Trying to get 800

[Anonymous]

currently have FICO TU of 780.  1%utilization.  avg age of accounts is 4 years, oldest account is 8 years. 1 inquiry from June09 for mortgage.

Auto loan of 15k, 3years old

mortgage of 185k, 6months old

BofA CC, $3500, Balance = 0

Citi CC, $250, Balance = $26

USAA CC, was $1500 at time of FICO score but just increased to $3000, Balance = $100 (now $0)

Macy's CC, $2000, Balance = $16

I called CITI and they said they dont increase CL without a hard pull, so i declined and opted to wait for them to do it on their own.

no lates, no bads, just the 1 inquiry.

I am trying hard to join the 800 club...is there anything i can do to help it out or is it a time thing?

Jan2009 I had a FICO score of 650, so I have come along way now and just trying to see if I cant hit 800.

[Lel]

Pay off the balances of two of your credit cards, so that they report zero balances.  That way, only 3 of 6 tradelines will be reporting balances, which may give your score a little boost. 

Other than that, there's not a whole lot you can do but wait for another 6 months, when the inquiry will no longer be factored into your score, and your mortgage will no longer be classified as a new account.

[Anonymous]

I didn't realize that less tradeline showing was better.  How will refinancing my auto loan affect my score?

[MarineVietVet]

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@Anonymous wrote:

I didn't realize that less tradeline showing was better.  How will refinancing my auto loan affect my score?

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Optimal credit utilization for FICO scoring purposes seems to be:
Total revolving utilization > 0 and < 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.

The refinance means a new application for credit. You'll have a new inquiry and a new account showing. No one can predict how much that will change your score. IMO.

7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
"Hello my name is Sandy and I'm a recovering crediholic".

[Lel]

A general rule of thumb for maximizing your score is to have less than half of your accounts reporting balances.  Since it's probably unlikely that you'll be able to pay off your auto loan and mortgage in one fell swoop (and if you are, all the more power to you!), then zeroing out a couple of your credit cards will do the trick.

Refinancing your auto loan will result in a new inquiry and a new account, both of which may have a negative effect on your score.  I recently bought a new car with financing, and my TU dropped by just a couple points but my EQ dropped by about 20.  However, the new auto loan didn't hit my reports in isolation - there were other factors that almost definitely exerted negative pressure on my score (e.g. going from 5 accounts with balances to 8 - and now 11 ).

Your score is very good, and you could probably tolerate the hit from an auto refinance.  If you are not going to need new credit in the next year and stand to save a decent chunk of change from the refinance, then it might be the right move for you. 

ETA: MVV beat me to the punch line! 

Message Edited by Lel on 12-18-2009 11:46 AM

[Jazzzy]

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@Anonymous wrote:

I didn't realize that less tradeline showing was better.  How will refinancing my auto loan affect my score?

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If you can save money by refinancing your auto...then you ought to do it.

Don't let FICO score take priority over saving $$$.

[Anonymous]

Remember, you're eligible for the best rates if your FICO is 760 or higher, so you're in fine shape.

DH, btw, only got a 2 point hit with a new auto loan w/inquiry.  He was at 762, the loan & inquiry brought him in at 760.  That, of course, is with him owing 100% on that (his only) installment.

Great work on the scores this year!  Pretty impressive .

[MsFICOGamePlayer]

Your efforts have already paid off. 650 to 780 in a year is a huge accomplishment!

I agree with Lel, pay off the remaining balances. Because the Citi limit is so low, I wouldn't carry a balance on this one, at least not until the limit increases substantially.

Other than that, you're in great shape and there's probably not much else you can do other than continue to avoid bad entries like the plague and allow the passing of time to add points to your score.

[marty56]

I did not get a score hit when I refied my mortgage.  My AAoA is 10 years and I didnt have any INQs on EX which was they only CRA they pulled.

Keep in mind not to be FICO score poor.  A good refi rate that saves you tons of money in interest always trumps an 800 FICO score.

Message Edited by marty56 on 12-22-2009 02:37 AM