Question about CK

[WallyxD]

I know CK isn't really reliable as far as score goes, but I'm looking at my account now and my CK score is now 638. 100% on time payments and 25% util(it improved) According to them, my AAoA is only 7 months, longest being 1 year and 4 months. No derogs, and 12 inqs. I thought after one year, hard inqs have no effect on your score? I can't think of any other reason why my CK score is so low other than the fact that they factor in my inqs.

For the actual fico scores, how important is the AAoA and as far as inqs go, say if someone has several recent inqs, the score will go down, will that person see a bump in their score after those inqs hit the 1 year mark?

[beb86]

Yeah can't really rely on what factors go into there scoring model compared to an actual FICO. CK is a good tool for being a free monitoring service. You know when a payment has posted or a new acct has posted so you can check you actual FICO but that's about it.

[SwampSystems]

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@WallyxD wrote:

I know CK isn't really reliable as far as score goes, but I'm looking at my account now and my CK score is now 638. 100% on time payments and 25% util(it improved) According to them, my AAoA is only 7 months, longest being 1 year and 4 months. No derogs, and 12 inqs. I thought after one year, hard inqs have no effect on your score? I can't think of any other reason why my CK score is so low other than the fact that they factor in my inqs.

For the actual fico scores, how important is the AAoA and as far as inqs go, say if someone has several recent inqs, the score will go down, will that person see a bump in their score after those inqs hit the 1 year mark?

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See my post in another recent thread about how CreditKarma and CreditSesame differ from actual FICO. In short, CreditKarma only looks at open accounts when calculating your average age, while FICO look at all reported tradelines -- open or closed.

[TiggerDat]

Your credit is short and you have a lot of inquiries.  You need to wait two years before the inquiries fall off your report.  In about a year they will have less of an impact.  You should tend to what you have now and wait it out.  After about the two year mark of your credit cards you should see a nice jump in your score.  About 10% of your score is inquiries!  So if you added 64 points to that 638 you would have a much better score!  Add more history, ontime payments, and length to those cards and in year when the brunt of the inquiries fall off you should be looking at about 715-725 score.  I imagine my CK in a year will be about a 750-775! 

Download the FICO score explanation booklet when you sign in here and it will help explain the FICO score.  Yes, the CK FAKO is good for educational purposes and I do love CK, they helped me get to where I am today through their advice and card reviews.  I now have more credit than I need or can use! 

[WallyxD]

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@bernhardtra wrote:

Your credit is short and you have a lot of inquiries.  You need to wait two years before the inquiries fall off your report.  In about a year they will have less of an impact.  You should tend to what you have now and wait it out.  After about the two year mark of your credit cards you should see a nice jump in your score.  About 10% of your score is inquiries!  So if you added 64 points to that 638 you would have a much better score!  Add more history, ontime payments, and length to those cards and in year when the brunt of the inquiries fall off you should be looking at about 715-725 score.  I imagine my CK in a year will be about a 750-775! 

Download the FICO score explanation booklet when you sign in here and it will help explain the FICO score.  Yes, the CK FAKO is good for educational purposes and I do love CK, they helped me get to where I am today through their advice and card reviews.  I now have more credit than I need or can use! 

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Looks as though that's what I will be doing. 8 of the 13 inqs on TU are past their one year mark, most of them will fall off my report in July/August and one in September. I'll continue doing what I am doing with what I have, hopefully I'll reach my goal sooner than I expect. One question though, where'd you get the 64 points from? haha

[TiggerDat]

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@WallyxD wrote:

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@bernhardtra wrote:

Your credit is short and you have a lot of inquiries.  You need to wait two years before the inquiries fall off your report.  In about a year they will have less of an impact.  You should tend to what you have now and wait it out.  After about the two year mark of your credit cards you should see a nice jump in your score.  About 10% of your score is inquiries!  So if you added 64 points to that 638 you would have a much better score!  Add more history, ontime payments, and length to those cards and in year when the brunt of the inquiries fall off you should be looking at about 715-725 score.  I imagine my CK in a year will be about a 750-775! 

Download the FICO score explanation booklet when you sign in here and it will help explain the FICO score.  Yes, the CK FAKO is good for educational purposes and I do love CK, they helped me get to where I am today through their advice and card reviews.  I now have more credit than I need or can use! 

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Looks as though that's what I will be doing. 8 of the 13 inqs on TU are past their one year mark, most of them will fall off my report in July/August and one in September. I'll continue doing what I am doing with what I have, hopefully I'll reach my goal sooner than I expect. One question though, where'd you get the 64 points from? haha

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Your score is 638 with all those inquiries and 10% of that is 64!  If the numbers hold to be true about inquiries this would be the reduction.  At some point the inquiries no longer decrease your score if there are too many.  Some people have noticed a 10 point drop in their score from just one inquiry.  So at some point they must not affect your score, even if you used the guideline of 850 as the top score and 10% of that being 85, then proportionally it still works out to be 64 points either way.  I too am maxed out on inquiries and my next goal is to have none for at least a year.  Which means for me January of next year, which is fine so I can garden these cards.  It will also allow me to decide which ones to close, if any.  However, I think that Merrick Bank card is history in my siggy, as it is a secured card and has an annual fee!  After 5.5 years, you would think they would trust me with their card!  Don't get me wrong, they have been great!  But I am a bit out of their league at this point!  There is no rational reason at this point to use their card anymore.  Every card I have other than that one has some types of rewards and no annual fee.