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Frostyisonfire

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800+: what's required for newbies with credit card?
Looking for science of what needs to be done to get an 800+ credit score. How long will it take? Got a new credit card with $500 limit. Figure keeping the balance within 1-3% range. I read one place I could keep a 0% and other minimum 1%.
Does anyone know the science? Want to understand.

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1) Never EVER EVER EVER EVER Carry a Balance ,   PAY YOUR CREDIT CARD IN Full Always!!!!!!!
2) See 1.

3) See 1.

4) See 1.

etc...

If you can't pay the Balance off  THEN DO NOT USE THE CREDIT CARD.

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The science for achieving an 800 is time, time, time, time and other factors.  Contstantly showing a zero balance on a credit card when it is reported to the bureau does not show usage of credit.   While it will report timely payments, utilization is a factor.   Always be under 30%, and under 10% is considered excellent.   To avoid interest on your account, you should pay the amount in full every month, although, there should be some utilization.   I carried 0% for a long period of time.  One of the credit bureaus had an article I read and I saw a 20 point increase when I started to show 5% Utilization.   Having it go up and down month over month will see adjustments to your credit report.   If you've had your card for a while, you know what your score has been.  You can test the waters by adjusting the utilization and see for yourself how it affects your credit line.  The magic number 800 will never be achievable with only one line of credit.  You'll need mortgage and auto payments and credit cards, you'll need a mixture and a long period of time to achieve the 800 number mark.  

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