AmexUser wrote:Ever since I got an Amex charge card, I've been using it almost exclusively (together with my bank's debit card, only for places that don't accept Amex). So, shortly after that, I closed all of my credit cards, and now I have no revolving accounts. I notice that my FICO scores (all 3 currently in the mid-700s) have not improved at all in the past year or so.
My question is: Can I ever hit an 800+ FICO if the only cards I have are my Amex charge card and my bank's debit card?
Some additional info: There are no negative items in my 3 credit reports. The first credit card I got was back in 2004. When I still had credit cards, I always kept credit utilization below 10% and never had a late payment. I have no loans (no mortgage, no auto loan, no nothing).
You can do it. Not having an installment loan of some sort is no doubt holding you back. If you get one now you will take an initial hit but over time your score will improve.
Also FICO likes to see more than one major credit card. These are the two factors holding you back. I would NOT suggest going and getting an installment loan JUST to try to boost your score, you have a good one and don't really need to boost it. If you are at mid-700s, that's really all you actually need.
But what I would suggest is, apply for another card. I suggest since you do like Amex applying for one of the Blue cards (whichever flavor makes the most sense for you to have). The good part of this is, it will backdate and that will boost your score as well as having more than one major credit card.
It also might not hurt to have a "real" major card like Visa or Mastercard for the times when the place doesn't take Amex as you don't want to give out your debit card and risk them draining your bank account.
You could probably get an Amex revolver, and a major card for when the place doesn't take Amex, and be set there, and your score will only grow after you get over the initial hit from the inquiries and new accounts.
But to be honest, mid 700s is plenty good as is. Don't do it just for the score. From what I read, once you hit a 760, 780 or 800 doesn't give you any better of a mortgage rate and you are already in the top tier for a car loan and any credit card company isn't likely to really care much about the few extra points for all practical purposes.