What DOES it take to reach 800? Age?

[Anonymous]

Disagree Fico 800 Score is just like dieting. Once you are thin you are more motivated to exercise and diet more. You dont want to lose what you have

Teresa

Experian 806

[larue]

What does UTI stand for?

[Trappdog]

what does 'util' mean? my fico is low and want to bring it up.

[Anonymous]

UTL = Utilization if debt to credit line.

Scoring 101
http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654


Common Abbreviations
http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23

Message Edited by ilovepizza on 08-28-2008 04:22 PM

[Anonymous]

                  N'uff said

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[Anonymous]

Yes, it still shows that I've had 8 late payments in my seven year payment history.  Actually, my Equifax FICO just increased to 817 today and sent me an alert...

[Anonymous]

Here's my scenario and I have an 817 FICO on Equifax:

-7 times late 30 days, 1 time late 60 days.  4 years ago -- all on same account (installment loan)

-Mortgage, 5 installments (1 auto, 4 school)

-Credit cards open: 4

-Total credit accounts on file = 28

-Utilization below 5%

-Last new credit 12 months ago, and NO hard inquiries in last 12 months

-Avg age of accounts, 6 years

-Oldest account: 12 years

-NO public records, judgements, etc

[haulingthescoreup]

7 30's and a 60, and you have an 817? That's amazing! I would have expected you to be in a serious derog bucket with that 60. Maybe there's hope for me in 2 1/2 years, when average is up to 6 years, my 90 is 5 years old, and with 6 (I think) late payments total.

[Anonymous]

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@Anonymous wrote:

There MUST be a minimum age somewhere to get to 800, as it only makes sense.   Maybe that is 10 years if all else is great.   But the closer you are to 20 oldest TL and 6+ avg age (like the myFICO comments say), then the closer you should be to 800.

Not much question that these are required:

-No lates on credit report (possible exception of 1 and only 1 30 day late at least 3 years old)

-Credit mix of at least 2 of the 3 major types (mtg, installment, revolving)

-At least 4 TL's

-Utilization below 5% (1-3% ideal)

-No new credit in last 2 years, and NO hard inquiries in last 12 months

-Avg age of at least 6 years

-NO public records

Feel free to modify above list with actual experiences.......but I think age is what closes the deal for 800, be it avg or oldest.

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I have to disagree with several of those. I have an 804 Experian (as of 8/1/08)

Credit History: 8 years. I don't see an average age listed.

At the time I had 11 credit cards open, 1 with a balance, 1 opened within the past year, 1 recent inquiry, 0 collections, 0 public records.

Util was at approx 1.5% (of total available revolving credit) at the time. I had also just been approved for a first home mortgage, which explains the inquiry. The mortgage did not appear on the report however. I have no installment loans and never have.

Strike 10 year minimum history.
Strike 2 of the 3 types as only one reported.
Strike no new credit in 2 years (or even 1 evidently.)
Strike no hard inquiries.

I don't know what, but I must have done something right.

Message Edited by Tarcas on 08-30-2008 03:50 PM

[haulingthescoreup]

Congrats, and welcome to the forums!

Did you get your EX score here from myFICO? This is the only site where you can get a FICO EX score. The others are all FAKO's, and some of them are on higher score ranges, which provides a nice artificial boost, I'm afraid.