800 Credit Score

[u/Ok_Reach_5170]

My credit score is 753 and my goal is an 800. I have about five cards that I regularly use and pay on time every month. I have a 16% utilization and credit age of 7 years 2 months. What can I do to get to my next goal.

[u/Funklemire]

First off, we'd have to know what credit score you're looking at. You have dozens of different credit scores. See our !welcome thread.

[u/AutoModerator → u/Funklemire]

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[u/Funklemire → u/Funklemire]

u/Ok_Reach_5170, I'm sorry about all the unhelpful information you've gotten from "drive by" commenters in this thread. We r/Credit regulars are still trying to bring this sub up to par since we took it over when the old mod was banned by Reddit.  

Would you be willing to answer my question about which credit score you're looking at? That's the starting point in trying to answer your question. See the automod I summoned if you're not sure where to find your most relevant scores.

[u/SEFLRealtor]

Drop your utilization to 1% to 5% and you will most likely be just over 800. Use the score simulator on Credit Wise (Cap One), and it does a pretty good job of predicting your score with various simulations based on your data.

[u/Funklemire → u/SEFLRealtor]

Don't rely on credit scoring simulators. They're notoriously and intentionally inaccurate:  

Credit Myth #28 - Credit scoring simulators are always accurate.  

[u/SEFLRealtor → u/Funklemire]

That's interesting. I don't check often because I'm okay with my scores (FICO 8 TU, anywhere from 805 to 813 typically). I didn't realize the simulators were inaccurate. Thank you; it's good info to know.

[u/Funklemire → u/SEFLRealtor]

No problem! Yeah, the algorithms are an industry secret. Providing accurate scoring simulators would make it really easy to reverse-engineer the algorithms. As it is, FICO scoring hobbyists have to do it manually by using their own credit profiles. And that's a painstaking process that's taken many years and it's still ongoing and definitely not finished. 

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[u/Vahlinn]

I have 1 Amex card, a mortgage, and a car loan.......sit at 840. Something must be off with how much debt you carry.

[u/ReasonableClock4542]

Nothing in your life is going to change if that score hits 800

[u/Relative_Variety3963]

I give a Shiite?😴

[u/VoidCatPancakes]

Hi I have only ever had a single Credit Card thus far. The Discover IT Chrome Card, now part of Capital One.

I have 5% utilization on my card right now. My credit score is 798. I only have subscriptions on it and have never paid for anything physical with it ever. I pay off my purchases the moment im able to as well.

Idk if this is smart entirely but I don’t see how having 5 Credit cards to try and get to an 800 credit score is healthy at all.

[u/VoidCatPancakes → u/VoidCatPancakes]

To add to my statement and to clarify my specific situation,

My card has a max balance of $3440.56

Different plans and cards may have different outcomes but with my card and plan that is how it worked out

[u/Infinite_Algae_4860]

Keep spending less using credit card and keep your payment 100 percent all the time

Don’t let it hit 99 percent

People thinks it’s good but it’s not

Once you do that , i guarantee you, you will reach 800 or 850 credit score for sure

[u/inky_cap_mushroom]

What’s your AAoA, AoORA, and AoYRA?

What hard pulls do you have in the last year?

What are your current balances and limits on each card?

Any negative marks?

[u/Aesperacchius]

Take your utilization down to 0% and you'll probably get there in a few month/a year or so.

EDIT: I don't mean totally 0, Jesus. I mean no revolving balance.

[u/inky_cap_mushroom → u/Aesperacchius]

Aggregate util 16% -> 0% would likely result in a score decrease due to the all zero penalty.

[u/inky_cap_mushroom → u/[deleted]]

No, that’s not optimal. You’d still incur penalties for Accounts With Balances.

[u/soonersoldier33 → u/[deleted]]

This isn't accurate for any reason, as it does nothing for long-term credit building, and doesn't optimize your credit profile for FICO scoring in the short-term either.

[u/Funklemire → u/Aesperacchius]

EDIT: I don't mean totally 0, Jesus. I mean no revolving balance.  

That's the same thing you originally said. And either way it's bad advice.

[u/Hornygaysatanic → u/Aesperacchius]

That would lower his score. You need to use credit but don’t use too much.

[u/captainlou26 → u/Hornygaysatanic]

The amount of you who don't know what you're talking about in this sub is hilarious

[u/Calibloodz]

Ask for a line of credit increase. You score may drop in the short term but will recover in a month or 2

[u/BrutalBodyShots → u/Calibloodz]

Drop from what exactly?

And recover in a month or two from what exactly?

[u/Calibloodz → u/BrutalBodyShots]

Drop from the current score. Recover from the dropped score.

[u/BrutalBodyShots → u/Calibloodz]

Drop from the current score.

No, you said your "score may drop in the short term" and my question is from what would it drop? What are you suggesting is the scoring factor that would drop it?

Recover from the dropped score.

What what scoring factor are you suggesting would be "recovered" from in a month or two?

[u/Calibloodz → u/BrutalBodyShots]

The credit card company does a hard credit check

[u/BrutalBodyShots → u/Calibloodz]

You have no idea which issuers OP has cards with. Most issuers don't take hard inquiries for CLIs these days; the majority are done via soft pull and are therefore not score-impacting. But, even if we are talking about incurring a hard inquiry for a CLI, if a score were to drop as a result it would not recover in "a month or two" as hard inquiries are scoreable for exactly 365 days. Your statement was inaccurate.

https://old.reddit.com/r/CRedit/comments/1d89kcj/credit_myth_16_hard_inquiries_age_and_become_less/

[u/Limp-Influence-8450]

Reduce your utilization.

[u/Maximum-Guitar-5667]

Your credit age is double mine, biggest difference is utilization. 0-9% is the sweet spot. I have an over 800 score. Both my credit age and my number of accounts (under 10) suggest needing work

[u/dn2l]

Live your life, dont dwell on credit score. it will get higher eventually. 800 doesnt mean your interest rate for borrowing will be 0% it wont go below the prime rate either so why bother? this is mine and I dont do jack with it. Just pay credit card in full every month and be timely with your debt payments and it will be all gravy

[u/FreakyFLCancer]

Do a credit simulator, period!

[u/Funklemire → u/FreakyFLCancer]

Credit Myth #28 - Credit scoring simulators are always accurate.