12-06-2007 12:02 PM - edited 12-06-2007 12:02 PM
12-06-2007 08:04 PM
pattycake...................yes it can happen.......but I am beginning to really wonder about the fico scoring system! I say that because I recently got back from a 2 week vacation, put about $4,000 on a credit card with a 5,000 limit (90% util) and I got a score alert yesterday that my score jumped 30 points!!! I paid all but 500.00 on my credit card today, so it has not even been updated on my credit report!! Still shows 4,000 balance!! AND......I have 24 inquiries (got a little application happy!) for this year yet my score keeps on going up!! Knock on wood....I will say my prayers tonight, and yes, my prayers will include gratitude to all 3 credit bureaus because they have been so good to me this year!! Just food for thought that the whole fico system has a mind of its own!
I can't seem to get my credit score to break 670 - one year ago, it was at 615. I have paid my cc's faithfully, either in full, or on time, and still, it only went up to 668, then back down to 663 on 11/28/07. I just got a Chase MC with at $10k line of credit (I travel for business, this will be very helpful, since I have to charge my expenses, then wait forever for reimbursement). I keep reading all these success stories about jumping 100+ points in a matter of months...is that for real, or just bogus? Seems awfully weird that someone with a score in the 400's could raise their score to the 600's so fast. I settled on a few cc accounts back in 2003, and was only late on a cc a couple of years ago, since their online payment center malfunctioned (GEMB - Mervyns) and didn't take the payments I kept trying to make. Tips? Help? I want to buy a home very soon, and need to bring that score up to 700+ to get an affordable loan.
12-07-2007 05:44 AM
12-07-2007 06:49 PM - edited 12-07-2007 07:39 PM
12-07-2007 07:46 PM
Hello. I am a new poster. I recently found this forum and have been reading all that I can to learn about how to repair my credit and increase my FICO score.
I am in relatively good shape as far as the amount of debt that I currently possess (about $2,500 + defaulted student loan) because most of my bad credit history happened long ago and it has nearly all dropped off of my credit reports. Like Tuscani posted at the start of this thread, I thought my credit was beyond help and I didn't know there was anything I could do to fix it.
But recently I have started to really want to buy my own home. So, I did some surfing and found myFICO. There is a ton of great info here!
My biggest problem is that I do have a student loan in default. Thankfully it is quite small, so paying it off won't take long compared to others with thousands of dollars worth of loans. I am going to try to rehabilitate the loan. I understand that if I take this route that that default can come off my CR. I want to try this route before PIF.
My current FICO score, according to EX, is 567 (it was 552 in August). I am actually feeling a little good about being as high as that considering my history and where I could be starting out at in my credit repair journey.
Message Edited by FICOtic on 12-07-2007 08:55 PM
Message Edited by FICOtic on 12-07-2007 09:39 PM
12-08-2007 10:11 PM
12-10-2007 11:31 AM
12-11-2007 07:58 PM
Tavares, I'm with you on "What's with this number?". My EQ stagnated several months there.
Tavares wrote:Below are my EQ Fico Scores over time.9/13/2007 666 <--- Whats with this number?
12-12-2007 11:09 AM
12-17-2007 08:16 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO