Expanded "FICO High Achievers" (scores of 760 and above) characteristics list

[cashcardscore]

Thanks for the words but I am not deployed yet, I leave this summer. My next pull is march 1st because that is my quarterly pull and my only IQ falls off late in Feb. I am telling you I will be a Fico High Achiever again just give me time.

[Anonymous]

I too had a credit score over 800 until I paid off my mortgage. Then my score dropped into the upper 700's. I guess I must be a greater credit risk now that I am debt free!! The credit scoring algorithms are deliberately biased to encourage credit usage such as mortgage debt in the guise of demonstrating you can handle different types of debt. The reality is that 20 years of perfect mortgage payment history remains on my report for many years, so there is absolutely no reason for reducing my credit score for eliminating current mortgage debt.

[Anonymous]

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@Anonymous wrote:
I too had a credit score over 800 until I paid off my mortgage. Then my score dropped into the upper 700's. I guess I must be a greater credit risk now that I am debt free!! The credit scoring algorithms are deliberately biased to encourage credit usage such as mortgage debt in the guise of demonstrating you can handle different types of debt. The reality is that 20 years of perfect mortgage payment history remains on my report for many years, so there is absolutely no reason for reducing my credit score for eliminating current mortgage debt.

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sorry to hear about your frustrating score experience philippe,

So, if we can peer into the lovely world of those who've paid their mortgages - what is included on your current report?  I would love to understand this better.

And I have to say, I would trade in a paid mortgage for a very decent FICO score any day!  Congrats!

[LilyBee]

"The mantra for getting a great score is pay your bills on time, keep account balances low, and take out new credit only when you need it," says Craig Watts, consumer affairs manager for Fair Isaac Corp. "People who do that faithfully have very high scores. It usually means you're being conservative and cautious about credit. It's not a toy and it shouldn't be a hobby."

Folks also need to understand that Myfico is not a foolproof system.  It seems that my scores drop with every hiccup that comes along.  I have 23 credit cards with a balance on only one of them, which is $14 a month because the provider won't let me pay for the whole year.  I do have a mortgage, but never been late on that either. 

I received a couple of notices to find out about the government's latest "Home Advantage" refinancing thingy from my bank and another mortgage provider.  So I inquired about the qualifications needed.  When the bank reps wouldn't give me any info without my name and info, I was hesitant because I didn't want that to go against my credit, since I was only making an inquiry.  They assured me that it wouldn't count.  I just checked my credit scores and BAM!! both inquiries are on there, and my scores have dropped 10 and 15 points!!  I haven't yet checked with Experian where I had an 825, but since the three are no longer colluding on scores, I have no idea what it is now.  Apparently the banks and other credit providers have different guidelines than myfico.

By the way, the half off that myfico is providing (for a limited time) to check your scores, only applies to checking one score.  So, you need to enter your credit card twice if you want both scores. 

Sorry too, Philippe, about your score dropping.  I'm not surprised and feel your consternation.  There must be a better and fairer method to this madness.

Ah well, life goes on.

[marty56]

I've made a strategic exit out of the club for a few months in order to refi my autoloan and some new credit and use of my CC accounts.  No CC debt though since all are PIF.  Worst case, in a year all will be back to normal and then it will only be 1.5 more years for my BofA derog to go to derog hell.

Point is that a good FICO score should not get in the way of doing what is smart money wise.  This is why we work to have good FICO scores.

LOL TU complained about a mortgage, auto loan and 2 CCs reporting a balance (1% util).

[smallfry]

Next month I am there. EQ dropped my BK7 a month or so early. New score 754. Large knock for too many credit cards reporting balances. I asked Chase to move my due date and they didn't report my paid off card yet. 3 out of 5 cards reporting a balance. 5% utilization. 4 out of 6 accounts reporting balances. Auto loan has seven dollars left. I'll leave that open until March 2011 when it turns 36 months. AAofA 3 years oldest account on EQ 7y 11m. 0 inq. EQ does penalize heavily for neggies. Last pull in November was 698 and that was a much better report as far as accounts with balances and overall utilization. Negatives listed were short account history and too many credit card accounts with balances.

Message Edited by smallfry on 03-05-2010 10:25 PM

Message Edited by smallfry on 03-05-2010 10:57 PM

[smallfry]

TU 770. Lone negative is high CC balances. BK7 gone.

[haulingthescoreup]

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smallfry wrote:
TU 770. Lone negative is high CC balances. BK7 gone.

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Congrats!

Now, c'mon, EQ!

[Jazzzy]

Congratulations smallfry!!!