After achieving a 760 FICO credit score, I thought the next milestone would be 800. Since there are multiple FICO scoring models that lenders use, an 800 FICO would almost guarantee me at least a 760 on other FICO models. My credit history length is hitting 3 years in January 2015, and my AAoA (average age of accounts) is going to reach 2 years in February 2015. Since FICO scores tend to increase at these factors’ milestones, my score is probably going to achieve the maximum in February 2015 before hitting the plateau. And since I have several credit inquiries from the auto loan applications in February 2014, in February 2015 when they drop off, I’ll have a decent shot at an 800 FICO.
Even though I said that a good FICO credit score takes a long time to build, there are situations where time is against you and the last few points really matter. Many mortgage lenders have FICO score thresholds for interest rates, and you may fall a few points short of the next threshold which may mean thousands of dollars’ worth of payments. You don’t have another few years to carry your FICO score to that threshold. So what to do?