@Anonymous wrote:
Not sure if you understood my question let me try again.
They say your FICO score goes up monthly partially because of credit card companies reporting good (or bad) scores to the credit agencies. So what determines that point/score system. Is it 1 point for good payment history that month or minus 2 if you skipped your payment ? ? Just wondering because I will be hopefully by a house in December but want my scores to be higher than what they are now 569,579,559.
thanks
I don't think you can say one point for this, two points for that. There are some pretty well established numbers--5 points for an inquiry, 50 points for a 30 day late payment, and so forth. Since you're on this site, go to myFICO's education page:
http://www.myfico.com/CreditEducation/
The piechart can give you an idea of how each part of your credit behavior is weighted. Paying on time and having a low percentage of credit utilized to credit limit (ideally under 10%) together count for 65% of your score.
Once you understand that, score improvement can be boiled down to 2 things: pay every card you have down as low as possible, ASAP, and don't ever miss a payment--pay 7 days early if you have to, in case they bobble your payment. Everything else is time, and research, and writing letters, and making phone calls. If you read the posts here, you'll see how fast scores soar when you pay down your cards.
Are the scores you posted from the FICO site? If not, sadly, they're worthless.
And go back to message 4 of 5, and go to that link. You just can't skip doing some basic homework if you plan to take control of your credit, because you have to understand how all this stuff works together to influence your scores. good luck!
* 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
