No one knows: How to get your score over 800

[fused]

Good info thanks. I'm going to do more research on CCs with very high CLs being reported as an installments. I read this at another forum and it appears once a CC hits 50+K strange things happen.

[Anonymous]

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fused wrote:

Good info thanks. I'm going to do more research on CCs with very high CLs being reported as an installments. I read this at another forum and it appears once a CC hits 50+K strange things happen.

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The total available credit on all of my cards is $147,275.

On my 10/16 TU report, I had a balance of $11,236 on a card that has a $33,300 credit limit, and $7 on a card with a $12,400 credit line.  TransUnion reported my utilization as 1%. 

On 11/2, Equifax reported a $10,492 balance (on the $33,300 CL account) and a $7 balance (on the $12,400 CL account).  According to Equifax, my utilizaton was 7%. 

From what I've read or heard, only TransUnion and Experian view some high credit revolving accounts as installment-types.  Even when I look at "Accounts" on my TU and EX credit reports, the $33,300 credit limit card does indeed state "Revolving" as "Credit Type."  However, TU and EX do not factor that card (and its balance) into my utilization.  I deliberately kept a $7 balance on the card with a lower credit line, to avoid having TU telling me "There are no recent balances on your revolving credit accounts (like they did in April)," and penalizing me by a few points.  It does get a little confusing at times.

[haulingthescoreup]

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@fused wrote:

Good info thanks. I'm going to do more research on CCs with very high CLs being reported as an installments. I read this at another forum and it appears once a CC hits 50+K strange things happen.

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Don't forget, you haven't heard from BobKelly yet!

[Anonymous]

Age of accounts is very important I know that very well, however being that I'm 23 and have been at 780 easy I don't think its impossible. In fact the simulator says if I leave everything alone for two years I will be at 800 to 830 or so (not sure that thing knows what its talking about.) In any case I have 14 total accounts I think 2 lines of credit and one auto loan meaning I have about 11 revolving accounts. For me it seems that up to a certain point raising my credit lines did help but now I don't think it changes things either way. I have always had a high interest in my credit report/ score and I check it about once every 2 months. I have talked to many lenders and car dealers who say they have never seen anything over 800 and I have always wondered how thats possible. It may be that most people over 800 tend to use credit very little but I have never understood how this could be helpful and can sometimes hurt you badly. I know from personal experience that even someone who has a CR going back 50 years can have a score under 700 if they have not used any type of credit in a long period of time. I do have one bad note, a CC that states I paid late in 2000 (not true for obvious reasons) but I am unable to get it removed so it will just fall off very soon. I think having that extra history on my report helps more than that 7 year old late payment hurts.

[Anonymous]

Is it possible for younger people age 26 to score an 800?  It seems like the secret is to have credit accounts golder than 19

My brother is only 28 and 2 of his 3 are 817+- one is high 700's and his tl's are < 11 yrs/with no lates.

[haulingthescoreup]

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@Anonymous wrote:

Is it possible for younger people age 26 to score an 800? It seems like the secret is to have credit accounts golder than 19

My brother is only 28 and 2 of his 3 are 817+- one is high 700's and his tl's are < 11 yrs/with no lates.

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Maaaaaaybe --witness your brother. It would mean getting a credit history going as young as possible, never having anything wrong whatsoever, understanding how utilization should report, having the right credit mix...

Are your brother's scores FICO? He might be the youngest 800+ I've heard of, although I'm sure that others are familiar with more.

[haulingthescoreup]

BTW, I don't know if you've seen this, but here's an expanded list of characteristics of FICO High Achievers. I'm in Firefox, so you'll have to copy/ paste it into your window:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12673

[Anonymous]

lightnin67 wrote:

Is it possible for younger people age 26 to score an 800? It seems like the secret is to have credit accounts golder than 19

My brother is only 28 and 2 of his 3 are 817+- one is high 700's and his tl's are < 11 yrs/with no lates.

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Maaaaaaybe --witness your brother. It would mean getting a credit history going as young as possible, never having anything wrong whatsoever, understanding how utilization should report, having the right credit mix...

Are your brother's scores FICO? He might be the youngest 800+ I've heard of, although I'm sure that others are familiar with more.

good advice,funny  thing   is he didnt  know what a fico was much less a fako.He certainly has not done  anything special ie play the game as I do.He has however never been late,has low utl,and  a good mix,  rev,inst,mort,he does not have the long  history  many indicate as necessary.

   Btw, these are Fico's , as I told him how to get them,since he is looking at getting a construction loan  

[Anonymous]

Just a point about credit mix: I have all 3 Ficos in the 800s, with mid = 811, and have never had a mortgage (not yet ); but do have 2 (paid) installments for car loans. Btw, I'm in my 30s... now if I could only remember where all of my 20s went...

[SmartCookie]

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MidnightVoice wrote:

First - get zero negatives.

Second - 800 can be achieved with oldest cards of 20 years and average age of 7 years, good mix of credit, low number of inqs and use of credit cards every month or so.

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After endless attempts to explain the importance of checking reports and scores to my folks... I've finally wormed my way in to do repair and preperation work by installing the fear of FICO08 in them.  It has taken years.. this is a golden moment. 

I have a really interesting example of an EX 805 FICO. 

No employment on record

18 year credit history.  Flawless.

2 revolving AU major cc accounts.

 Account 1 opened 1/1989 No CL or HB reporting.  Averages a 3k balance on report date.  PIF each 

 month but unfortunately not before the reporting date.

 Account 2 opened 1/2004 10.5k CL.  Rarely used. Last activity 7 months ago but is reporting every  

 month. 

No mortgage. (I thought they paid it off under 10 years ago, am checking)

No installment accounts.

No INQs. 

No closed accounts.

As simple as that.  Go figure. 

Sad part is this person has had a thriving business for 25 years and is the breadwinner who runs the house and pays the bills.  Both AU accounts do not offer joint users.  Darn people who abused AUs!