Can we try this? 800 scores needed

er, not sure what you are asking, but I'll give it a shot, here is a brief profile

-Am in CRA files since Oct 1990 ...
-Never paid any creditor late ...
-opened a bunch of credit card accounts in 1993-1994, and closed them all before buying an auto in 1998 ... under the mistaken assumption that too many cards open meant higher risk for lending ...
- Now have 5 cards, min CL 7.5K, max CL 15K
- total CL 65K
- 2 mortgage loans on account (refi'd; original in Jan 2001, refi in Feb 2003)
- no HOL or HELOC ; have an HELOC, but not showing up on any reports yet .. HELOC = zero balance
- total debt = 2K as of Nov 2003 on credit cards
- # of tradelines = 43, 6 open (5 CC, 1 Mortgage)
- Oldest TL = Citi = since Oct 1990

Scores: 791 EQ, 786 TU, 767 EXP ... scraping 800's

Does that give you a data point??

 

forgot to add: 1 inq on EQ, 3 on TU, 0 on EXP

 

I think this is very useful and a great idea.

I would like to see an example of someone who filed for BK and has a high FICO score. 611 here.

 

This sounds great......but how about adding what scores you started with if you did repair/bankruptcy/both? Talk about inspiration.

 

In general here is my 756
In file 1985
Number of open accounts 16
Number of closed accounts 7
Number of accounts with balances 4
2 closed auto loans
1 open auto loan
1 paid off mortgage
Total revolving lines $71,000
Utilization 12%
1 30 day 4 years ago.

It was not always like this

 

I'm guess my FICO was in the high 500's with a bk-13 on file. After reading much of the posts here I started in earnest to clean and rebuild my credit file. I started in 2000 and managed to get my FICO up to 720 towards the 7th year of my bk-13.

I managed to remove all negatives, including ones that I picked up post bk.

Since Oct/2003 my bk has fallen off and I applied for 7 cc and 1 refied.

Currently my scores are in the high 600's but not exactly sure as the dust has yet to settle.

Best regards,
Mirage

 

• 
  This is from another post, another poster, but the same topic:
  
  • 
    Age: 30-40
    Years at Work: 14
    Years at Address: 11
    Total Income: $100,000+
    
    Oldest account: 1986
    
    Dept. Store Account: $2K LOC, closed with $0 Balance
    
    Revolving Account: $16K LOC, $0 Balance
    Revolving Account: $8K LOC, $0 Balance
    Revolving Account: $2K LOC, $0 Balance
    
    Installment Loan: $6K LOC, $46 Balance
    Installment Loan: $2K LOC, $0 Balance
    
    Utilization: 0.14%
    
    Mortgage: $1250 PMT
    Auto loan: $533 PMT
    Auto loan: $243PMT
    
    EX score: 846
    TR score: 819
  
  
  HTH

 

I have been wondering this myself. But, I kind of doubt it. My scores are in the 770's and I have no mortgage. Then, that may put me in the 800's. Who knows?

For me, having balances on only 2 cards, utilization under 20% (total and on each card), and having less than 2 inquiries in a year are the factors that got me from the 730-750 to where I am at now. Also, I only have about 25000 in credit limits. I see no need to have more than that. I have 4 bank cards. I just closed an AMEX gold charge - not spending enough to justify the fee but got the Chase Perfect card for everyday purchases.

Idealy I think 3 banks cards would do - a rewards card for everyday purchases, one for emergencies, and one for BT's. Lastly, my oldest account is from 1995.

Before I go, I must say that my scores were shot back in 92-95 because of 2 paid chargeoffs from my undergrad days. After time passed and I was able to reestablish my credit, I must say it is a pleasure to refuse cards when the rates are over 9% and/or limits too low. If only there was a c'net back then. But, I think it's better this way because I learned to budget and pay my bills on time.

Sorry for being so long,
Willis

 

I have 779 with TU and 760 Experian. EQ is at 720, only difference I can see is because of one Paid collection I'm still dealing with.

Oldest account 11 years ago
5 Revolving Accounts- 1 closed
Total CL 13,000, Owe $1300 - Approx. 9% util.
5 Installment Accounts- 3 closed since 95,96 & 98
Other two are car loans with combined balance around 23,000
No Lates or Derogs
A couple of inquiries.

This was from a couple of months ago. Since that time I have refinanced my car loans, and opened 3 new revolving accounts giving me an additional 23,500 in CL and some new inquiries.

Will be interested to see what happens to my scores when all this stuff starts reporting. I'll let you know!

 

i think having a mortgage helps your credit score. on the simulator my score will probably go down 5 points when i get a mortgage. right now i have

2 installment loans
5 charge cards 3 closed
12 credit cards 7 closed
3 years of credit
utilization 5%
score 710
for the 'mix' i think i only need a real estate/mortgage account

it seems that after a few months of reporting it starts helping scores

 

Re: Re: Can we try this? 800 scores needed

Moya,
Were you thinking that a mortgage will get you in the 800's or a mortgage will give you a higher score?

My feeling now is that the mortgage is treated as any other installment loan to FICO. Initially, you will take a hit because you just added to your debt. Then, it will rise, hopefully higher than before the mortgage, after you demonstrate paying on time.

But, it may help your credit worthiness to individual creditors because it indicates stability. Again, just my 2 cents.

Willis

 

what's your income...

 

Re: Re: Can we try this? 800 scores needed

I am in graduate school so I technically do not have income. I make less than 20K in fellowships and assistantships. There are some with higher income and scores lower than mine. So, income is not a factor for scores.

Willis