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Credit score

My credit score has not budged above 743 for the last 3 year guyingorillasuit04/09/18
Age. Number of credit lines. Type of credit lines. fettywap04/09/18
Do you have a throwaway? guyingorillasuit04/09/18
You're still tier 1 credit, what's the difference? I go betw trollfeeder04/09/18
Which ratings? My FICO Score 8 is 732 and it just budges inc kickflipninja04/09/18
When I sold my condo and paid off my mortgage, my credit dro maverick04/10/18
My credit score went up incrementally through out Law School irishlaw04/10/18
How does constantly checking your credit score affect your c shuiz04/10/18
So I pulled my FICO score, as opposed to whatever score cred guyingorillasuit04/11/18
What is your credit limit? skankhunt4204/11/18
Does that make a difference? If so, in what way? guyingorillasuit04/11/18
At least we don't have a social score like in China! triplesix04/11/18
go to creditboards dot com, and just read for a couple of we whipster04/11/18
Need at least 3 CC for a great score. You want higher l walkingparadox04/13/18
Thanks! guyingorillasuit04/13/18
No problem! I couldn't figure out why my score wouldn't walkingparadox04/13/18
guyingorillasuit (Apr 9, 2018 - 8:05 pm)

My credit score has not budged above 743 for the last 3 years. I have no derogatory trade lines, have not made a single late payment on anything in many years, and only use a fraction of my available rotating credit. The only thing against me is that I have student loans, which I am current on. Other people get 800+ credit scores with large loans. What am I missing? Thanks!

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fettywap (Apr 9, 2018 - 9:03 pm)

Age. Number of credit lines. Type of credit lines.

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guyingorillasuit (Apr 9, 2018 - 11:17 pm)

Do you have a throwaway?

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trollfeeder (Apr 9, 2018 - 9:09 pm)

You're still tier 1 credit, what's the difference? I go between 750 and 785, depending on my circumstances, and I as still get approvals for whatever financing I need.

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kickflipninja (Apr 9, 2018 - 9:31 pm)

Which ratings? My FICO Score 8 is 732 and it just budges incrementally. Up or down a few points a month.

My VantageScore 3.0 is 750 Transunion and 761 by Equifax. That's the free score provided by CreditKarma.

It all seems flame.

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maverick (Apr 10, 2018 - 6:49 pm)

When I sold my condo and paid off my mortgage, my credit dropped 50 points. After my dad died, my high interest private loan got paid off and my credit score dropped approximately another 50 points. The credit system is a joke.

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irishlaw (Apr 10, 2018 - 7:09 pm)

My credit score went up incrementally through out Law School but then dropped when I graduated and started to pay off my loans even though I always pay my full balance on my card every month.

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shuiz (Apr 10, 2018 - 7:24 pm)

How does constantly checking your credit score affect your credit score?

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guyingorillasuit (Apr 11, 2018 - 11:28 am)

So I pulled my FICO score, as opposed to whatever score credit karma gives you. My score is 774. There is one comment in the notations:

"Proportion of loan balances to loan amounts is too high

FICO® Scores weigh the balances of mortgage and non-mortgage installment loans (such as auto or student loans) against the original loan amounts shown on a person's credit report. Your score was impacted because your proportion of installment loan balances to the original loan amounts is too high."

Soooo... it seems like this will never go away?

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skankhunt42 (Apr 11, 2018 - 12:45 pm)

What is your credit limit?

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guyingorillasuit (Apr 11, 2018 - 6:44 pm)

Does that make a difference? If so, in what way?

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triplesix (Apr 11, 2018 - 12:47 pm)

At least we don't have a social score like in China!

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whipster (Apr 11, 2018 - 7:15 pm)

go to creditboards dot com, and just read for a couple of weeks.

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walkingparadox (Apr 13, 2018 - 11:09 am)

Need at least 3 CC for a great score.

You want higher limits on your cards as that will keep your utilization low. $1k on a card with a $3k limit looks worse than $1k on a $30k card. It does not matter if you pay it off every month. If it is on your statement, that is when it calculated into your FICO IIRC.

Have multiple cards and only have one with a statement balance. It will boost your score.

Having an installment loan will help.

Average age of accounts is a factor. All of them combined above 2 or 3 and you can have a 800+ score.

Hard pulls will drag you down. If you need some CC do your applications in the same month, get them, and then when a year comes around the hard pulls will fall off and you will see a nice jump in your score and the average age of accounts.

Average age of accounts is based yearly, on the date. You do not receive partial credit IIRC.

On the surface, from what you said and your score, you just need to do a few things and boost your score. You wouldn't need to change any of your habits.

Also, you need to be aware that some companies will ask for a hard pull when you ask for a credit limit increase. Avoid. Some do soft pulls, which is what you want. They don't affect your FICO score.

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guyingorillasuit (Apr 13, 2018 - 12:35 pm)

Thanks!

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walkingparadox (Apr 13, 2018 - 2:50 pm)

No problem!

I couldn't figure out why my score wouldn't go up for the longest time. I had my single card I used, paid it in full every month, made my loan payments, wasn't late, etc. It was stalled for quite a while at that threshold.

I applied for a couple more cards, kept asking for credit limit increases every few months (specifically on one card that only does a soft pull, and lets you ask every 4 months), and a year later after my cards aged from 0 to 1, I was around 40-45 points higher.

You can also game it a bit more and if you only have 1 card with a balance vs multiple cards I've noticed around an 8 point swing month to month from that alone.

It sounds counter intuitive that someone with 1 credit card at $5k available credit would have a lower score than someone with 4 credit cards and $20K (combined) available credit. You'd think the first person lives within their means, and the second is a bigger liability. They can be identical profiles, identical monthly spending, but FICO would rate the second MUCH higher.

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