Starting Score: 702
March 24, 2012 FICO® score: 718
- Hurting your score
- 1. New account
- 2. Short account history
- 3. Accounts with balances
The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.
Please note that a negative factor can be provided even if you are better than the national average on that factor. This means that there is still some room to work on this factor.
Your newest account was opened3 Months ago
You opened a new credit account relatively recently.
FICO High Achievers [?] opened their most recent account 27 months ago, on average.Your FICO score considers how recently you opened a new credit account. People who recently opened a new credit account are slightly more likely to miss future payments than those who have not.
What to do about this: Avoid opening more credit accounts at this time and as a general rule, if you don't need or plan to use credit, don't apply for it.
Your oldest account was opened10 Years, 6 Months agoAverage age of your accounts3 years
You have a short credit history.FICO High Achievers [?] opened their oldest account 19 years ago, on average.Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.
Number of your accounts carrying a balance16 accounts
You have too many credit accounts with balances.FICO High Achievers [?] have an average of 3 credit accounts carrying a balance.Your FICO score considers the number of accounts you have with balances. For credit cards, even if you pay them off in full each month, your credit report may still show a balance on those cards. The total balance on your last statement is generally the amount that is shown on your credit report.
What to do about this: You should consider reducing the number of your accounts that carry a balance and keeping your balances low.
The positive factors listed here reflect areas of your credit behavior that are helping your FICO® score. You should continue the good practices listed here. These factors are listed in order of their impact to your score – the first has the greatest positive impact and the last has the least.
Number of your accounts that were ever 60 days late or worse:0 accounts
There is no evidence of a serious delinquency (60 days past due or greater) or derogatory description on your credit report.Only about 1% of FICO High Achievers [?] have a 60 days late payment or worse listed on their credit report.The fact that you have no serious delinquencies or derogatory descriptions [?] on your credit report is a good thing. The presence of delinquencies and derogatory descriptions are powerful predictors of future payment risk - people with previous late payments are much more likely to pay late in the future.
Your most recent late payment happened5 Years, 8 Months ago
You've recently been paying your bills on time.Most FICO High Achievers [?], about 93%, have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.While you have missed payments in the past, you have recently been paying your bills on time, which has helped your FICO score. Staying current with your bills will continue to help your score.
Ratio of your revolving balances to your credit limits7%
You've limited the use of your available credit.For FICO High Achievers [?], this ratio is 7%, on average.Your FICO score evaluates your total revolving account[?] balances in relation to your total credit limits on those accounts. Your FICO score was helped because you've kept this ratio of balances to credit limits low.
ambelicious wrote:I was waiting for something like a 45 point score jump, based on other stuff I've read here, and my score only crawled from 712 to 718. Very surprising and somewhat disappointing.
It seems like BK has less effect on your score the longer you go. I think that your recent account and utilization may be affecting your score more. I bet your scores will come up once you let those accounts age and you pay down your balances.
I'm almost 4 years post BK and I estimate that my EQ score should be close to 700 now ( I haven't checked it in about a month). I'm planning to continue to manage my credit obsessively- minimal to no new applications, paying my bills on time and keeping my utliization low. I should be in the mid to high 700s when my BK drops and I won't be too suprised if I don't get a huge jump in my score.
ambelicious wrote:I didn't realize how little effect it can have depending on your situation, but I have been searching for similar posts and hearing of other small differences too. I agree it will probably go up once I stop with the new accounts/inquiries and keep my balance down.
I agree. It's also important to pay heed to this snippit.
You have too many credit accounts with balances.
Number of your accounts carrying a balance16 accounts
| FICO High Achievers [?] have an average of 3 credit accounts carrying a balance. |
Your FICO score considers the number of accounts you have with balances. For credit cards, even if you pay them off in full each month, your credit report may still show a balance on those cards. The total balance on your last statement is generally the amount that is shown on your credit report.
What to do about this: You should consider reducing the number of your accounts that carry a balance and keeping your balances low.
So, it's not just utilization - it's also the simple number of accounts with a balance.
If you have a clean report and have rebuilt with new positive accounts, dropping a BK should yield a significant score increase. The good news is that means your score will probably make a significant climb when you get those issues cleared up - few number of cards reporting balances is one that may give you a significant boost.
As far as potential score increases when a BK ages off - I saw a 75 point increase on TU - going from 716 to 791. My AAofA was at 5 years - but i don't think 2 years AAofA makes that much of a difference - i.e. not even close to 70 points worth.
Keep us posted as you whittle down the number of accounts with balances - I hope it helps bring the score increase you're looking for.
Unfortunately, there's nothing I can do about the numerous installment accounts with balances until I get out of school. They are all school loans. It's bizarre and aggravating to me that I applied for one student loan and since then, it has divided into many little loans whose numbers increase with each quarter. Apparently, once I graduate I can consolidate them. My revolving accounts are all credit cards and I pay them off every month. That is the only credit I have control of right now and I plan on just barely using them.
Thanks for your input! 
ambelicious wrote:Unfortunately, there's nothing I can do about the numerous installment accounts with balances until I get out of school. They are all school loans. It's bizarre and aggravating to me that I applied for one student loan and since then, it has divided into many little loans whose numbers increase with each quarter. Apparently, once I graduate I can consolidate them. My revolving accounts are all credit cards and I pay them off every month. That is the only credit I have control of right now and I plan on just barely using them.
Thanks for your input!
Ahhhh! Those lovely student loans. I've had a chunk of those (they seem to multiply like rabbits.....) myself. And yes, consolidation is great when it becomes an option. That also explains why it's in the #3 position - if they were revolving they would have a more significant impact, I would think. So given their position, I wouldn't stress over it. Just letting things age looks like your very best play. 
beamMEup wrote:As far as potential score increases when a BK ages off - I saw a 75 point increase on TU - going from 716 to 791. My AAofA was at 5 years - but i don't think 2 years AAofA makes that much of a difference - i.e. not even close to 70 points worth.
My BK is due to fall off in 5 months and I sure hope mine will do the same as yours. My AAoA is 5.3 years with Eq and TU and 3.8 with Experian. I have another bad baddie that will fall off in June. I am in the mid to high 600s now. And OP I know its disappointing those scores didn't come up more but that BK falling off is still a great burden to get rid of. Congrats to you for that
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