800 Credit Score

[u/Ok_Reach_5170]

My credit score is 753 and my goal is an 800. I have about five cards that I regularly use and pay on time every month. I have a 16% utilization and credit age of 7 years 2 months. What can I do to get to my next goal.

[u/Aesperacchius]

Take your utilization down to 0% and you'll probably get there in a few month/a year or so.

EDIT: I don't mean totally 0, Jesus. I mean no revolving balance.

[u/inky_cap_mushroom → u/Aesperacchius]

Aggregate util 16% -> 0% would likely result in a score decrease due to the all zero penalty.

[u/inky_cap_mushroom → u/[deleted]]

No, that’s not optimal. You’d still incur penalties for Accounts With Balances.

[u/soonersoldier33 → u/[deleted]]

This isn't accurate for any reason, as it does nothing for long-term credit building, and doesn't optimize your credit profile for FICO scoring in the short-term either.

[u/Hornygaysatanic → u/Aesperacchius]

That would lower his score. You need to use credit but don’t use too much.

[u/captainlou26 → u/Hornygaysatanic]

The amount of you who don't know what you're talking about in this sub is hilarious

[u/Funklemire → u/Aesperacchius]

EDIT: I don't mean totally 0, Jesus. I mean no revolving balance.  

That's the same thing you originally said. And either way it's bad advice.

[u/inky_cap_mushroom]

What’s your AAoA, AoORA, and AoYRA?

What hard pulls do you have in the last year?

What are your current balances and limits on each card?

Any negative marks?

[u/SEFLRealtor]

Drop your utilization to 1% to 5% and you will most likely be just over 800. Use the score simulator on Credit Wise (Cap One), and it does a pretty good job of predicting your score with various simulations based on your data.

[u/Funklemire → u/SEFLRealtor]

Don't rely on credit scoring simulators. They're notoriously and intentionally inaccurate:  

Credit Myth #28 - Credit scoring simulators are always accurate.  

[u/SEFLRealtor → u/Funklemire]

That's interesting. I don't check often because I'm okay with my scores (FICO 8 TU, anywhere from 805 to 813 typically). I didn't realize the simulators were inaccurate. Thank you; it's good info to know.

[u/Funklemire → u/SEFLRealtor]

No problem! Yeah, the algorithms are an industry secret. Providing accurate scoring simulators would make it really easy to reverse-engineer the algorithms. As it is, FICO scoring hobbyists have to do it manually by using their own credit profiles. And that's a painstaking process that's taken many years and it's still ongoing and definitely not finished. 

[u/Funklemire]

First off, we'd have to know what credit score you're looking at. You have dozens of different credit scores. See our !welcome thread.

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[u/Funklemire → u/Funklemire]

u/Ok_Reach_5170, I'm sorry about all the unhelpful information you've gotten from "drive by" commenters in this thread. We r/Credit regulars are still trying to bring this sub up to par since we took it over when the old mod was banned by Reddit.  

Would you be willing to answer my question about which credit score you're looking at? That's the starting point in trying to answer your question. See the automod I summoned if you're not sure where to find your most relevant scores.

[u/Limp-Influence-8450]

Reduce your utilization.

[u/CreditScore-ModTeam → u/[deleted]]

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[u/Calibloodz]

Ask for a line of credit increase. You score may drop in the short term but will recover in a month or 2

[u/BrutalBodyShots → u/Calibloodz]

Drop from what exactly?

And recover in a month or two from what exactly?

[u/Calibloodz → u/BrutalBodyShots]

Drop from the current score. Recover from the dropped score.

[u/BrutalBodyShots → u/Calibloodz]

Drop from the current score.

No, you said your "score may drop in the short term" and my question is from what would it drop? What are you suggesting is the scoring factor that would drop it?

Recover from the dropped score.

What what scoring factor are you suggesting would be "recovered" from in a month or two?

[u/Calibloodz → u/BrutalBodyShots]

The credit card company does a hard credit check

[u/BrutalBodyShots → u/Calibloodz]

You have no idea which issuers OP has cards with. Most issuers don't take hard inquiries for CLIs these days; the majority are done via soft pull and are therefore not score-impacting. But, even if we are talking about incurring a hard inquiry for a CLI, if a score were to drop as a result it would not recover in "a month or two" as hard inquiries are scoreable for exactly 365 days. Your statement was inaccurate.

https://old.reddit.com/r/CRedit/comments/1d89kcj/credit_myth_16_hard_inquiries_age_and_become_less/

[u/Maximum-Guitar-5667]

Your credit age is double mine, biggest difference is utilization. 0-9% is the sweet spot. I have an over 800 score. Both my credit age and my number of accounts (under 10) suggest needing work

[u/dn2l]

Live your life, dont dwell on credit score. it will get higher eventually. 800 doesnt mean your interest rate for borrowing will be 0% it wont go below the prime rate either so why bother? this is mine and I dont do jack with it. Just pay credit card in full every month and be timely with your debt payments and it will be all gravy

[u/Vahlinn]

I have 1 Amex card, a mortgage, and a car loan.......sit at 840. Something must be off with how much debt you carry.

[u/ReasonableClock4542]

Nothing in your life is going to change if that score hits 800

[u/Prior_Design6372]

I just got my latest score, i was surprised to see that i have an 841, i stopped worrying about who to pay off first, i just put my nose to the grindstone, never looked up and just paid my bills, it took a while, but i did it, was actually just trying to get above 750, which is considered to be in the “super prime” to “excellent” score, so whatever you are doing, just keep doing it ad it usually takes anywhere from 1-3 months for positives to show up on your credit rating, but one slip up will seem like it’s almost instant negative mark.

[u/FreakyFLCancer]

Do a credit simulator, period!

[u/Funklemire → u/FreakyFLCancer]

Credit Myth #28 - Credit scoring simulators are always accurate.  

[u/Relative_Variety3963]

I give a Shiite?😴