Tips to get 800+ FICO credit score?
My fico score is stuck at ~760 with more than a decade credit history no missing payment. I have paid off two car loans and never used more than 10% of my credit card balances (four cards). I have no debt right now. I have credit freeze turned on and didn’t have a hard pull since last year. What else I can do to beat this scoring algorithm? Is there a service out there that can help me find out what I am doing wrong ? TC 400 8 yoe
What do you want out of a 800+ score?
1st world 1% problems need to be solved. It’s a good problem to have!
It’s useless to do any better than where you are now. Unless you just want to for fun, in which case you might consider getting some better hobbies.
Increase credit line without hard pull is not easy
Unfortunately I need to borrow home loan in short term. I don’t care about my score after that.
Need way more history. Ideally you should have more credit history than years alive but if your parents cannot help keep your utilization low, increase your credit limits regularly (6 months) and pay your mortgage.
I don't know how 10% ratio is viewed or if there's some magic cutoff. But you should pay off the card before the statement date every month to lower the ratio, which is generated only from the statement balances. I got this advice and tried it and it had an impact. Banks are infuriatingly stupid.
Getting more credit cards help, try to get 1 per year at least, there are so many good cards with great Sign up bonuses with no Annual fee. Use them once or twice every year or so and you are good. I have 5 years of credit history with no paid of loans and still more score than you with all credit cards paid off every month.
If you increase the credit limit on an existing credit card you'll get an immediate boost to your score, but nothing you can do inside of 30 days because of the reporting delays.
I never have any other type of loans. Always use less than 5 percent of my credit card limit (6 cards). My oldest age of credit card is 14 years. Don’t close your oldest credit card is the golden rule. Always pay on time. 1 inquiry in the last 12 months (none is better). Multiple types of loan will get my credit score higher but never have a chance to apply any yet. Planning to buy a house next year. I don’t think it matters when your credit score is higher than 750. I think the only reason why my credit score is higher than 800 is that my credit utilization is super low. Less than 5 percent each time. I have 70k credit limit. Whenever I use higher than 10 percent, my credit score drop below 800. My highest score is ~820
<5% - on each card? Or cumulative usage? Which one is having higher impact?
Less than 5 percent total. I paid off full every month. The credit usage cover at most 2 months if my expenses before paying it off each month. I only use 2 -3 cards out of my 6 cards. Everytime when I have more than 10 percent total utilization rate, my credit score drop
Probably average age of credit history. Great that you have four cards, but did you open all four 8 years ago? Also- for a home loan, anything above 760 is the same rate (at least for my past four loans)
Are you sure anything above 760 score is the same for jumbo loans? I opened three of my cards more than 8 years ago and the last one is opened in 2020.
Yep. Was same for my jumbo, as well as a HELOC/standard loan combo. % of credit limit plays a role too, I made sure to have all balances zero for the two months before my credit was pulled. Hard to figure out what bureaus use as your credit amount on the day of pull. Paid my credit cards off every week for like 8 weeks. Not sure if that’s good advice but it’s what I did