HIGH FICO SCORE WITH A SHORT HISTORY!

[DIYcredit]

Hi, I recently I saw a posting of a person with  a 806 Fico Score  with a little over thee years for the oldest credit account history.This doesn't make sense to me.I thought you would need at last a credit account that was at least five years old  to have an 800 Fico Score.Any suggestions?

Here's the links:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/I-m-21-and-my-FICO-TU-just-hit-800/td-p/4...

   DIYcredit

[newhis]

DW hit 800 on TU FICO at 2.75 years since open her first credit card. No other loans before that. No score then, nothing on her reports.

EDIT: OP on that post say that there is a closed secured card from 2013, so the history is over 3 years.

EDIT2: I think DW AAoA reached 2 years at that point. The other thread say the AAoA is 2 years 7 months. I think part is the (around) 3 year history but also the AAoA over 2 years. If people keep opening accounts it will be hard to get to 800 with only 3 year history.

[Revelate]

FICO 8 changed a bunch of things; one of which was if you build just for score alone you can hit 760 in a year and 800 in 2 basically.

Admittedly there are a bunch of things besides score that go into underwriting anything, and that 800 isn't likely going to compare favorably to someone who has an 800 5+ years of credit history supporting it on a manual review, but it's a legit FICO.

[Anonymous]

I dunno but this sounds amazing to me already. I can hit 800 under 8 yrs? I really hope so. Currently at 742 with EX with 2 yrs length of history and 0.8 months AAoA. These poor marks is killing me. I can undertand the inquiries which I have control, but the length? ugh.

[Anonymous]

Hey GTC!  If you can decide that your current number of 835 credit cards is sufficent (grin) then you'll be fine.  You just need to stop applying for new credit.  All your accounts will age and in a few years you will have an AAoA > 4.0.

PS. Do you have an open installment loan?  If not, we can suggest an easy way to obtain an extra 30 points or so.

[Revelate]

Assuming one has the money to just do secured cards for easy approvals:

Day 1:

• Share Secured Loan trick 
• 4 secured cards (or unsecured like Cap 1 maybe, which 4 don't really matter as long as they're revolving though some starter cards are better than others for non-FICO reasons of course)

Sit on hands for 2 years other than using the credit cards and paying the SSL down appropriately for the FICO win.

Day ~731 (maybe a few weeks out as sometimes takes a while to get secured cards open): make sure you're as pretty as possible WRT revolving balances: One tradeline with a couple of bucks, rest at $0

Enjoy said 800 score on FICO 8. 

[Anonymous]

Ugh. I know. I need to stop. I am making it worse. I have slowed down. I don't know anything else that I wanted. I have actually been good for a week now. 😕. This is it for me. I am buying my gardening tools next.

Yes. I have an installment loan with Home Depot project loan which I am paying off quickly.

[Anonymous]

Hi GTC.  Since you anticipate that you'll have your only installment loan paid off fairly soon, I encourage you to learn a bit about the Share Secure Loan trick that Revelate mentioned.  This link will give you all you need to know.  You just need to read the first couple posts in the thread:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

Read about it, and then plan to have your Alliant loan in place and paid down the month before your Home Depot loan is paid off.