- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How quickly can scores rise when you're just maintaing the status quo?
I know everyone's profile is different and no one can possibly say for sure, but is there a general guess on how scores rise over time with all things remaining the same, except for accounts aging?
If you're just rocking along, not applying for anything new, keeping cc utilization low, how much would you guess scores rise in say, 6 months or a year's time?
I am very near or over 725 (EQ 724, EXP 727, TU 742) on all 3 scores right now & curious about where I can generally expect to be under these circumstances a few months or a year from now.
(mod edit)
EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How quickly can scores rise when you're just maintaing things?
Posting this in 2 places for max exposure...thanks for any insights.
http://ficoforums.myfico.com/t5/User-Guidelines-General/myFICO-Forums-Terms-of-Service/td-p/4
(Cross-posting one topic across mutliple forums is not allowed under the myFICO Forums TOS. Both topics have been merged into this thread --SE)
EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing things?
In my case I don't think it would matter much at all for just the AAoA, as my AAoA is around 5 years. However dropping inquiries might have a bigger effect for me as I just added several accounts in the last 3 months. For someone new to credit the added 6 months to the AAoA would be a bigger factor. I believe if you have any one factor that is highly off normal then your score will suffer no matter what the other factors are doing. So with high Util my scores never moved much, even with years of added AAoA and no new Inquiries. Now that my util is under 10% the other factors come in to play a lot more.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing things?
My AAoA is about 4 yrs 10 months, so I expect I will get at least a small boost from that reaching 5 years.
Also did a little app spree late last summer/early fall, so those inquiries will lose their punch in a few months, too.
I'd love to see all 3 scores hit 750 or 760 over the next year or two. I expect to be applying for a mortgage
by myself in 2 to 2-1/2 years. I'm not on our current mortgage.
EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing the status quo?
Very good questions, in my opinion. I am somewhat in the same boat and looking forward to any responses. You can see my scores below (725 to 735 range). I am recovering from some very ugly times, and have probably done all the cleaning up I can. Now it is just allowing time to do it's thing and let my baddies age another three years or so before they fall off. I am not applying for anything, avoiding HP's and keeping Util extremely low. I am hoping that over the next couple of years I will gain some ground just from time going by and behaving myself, however I also recognize that with my ugly past, I am certainly in a bucket that keeps my scores down. I am not sure if I am already as high as I can go until the baddies fall off, or if hopefully I can gain another few points by letting time pass.
Sept 2024: EX8: 847; EQ8: 850; TU8: 848 -- Middle Mortgage Score: 821
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing the status quo?
It would be nice to think that just letting things age would be good for your scores, and I'm fairly sure it generally is, but I thought I read something about bucketing somewhere on the site. Basically, I think you are compared to people wtih similar AAoA and such. When you hit a threshold - whatever it might be, perhaps AAoA of 5 years or something - you might get put in a new bucket where you may not compare as favorably. Thus, while your only change in history/report might be an increase in the average age of your accounts, it is possible that your score could actually drop due to being compared to a new group.
Hopefully someone will chime in who knows more, but I wanted to bring this up to see if anyone could provide info.
[Edited to add that having baddies age off is a whole different thing - in the above scenario it's just same TLs, no baddies, but increasing age)
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing the status quo?
Well...It depends what you have on your report. As you move up in scores it becomes more important to have a mix of credit or you lose gaining points to move to the next level. There seems to be a MAJOR roadblock at around 720 to 730 if you have any type of baddie on your reports.
Some people on these forums have been able to start from scratch with a clean history and get to an 800 score in 4 years but they have no baddies and made perfect moves each time they apped for credit.
To do this you need:
1. At least 3 credit cards but 5 to 8 would be better for you in the long run.
2. At least 1 open installment loan. (Shared secured, student loan or auto loan works.)
3. Let time happen. As your accounts age and you maintain perfect payments you will gain points for AAoA. This means at some point you must stop applying for new credit and let the credit you do have age. You are nicked points for each account that is less than 2 years old.
At around 4 years AAoA you will hit 800.
The average person(if there is such a thing) that is able to achieve a perfect 850 score has a report that looks like this:
1. 5 to 8 credit cards with the average age of 10 years with the youngest card being at least 2 years old.
2. One closed auto loan that had always been paid on time.
3. One open auto loan that has been paid on time for at least 2 years.
4. One mortgage that has been paid on time for at least 10 years.
5. One home equity line of credit that has a $0 balance.
Piece of cake!
Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing things?
@LuckyBird wrote:
Posting this in 2 places for max exposure...thanks for any insights.
http://ficoforums.myfico.com/t5/User-Guidelines-General/myFICO-Forums-Terms-of-Service/td-p/4
(Cross-posting one topic across mutliple forums is not allowed under the myFICO Forums TOS. Both topics have been merged into this thread --SE)
Sorry about that...
EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing the status quo?
@disdreamin wrote:It would be nice to think that just letting things age would be good for your scores, and I'm fairly sure it generally is, but I thought I read something about bucketing somewhere on the site. Basically, I think you are compared to people wtih similar AAoA and such. When you hit a threshold - whatever it might be, perhaps AAoA of 5 years or something - you might get put in a new bucket where you may not compare as favorably. Thus, while your only change in history/report might be an increase in the average age of your accounts, it is possible that your score could actually drop due to being compared to a new group.
Hopefully someone will chime in who knows more, but I wanted to bring this up to see if anyone could provide info.
[Edited to add that having baddies age off is a whole different thing - in the above scenario it's just same TLs, no baddies, but increasing age)
yikes...I'd hate to have them DROP...
I do have one old baddie...a paid State tax lien that's 5 years old. It really never should've been levied to begin with, long story...but there's no getting it off. I really don't even consider that anymore. It's there. I know I'll get a bump when it drops off, but in the meantime I'm just gardening and wondering how quickly the scores will rise until then.
EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Re: How quickly can scores rise when you're just maintaing the status quo?
@jamie123 wrote:Well...It depends what you have on your report. As you move up in scores it becomes more important to have a mix of credit or you lose gaining points to move to the next level. There seems to be a MAJOR roadblock at around 720 to 730 if you have any type of baddie on your reports.
Some people on these forums have been able to start from scratch with a clean history and get to an 800 score in 4 years but they have no baddies and made perfect moves each time they apped for credit.
To do this you need:
1. At least 3 credit cards but 5 to 8 would be better for you in the long run.
2. At least 1 open installment loan. (Shared secured, student loan or auto loan works.)
3. Let time happen. As your accounts age and you maintain perfect payments you will gain points for AAoA. This means at some point you must stop applying for new credit and let the credit you do have age. You are nicked points for each account that is less than 2 years old.
At around 4 years AAoA you will hit 800.
The average person(if there is such a thing) that is able to achieve a perfect 850 score has a report that looks like this:
1. 5 to 8 credit cards with the average age of 10 years with the youngest card being at least 2 years old.
2. One closed auto loan that had always been paid on time.
3. One open auto loan that has been paid on time for at least 2 years.
4. One mortgage that has been paid on time for at least 10 years.
5. One home equity line of credit that has a $0 balance.
Piece of cake!
hmm...I do have one baddie...a paid State tax lien from 5 years ago. I wonder if that'll hold me up for a while?
Other than that, I'm in good shape with mix of cedit, number of tradelines, etc. Guess I'll just have to ride it out
and see what the scores do...
EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016