Reaching above an 800 score without a mortgage

[iowe]

Does anyone around here have a fico 08 near 850 without having a mortgage account on your credit report? Is having a mortgage a big factor in getting upwards of 800-850?

[medicgrrl]

You might have better luck having this moved to the scoring forum.

[iowe]

Ahh.. yeah my mistake. Hopefully an admin will move this.

[Anonymous]

800 it can be done  DW has  765 no morg , no installment debt,   Average age under 2 years once her average age hits 2 again she should hit 800  We are thinking in th fall for trying  to get a Penfed cloc to pa for storm damage  an a few more updates at the house. 

[simplynoir]

Yes, you can get 800+ FICO scores without an open installment loan reporting on your CR because I do. Having said that I'm sure that it's more important to have one than not if you want to maximize your scores. Pretty sure I'm an outlier for that.

[Anonymous]

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@simplynoir wrote:

Yes, you can get 800+ FICO scores without an open installment loan reporting on your CR because I do. Having said that I'm sure that it's more important to have one than not if you want to maximize your scores. Pretty sure I'm an outlier for that.

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Hi SimplyN!  I think our OP is asking specifically about a mortgage -- not the general issue of any installment account.  Great to hear that about you, however!

To our OP:

Having a score > 800 with no mortgage is extremely easy.  Lots of people have that.  Even a score in the 830s with no mortgage is pretty easy.

A perfect 850 with no mortgage appears to be more challenging -- people who report an 850 often do have a mortgage.  Nevertheless there have been multiple people report an 850 with no mortgage (or at least that's my memory).

Regardless, and as I am sure you probably know, there's no practical advantage to having a perfect 850.  You don't get any better rates with an 850 than with an 800 (say).

[newhis]

My TU FICO was between 800-810 before using the SSL technique.

My latest TU FICO is 842. No mortgage.

My DW hit 800 TU FICO with less than 3 years history and auto-loan, no mortgage.

[Anonymous]

Yes...I have an EX 850 score without ever having a mortgage on my reports.  I do not think it's possible to go past 800 without an installment loan of some sort. My score was stagnant in the mid 700's for several years with only revolving accounts reporting. When I leased a car, it shot up 60 points taking me beyond the 800 threshold. 

[HeavenOhio]

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@Anonymous wrote:

Yes...I have an EX 850 score without ever having a mortgage on my reports.  I do not think it's possible to go past 800 without an installment loan of some sort. My score was stagnant in the mid 700's for several years with only revolving accounts reporting. When I leased a car, it shot up 60 points taking me beyond the 800 threshold. 

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I don't have anything other than credit cards on my report, Until I had a new card report last month, my Equifax FICO 8 sat at 803 whenever I was at AZEO, as long as it was a major card rather than a store card reporting the balance. Along with that, two of my mortgage scores were above 800. Right now, my Equifax FICO 8 is sitting at 789, but AZEO would bring it up to about 798. And without going back to check numbers, I believe that even with the new card, AZEO would bump at least one of my mortgage scores to back above 800.

[Revelate]

FWIW and I know I'm the only one that actively promotes this, I can't find any difference between an Alliant SSL and my mortgage for either FICO 8 or FICO 04.  Not sure on FICO 9 or FICO 98 but there's still only the one reason code that anyone has ever reported and it's all installment lines.

I should've kept better data records but unfortunately my file was really busy post mortgage closing, but I lost nearly identical points when my mortgage reported that I gained from my original installment loan testing.

We need to find that stupid upper bound breakpoint I guess to settle it, and then have someone walk a mortgage vs. a SSL across that boundary... but to answer the question one doesn't need a mortgage, and I not positive that one even needs an installment loan to hit 850; however, having an installment loan of any type helps mix of credit, and having installment loans at a pretty aggregate utilization ratio definitely is a winner from a FICO 8 scoring perspective and therefore presumably gets one to an 850 faster if one cares about such things.