zoonwakpatak

I recently got my free credit scores from my three credit cards and they are all slightly different. They are from all different agencies. But they are close enough. I am wondering if there is anything I can do to increase my scores. I am 33 -- I was an authorized user on a parent's card years ago, hence the 21 year oldest credit limit; I think that once the 21 year line falls off that my score will go down. As seen below they already mark it as a B even though I thought 21 years is quite awhile. What is the "ideal length"?

My oldest card is my AMEX which is from 2001. I live very frugally and use credit only on a month to month basis but the numbers are so close to 800 that I sort of want to see if I can get the numbers higher for fun... if it is not that difficult that is. I have 3 credit cards (50k, 36k, 6k limits, in the order below). It would also be fun to get my credit line up but that might be a bit harder as my utilization is not high enough for CapitalOne, and the AMEX is probably at my limit. Perhaps Citibank is doable.

Thanks in advance!

AMEX FICO 795
Your FICO� Score 8 based on Experian data is the same score used by American Express

792 citibank fico equifax

800 capitalone transunion - this is for below

A On-Time Payments 100%
B Oldest credit line 21 years
A Credit Utilization 2%
A Recent inquiries 0
A New Accounts 0
A Available credit $90,323.00

eajusa

I am not sure I understand what you mean when you say "as my utilization is not high enough for CapitalOne."

gooselee

Is your only form of credit via credit cards? IIRC, part of the FICO score is variety in types of credit. I feel like my score climbed from high 700s to mid 800s as I acquired and then paid off car loans and our mortgage.
(within the agreed upon periods).

wise2u

seeing if you can up your score over 800 "for fun" is wrong on so many levels.
If you are looking for expert credit advise go to the credit forums not a loyalty point forum. Credit is a broad and complicated topic, learning about it can be helpful, but far from "fun". In your case it sounds like it isn't even necessary. You should use your 800 credit score to get a few more credit cards and take a "fun" vacation with the points.

jsk1973

These credit-score addicts need a hobby. For the most part, there's no benefit to having a FICO score over 750.

travelfreaks

agree...way better things to do with my time, such as use my credit score to travel the world 3 months a year for pennies on the dollar. I like to keep em above 760, but anymore than that is meaningless and a waste of time

travelinmanS

I am trying to save up for a cash house purchase and already buy my cars with cash only and that somehow hurts my credit? Good thing I won't be needing a loan

gooselee

As I understand it, yes.

And I agree that it doesn't really seem to make sense, but that's how it's been explained to me in the past.

In any case, I agree with earlier posters that this topic really belongs over at myFICO.com or wherever. What I'd really like to know is why nobody has responded to my post in the DL forum about 747 seats. :P

philemer

Welcome to FT zoonwakpatak
FT does not have a 'credit' forum so I'd suggest you head over to www.creditboards.com and www.myfice.com for answers to your questions.
Credit cards questions we CAN handle, however.

takeshi74

Why do you expect them to be the same? Are they the same scoring model? Is the data with all 3 CRA's exactly the same?

These are 3 entirely different models and you can't assume that all scoring models are the same.

AmEx provides an EX Fico 8
Citibank provides an EQ FICO 8 Bankcard (not the same thing as an EQ FICO 8)
Capital One provides a TranUnion New Account score which is not used by any creditor

Always consider the model and CRA when referencing scores. Also consider the relevance of a model/CRA combo to a given creditor. Creditors do not all use the same scoring model and/or CRA. Model can vary even by product.

There's no such thing. Longer is generally better is about the best info you'll find. It's not just a matter of your oldest account. FICO considers your AAoA when looking at Length of Credit History. The grade of B from Capital One doesn't really mean anything.


Don't conflate usage and revolving utilization. You want revolving utilization to be low. As for usage, many assume that a given level of usage will lead to larger limits but it's one's entire credit profile and income that matter and not simply usage on its own.

I'd also suggest hitting a credit site for what you're looking for. However, you'll need to provide a much better idea of your credit profile if you want feedback. Above 740-760 with FICO 8 you'll generally qualify for best terms anyway so it's really not worth fretting over. That said, it's your time and effort.

blitzen

The utilization is 2% but another factor is how many of your card report a balance. My score is around 800 too and if two cards report $10 balances it drops 10 points ( and recovers once they are gone)

rasgueado

One data point to the contrary:

I recently refinanced my student loans, because my federal loan had an absurd interest rate. The company I refinanced with makes their choice about what rates to offer based entirely on credit score. Their highest tier was 800+ (TU, I think). It made a difference of 0.5% over the next tier (750-800 or something like that). So having an 800+ score can matter when it comes to loans.

travelfreaks

760+ will get you the best rates on a mortgage, car loans, and allow me to get the best cc's so that is personally all I care about. Paid off student loans a while ago

rasgueado

Sure. My point is that "760+ will get you the best rates" is not a universal rule - I very recently had an experience which offers a counterexample.

blitzen

760+ referred to FICO not to the TU score you mentioned as 760 FICO could be 800 TU or ....
They are all different and you can't compare 1:1 ( there are even different FICOs)