Cant seem to get into the 700's

[Anonymous]

I just don't understand this whole mess.  In 2003, I ran into a bit of trouble regarding employment and three credit cards were late 30 days.  One card was 60 days late.  I am forever paying for it with my credit score.   My goal is 750 just because I have worked so hard on my credit but  I cannot seem to get there, ever.  I seem to be stuck in 698, 687 and 709.  In reviewing the reports they are showing those late payments of 2003.  Since that time I have not been late on anything, never been over the credit limit, rarely carry a monthly balance, no collections, no liens nothing.  I just dont get it, how long before 2003 gets removed?  Any information would be greatly appreciated.

Thanx!  

[Anonymous]

I highly doubt lates from 2003 are hurting your score that much at all since they are 5 years old.  Derogs stay on your report for 7 years.

Do you have an installment account?  That is what shot mine up.  Carrying a low balance on a card like 5% of its available limit and paying in full every month will help.

If you are barely using your credit then it will take forever to get above 750.  You need to be able to show consistent good use of credit to get a high score.

Unfortunately its a catch 22....Damned if you and Damned if you don't.

[Anonymous]

Don't forget your length of credit history is important too... how long is your history and what is the average age of your accounts.

And like he said above, credit mix is important... do you just have CC or do yuo have and installment and/or mortgage as well?

[Anonymous]

Hi thanx for the reply.

No I don't have installments.  I have an am ex that I use exclusively because I get cash back on it.  So I use it to charge then pay it off completely.   My credit line is over $12,000 and I have been spending approx. $2000 - $3000 every month the past 5 months (doing reno work on the house).  I only use my mastercard and visa when I go somewhere that doesnt accept am ex.

This is why I cant understand what the problem is.  I have had 5 inquiries of late, I looked at two credit reports and they are showing the same lates in 2003.  TransUnion I look on line via my mastercard and that is my highest fico score of 720 for the past two months.  The info is still the same for a year.  I just dont get it.

Guess I will need to continue to read .... they lates should come off in another two years I suppose.

[Anonymous]

I think I just found out why, a second mastercard I had went to collection, which I paid off as settled in June 2004 but it was reported in 2006, that doesnt seem right.  Purely my fault.  I guess I should be lucky that only one credit reporting agency shows it.

Average age of accounts is approximately 10 years, 1998 and 2000.  My overall history shows as 46 years--- and that isnt correct.

I do not have installment payments, my car is a 2000 and I paid cash when I purchased it brand new.  I have a mortgage and I have never been late.

Overall I guess I just have to wait it out and keep plugging away.  My scores aren't bad but I just cant understand why they aren't higher.

Thank you for your help!

[Anonymous]

Are you an authorized user (AU) on someone else's card? That may be why you are shown with 46 years of credit.

[Anonymous]

Ahhhhh you are right, not authorized user but we did open a credit card, since closed it.

It was my husbands....or rather ex-husband, he had/has a fico of 840.

[tonsers]

Have you tried writing goodwill letters to the cc companies that you have lates with? If you send a letter explaining the problem that you were having with employment in 2003, maybe they would be willing to delete the lates.

[Anonymous]

How big a balance on those CCs gets reported?

Even if you pay off in full each month, if you've got 80% of the card limit charged up, and that gets reported, that will drag your scores down like a boat-anchor.

You also need more lines of revolving credit. One or two just aren't enough. Four or five is better.