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My credit score is 821. How do I make it go higher? NECRO

T

Tommy2000GT

Golden Member
My goal is to hit 850.

I got to 821 by having a car loan and paying off and paying credit cards in full every month.

Old thread.
 
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Each of the 3 major credit beareu's + FICO will give you $10,000 if you hit 850 so they can use your profile in their marketing
 
They look at your credit utilization too. By not carrying a balance you actually hurt yourself a bit... or so I'm told.
 
You don't, unless you literally have no life.

Once you are above 810, it fluctuates every time you fart. The amount of optimization you would have to do to squeek out a few more points is not really worth the effort.
 
gorcorps said:
They look at your credit utilization too. By not carrying a balance you actually hurt yourself a bit... or so I'm told.
Click to expand...

To the OP, I would not waste my time to get the magic Fico of 850. If you are 800 and above (again, speaking as FICO only), then you are golden.

Urban legend. Not true. See below, directly from MyFico.com


MYFICO.COM 5 components score of credit

1.payment history = 35% Do not miss any payments or late. Ever.
2.amount owed = 30% 30% utilization or less, 10% is better.
3.length of credit = 15% The longer you have credit, the better.
4. new credit open = 10% Do not open new credit cards just for kick. Use it wisely.
5. types of credit = 10% Better if you have a variety of credit types but do not do it just for kick.
 
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Svnla said:
Urban legend. Not true.

MYFICO.C 5 components score

1.payment history = 35%
2.amount owed = 30%
3.length of credit = 15%
4. new credit open = 10%
5. types of credit = 10%
Click to expand...

Doesn't that fall under the "amount owed" category?
 
The balance thing carries some truth. I always paid my CC and never had a balance till last year. Now I have a small balance that doesn't hurt me too bad ($4k) and my card limit got increased.
 
Train said:
Doesn't that fall under the "amount owed" category?
Click to expand...

But you do NOT have TO carry a balance.

For example, let say I have 5K CC limit and at the closing date, I have a 1K CC balance. Due date is coming and I sign a check/pay online the whole amount of $1K that I owed BEFORE or ON the due date.....==>> all good. I do not have to pay $900 and have a carried over balance of $100.

Amount owed = the percentage of the CC limit that you use. I would not max out anything over 30%, usually 10% or less.
 
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Unless you are old I do not believe you are telling the truth.

I look at 25-30 credit reports per day, and the only time I have seen that high of a score is with someone who is senior.

Once you are in the 760+ range, the only thing that can help you is length of time your tradelines have been open.
 
Svnla said:
To the OP, I would not waste my time to get the magic Fico of 850. If you are 800 and above (again, speaking as FICO only), then you are golden.

Urban legend. Not true. See below, directly from MyFico.com


MYFICO.COM 5 components score of credit

1.payment history = 35%
2.amount owed = 30%
3.length of credit = 15%
4. new credit open = 10%
5. types of credit = 10%
Click to expand...

I know anything above 800 is good but I want to hit 850 and brag about it
 
TallBill said:
The balance thing carries some truth. I always paid my CC and never had a balance till last year. Now I have a small balance that doesn't hurt me too bad ($4k) and my card limit got increased.
Click to expand...

maybe I should just ask for a credit limit increase then
 
OCGuy said:
Unless you are old I do not believe you are telling the truth.

I look at 25-30 credit reports per day, and the only time I have seen that high of a score is with someone who is senior.

Once you are in the 760+ range, the only thing that can help you is length of time your tradelines have been open.
Click to expand...

27 yrs old, not lying

I don't understand how the average american can be in the 500-600 range
 
OCGuy said:
Unless you are old I do not believe you are telling the truth.

I look at 25-30 credit reports per day, and the only time I have seen that high of a score is with someone who is senior.

Once you are in the 760+ range, the only thing that can help you is length of time your tradelines have been open.
Click to expand...




I'm not senior, not much older than the OP and mine was in the 840+ when I bought my house.
 
Tommy2000GT said:
I know anything above 800 is good but I want to hit 850 and brag about it
Click to expand...

You could try but you would not gain anything (financially speaking) from it. I did read an article and the guy who works at FICO said he haven't see anyone with 850 yet. I will see if I can find that article.


Here is the break down of FICO score as of 2006.

300-499 -- 2% of the population.
500-549 -- 5%.
550-599 -- 8%.
600-649 --12%.
650-699 -- 15%.
700-749 -- 18%.
750-799 -- 27%.
Over 800 -- 13%.
 
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Ok, people, make sure we are all in the same page and we are talking about the same FICO score.

FICO = golden standard of financial institutions, 850 Max. Period.

VantageScore and others similar = not the same and not on the same scale, some of them can go up to 900 and more. VantageScore max is 990.

More information about different credit scores from different agencies = http://money.msn.com/saving-money-tips/post.aspx?post=91c66988-1c0b-47ed-9b83-a61861325399

<<---- knows a few things about finance and credit 🙂
 
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OCGuy said:
Yes, yes you are lying.

But that is OK, it is the internet.

Edit: Also the person above you is lying. But again, doesn't bother me.
Click to expand...

you are probably some sleazy used car salesman and most used car buyers have bad credit so you can't base what you see soley on that.
 
Svnla said:
You could try but you would not gain anything (financially speaking) from it. I did read an article and the guy who works at FICO said he haven't see anyone with 850 yet. I will see if I can find that article.
Click to expand...

Really? Warren Buffet probably has 850.
 
Tommy2000GT said:
My goal is to hit 850.

I got to 821 by having a car loan and paying off and paying credit cards in full every month.
Click to expand...

When wife bought her car , The salesman said its the first time they have every seen a score of 840, Thats as good as it gets .. How to achieve. 35 years without being late on 1 payment perfect score. The only way for a perfect score is by being perfect over a period of time .
 
Tommy2000GT said:
Really? Warren Buffet probably has 850.
Click to expand...

FICO score is NOT about how much you make but how you MANAGE your finance.

For example, let say Joe is making $50K a year, spends only 1/2 of his salary, always pays his bills on time. His FICO score would be 800 or higher easily.

Bob is making 5 million a year but spends at least 7 million annually, always max out his CC cards, missing his payments. I bet his score would be much lower than Joe.
 
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OCGuy said:
Unless you are old I do not believe you are telling the truth.

I look at 25-30 credit reports per day, and the only time I have seen that high of a score is with someone who is senior.
Click to expand...

FWIW, I had a very similar score when I bought my current house in 2008, when I was 37. I'm almost 42 and it still hovers around there, as does my wife's (she is 31).
 
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