How to break 800 credit score

Forum|Forum|7 years ago
March 23, 2019
4 replies
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Hello, I am currently 25 years old. Since I was 21 to now, I have been stuck anywhere from the high 760's to the middle 780's on my credit score. I have had perfect on time payments, two auto plains paid off (no current auto loan), and very low credit utilization. The only two areas I am not excellent in are age of credit and amounts of credit.

The issue with those two being my point that need work is that they directly contradict each other. If I get a new card or loan, my average credit age suffers. If I do not get a new card or loan, my amount of types of credit does not improve. I am also aware that asking for too much credit in a short time span plays against me as well.

What would be your advise to break an 800 credit score to someone in my position. Also, if I have children in the future, would you recommend making them authorized users to my cards at 13 to give them a massive jump start on average credit age?

NCPERSON1

Are you about to borrow money and is there a difference in interest rate - if the answer is “no” why do you care?

Jwj1742Author

No I am not looking for a better interest rate currently. I may be incorrect, but I believe anything over 750 is the same tier of credit and the interest rates are all the same.
800 is just a personal benchmark that few people achieve and I am wondering what advice there is for someone who feels stuck just outside of their goal.

NCPERSON1

would you prefer to borrow more and pay the interest so that in the long run you acheve 800 as a personal goal

would you rather take the money you would otherwise spend on that interest and invest / save that money so it grows even more.

if you save and invest, you don't need to borrow, so the credit score isn't of value

maybe time to change your goals?

Jchiu

For someone who’s score was around the 600s less than 7 years ago, I’m now around 810. Don’t have a mortgage and never had an installment plan.

My question to you is how many cards do you have?? What is your credit/debt ratio?? Do you have any hard inquiries??

Aged of the credit history is a factor but I believe that your credit/debt ratio is more important. Considering you’re still fairly young you can afford getting a couple more credit cards and build the history. But then that’s also come to the question of how many do you have now?? Having 3-4 is enough. Make sure you have variety ex: visa, MasterCard, American Express.

If you already have a few credit cards then consider increasing your limit.
Have you tried increasing your credit line each year? Keep in mind of your annual income. So don’t ask for too much.

Now for hard inquiries. Do you currently have any? Hard inquiries stay on your record for at least 2 years. So if you have any at the moment, your score won’t increase much till it drop off. Having 2 hard inquiries won’t make too much damage but anything more than that can.

As for your future kid, 18 is just fine to start off at. Adding them as an authorized user will not do anything for their credit since they are using your credit not theirs. Now when your child is 18, you can be a co-owner with them to help get their credit started.

Rodrigotujab91

Tengo 27 para poder agarrar mi taxes tengo que 720 o mas de crédito nose que hacer

Motty69

I need help to put my score up for a business that I want