How do you get credit scores over 800?
Registered User
Joined: Feb 2003
Posts: 1,175
Likes: 0
From: North Canton
not necessarily. There are about 6 factors that go into the equation that qoutes your score.
1. paying on time
2. proportion of limits to balances is low (usually 50%)
3. available unused credit
4. length of time credit is established
5. amount of new accounts opened or applied for
6. amount of inquiries in a certain time frame
Most likey, people with 800+ scores use credit wisely, have paid off alot of their mortgage, and don't apply for new credit every other month.
The actual equation to compute your credit score was created by Fair, Isaac but is not disclosed. Any score of 700 or better should qualify you for the best available financing.
1. paying on time
2. proportion of limits to balances is low (usually 50%)
3. available unused credit
4. length of time credit is established
5. amount of new accounts opened or applied for
6. amount of inquiries in a certain time frame
Most likey, people with 800+ scores use credit wisely, have paid off alot of their mortgage, and don't apply for new credit every other month.
The actual equation to compute your credit score was created by Fair, Isaac but is not disclosed. Any score of 700 or better should qualify you for the best available financing.
Joined: Oct 2000
Posts: 17,288
Likes: 39
From: Nashville
my dad's was over 800 when we pulled it (i own a mortgage broker company) about 2 years ago.... he has long standing credit, uses his credit cards, but pays them off monthly..........
I think mine is 750ish, but I have something like 12 mortgages....I use my credit card daily but pay it off monthly.... i would have to pay off some of my mortgages to get over 800.....
why do you want it over 800? 750 is good enough.
I think mine is 750ish, but I have something like 12 mortgages....I use my credit card daily but pay it off monthly.... i would have to pay off some of my mortgages to get over 800.....
why do you want it over 800? 750 is good enough.
Joined: Aug 2002
Posts: 53,292
Likes: 789
From: Owings Mills, MD
my score is very high, i'll look tonight at my score and post it... that was until i just bought a house last month 
It was actually, the best score the mortgage company has ever seen. I pay off my credit cards every month. I have a total of four cards, a visa which I have had for 8 years, a structure card that I have probably had for 7 years, a best buy card that i've had for 3 years and a lord & taylor card I've had for two years.
I used to work for CitiGroup (citibank) in the new accounts department for credit. The key is to a) don't open up a lot of credit card accounts, b) pay them off in full every month - even if you pay off partial it's looked as a bad thing, c) don't let everyone run your credit. I know car dealers who try to do this before you even want to buy a car., d) loans are awesome for credit, but try to pay them off early by giving 1/12th more every month.
Basically the inquiries (signing up for a free t-shirt from credit card companies on spring break are a no-no) and not paying in full every month will kill you.
It was actually, the best score the mortgage company has ever seen. I pay off my credit cards every month. I have a total of four cards, a visa which I have had for 8 years, a structure card that I have probably had for 7 years, a best buy card that i've had for 3 years and a lord & taylor card I've had for two years.I used to work for CitiGroup (citibank) in the new accounts department for credit. The key is to a) don't open up a lot of credit card accounts, b) pay them off in full every month - even if you pay off partial it's looked as a bad thing, c) don't let everyone run your credit. I know car dealers who try to do this before you even want to buy a car., d) loans are awesome for credit, but try to pay them off early by giving 1/12th more every month.
Basically the inquiries (signing up for a free t-shirt from credit card companies on spring break are a no-no) and not paying in full every month will kill you.
Registered User
Joined: Oct 2000
Posts: 7,401
Likes: 1,104
From: Napa
My score is somewhere in the high 700s, don't remember exactly. But I remember when I bought the S2000 they went off to check my credit, and the salesman came back and said it was good enough to buy the dealership as well as the car. Had to laugh.
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Registered User
Joined: Oct 2002
Posts: 14,430
Likes: 1
From: OH
Originally posted by dbjb
not necessarily. There are about 6 factors that go into the equation that qoutes your score.
1. paying on time
2. proportion of limits to balances is low (usually 50%)
3. available unused credit
4. length of time credit is established
5. amount of new accounts opened or applied for
6. amount of inquiries in a certain time frame
Most likey, people with 800+ scores use credit wisely, have paid off alot of their mortgage, and don't apply for new credit every other month.
The actual equation to compute your credit score was created by Fair, Isaac but is not disclosed. Any score of 700 or better should qualify you for the best available financing.
not necessarily. There are about 6 factors that go into the equation that qoutes your score.
1. paying on time
2. proportion of limits to balances is low (usually 50%)
3. available unused credit
4. length of time credit is established
5. amount of new accounts opened or applied for
6. amount of inquiries in a certain time frame
Most likey, people with 800+ scores use credit wisely, have paid off alot of their mortgage, and don't apply for new credit every other month.
The actual equation to compute your credit score was created by Fair, Isaac but is not disclosed. Any score of 700 or better should qualify you for the best available financing.
you hit in on the button....another factor is not just length of time credit has been established but length of time that credit has been established and maintained with the same creditor (ie...having the same visa since 1978 and not doing a balance transfer everytime you get offered 0% on balance transfers)
