My scores went up dramatically when I paid off all credit cards and then increased the amount of available credit by applying for/getting several more cards with high limits....then, Not Using Them, other than a couple times a year to keep them open.
First, congrats on your near-trifecta of perfect FICO 8 scores.
I do think it's worth pointing out here that credit limits do not have any direct bearing on credit scores. From your post some may infer that applying/obtaining several high limit credit cards and not using them is a formula for 850 scores, when in fact all of that behavior in and of itself doesn't necessarily impact FICO scores even 1 point. In your case where you don't even use the cards aside from an occasional swipe to keep them open, the high limits are completely irrelevant to your high scores, as your utilization is always going to be low, whether it's a $500 limit card or a $50k limit card. I just think it's important to make this distinction so that other members reading don't think that apping for a bunch of cards and obtaining high limits, then not using them could make their scores dramatically increase.
You have me curious BBS on what does create or allow for the perfect set of 850s across the boards. It is just that we all start sometimes in such different places that it would be helpful to know the specifics especially since I am teetering on the 800s and this guy seems to be 4 points away from 850 on one bureau and already has achieved perfection in the other to agencies. What he did works for a lot of people and is a personal choice financially to make and stay below 1% utilization to hit the high 700s or perfection 850 across the board. Clearly though, it really depends on multiple factors since the FICO score weighs credit debt so heavily.
Right, but 1% utilization when you don't use your CCs can be achieved with tiny limit credit cards and doesn't require high limits. If we're talking someone that has a heavy spend of (say) thousands of dollars per month on their cards and they allow balances to report or even carry balances, sure higher limits are going to keep those utilization percentages lower. This scenario however is not what was going on with the person to which I replied, so I simply don't want people to think that having high limits when you have no revolving debt in some way helps FICO scores. One can have three $500 limit credit cards all with $0 balances and someone else can have three $30,000 limit credit cards all with $0 balances and all other things being equal they'd possess the same FICO scores.
As far as what's needed to achieve 850 FICO 8 scores, I'd estimate the following:
A couple of other things that definitely help are the presence of an open installment loan that's almost completely paid off (less than 8.9% utilization) and having as few accounts with balances as possible... ideally AZEO or in the case of an open installment loan, AZE2 (1 revolver and the 1 loan).
Mine are all above 800+ now but I can’t figure out how to update my limits and scores on my tag line below 😒
Click on your profile icon in the upper right hand corner of the screen if your on a computer then scroll down to My Settings. Then clck on Personal Information. You'll see your signiture. Scroll down to edit it then scroll down more to Save.
Guess cause I’m on mobile blah
I'm looking at it on my phone now (signed in a browser). After signing in I see a screen that says Welcome to myFICO forums. Under it is my user name icon. Click on your icon then My Settings then Personal. You can then select from email, Personal Info and IM Screen Names. Select Personal Info then click Done. You can edit your signiture from there.
Today, my TU score went up 39 points. I'm thrilled to have 800+ scores on 2 of 3 bureaus and all of them above 760.