Thursday, October 16, 2008

Happy Day: Finally Broke 800 On My FICO Score (First Time Ever)


Thought I would share this with my friends first. I've been plugging away at my FICO scores for nearly three years. Today, I finally reached 800 on my Bankcard Industry Option FICO, which is provided as a perk by Washington Mutual to its credit card customers.

The Bankcard Industry Option FICO score is probably the most important FICO score you can have when it comes to credit-card applications. You should read my primer on this particular score here (link here). Your experience with credit cards is heavily weighted in this score. Not sure how many card companies use the Bankcard Industry Option FICO score when they assess your credit, but I imagine many of them do.

Here is how the Bankcard Industry Option FICO is described by Washington Mutual:

We display a credit card specific FICO score which can range between 250 and 900. This score adjusts the Classic FICO score based on bankcard credit risk. The Classic FICO score measures a consumer's general credit risk. Large differences between the Classic FICO score and the credit card specific FICO score indicate a consumer whose general credit risk is different than their bankcard credit risk.

Note that the bankcard FICO ranges from 250-900. There is more downside and upside when compared to Classic FICO.

Regardless, it's been a long road getting here (link here). And it really just illustrates my point that this is a marathon and not a sprint. I have never had a FICO score over 800. My classic FICO scores, meanwhile, are currently between 765 and 780. I may just shoot for 800 on those scores, too, just to say that I did it. At this point, quite frankly, it's just for bragging rights. A score of 760 will do almost anything that an 800 will do (link here). Still, being the competitor that I am, I may just shoot for 800 across the board.

For all of you still plugging away, I would just say this: keep your utilization down, always pay your bills on time, and try to keep your new applications to a minimum. My scores were stuck in the 750 range for quite a while because of my new accounts. I'm positive that easing off the application pedal helped me get over the hump on the Bankcard Industry Option FICO score. Just keeping working that FICO score (link here).

Here is a picture of the new score. I am officially at 808:


And this final comment: Bob Wang, if you're out there, bring on the bubbly! Thanks for the encouragement, pal.

Onward and upward.

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49 comments:

Josh said...

Congrats! If Amex AA's you with that your score and behavior, you have my permission to slaughter them.

GlobCredit.com said...

Josh, no doubt. But Amex is special. I think all rules are off with them. Anything goes.

Far Left Texas said...

808 = That's GREAT!

Since Bob hasn't checked in yet - http://constitutionclub.files.wordpress.com/2007/08/champagne-4.jpg

GlobCredit.com said...

Thanks for the bubbly, FLT. Not sure where Bob is. I don't think he subscribes to my blog either. I used to link stories at CB, and he would seem them there. He'll eventually show up, I suspect.

Far Left Texas said...

FYI, I haven't had an email notification about a blog update since 10-2.

GlobCredit.com said...

FLT, let me see what your status is. There may be an error on my side. Be right back.

GlobCredit.com said...

FLT, found out why. You've been purged from the mailing list. Odd!

Please resubscribe.

Far Left Texas said...

LOL - most people use IM for real time conversations, we use a blog.

GlobCredit.com said...

It's a very interactive blog, FLT. Haha

Far Left Texas said...

This would be the second time I've been purged :-(.

You think Feedblitz has something against two letter top domains?

Resubscribing now.

GlobCredit.com said...

FLT, could be!

athensguy said...

On your way to 900! :)

GlobCredit.com said...

Athens, that's a good one. Let's not confuse anybody, though. Hehe. High score is theoretically 850 -- though VibeRaider (Virgil) keeps getting 851!

Far Left Texas said...

Discrimination against Armenians - how despicable :-)

GlobCredit.com said...

FLT, I would use a gmail account. Feedblitz seems to love gmail.

Tina said...

CONGRATS!!!!

athensguy said...

Actually, if you look closer on the graph, you'll see "850+". Enhanced scores have a larger range than classic FICO.

GlobCredit.com said...

Thanks, Tina.

And congrats on all of your progress this year as well. (Yes, I know Tina personally.)

GlobCredit.com said...

Athens, oh, I missed that. I better do some homework.

GlobCredit.com said...

AG, sure enough. I do see that 850+ thing off to the right. Highest I have ever seen is 851. Maybe that's what they mean by "+." Haha.

athensguy said...

According to the guys over at myFICO, the range for enhanced is +/- 50, so 250-900 instead of the 300-850 for classic.

GlobCredit.com said...

Ahh, so it's like a string. You can go lower but you can go higher too. All things being equal, the 800 on bankcard FICO is solid.

athensguy said...

The 800 can get you whatever you want, including Discover Business :)

GlobCredit.com said...

I just found the answer, AG. Look at updated story in two minutes.

Josh said...

I still have not received a subscription email notification for this blog post, CM. It's out of character, usually it's within 5 minutes.

GlobCredit.com said...

Josh, I just got my notification. Took quite a while for me to get it today. Must be backed up.

Don Miguel said...

Congratulations! How do you plan to celebrate?

GlobCredit.com said...

DM, not sure. But I have a new story out that I think people are going to find extremely useful.

Be sure to read it.

Bob Wang said...

Late to the party, as always :-(
Tell me where to send the bubbly, CM.
Congratulations!

GlobCredit.com said...

Will do, BW. Will do.

Thanks.

TheVibeRAIDER said...

Congratulations, Credit Matters!

How's it feel to be among the big boys! LOL!

Update on my PFICO:

From 851 to 839.

(Chart has not updated yet.)

I may be down, but I'm still on top of you!

HAHAHA!

;-)

Bob Wang said...

Don't you just HATE show-offs? ;-)

GlobCredit.com said...

Virgil, I am coming after you!

tabbycat72140 said...

Congrats CM. You should be very proud. :)

GlobCredit.com said...

Just plugging away, Tabby. I'm looking forward to the day when all of my online mates, who aren't already here at 800, join me.

Onward and upward.

SpaghettiBender said...

clap~~clap~~clap~~clap~~clap!
I have followed so many of your articles here and on CB. I know what this means to you and I am very happy for you!
(I am using IE browser instead of Firefox. Let's see if you get this post from me this time!!)

GlobCredit.com said...

SB, glad to see you. It must have been the FF that was giving you trouble. Previously, I had the same issue. Eventually, I had to clear my cache in FF and that did the trick, too.

Anyhow, thanks for the congrats. It's just a goal that I am glad to have behind me. Still need to get 800s on my classic scores, though. Not sure I can do it. I have a car purchase coming up in the spring. I'll probably get dinged a bit for the new account.

In the meantime, I am just working my scores.

lupoman said...

Gratz man!! Mine also hit the highest ever! 734!!(well the last 3 months has been highest ever) Hard to believe I was at 614 in April!!

You are now my official PFICO notifier!! lol

GlobCredit.com said...

Congrats, Lupo. Keep up the good work.

Elusive D. said...

Congratulations! I cannot WAIT until I see something similar on my WaMu bill--it might be years, but I'm ok with running this marathon!

BTW just got approved on Juniper at a higher balance than any of my other cards. . .and Cap One is staying in the sock drawer.

GlobCredit.com said...

Thanks, Elusive D.

And congrats on the new Juniper card. Highest-limit card is now Juniper? I remember when that happened to me. It was off to the races from there.

Midnite said...

Congrats. I just broke 715. Still working on it!

GlobCredit.com said...

Midnite, congrats to you. Keep on plugging along.

Sean said...

Congrats!!! Not only for the score, but for actually paying things off (from reading your earlier posts) and showing restraint with apps.

Now the trick is to keep it up. Esp. when it comes to staying away from the apps.

and of course, shoot for a real 800 FICO. The real snobs will tell you that FAKOs don't count. :)

GlobCredit.com said...

Sean, thanks. The biggest thing for me has been staying off the application pedal. I'm pretty much done with apps anyhow. Maybe pick up a Discover card next year. But by and large, I am through.

As for the snobs, I will just point out that this is very much a FICO score. It's the Bankcard Industry Option FICO. It's just one of many FICO scores that Fair Isaac has developed.

Thanks for the congrats, S.

The Lion said...

I cannot believe I missed this!

Well, I am late to the party, but congrats anyway!

GlobCredit.com said...

Thanks, Lion. You can't read everything on the site!

Anonymous said...

Congratulations... I know how it feels. I just had BofA run a credit check on me for an equity line, and TransUnion came back with an 851 FICO score for me! Isn't that impossible??? If it's a mistake, it's a nice mistake. I have always had over 800, but this? WOW!

GlobCredit.com said...

Anon, it's not a FICO score. It's probably some other kind of credit score. It could be a Vantage score, which goes from 501-990.

Thanks for the congrats, though.

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