familyguy wrote:
Here are the negative factors due to my carelessness 3 years ago. Please provide your expert tips... The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.
1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report. Number of your accounts that were ever 60 days late or worse: 2 accounts Very few FICO High Achievers [?], about 1%, have a 60 days late payment or worse listed on their credit report. The presence of a serious delinquency or a derogatory description [?] is a powerful predictor of future payment risk - people with previous late payments are much more likely to pay late in the future. However, as these items age and fall off of your credit report, their impact on your FICO score will gradually decrease. Most late payments stay on your report for no more than seven years.
For late payments, you send GW letters. If the account is closed, you have to be careful of sending them, because some creditors will completely remove the account, hurting your age. How severe are your lates and how old are they?
2. You have multiple accounts showing missed payments or derogatory descriptions. Number of your accounts with a missed payment or a derogatory description 3 accounts About 93% of FICO High Achievers [?] have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average. Your FICO score takes into account missed and late payments in a few ways. These include the number of late payments, how late they were and how recently they occurred. Your score was hurt because your credit report shows multiple accounts with missed payments or derogatory descriptions [?]. What to do about this: If the late payments on your credit report are valid, you should focus on continually paying all your bills on time. This will demonstrate a good payment history and these late payments will have less of a negative impact on your score as time passes.
See above.
3. You have a short credit history. Your oldest account was opened 6 Years, 5 Months ago FICO High Achievers [?] opened their oldest account 19 years ago, on average. Average age of your accounts 3 years Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years. Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.
Time is all that can help this. And not opening new accounts.
4. You recently missed a payment. Your most recent late payment happened 2 Years, 3 Months ago Most FICO High Achievers [?], about 93%, have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average. If you missed a payment, your FICO score evaluates how recently that missed payment occurred. In general, the more recent the missed payment, the more impact it has on your score. In your case, your last missed payment happened recently. What to do about this: If the late payment on your credit report is valid, you should focus on continually paying all your bills on time. This will demonstrate a good payment history so that your last missed payment will have less of an impact on your score as time passes.
See above.
Do you have any revolving credit? Is more than half your cards showing a balance? What is your overall util?
If late payments is the only negatives, then GW letters is what you need.
