FICO needs to be forced to disclose the formula.....Easy. Pay your bills at the end of the month and you get an 850.
Well there’s more to it than that. There are other factors involved, such as length of credit history, and percent of available credit currently being used.
Types of credit are involved too. Unsecured loan from banks are looked on more favorably than loans from finance companies.
While paying your bills is a big factor it’s not the only one by any means.
Pay your bills at the end of the month and you get an 850.
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Not true , I pay my bills each month but I don’t borrow money , I have no score... There are interdependancies based on available and used credit lines ,,, simply not going deeper and deeper in cc debt will get you a bad mark...
We’ve had the highest score possible for about 20 years. We pay all our bills.....and on time! It did go down for a bit when I closed a bunch of paid off, dormant credit cards.
Not quite.
You need a balance of debt and rotating credit.
I did that for years, and never got an 850.
Now that nearly 1/2 of the high schools dish out A’s, I can see these companies handing out 850’s for most anything, soon, because to do otherwise would be “racis”!