re: How to get FICO to 800?

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50_Tiger

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For the record, the only score thresholds that clearly defined big deal are being above 700, 720, 740, 760 mortgage FICO scoring models (Not what you see on CC/Credit Karma/AutoLender scores)

Mortgage Rates

Mortgage companies using banding to give mortgage rates based on Credit Score Ranges. This affects rate, potential lender credit and cost to buy points (All factors for APR)

Most Common: 700-719, 720-739, 740+
Common Variations: Anything 720+ best rate, Add 740-759 band & 760+ category

PMI / Mortgage Insurance

Mortgage insurance rates are based on your mortgage lending model credit score. The difference in PMI can be huge Calculator to give MGIC (PMI Provider) quotes

Industry Standard (As of 2015): 700-719, 720-759, 760+

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How big of a deal is utilization really?

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Utilization isn't "tracked" but is a "snapshot"/real time calculation

So while it is a huge part of your score (~30%), having 0% utilization today is all that matters (even if you were 100% utilization yesterday)


Note: There is this incorrect advice out there that $0 balance/Unused credit lines are bad (The ol' use for $1 everymonth to keep active advice). This is false for most major CCs.

In the old days, it cost money for CC companies to report monthly history. As a result, $0 balances (viewed as inactive) would go unreported and it would not add to your credit history.

Today every major CC company batch reports all accounts regardless of use, so having open but unused CCs is the same as "active" CC