Web Hosting Talk : Other Forums : Web Hosting Lounge : As your FICO score gets higher does it get harder to increase?

[lexington]

I ask because I had always had perfect credit but some things occurred five years ago (mainly medical expenses) that placed me in $10,000 debt. However the past two years I have paid off everything and now I use four different credit cards and pay them all off in full every month to increase my score. By doing this my credit score has increased by 20+ per month and is currently at 686. So I wonder if I continue to do well will it go beyond 720 within a few months or as the score gets higher are there more restrictions to increase the number? The funny thing is that I read and hear all about FICO scores but never seen an answer relating to my question here. Thanks.

[IGobyTerry]

It doesn't get 'harder', but you need to diversify your types of credit more. You can very easily hit 750-775 by simply paying your credit cards on time and with a car loan. However, you won't be able to really get any higher than that unless you have a home mortgage, which of course is also paid on time.

So while it doesn't per se, 'get harder' you have to utilize more types of credit in order to continue to gain. Raising your score from a 686 to a 750 though shouldn't be hard at all. Once you get to a 750 you're pretty well off, and will never have trouble getting credit. Anything higher than a 750 credit score isn't going to help you get credit, you'll just be able to get larger amounts of credit, at lower interest rates.

Keep in mind, this is based off of FICO scoring, which is only available at myFico.Com. Experian, Trans Union and Equifax will try and sell you your credit score at their respective sites, but these are all your FAKO, which have a different scoring algorithm.

[lexington]

Thanks for the informative post