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You will not see a 5pt increase each month with on time payments, not so long as those CO remain on your file(s)
So any idea what 3, 6, 9 and 12 months of on time payments would do for score? I'm trying to decide how hard I need to push my GW's.
You will get an increase after the negatives age past a certain point. It is not monthly. Its not the accounts paid on-time that causes the increase, it is the aging of derogs and increase in AAoA (which happens once a year without applying for new credit).
@DaveSignal wrote:You will get an increase after the negatives age past a certain point. It is not monthly. Its not the accounts paid on-time that causes the increase, it is the aging of derogs and increase in AAoA (which happens once a year without applying for new credit).
Exactly.. FICO takes snapshot of what is one your report, and your score is based on an alogorithm that is created to gauge risk that you will default on a payment in the next 2 years..
So you are not rewarded for doing what you are supposed to be doing, and that is paying on time.
You will be rewarded, by default, when you have a 2 year clean history; and then further rewarded when you have no negative information.
-scott
@Duncanrr wrote:
Thanks for info. It seems that my score is going to be stuck at 670's for a while unless I can get a GW or two. My last late on CR is 5 months ago.
Well, just like anything, there are so many factors... credit mixes, AAoA, util ect ect -- I am sure there are ways you can manipulate it into the 700s, I did haha
-scott