Credit Card Center Advertiser Disclosure†
10-06-2012 08:14 AM
While I realize that Transrisk isn't FICO it does seem to rougly move up and down the same so I use it daily to track my progress with Credit Karma. Then I pull my FICO every few months and check it.
I recently bought a new car and went from a 22% interest rate on our old car to a 5% rate on the new one. I also in the past seven months got two new credit cards.
Doing these three things have hurt my Transrisk score somewhat. It seems the main reason is that it made my Average Age of OPEN Accounts too new. I have lots of really old accounts that are closed and those don't seem to matter since they only go by open accounts.
They say that my credit utilization being 35% is pretty good and that my ontime payments being 99% isn't bad and that my AAOOA is kind of bad.
I am fighting to get my score up by next Spring/Summer so we can get a construction loan and it surprises me that having a perfect payment history for over 3 years and a reasonably low utiliztion aren't helping me more. I am still in the low 600s.
I tried having my wife add me to her Target card which is a 4 year old card, but after 2 months it hasn't shown up on my credit report, which isn't a surprise since all they asked for was my name and no other personal info.
10-06-2012 12:43 PM
I would assume that the decrease in your car loan interest rate is indicative of the improvement of your CR. Keep doing what you're doing!
10-06-2012 08:38 PM
Does the true FICO score only go by the age of your open accounts or does it go by the age of all the accounts on your report?
10-06-2012 08:45 PM
Closed accounts count too. Paid closed accounts in good standing will stay on your account for 10 years.
10-06-2012 08:56 PM
i belive it counts all.
after 10 years or reporting closed the account falls off your reports.
and 7 years for baddies from dod.
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.