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Buildiing an 800 Plus Credit Score

A perfect FICO or Vantage 300 Credit Score is an 850.  The lowest score is a 300. An 800 plus credit score is excellent and what most people aspire to.  To earn an 800 plus credit score you must have at least three different credit sources, no missed payments in the last 7 years, Less than a 10% credit utilization, and an average credit history of at least 6 years.     


800 Plus Credit Score Requirements

The requirements for an 800+ score are rarely stated but here's what I have found:

  • You must have at least three sources of credit. An example  might be  two credit cards and a car loan. Three to five credit cards may get you there. If you add in a Personal line of credit, that will help.

  • You cannot have any missed payments in your credit history in the last 7 years. This is pretty much an absolute. Missed Payments will kill your credit score, especially when you are first starting to build your credit history.

  • You cannot have any Collections in your Credit History in the last 7 years.

  • Bankruptcy, I am not certain if you can achieve an 800+ score with a Bankruptcy in your credit history. I would be very surprized to see someone join the 800+ club with a bankruptcy in their history.  A Chapter 7 bankruptcy will stay on credit reports for 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date.

  •  Your average credit history must be at least 6 to 7 years old.  If you are 18, You will need help by becoming an authorized user on multiple accounts since you cannot have credit in your own name until you are 18.  A credit history with just authorized user history will rank you high but credit managers will understand it is not your credit.

  • Your credit utilization needs to be under 10%. 

The 800 Plus Club

I have been an 800 Plus Club Member at different times.
I have had a few credit problems that have knocked me out of the 800+ club.

My First 800+ Problem

Several years ago I had a couple of HELOCs that expired and my loan officer did not inform me that they needed to be renewed. It was interesting as the other line of credit I had that did not expire would have easily covered the small amount I owed on the two lines that expired. I could not get these missed payments removed so I stayed out of the 800 Plus club for seven years. The highest I made it was 780 with the two missed payments in my Credit History.

Another 800 Plus Knockout

I spent $8,500 on a card with a $15,000 limit. I have just over $100,00 of available credit on my cards. Even though my credit utilization only went up to 9%, this knocked me out ofthe 800 plus club until the bill showed up. I paid off this card the following month and my score jumped back over 800.

It really is not a big problem if you are hovering around the 750 to 800 credit score.

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