FICO Shares Secrets of High Achievers

 FICO Shares Secrets of High Achievers

FICO shares secrets of high achievers

fico (Photo credit: vlauria)FICO Shares Secrets of High Achievers

FICO shares secrets of high achievers.

A “High Achiever” is defined by FICO as a person with a FICO Score of 785 or above.  Finally the time has come when FICO shares secrets of high achievers.  Anthony Spraive, credit score advisor for FICO issued the following statement:

“While people with a high FICO score are not perfect, their consistently responsible financial behavior pays off over time.  In a challenging economic period, the fact that we all have a chance to be high achievers is very good news.  The lesson from these high achievers is that it’s never too late to rebuild and score high.”

12 Characteristics Revealed as FICO Shares Secrets of High Achievers

Here are 12 characteristics of these high achievers that stand out from the ordinary:

  • They keep low balances in revolving accounts
  • They don’t max out their credit cards
  • They consistently make payments on time
  • They have an average of 7 credit cards, both open and closed
  • They have an average of 4 credit cards or loans with balances
  • They use an average of 7% of their revolving credit
  • 1/3 have balances of more than $8,500.00 on non-mortgage accounts
  • 2/3 have averages of less than $8,500.00 on non-mortgage accounts
  • 96% show no missed payments
  • Their oldest account was opened an average of 25 years ago
  • Their most recent credit account averages 28 months old
  • The average age of their credit accounts is 11 years old

Good is Good Enough Because Perfect Never Happens

As FICO Shares Secrets of High Achievers we find that some have had bumps:

  1. 1 in 9000 have experienced tax liens or bankruptcy
  2. 1 in 100 have a collection listed
  3. But:  Less than 1% have an account past due

Some of these characteristics may seem beyond reach.  Certainly only a person with some years under their belt can have an oldest account of 25 years duration.  Most people think only time can improve the “age of accounts” category.  Ninja Credit Scoring Trick:  Piggyback (become an authorized user) on a vintage credit card account and its age counts as yours!  If you are going to do this make sure the account has a flawless payment history and keeps a low debt to available credit ratio (balance in relation to its credit limit.)  Time is always on the side of those who are working to improve their credit history. Don’t get discouraged if you stumble.  Try to pay at least a little above the minimum each month.  Pay ahead of the due date if you can. Develop the habit of micro-managing your credit card accounts and other financial matters.

A FICO score of 760 or above will get you the best deals on mortgages and other forms of credit.  The rest is just for show or to provide a cushion in the event of a bad financial event down the road.

Try to keep any one credit card from carrying a high balance in relation to its credit limit. Spread the debt around.  The aggregated debt to available credit ratio of all your cards is the most important factor.   It helps to have each individual individual card’s debt at a low ratio to its available credit as well.  Those who are  taking advantage of an interest free introductory offer on a new card will keep that card bearing as much of their credit card debt as its limit will handle anyway.

UPDATE:  The new FICO 9 system counts medical debts more leniently than other debts.  Paid medical debts are not be counted at all.  But be advised that some banks will be slow to adopt this system particularly when it comes to mortgages.  It is expensive to lenders to upgrade this kind of software.  Judgments are now rarely reported because of difficulty in verification.  Tax liens frequently go unreported now for the same reason as well.

FICO shares secrets of high achievers so that you can have a road map for your goal which is to have the best FICO score possible for you at this point in your life.  Even after you are at a high enough level to get the best loan rates it is a productive exercise to try to get your FICO as high as you can.  Don’t lower your average age of accounts with unnecessary new lines of credit.  Age of credit’s importance is scored as follows:   1/2 the age of your oldest account and 1/2 the average age of your accounts.










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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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