Obtaining 800+FICO

[Anonymous]

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@Anonymous wrote:

I defer of course to the masters who have been here much longer than I!  I seem to have misunderstood the goal regarding how many accounts to keep a balance on.  However if I understand correctly (this time!) number of accounts with balances is a metric that has no historical component, so as long as you get it right at some point it doesn't matter what the previous month's report showed for number of accounts with balances- the FICO will see the full benefit.  

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That's correct.

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N.B. I found a CR from 2005 that was pulled when I refinanced my house, and my FICO score was in the high 790's.  I'm not sure that what I saw there squares completely with the advice I'm seeing here regarding specifically revolving accounts with balances, but rather than hijacking this thread let me get my thoughts and examples together and start another one in a day or two. 

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Should not be different. The guideline I posted above generally applies to the currently available models all of which (except FICO08, which nobody can give you) were available then.

[CreditAble]

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@marty56 wrote:

Try a small balance on 1 card and also try 0 CC's reporting a balance.  if your score drops, LOL it is easy to correct.

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I would have $0 report on all but one card.

The precise amount that should report on that one card would be the amount that must be determined.

I would start by allowing 4% to report. One could pick the card with the appropriate credit limit to achieve the 4% number. 

The following month I would allow 3%, then 2%, and finally 1% on successive months.

Somewhere the maximum Fico score will be achieved.

$150 - $300 as a reporting balance on a $10-25,000 limit card used to work best for me. I never computed the actual percentage. I do know that with my credit profile, allowing only $25 - $100  to report (instead of $150- $300) actually lowered the Fico score.

As best I could determine the points gained by the "tweak" was between 6 and 10 points.

BTW Marty... Remember this lively THREAD ?   :

Message Edited by CreditAble on 09-13-2009 12:40 AM

[Anonymous]

My EQ FICO is 816 and my TU is 814, and I have a profile very similar to the OP's:  22 yr credit history, 8 yr AAoA, 21 accounts (EQ) vs 44 accts (TU), newest account is 11 months old, no inqs on either, 1% UTIL, only one card showing a balance.

Message Edited by writemikep on 09-13-2009 07:20 PM

[Anonymous]

Real quick every year the AAOA increases how many points do you obtain on average ? say from 7, 8, and so on thanks to all in advance.

[Anonymous]

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800oneday wrote:
Real quick every year the AAOA increases how many points do you obtain on average ? say from 7, 8, and so on thanks to all in advance.

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No one here knows the answer to this question. No one here know exactly where the magic thresholds are either. This information comes under the category of "secret sauce". Anyone who did know would be violating their confidentiality agreement with FICO if they told you.

[Anonymous]

I got you breaking into Fort Knox would be easier and and less complicated LOL!!!!!!!!!!!!!