How to get and keep a high FICO - Over 800 with nor Mortgage or other installment loan

[joeblow2]

How is it possible to get and keep a high FICO score with no mortgage, Auto Loan or Installment loan. Only say 6 CC. Would 1 have to keep a few cards reporting under 9% util ?

[smallfry]

High AAofA.

[joeblow2]

What is AAofA

[Anonymous]

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@joeblow2 wrote:

How is it possible to get and keep a high FICO score with no mortgage, Auto Loan or Installment loan. Only say 6 CC. Would 1 have to keep a few cards reporting under 9% util ?

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Hi joeblow2!

I don't have a mortgage, auto loan or installment loan reporting, and my scores are 800+.  I have 8 credit cards (5 major and 3 retail store cards),   Monthly, I show a very small balance (1% util) on just 1 credit card.

AAofA is Average Age of Accounts.  My average age of accounts is currently 14-15 years.  According to FICO: "Most FICO High Achievers have an average age of accounts between 6 and 12 years."

[Anonymous]

My 800 scores had no mortgage either.  I achieved 800 with only 5 cc's, 1 store charge acct, 1 active auto loan, no mortgage. 

I do have over a 20 year oldest account, but my AAoA was only 5 years 8 months.

[smallfry]

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@Anonymous wrote:

My 800 scores had no mortgage either.  I achieved 800 with only 5 cc's, 1 store charge acct, 1 active auto loan, no mortgage. 

I do have over a 20 year oldest account, but my AAoA was only 5 years 8 months.

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Since they round AAofA down your scores are great with only 5 years. That's encouraging as I have the same exact mix of credit that you have. I should be pushing 800 this time next year hopefully.