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Started my credit journey building very late, about a couple years ago after graduating school. I have a good variety of credit cards now. Never missed a single payment and my balance month to month is very healthy, under 10% revolving utilization. However I can’t break past 760. How do I get 800+? I have no car payments or mortgage, want to avoid this type of loan since I have no real need for either right now. Looking for credit score veterans to weigh in here. Thanks.
I've got 800-830. It's probably just time. What's your oldest account? I think mine is probably 15 yrs as I started in high school. Hit 800 probably around when I turned 30. Use free tools like chase credit journey to see the points of improvement.
Keep doing what you are doing for 10 years. Chasing credit score beyond 700 is stupidity. It doesn’t yield much benefit while leveraging up. It’s not a number for your credit worthiness. It’s a number based on how much money credit agencies can make from you.
Beyond 740 is what I would say. When I was getting a mortgage there were different rates for 740+
740 to 750 is all you need for the best credit card and auto loan rates, but for the best mortgage rates you'll want a 760
Have someone you trust add you as an authorized user on their credit card(s)...that will get you the history of that card. WARNING: IT GETS YOU FUTURE HISTORY TOO, SO IF THEY MESS UP YOU MESS UP. Functionally though, 760 probably high enough for tier 1 credit most places. Credit history though is equally important, it's not just about the score.
Agreed w/ the history vs. score part. Any moderately advanced bank (i.e. not your local 4 branch bank) uses the score as a knock out rule if it's too low and then uses all the attributes (over 1000 are available) in their own proprietary model to create their own score. Also agreed having an 800 never seemed different than a 750.
You can only break above that with a car loan or mortgage
Get a high end car on lease. Enjoy driving it, Make payments and return it. It may not be be economical but you can improve the numbers and also experience driving a high end car without liability to buy it.
Isn’t leasing the same as renting, and therefore no need to take out a line of credit? How does this help other than having a dope car? lol
Get a cheap lease, save money and enjoy it. Leases are more akin to renting an apt then renting a car. Bank going to make sure you can pay the lease ...just like a landlord makes sure you can pay rent
you can do simulation and see how it affects your score.
Your credit score will go up over time. You should see a large bump up at the 5 and 7 year marks, keep using your cards regularly. A mortgage or car payment made for 12-24 months will also increase your score. Don't worry about it too much, 760 is a decent score.
Ask for credit line increase on your CC
I request an increase every 6 months.
760 is quite prestigious, if I do say so myself. Nice work, young man!
Thank you kind sir
"2 years" There's your problem. Are you able to turn that into 20 years?
So, you know nothing about how credit score works. Only 7 years of data is shown
Yeah probably. It’s pretty easy to maintain for me at this point. I just don’t spend more than I have in my checking, set up auto pay and now and then I pay down my balance to stay under 10% credit limit