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.