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My current situation

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Anonymous
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My current situation

Right now, I have a fico score of 651 (based on what equifax says... but i heard equifax is FAKO, and not truly FICO.. can someone here confirm?). I had a few negative accounts which have really hurt my score, and on top of that.. dummy old me decided to apply for a credit increase and was turned down. I think my credit score was aroudn 700-720 before. I have 4 accounts flagged as negative (they are no longer, but were at one time) that range between 6 months to 2 years ago, and my last late/delinquent (60 days) was about 6-7 months ago. If I make all my payments on time and keep my debt to credit ratio at a good rate... how long do you think it will take for me to get back to that 720 mark? I'm hoping within 1-2 years, but I do know that negative/delinquent marks last for 7 years..
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: My current situation

My Web site goes into great detail as to the components of a credit score, how delinquencies affect your credit, and strategies to use to manage your credit and achieve the results you want.

You can order your score from myFICO--which is the best source--and see where you stand. They key is to make sure you have several positive accounts, reporting as paid as agreed, and that you keep credit card balances low.

One tactic you may wish to try is what's called a goodwill...asking the companies you still do business with to remove the lates from your credit report. Start with your most recent lates, as they're the ones hurting your score the most.
Message 2 of 5
haulingthescoreup
Moderator Emerita

Re: My current situation

Hi, Runon, welcome to the forums!

EQ isn't FAKO; it's just one of the three CRA's (credit reporting agencies = credit bureaus). Your EQ credit report is used to create your EQ FICO score.

You have two other FICO scores: your TU FICO, derived from your TU (TransUnion) report and your EX FICO, derived from your EX (Experian) report. There are EQ, TU, and EX FAKO's galore, depending on who is cooking them up. As long as your score says FICO, it's the one that most lenders use.

You can get all three FICO's here, at myFICO.com. You can buy your EQ FICO directly from the Equifax website. You can buy your TU FICO directly from transunioncs.com (note the cs). It's simpler IMO to get them here. First Google fico discount coupon code to get 10-20% discounts on your FICO's.

Anyway, please start by reading Credit Scoring 101, stickied at the top of this board, or at least the first post. (The thread has grown quite a bit!)

Credit Scoring 101 - START HERE!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 5
Anonymous
Not applicable

Re: My current situation

TheNewWorldMan - your website is outstanding! It's technically easy to navigate but has interesting navigational features, and the content is must reading for every American. I have a friend who teaches high school English, and after we visited your site, she said she was going to ask all of her students to do a research paper on Credit and your site was going to be listed as a must-read reference. (As is myfico.com.) You should be proud to know that you will be helping teenagers build a solid financial foundation. Great work!
Message 4 of 5
Anonymous
Not applicable

Re: My current situation

Scores directly from EQ are FICO scores.

Runon wrote:
Right now, I have a fico score of 651 (based on what equifax says... but i heard equifax is FAKO, and not truly FICO.. can someone here confirm?). I had a few negative accounts which have really hurt my score, and on top of that.. dummy old me decided to apply for a credit increase and was turned down. I think my credit score was aroudn 700-720 before. I have 4 accounts flagged as negative (they are no longer, but were at one time) that range between 6 months to 2 years ago, and my last late/delinquent (60 days) was about 6-7 months ago. If I make all my payments on time and keep my debt to credit ratio at a good rate... how long do you think it will take for me to get back to that 720 mark? I'm hoping within 1-2 years, but I do know that negative/delinquent marks last for 7 years..


Message 5 of 5
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