Shooting for a 800 FICO

esmcdaniel1977 · #1 (**permalink**) 06-09-2009, 05:51 PM

Ok so coming into this year, I set the goal of getting my FICO up from it's current 530ish level to a solid score of 800 or better.

My credit got trashed in my divorce and all the subsequent expenses that followed in my many attempts to get back on my feet. I have since secured good, stable employment, and once I can score the personal loan I need to fill the gap of having no income for about 6 months (Sept 08- Feb 09), I will begin paying off whatever is on my credit report.

My question is, besides doing that, what other steps can I take to hit that 800 mark....and I fully understand I won't hit that level at least until sometime next year, but I want to accomplish this before I turn 35, which is in 3 years, so I know the sooner I start, the better.

Suggestions?

User Name · #2 (**permalink**) 06-10-2009, 06:43 PM

Quote:

Originally Posted by esmcdaniel1977

Ok so coming into this year, I set the goal of getting my FICO up from it's current 530ish level to a solid score of 800 or better.

My credit got trashed in my divorce and all the subsequent expenses that followed in my many attempts to get back on my feet. I have since secured good, stable employment, and once I can score the personal loan I need to fill the gap of having no income for about 6 months (Sept 08- Feb 09), I will begin paying off whatever is on my credit report.

My question is, besides doing that, what other steps can I take to hit that 800 mark....and I fully understand I won't hit that level at least until sometime next year, but I want to accomplish this before I turn 35, which is in 3 years, so I know the sooner I start, the better.

Suggestions?

It's going to take a lot of time. Even after paying off/cleaning up negative marks on your report it could still take a number of years to get a much improved score. It also has a lot to do with how many accounts you have open in good standing, what type of accounts, i.e. revolving, installment, ect, How long your oldest open credit source is, and many other factors. I'd say stay focused and work on getting the best score you can.

You can check out myFICO - FICO Credit Scores | Get a Free Credit Report Online to download their PDF files that will explain in detail what makes up your FICO score. That should give you some ideas on what to do.

Hope that helps and good luck!

Chris the Credit Guy · #3 (**permalink**) 10-23-2009, 03:15 PM

Yup 800 is going to take time.. best mix of credit is one mortgage, one installment loan (car, personal loans) and 3-5 revolving lines of credit such as credit cards, department store cards.

There are 5 components of credit:
35% payment history
30% Debt Ratio
15% Average age of Accounts
10% Mix of Credit
10% Inquiries

Pay your bills, increase your credit limits (don't spend over 30%), stick with a couple cards and keep them, and get a good mix (above) and you should be on your way.

It is always worth it to fight old accounts.. many times they just can't comply with the laws of reporting neg items on your credit.

Sponsors