Low FICO Score Despite Flawless Record?

[Anonymous]

800 is not going to get you any rate, loan, card, approval that 795 cannot. In fact the cutoff is much lower. Its somewhere between 740-760. Once you hit that range you are set. Now of course you can still be denied for other reasons. You can be denied with a perfect 850.

[Anonymous]

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@Anonymous wrote:

800 is not going to get you any rate, loan, card, approval that 795 cannot. In fact the cutoff is much lower. Its somewhere between 740-760. Once you hit that range you are set. Now of course you can still be denied for other reasons. You can be denied with a perfect 850.

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It's just an arbitrary number to shoot for.  It would be similar to shooting for a million dollars in your bank account or a six figure salary.  Is 999k really that much different than one million, or does one million just "sound" better.  Millionaire vs not.  Or 100k salary vs 99k salary... 6 figures vs 5 figures.  And then there's the 800+ club vs everyone else.  It doesn't really make you special... or does it?

Although, getting denied with a perfect 850 would be interesting if someone at say FICO Score 650 got approved.

[donkort]

You can get rejected at 850 if your DTI sucks.

One could get approved at 650 if they make a good salary, and thus their DTI is good.

[Anonymous]

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@donkort wrote:

You can get rejected at 850 if your DTI sucks.

One could get approved at 650 if they make a good salary, and thus their DTI is good.

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Good point, but is it even possible to get a FICO Score of 850 if your "Debt-to-Income sucks"?  Isn't % Utilization one of the metrics that makes up the FICO Score?

[Anonymous]

Hey 0P, the negative reason code you are receiving are the things that are holding you back the most. That doesn’t mean there are other things holding you back.

If you would like an in-depth review and analysis, if you’ll provide your profile statistics so we can determine your scorecard and do a review, we may be able to provide you some additional advice to help you. That’s your choice. But the opportunity is there.

[donkort]

If you have a high mortgage payment, say, and have AZE0 utilization on credit cards, one could have that sucky DTI.

I will never get to 850, by the way.  Even if I pay off my $65,000 student loan, my score would still only be in the 820s.

[Anonymous]

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@Anonymous wrote:
Hey 0P, the negative reason code you are receiving are the things that are holding you back the most. That doesn’t mean there are other things holding you back.

If you would like an in-depth review and analysis, if you’ll provide your profile statistics so we can determine your scorecard and do a review, we may be able to provide you some additional advice to help you. That’s your choice. But the opportunity is there.

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Sure, I'll do my best.

• Any baddies? No, clean.
• Number of accounts open and closed on CRs? 5 Open (Credit Cards), 15 Closed (6 Credit Cards, 6 Student Loans,  3 Auto Loans)
• AAoA? 4 years, 3 months
• AoYR-Age of Youngest Revolver? 6 months
• Open/closed loan on CR? 9 Closed Loans

1% Revolving Utilization.

EDITED on 3/5/2020 To Add:

I didn't know CK used AAoOA instead of AAoA, so I gave the wrong info before, sorry.  Here's the correct Info:

Actual Average Age of Accounts (AAoA) based on Experian Credit Report (as of 3/5/2020): 10 Years

Oldest Closed Account: 19 Years (I notice this also matches what I saw on the Discover site, this is for an Individual Line of Credit)

Oldest Open Account: 6.5 Years

Youngest Account: 6 months 1 week

No AU's.  6 Paid Off & Closed Student Loans.  3 Paid Off & Closed Auto Loans.

[Anonymous]

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@donkort wrote:

If you have a high mortgage payment, say, and have AZE0 utilization on credit cards, one could have that sucky DTI.

I will never get to 850, by the way.  Even if I pay off my $65,000 student loan, my score would still only be in the 820s.

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I wouldn't want to shoot for a perfect 850 either, it would be too stressful and a disappointment if I ever lost it.  800+ on the otherhand is a worthy and doable goal for most people, even if it's just a number.  It sort of gives me that same feeling as you get when you are approved for a credit card that you want really badly.  And anything over 800 is just a safety buffer to make it harder to sink back down to 799.

[donkort]

You will get to 800 when your AA of Accounts rises.  It's rather low now.

Mine is about 7 1/2 years.  Still considered somewhat low.

[HeavenOhio]

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@Anonymous wrote:

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@donkort wrote:

You can get rejected at 850 if your DTI sucks.

One could get approved at 650 if they make a good salary, and thus their DTI is good.

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Good point, but is it even possible to get a FICO Score of 850 if your "Debt-to-Income sucks"?  Isn't % Utilization one of the metrics that makes up the FICO Score?

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DTI has nothing to do with scoring. It's an important aspect of being approved, but income has nothing to do with the score itself.