Is an 850 FICO even possible? (1 Viewer)

I haven't carried a credit card balance for about 40 years, yet every month, my credit rating rises or drops two to four points, depending on what they think my "balances" are. A lot of their rating principles are pure bullshit, IMO.
I agree, 100%

I’m just at the point where I’m playing a video game and I want my damn high score.
 
Thx and I’ve been there long ago, was definitely part of the “credit gardening” circle in my mid to late 20s.

That forum is very much like this one, except instead of some dude buying some boat chips, it was another dude talking about his new CC.

I think the most reoccurring trend I’ve found is length of credit history. I’ve crossed all bridges, checked all boxes but I’m just not old enough I guess. Maybe I’m wrong. Maybe.

Im about to turn 38, maybe it’s about to hit a magic number in the matrix and I got bloop to 850….

@Rhodeman77 & @johnjohn - care to share your age? This might be the one thing I have yet to hit, length of credit age.
genX. I've lived long enough to witness 2 versions of 90210 and both sucked. ;)

I don't recall cracking 850 until I added an account for a RV in the last couple years. It was always in upper 840s before that.
 
I played the game ho
You’ll be pissed as shit if it’s then 835 a month later when you pay your bills :ROFL: :ROFLMAO:
I honestly just wanna accomplish the 20 yr goal. My financial situation is about as good as it’s gonna be. Don’t need a single drop of credit.

But, I also set out to climb a mountain that was 850 points high, and I wanna reach the summit.

Good insight from some folks, I think the age of credit is playing the largest role here. It’s gonna take time…. Let it tick tock on down the road and eventually tickle the 8fiveOHHH
 
This is the type of replies I’m looking for. Thx.

Do you have any insight why it’s 7%

Algorithm wise? I float between 5-9% on my report and it’s annoying, because they are paid in full monthly.

I make all large purchases on my AMEX for the most part, and they all float in the monthly report no matter how I do it.

It’s almost as if I have to just not spend a thing for a month just to play their game…?
I do but you won't like it, @rowlin gave the best advise so far www.myfico.com (which is where I get the 7% is the magic number)

AMEX isn't the best for you CR, if you are floating balance across the month, its also not great to pay it off monthly. There is also a magic number on HOW MUCH available credit you have, if you have too little or too much it can be a problem.

If you know someone with an 850 that will put you on an old account as an issued card holder it might bump you up as well.

The reason 7% is the magic number is because ... ratings and ratios are all done with the secret sauce, no one gives out the recipe. You can't walk in and say, tell me how can I gain the system? What we CAN do is .. well post hoc ergo propter hoc, okay so it isn't that bad, but really the only thing we can do is aggregate the result sets, i.e. bucket the score ranges and look at the people in those ranges and say well all of these people have / did X, and this is where the myfico forum comes in, people have spent a shit ton of focus on it, more so than here on chips.
 
I do but you won't like it, @rowlin gave the best advise so far www.myfico.com (which is where I get the 7% is the magic number)

AMEX isn't the best for you CR, if you are floating balance across the month, its also not great to pay it off monthly. There is also a magic number on HOW MUCH available credit you have, if you have too little or too much it can be a problem.

If you know someone with an 850 that will put you on an old account as an issued card holder it might bump you up as well.

The reason 7% is the magic number is because ... ratings and ratios are all done with the secret sauce, no one gives out the recipe. You can't walk in and say, tell me how can I gain the system? What we CAN do is .. well post hoc ergo propter hoc, okay so it isn't that bad, but really the only thing we can do is aggregate the result sets, i.e. bucket the score ranges and look at the people in those ranges and say well all of these people have / did X, and this is where the myfico forum comes in, people have spent a shit ton of focus on it, more so than here on chips.
I get all of that. Figured an off topic post would garner some opinions from a few who’s opinions I valued, and a few others haha.

I appreciate your input, I wanted to circle a few points from the ole PCF bundle, as I’ve gathered enough from myfico.

Context and point of origin gets lost in forums context, and I get that.

Again, thx for the input!
 
That’s the thing, it’s like a damn carrot and I just don’t get to taste it haha.

Care to share any tips? I own both my cars, I don’t have inquiries, I own one of two houses, I literally pay off all credit cards each month.

What am I missing?!? Down forward back back A B A B select!!!???
FICO, among other things, is essentially a value of your credit worthiness / risk. But also inherent in the model is a measure of how “valuable” you are as a customer. Some one who borrows and pays back in full early, every time, is very low risk, but also not very “valuable” or “profitable”. Banks make much less on people who pay off early, don’t carry balances, etc.

There are many factors that go into the model beyond your borrowing history, such as debt to income (how leveraged are you), do you have reserves, even zip code, etc, etc.

it’s been a long time since I was involved in the credit model side of things, but there are a lot of factors that go into it and it’s all to determine:

- how risky are you
- how profitable are you as a customer
- so the bank can determine which financial products to offer, cross sell, or market to you.

The FICO feeds the banks credit models, which in turn, determine the product, limit, rate, etc to maximize profit while controlling risk.

Paying your CC off each month is great for you, but not so much for the bank - lol.
 
FICO, among other things, is essentially a value of your credit worthiness / risk. But also inherent in the model is a measure of how “valuable” you are as a customer. Some one who borrows and pays back in full early, every time, is very low risk, but also not very “valuable” or “profitable”. Banks make much less on people who pay off early, don’t carry balances, etc.

There are many factors that go into the model beyond your borrowing history, such as debt to income (how leveraged are you), do you have reserves, even zip code, etc, etc.

it’s been a long time since I was involved in the credit model side of things, but there are a lot of factors that go into it and it’s all to determine:

- how risky are you
- how profitable are you as a customer
- so the bank can determine which financial products to offer, cross sell, or market to you.

The FICO feeds the banks credit models, which in turn, determine the product, limit, rate, etc to maximize profit while controlling risk.

Paying your CC off each month is great for you, but not so much for the bank - lol.
Excellent input, THANKS

I’m very much not a profitable customer for the banks haha. Purchased my car, truck & moms house - all cash.

Only have a mortgage on my house. Banks hate me I’m sure. Which is why my 850 eludes me, and they dangle it…….. I think my only avenue to secure this win over them is time. My limits are excessive so available credit isn’t a thing, and I don’t need/want for a loan on anything. So I’ll have to wait them out I guess….

I can wait……..
 
Greetings PCF,

Hitting an 850 has been a lifelong goal of mine, but I’m just not there. I’ve hit 843 and I’ve just ran outta steam.

I know there’s a rather large variation of algorithms and programs to compute a credit score. You literally have like 20 of them, depending on what you pull.

However, it seems no matter what I do I just can’t seem to hit it. Anyone here ever hit the 850? Care to share? Any tips?

I was surprised when I bought my daughter's car last year, when the dealer ran it was 861. I payoff credit cards every month and pay my mortgage on time. I do have a home equity LOC that I have in case of emergencies. Highest I have ever seen was 897, which is when I went with my friend to buy her car. The fleet guy at the Lexus dealer said that's the highest he has ever seen, too. Good luck on your quest! You will get there!
 
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@louBdub ”Na na na na!” Actually, I was doing great until I flaked out and missed a mortgage payment recently, I use online banking and I forgot to hit send, I didn’t check my balance and I dropped like 60 points in a flash! But like most have said, top tier credit is 720-760, so it’s really just an ego thing. But yeah, don’t close your oldest account and don’t max out or over spend on individual cards. If your limit is $10k and you have a big spending month, try to spread it out over more than one card. Boat chips can cost you FICO points!

Also, I don’t screen shot my score on a regular basis, but when this came up, I had a feeling it was my peak.
 
Here my 2 cents:

- credit score tells something about your credit worthiness, which is a combination of your current asset and current liabilities ( hence I am not sure 7% is the magic number, but the lower the better)
- there is also a fraud score used by financial institutes, which translates basically in the probability of your willingness to pay back a loan
- not sure in whether in the US, they take into consideration, where you live and what job you have ( good neighborhood, steady job "recession proof")
- financial institutes also looks into your Debt to Income ratio ( how much you need to pay back each month, divided by your income), likely not let that exceed 1/3...( there are govt regulations around that, varies in each country)
- many loan applications will result in a lower score ( means you need a loan for 'everything'), hence less credit worthy, or very credit hungry

So even if you have a lot of loans and pay back nicely, that doesn't translate into a high credit score. Scenario:
- at the point of giving you the loan you might have no outstanding loans
- but historically you have taken many loans ( and always pay back on time)
- banks are afraid that you will take a loan after you took up its loan, hence a risk of over debting. Also the reason why banks get triggered (or pull data from the credit buros ) if you take up another loan.


Since the magic number 7% can be played around with, why don't you try to pay off a bit more for 1 month and pay off a bit less in the other and see how that varies the score?

Goodluck, great target ( wish more people are having this kind of target and avoid being overdebt! )
 
My mortgage payment changed at the beginning of the year because of taxes etc and for some reason when updated my auto payment it didn’t take… so I missed two payments in a row and was never notified. My credit score instantly dropped 100 points! Not sure what it is now but thought I’d share just how fickle it can be
 
This is the type of replies I’m looking for. Thx.

Do you have any insight why it’s 7%

Algorithm wise? I float between 5-9% on my report and it’s annoying, because they are paid in full monthly.

I make all large purchases on my AMEX for the most part, and they all float in the monthly report no matter how I do it.

It’s almost as if I have to just not spend a thing for a month just to play their game…?

If you are trying to maintain a specific credit utilization percentage, if you can, consider getting a business credit card to move some of your spending to. It will put a hard pull on your report but most issuers of business CC's do not report to your personal credit report.
 
If you are trying to maintain a specific credit utilization percentage, if you can, consider getting a business credit card to move some of your spending to. It will put a hard pull on your report but most issuers of business CC's do not report to your personal credit report.
That’s the info I need! So we do own/operate a small business. I did not know that most won’t report to the individuals report.

Definitely going to do more research on this! Any particulars you might have/use for a business that falls in this category?


Thank you!
 

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