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Question

Doug
Bronze

Doug asked about a month ago in Credit Cards

What would it take to have a FICO score of 850?

In general terms, of course. What ratios, how long a credit history, how many open credit accounts, etc?

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David R Hanson
FiLife Contributor
Reply

FICO gaurds their scoring formulae very carefully, which compromises efforts to answer this question accurately. However, there are a few factors that "super-prime" scores tend to have in common:

-A long credit history (preferably 30 years more).
-A long average age of credit accounts (more older accounts, fewer new ones).
-No "derogatories" (late payments, chargoffs, judgements, etc.)
-Very low "utilization" of available credit
-Few or no recent applications for new credit (particularly revolving credit, like credit cards)
-Only prime credit: bank credit cards, mortgages, etc., rather than consumer finance companies or secured credit cards
-A good "mix" of credit: for example, perhaps a mortgage, a couple of student loans, a single store or gas card, and a couple of prime bank cards

If your report shows all these elements, the 800 range is very likely. If they're all perfect (and they never quite are), than approaching an 850 becomes possible.

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David R Hanson
FiLife Contributor
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It isn't age, but length of credit history that's important. So a 40 year-old with 20 years of credit history will, all else equal, show a higher credit score than a 60 year old with 10 years of credit history.

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FrankD
FiLifer
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Those criterias sound tough. I dont have 30 years of credit history under my belt. So older people generally have better credit?

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