Quote:
Originally Posted by TripletDaddy
I wish I were above 800.
Truthfully, I seem to have maxed out. I hit a ceiling and don't seem to move up or down either way.
What are the people at 800 doing that the ones at 730-760 are not? I know the rate benefit differential at that level is going to be negligible, but out of curiosity, how do some folks get up past 800? Do I have to open a few more cards, use them, and pay them off on time?
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Hard to say without looking at your credit file. You said you only have two cards. If you put a lot of charges on one of them, even if you are paying it off every month, your utilization might be a little high. In this case, having a couple of additional cards with empty balances could help, but it is not a short-term fix. Opening up more cards will cause your score to go down for the next year or so, maybe a little longer.
Opening any new account will cause your score to go down for a while, so if you just got a car loan 6 months ago, you just need to wait for another year or so.
How long have you had credit in general, and your mortgage? If it is a relatively short time (less than 7 years for credit, and less than 2 years on your mortgage), it will be tougher to get up above 800.
Obviously, it is tough to get above 800 if you have anything derogatory. If you were 30 days late on your Sears card 2 years ago, or never paid your last electric bill which went to collections 5 years ago, you will have to wait for those to roll off.
For most things, there is little to know difference between a 770 and an 810, but occasionally there are benefits. One "hidden" benefit is that it is not uncommon for marketers to take anyone over 800 off their mailing lists. They need credit so little that almost none of them respond. It is not uncommon to mail 1,000 people with 800+ FICO and have, on average, one of them respond.