Score is stagnant/slow to 800

RockyTop_TN · ‎07-06-2022

The last few months my score seems to be moving slowly. Sitting at 769 (Exlerian) and feels like I'll never hit 800. Not sure if my file would considered thick/thin etc.

Experian has oldest account at 15 years and average at 5 years.

Profile:

Two mortgages (Primary since 2005, refinanced to 15 year in March 2020), Second home opened in Dec 2020).

Three auto loans (2 in 2019, 1 in April 2022)

4 credit cards: Amex Delta Reserve 30k (opened 01/22)

Credit union Visa 30k (opened 2018)

Southwest Visa 15k (opened 01/21)

Apple Card 10k (opened 06/22)

Everything is current and current utilization is 4%. Utilization usually runs 1-4% consistently and never carry a balance for interest.

I have one 30 day late payment from Sept 2016 and that is the only "baddie".

I think my profile is thick and diverse. I know it takes time but any idea on when I could see a significant increase in score.

if you made it this far, thanks for reading and thanks for any insight.

Anonymous · ‎07-06-2022

Your credit looks great. Not thin at all. Your debt to income is approaching 30% though. Also, you have the late payment from 2016. I believe your score will rise once you lower your DTI, and then rise again next year when your 2016 late payment drops off your credit report. Again, your credit and scores look great.

Jnbmom · ‎07-06-2022

@Anonymous wrote:
Your credit looks great. Not thin at all. Your debt to income is approaching 30% though. Also, you have the late payment from 2016. I believe your score will rise once you lower your DTI, and then rise again next year when your 2016 late payment drops off your credit report. Again, your credit and scores look great.

Your DTI is not factored into your credit scores . This only comes into play with loans etc , also creditors when applying factor in your income but your DTI itself is not used in FICO scoring . I think the late even though it's not recent hurts a bit and if your average age of accounts is 5 years , I think that contributes to not hitting the 800 threshold .

EXP 780 EQ 796 TU 810

GatorGuy · ‎07-06-2022

New and recent credit always drops your score.

You opened a new mortgage and had a refi in 2020, car loan in 2021 and 2 cards this year and 3 within the last year.

Your score will improve if you stop opening new credit. I'm not saying you need to because good credit is there to be used. But don't be surprised if your score only inches up slowly if you keep opening new credit.

Your credit scores are already almost good enough to get you the best APRs and any credit product you need.

Anonymous · ‎07-06-2022

I concur with @Jnbmom. Your debt to income ratio will effect your chances for credit approval. A DTI that's nearing 30% may have a negative impact on getting an approval, but it will not effect your credit score.

RockyTop_TN · ‎07-06-2022

@GatorGuy wrote:
New and recent credit always drops your score.

You opened a new mortgage and had a refi in 2020, car loan in 2021 and 2 cards this year and 3 within the last year.

Your score will improve if you stop opening new credit. I'm not saying you need to because good credit is there to be used. But don't be surprised if your score only inches up slowly if you keep opening new credit.

Your credit scores are already almost good enough to get you the best APRs and any credit product you need.

I am done with getting anything new. One car will be paid off next year.

disdreamin · ‎07-06-2022

@RockyTop_TN wrote:
The last few months my score seems to be moving slowly. Sitting at 769 (Exlerian) and feels like I'll never hit 800. Not sure if my file would considered thick/thin etc.

Experian has oldest account at 15 years and average at 5 years.

Profile:

Two mortgages (Primary since 2005, refinanced to 15 year in March 2020), Second home opened in Dec 2020).
Three auto loans (2 in 2019, 1 in April 2022)
4 credit cards: Amex Delta Reserve 30k (opened 01/22)
Credit union Visa 30k (opened 2018)
Southwest Visa 15k (opened 01/21)
Apple Card 10k (opened 06/22)

It's interesting that the average account age is 5 years given that all the accounts you listed are under 4 years old. I'm wondering how much your AAoA will change as old accounts age off your reports.

As far as 800+ scores, it doesn't seem easy to maintain scores in that region when one is regularly opening multiple new accounts every few months. I've initiated a new auto loan and applied for three credit cards in the past ~18 months and that has kept my score down significantly (30-40+ points). I was just approved for a new cc last week and I can't wait to see what that does to my scores. Fun times, fun times.

In the end, it's all about time and not apping for new credit. Given enough of both, you'll get there.

RockyTop_TN · ‎07-06-2022

@disdreamin

Thanks for the reply. I'm don't with new cards. Ive got 4 and probably one more than I really wanted but so be it. No plans on the horizon for the next year....

GatorGuy · ‎07-06-2022

@RockyTop_TN wrote:
@GatorGuy wrote:
New and recent credit always drops your score.

You opened a new mortgage and had a refi in 2020, car loan in 2021 and 2 cards this year and 3 within the last year.

Your score will improve if you stop opening new credit. I'm not saying you need to because good credit is there to be used. But don't be surprised if your score only inches up slowly if you keep opening new credit.

Your credit scores are already almost good enough to get you the best APRs and any credit product you need.
I am done with getting anything new. One car will be paid off next year.

If you don't have any new credit apps, you could see a score of 800 in a year.

SouthJamaica · ‎07-06-2022

@RockyTop_TN wrote:
The last few months my score seems to be moving slowly. Sitting at 769 (Exlerian) and feels like I'll never hit 800. Not sure if my file would considered thick/thin etc.

Experian has oldest account at 15 years and average at 5 years.

Profile:

Two mortgages (Primary since 2005, refinanced to 15 year in March 2020), Second home opened in Dec 2020).
Three auto loans (2 in 2019, 1 in April 2022)
4 credit cards: Amex Delta Reserve 30k (opened 01/22)
Credit union Visa 30k (opened 2018)
Southwest Visa 15k (opened 01/21)
Apple Card 10k (opened 06/22)

Everything is current and current utilization is 4%. Utilization usually runs 1-4% consistently and never carry a balance for interest.

I have one 30 day late payment from Sept 2016 and that is the only "baddie".

I think my profile is thick and diverse. DTI is 26%. I know it takes time but any idea on when I could see a significant increase in score.

if you made it this far, thanks for reading and thanks for any insight.

There are 2 things that could give you a significant increase: (1) your late falling off, and (2) your aggregate installment utilization dropping to 9%.

Meanwhile 'insignificant' point gains are good too