What DOES it take to reach 800? Age?

[Anonymous]

This experiment was to see if the sim punished people more for avg age under 6 yrs. The sim seem to says -10 for everyone for the left number. I was wondering if avg age points slow down right at 6 or 7 years or if almost all the avg age points were gained at 6 or 7 years. I don't know but I have seen really high scores with low avg age profiles and wondering how many more points there were after 6 or 7 years to gain. I'm thinking maybe only 3-5 points if that. This is just my mind working and no real evidence so far. Just trying to lean more. This new theory could be completely wrong. I have destroyed my avg age and expected more of a drop in score.

Thank you all for you help!

Message Edited by ilovepizza on 08-31-2008 09:21 PM

[haulingthescoreup]

I can't remember the exact numbers, but the sim for DD#2 certainly "wanted" her to get another card, and a loan. Big jump when the SL's posted.

I would not have expected any projected increase for me --I have 15 open TL's. Vaguely surprised that it didn't ding me.

[Anonymous]

I just got ScoreWatch and the score simulator said my score would be over 809 if I paid off my debt within the next 2 years (it's currently 729 w/ Equifax). My longest account is 13 years and avg age is 6 years, no baddies, no lates, but 78% util on cc's and student loans (no mortgage). I'm on my way to paying this off in 1 year (so I can get a low-rate mortagage). So, we'll see if it gets that high. If so, then you definitely don't need a 20-yr history.

[Anonymous]

Just wanted to add on to the late payment thing. Only 30 day or more late gets reported. So if you forget your payment is due and are a couple of days late, don't freak out (although if it's a CC, they'll raise your APR immediately).

[haulingthescoreup]

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@Anonymous wrote:
Just wanted to add on to the late payment thing. Only 30 day or more late gets reported. So if you forget your payment is due and are a couple of days late, don't freak out (although if it's a CC, they'll raise your APR immediately).

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Except that some of the more evil card companies have been known to interpret that as late and will report you.

Absolutely right about the RJ (rate-jack)!

[marty56]

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FICOjunkie23 wrote:
Just wanted to add on to the late payment thing. Only 30 day or more late gets reported. So if you forget your payment is due and are a couple of days late, don't freak out (although if it's a CC, they'll raise your APR immediately).

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Wells Fargo would report you late if the minimum payment is not paid by the next statement date which could be 2 days after they payment was due.  They did this 5 years ago to me which my payment was due on the 1st and I paid on thew 4th and the next statement droped on the 3rd.

Message Edited by marty56 on 09-01-2008 03:51 PM

[Anonymous]

Late to this game but figured I'd post anyway since mine were a bit different. 769 TU with new CC of $1 limit - 729-759. Average age is 3 years.

[Anonymous]

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@Anonymous wrote:
Late to this game but figured I'd post anyway since mine were a bit different. 769 TU with new CC of $1 limit - 729-759. Average age is 3 years.

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Yep that's the one I was looking for. Not sure why yours takes more of a drop then the rest of us? Most of us show -10 points. But mine used to show -30 too just like yours. Mine showed -30 for CC and -10 for store on Eq. Wait. Why would it say -10 for store and -30 for CC? Maybe I needed a store card, a possible sign? I don't know. I plan on applying soon for a store card just to see what happens.

[Anonymous]

Well, my score is above 800 and you're always hoping to reach the next level. I think it depends on several factors.  The first and foremost is always paying your bills on time and having nothing from 7 years plus on your record that is ever late etc.  It also has to do with how long you've been in your home... and we've been here over 10 years.  It also has to do with your employment and how long you've been there.... and also to do with how many cards and open lines of credit you have compared to income.

For example, if you make 20 thousand and are paying 25% of your income or more to credit cards, that's not good (if you have too much credit used for what you make).  So in order to get that 800, have steady employment for a couple years, live in a home a lot of years, always pay your bills on time, and have a lot more credit out there that you are NOT using than you are and make sure it's not too much for what you earn.  In addition, don't close out cards and don't be applying for too many types of credit at once.  Because to have too many inquiries on your creidt lowers your score and so does closing cards (less money available to you).  SO have a lot of credit but don't use it.  Get say one credit card a year and make one or two small purchases a year, pay the thing off within 30 days and then don't use it.  Year two, do the same thing.  Till you have a few cards... three or four probably at least but not 10 or too many.  I hope that makes sense.  Everything in credit is about balance and steadily paying/stability.

I would like to know if paying two small bills off made my credit score go past 810... so I might order another report.  Oh, As I understand it, inquiring about your own report does NOT count as an inquiry, so that's good.  But don't do it more than once a year just in case.

MY question is which is the credit score most looked at?  Equifax, Transunion or Experian? Or if it's all three equal, what is the TRUE credit score.... adding up all three and dividing into them?  LOL

[haulingthescoreup]

Hi, dahoov, welcome to the forums! Always nice to have another high-scorer here.

Actually, a lot of the things that you mentioned will definitely help you in lenders' eyes, but they don't affect your scores. Income, employment, length at one residence (although a mortgage can be useful) are not factored in scoring.

Also, pulling your own scores and reports never hurts your scores, period.

I stumbled across a PDF file with a lot of info on FICO scoring, just the other night, and I added it to my siggy below. I'm trying to start recommending it on my posts.

Here are the things that aren't included in your scores:

What's Not in Your FICO® Score

FICO scores consider a wide range of information on your credit report. However, they do not consider:

* Your race, color, religion, national origin, sex and marital status.
US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
* Your age.
Other types of scores may consider your age, but FICO scores don't.
* Your salary, occupation, title, employer, date employed or employment history.
Lenders may consider this information, however, as may other types of scores.
* Where you live.
* Any interest rate being charged on a particular credit card or other account.
* Any items reported as child/family support obligations or rental agreements.
* Certain types of inquiries (requests for your credit report).
The score does not count “consumer-initiated” inquiries – requests you have made for your credit report, in order to check it. It also does not count “promotional inquiries” – requests made by lenders in order to make you a “pre-approved” credit offer – or “administrative inquiries” – requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.
* Any information not found in your credit report.
* Any information that is not proven to be predictive of future credit performance.
* Whether or not you are participating in a credit counseling of any kind.

http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx

Thanks for your insights about gaining high scores! As someone pointed out on another thread (maybe this one, lol), it's like losing weight: the problems don't get there overnight, and they won't go away overnight, either.