver VISA, and AMEX Blue or the Discover IT card. Google top 5 premiums cards and you will see. Ignore the ones for Rich indiduals that cost a forture to have offer so many features you will not use at 18. You are on the road to a great credit history by being here in the first place. 

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Thanks, but I do not think taking an installment loan is an option at this time. I think I will just have to stick with credit cards. 

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

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@Revelate wrote:

Unlikely.  Your 730 from the sounds of it was based on your AU's only, while it's helpful to know when those were opened too and what they're reporting balance vs. limit (since they all count assuming not falling afoul of the anti-abuse policy) it doesn't even sound like all of your cards have reported yet and you will likely see a drop in AAOA when they do.

If I were betting I'd say 760-700 by August 2016.

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But I'd be paying on time for an entire year?...

Nonetheless, would that score be good enough for Citi DB/Freedom/SMMC?

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Scorewise you could get those right now.  Shouldn't be a problem in a year with your own tradelines in the mix from a UW perspective assuming the economy doesn't tank and the lenders dno't vastly shift their underwriting.

Payment history basically means: have tradelines, use them, don't screw up; you'll probably get more of a boost from having those inquiries drop out of scoring range to be honest.   The 35% of one's FICO really applies if you have a negative, and you aren't starting from ground zero as you have AU's on your report which skew it.

There's nothing in the market which underwrites higher than 760, and honestly all those cards UW at 660-680 to my knowledge for a minimum FICO.

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Hello Revelate, I was wondering, would I still be good for the US Bank Cash Plus card? I heard it uses TU 04 which is generally 50 points less than TU 08? 

[Revelate]

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@Anonymous wrote:

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@Revelate wrote:

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@Anonymous wrote:

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@Revelate wrote:

Unlikely.  Your 730 from the sounds of it was based on your AU's only, while it's helpful to know when those were opened too and what they're reporting balance vs. limit (since they all count assuming not falling afoul of the anti-abuse policy) it doesn't even sound like all of your cards have reported yet and you will likely see a drop in AAOA when they do.

If I were betting I'd say 760-700 by August 2016.

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But I'd be paying on time for an entire year?...

Nonetheless, would that score be good enough for Citi DB/Freedom/SMMC?

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Scorewise you could get those right now.  Shouldn't be a problem in a year with your own tradelines in the mix from a UW perspective assuming the economy doesn't tank and the lenders dno't vastly shift their underwriting.

Payment history basically means: have tradelines, use them, don't screw up; you'll probably get more of a boost from having those inquiries drop out of scoring range to be honest.   The 35% of one's FICO really applies if you have a negative, and you aren't starting from ground zero as you have AU's on your report which skew it.

There's nothing in the market which underwrites higher than 760, and honestly all those cards UW at 660-680 to my knowledge for a minimum FICO.

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Hello Revelate, I was wondering, would I still be good for the US Bank Cash Plus card? I heard it uses TU 04 which is generally 50 points less than TU 08? 

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Right now?  It's a little doubtful given your file but I haven't kept up with UW on this card much since the nerfs.  Maybe doubtful in a year too TBH, they generally wanted more history IIRC but the card isn't worth nearly as much anymore.

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

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@Revelate wrote:

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@Anonymous wrote:

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@Revelate wrote:

Unlikely.  Your 730 from the sounds of it was based on your AU's only, while it's helpful to know when those were opened too and what they're reporting balance vs. limit (since they all count assuming not falling afoul of the anti-abuse policy) it doesn't even sound like all of your cards have reported yet and you will likely see a drop in AAOA when they do.

If I were betting I'd say 760-700 by August 2016.

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But I'd be paying on time for an entire year?...

Nonetheless, would that score be good enough for Citi DB/Freedom/SMMC?

---

Scorewise you could get those right now.  Shouldn't be a problem in a year with your own tradelines in the mix from a UW perspective assuming the economy doesn't tank and the lenders dno't vastly shift their underwriting.

Payment history basically means: have tradelines, use them, don't screw up; you'll probably get more of a boost from having those inquiries drop out of scoring range to be honest.   The 35% of one's FICO really applies if you have a negative, and you aren't starting from ground zero as you have AU's on your report which skew it.

There's nothing in the market which underwrites higher than 760, and honestly all those cards UW at 660-680 to my knowledge for a minimum FICO.

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Hello Revelate, I was wondering, would I still be good for the US Bank Cash Plus card? I heard it uses TU 04 which is generally 50 points less than TU 08? 

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Right now?  It's a little doubtful given your file but I haven't kept up with UW on this card much since the nerfs.  Maybe doubtful in a year too TBH, they generally wanted more history IIRC but the card isn't worth nearly as much anymore.

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Within a year. Darn it, I was really hoping to get this because of my dining use (esp fast food). I guess I could always try.

[paramed3]

Just my thought but you will never see 800 with Credit Cards alone in that timeframe. You have to get a mix of credit in there to see that type score. I have 5 credit cards 600-12000 CL on each one car loan 8 years perfect payment on EVERYTHING  2 inquires due off Dec of this year and I am still only at 770, 750 EX. I hope to tip at or into 800 by the end of the year. I don't touch my credit right now trying to get to that goal. 800 is not an easy feat. I have no negative nor have I for years. I let Credit Card companies do CL increases and do not want hard inquires and when I do ask not needing a Hard Inquiry the answer a lot of times is no. I do bet letting them give to me. 

Again 800 has been my goal for 3 years and to do it I have made sure my payment history is perfect and Utilization is very LOW. Use each card each month and pay them all in full except one. 

[Thomas_Thumb]

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@Anonymous wrote:

Hello guys,

If I use all 3 of my cards and pay all of them on time, would it be possible to land around the 800 mark by next year August?

My current score is 730. No baddies except 5 inqs which I got last month. I pay all bills before due date. 

I only have three cards, no other type of credit. +2 AU cards

I opened these cards in the beginning of last month, July. I will have one card report 9% util, while others at 0. 

@Anonymous are: Journey @ 3k, Discover @ 500, AMEX @ 5.5k

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A few things to consider:

1) Age of youngest account (excluding an installment loan) likely needs to be 1 year (possibly 2 years) or more.

2) Age of oldest account (credit history) likely needs to be 8 years or more with AAoA of at least 5 years..

3) May need an installment loan with at least 1 year payment history and minimum 40% of loan amount paid off.

4) May need no inquiries on your report less than 1 year old (Fico 4 model). Presence of "some" inquiries not a problem with Fico 8 model.

Given your credit history, lack of an installment loan is your primary limiting factor for a score above 800. You can certainly get to a 760 - 799 score range without the loan.

*** Check out Hefty1211's thread: "Median Fico Score 828" ***