How to get 850 credit score
I've been trying to find a story I had read about 850 FICO scores. I guess I saved it in such a safe place I can't find it now.
I believe it said that a very small percentage of the population (I'm thinking it was 2-3% but I could be wrong about that) have achieved a score of 850. Hopefully someone else will be able to supply the source for that.
How does one go about doing that? Here is post I
stole borrowed from HTSU.
Characteristics of FICO® High Achievers (FICO scores of 760 and above)
oldest account. FICO High Achievers opened their oldest account 19 years ago, on average.
average account age. Most FICO High Achievers have an average age of accounts between 6 and 12 years.
oldest revolving account. FICO High Achievers opened their first revolving account 19 years ago, on average.
average revolving age :
age of newest account. FICO High Achievers opened their most recent account 27 months ago, on average (from MidnightVoice's post)
Number of accounts reporting:
number of accounts currently being paid as agreed. FICO High Achievers have an average of 6 accounts currently paid as agreed. (number of open accounts that are currently not late, etc --incl mortgage, etc. Got + for having 8.)
total number of accounts. Your FICO score takes into account the number of accounts (such as credit cards or installment loans) on your credit report. You have a large number of accounts. In general, people who have a large number of accounts pose more of a risk to lenders than people with a moderate number of accounts. (On a TU report, reported by BobSki778 on 4/8/08)
number of accounts carrying a balance. FICO High Achievers have an average of 3 credit accounts carrying a balance. (Note: this is on all types of credit, not just CC's. Got - with 5 accounts: 2 CC's, mortgage, HELOC, student loan; got + with 4 accounts: 1 CC, mort, HELOC, SL--these out of a total of 8 accounts)
Revolving util. For FICO High Achievers, this ratio is 7%, on average.
Installment util. Most FICO High Score Achievers have paid down on average 35% of the original amount of the loan, in addition to the fact that on average they usually owe less than $1200 on their non-mortgage accounts (found on a search)
Inquiries. About 72% of FICO High Achievers did not apply for credit in
the past year. Of those that did, about 20% applied for credit just once. (got with 2 inqs--EQ, didn't get with only 1 on other reports)
Mix of accounts: Your FICO score evaluates your mix of credit cards, installment loans, and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. (found on a search)
Number of credit cards. FICO High Achievers have an average of 4 to 5 credit cards (including open and closed cards, bank cards and department store cards). (found on a search)
Recent CC use. Your FICO score evaluates your mix of credit cards, installment loans and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. You helped your FICO score by showing recent use of a credit card. (comment only, no percentage given)
Balance reported on CC's. Your FICO score evaluates how much you owe on your revolving accounts (such as your credit cards). The amount you owe on these accounts is too high. Most FICO High Achievers owe less than $600 on revolving accounts such as credit cards and department store cards. (on Phoenix-rising's report)
Consumer finance account. Only 12% of FICO High Achievers have a consumer finance account. (found on a search)
Remaining balance. Most FICO High Achievers carry a total balance of less than $1200 on non-mortgage accounts. (found on a search)
Alternate average balance :Your FICO® score considers how much you owe on your credit accounts, such as revolving credit accounts and non-mortgage installment loans. Generally, the more you owe on these accounts, the greater risk you pose to lenders. FICO® High Achievers have an average total balance of $5000 on non-mortgage accounts. (contributed by JayToo 01/05/2008)
any lates. About 93% of FICO High Achievers have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.
60-day or longer. Very few FICO High Achievers, about 1%, have a 60 days late payment or worse listed on their credit report.
"bad payment history" --multiple accounts with lates. About 93% of FICO High Achievers have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average. (Got this with lates on 3 three different revolving accounts)
Virtually no FICO High Achievers have a public record or a collection listed on their credit report.Source: ficoforums.myfico.com