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re: How to get FICO to 800?
Posted on 11/15/17 at 10:31 am to 50_Tiger
Posted on 11/15/17 at 10:31 am to 50_Tiger
quote:
50_Tiger
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+
quote:
How big of a deal is utilization really?
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
0
Posted on 11/15/17 at 10:39 am to REG861
quote:
So i guess my utilization is high, but I pay the balance off in full without fail every billing cycle. I don't know why this would affect me negatively
Credit utilization is based on reported balance to credit bureaus. This is most commonly once a month reporting of your monthly "statement balance" So paying off "in full" has no impact on credit utilization if you have new charges afterwards
Identical Utilization Examples- 0% APR card
Scenario #1: $1000 statement balance, pay full $1000, charge $500, Final Balance: $500
Scenario #2: $1000 statement balance, pay $500 Final Balance: $500
Both of these accounts report final balance of $500 that will be factored into credit utilization despite "Paid in full" for scenario #1
quote:
Should I be using it less and maybe split up my spending among other my other cards to lower my utilization?
No, just pay your bill to $0 before your statement is released. Then your utilization will be 0% if your reported balance is 0%
This post was edited on 11/15/17 at 10:41 am
Posted on 11/15/17 at 10:40 am to 50_Tiger
quote:
How to get FICO to 800?
Have your parents put you as an authorized user when you're 15.
Posted on 11/15/17 at 10:41 am to Lazy But Talented
quote:
Have your parents put you as an authorized user when you're 15.
Many newer models are starting to not give full credit or ignore AUs
Posted on 11/15/17 at 2:07 pm to AmeriKop45
Well, maybe something has changed then b/c when I was mid-700's I sure as hell wasn't getting those offers.
Posted on 11/15/17 at 2:16 pm to foshizzle
quote:
Well, maybe something has changed then b/c when I was mid-700's I sure as hell wasn't getting those offers.
Just because you didn't get a personalized invite doesn't mean you weren't qualified
Posted on 11/15/17 at 2:31 pm to GenesChin
I did get a fancy black card invitation mail.
I believe everyone gets those though.
I believe everyone gets those though.
Posted on 11/15/17 at 4:05 pm to 50_Tiger
i look at peoples credit for a living. You need to be over 50 to get an 800 with a lifetime of good credit. If you don't have a mortgage and your sitting at 770 STFU!
Posted on 11/15/17 at 4:26 pm to hawkeye007
Lol but you’re credit score is like the second most important number besides your ssec#
Not ready to be that old yet.
Not ready to be that old yet.
Posted on 11/15/17 at 7:29 pm to hawkeye007
quote:
You need to be over 50 to get an 800 with a lifetime of good credit.
Nah.
Posted on 11/15/17 at 7:47 pm to 50_Tiger
quote:
How to get FICO to 800
I guess all I would have to do is not pay a bill for a few months and it would drop to 800?
Posted on 11/15/17 at 8:03 pm to 50_Tiger
I'm at 788 at 25yo 
Posted on 11/15/17 at 9:55 pm to Lazy But Talented
I was at 811 for a while due to that with virtually no income. I’m down in the 780s now but easily got a mortgage right when I started my job.
Posted on 11/16/17 at 2:32 am to foshizzle
quote:
foshizzle
If you don't mind my asking, one attribute that might be hard for me to hit "ideal" is number of accounts.
So out of curiosity, how many active lines of credit do you have across the board?
Posted on 11/16/17 at 7:12 am to hawkeye007
Uh no. I am 31 with no mortgage. Age of credit history avg at 6.5 and I have a 804. The amount of people who talk out their arse is baffling
Posted on 11/16/17 at 8:45 am to hawkeye007
quote:
i look at peoples credit for a living. You need to be over 50 to get an 800 with a lifetime of good credit.
Umm, no. Look at my post on the last page for info. Im 27.
Posted on 11/16/17 at 9:48 am to 50_Tiger
I checked mine the other day, hadn't done that in a while, and it was 823. It had always been around 800, not sure why it shot up.
Posted on 11/17/17 at 12:46 am to kywildcatfanone
quote:
I checked mine the other day, hadn't done that in a while, and it was 823. It had always been around 800, not sure why it shot up.
If you used one of the 3rd party companies (CK etc.) they are always changing formulas and honestly are not very accurate anyway.
Posted on 11/17/17 at 9:10 am to cave canem
quote:
If you used one of the 3rd party companies (CK etc.) they are always changing formulas and honestly are not very accurate anyway.
You have more than 1 credit score, all measured differently. There is no "very accurate" score
Specifically, though, Credit Karma/CC report/free ones typically use new credit scoring models (or non FICO models) so they aren't supposed to match older auto/mortgage credit scoring models
Posted on 11/17/17 at 9:19 am to GenesChin
So does anyone know the variance between actual score and Chase/Cap One/CK ?
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