This system still confuses me. I was looking at my credit report and trying to figure out how they came up with my scores (the ones my mortgage lender gave me).
My scores were as follows:
Experian at 633
Equifax at 645 (mid score for mortgage)
Transunion at 682
yet I had 15 bad items as follows:
12 medical Collections (total was less than $1000, and Please remember this was really only four bills)
1 paid judgement (opened 9/2003 - paid 6/2004)
1 student loan that was not mine but listed since 3/2003
Arrow Financial Collections (3/2003)
On the Good side
15 Student loans all paid as agreed and no lates (opened anywhere from 1989-2001) all paid as of 7/2007
1 Mortgage paid as agreed and no lates (opened in 1992,paid off in 8/2006)
1 mortgage paid as agreed and no lates (opened in 8/1006)
1 car payment paid as agreed and no lates (opened in 1998- closed in 2002)
1 auto loan paid as agreed and no lates (opened 4/2004 will be paid off next month)
1 home equity loan $25,000 paid as agreed and no lates (opened 5/2007)
1 HELOC opened 5/2007 $30,000 with a balance of $1,000 paid as agreed and no lates
1 NFCU Credit card (opened 1989 $12,000 limit with a balance of $47) never late
1 PFCU credit card (opened 1998 $10,000 limit Balance of $0) never late.
I have 18 INQ on my Credit report.
9 are in a two week span in 1/2008 for my mortgage refi
6 are all within a 2 week period in 8/2006 when I bought our current house
not sure what the others are for
I guess what I am asking is with all the negative, how did they come up with the score that High? I would have thought that the negatives would have killed my score more!
Also, should I expect my scores to go higher in the next month when all 12 of the medical Collection removed and the Bad Student Loan removed? Also how will my refi effect my score? It will be paying off the present mortgage, the home equity loan as well as the balance on my HELOC. However, the HELOC will drop to a CL of $15,000
I know this is long, but my mind has been working in overdrive since I been studying this issue.
Thanks
