Credit Scoring 101 - START HERE!

[Anonymous]

I hope good scorin for everybody

[Anonymous]

I NEED HELP!! I used to check my credit score with freecreditreport.com, it ranged from 725 to 747. I had a credit card open just to help my credit, while I was deployed my husband (EX!!) used it and did not paid my the bill (30 days late) now my credit score is at 660 and FICO at 580!!! I have never seen my score this low, I never had any late payments! I really don't know what to do.

How long will it take me to get my credit score back up? Is there anything I can do to take that off my report, I' ve been deployed so there is no way I used it. ( it wasnt me)

Is there anything else I can do to fix my credit? I want to buy a car next month and my interest rate is going to be sky high.

[haulingthescoreup]

OK, a few questions--others are better at untangling some of the exact answers, but here's a start:

--which CCC (credit card company) is it? If it's a store card, check the card to see which bank actually issues it (Citi, Chase, WFN, etc.)
--were you joint users on the card, or was one of you an AU (authorized user) only? If so, which one of you was the AU? The AU would be the one who could use the card, but couldn't call the company and have them change credit limits, etc.
--is the card now closed, or at least is one of you off the card now?

Many halfway-decent CCC's will give you a one-time courtesy waiver of a 30-day late, especially if you have always been a good customer in the past. Once you get more info from others here about your options, you can call and ask. (I don't know how easy it is for you to get to a phone with your different time zone.) Be prepared with all your dates (print out statements if you can), and be as polite and diplomatic as possible. If you don't get help from the first person, ask for a supervisor, and just keep going on. If that fails, it will be time for GW (goodwill) letters, which you can do a search for on this site in the box up at the top right. Just type in GW letter.

But first post the stuff I listed at the top, and hold off until you get some feedback here. If you were AU on the card, I don't think you're responsible, but I don't know how the other scenarios work out. Good luck! (and God bless; stay safe.)

[haulingthescoreup]

You might wind up wanting to move your message and any replies over to the Credit Cards thread, by the way--I'd forgotten that it was on this long, long intro thread.

[Anonymous]

CAN SOME ONE PLEASE HELP UNDERSTAND....HOW!

My EQ FICO score dropped from 565 to 521 in less than two months...I pay my bills on time, even started paying off old collection accounts, and the latest excuse for my credit score decreasing is my mortgage balance decrease or the payment information is not current.  IT MAKES NO SENSE not only am I getting score droppings from paying off and disputing but I am getting score droppings from stupid things or things that are not clear as to the reason for the droppings.

Help me to understand how is my paying bills on time, paying off collection accts grounds for dropping my FICO score.

[RobertEG]

I am often amazed at the FICO score obsession that permeates this site.  FICO is a quick snapshot, but does not show the landscape.   The GENERIC FICO score is offered by those selling it, and often touting its holy mantra of demonstrating credit risk, .but without full explanation of its inherent limitations, which are manifest.   Lendors only buy into it a bit.  Its benefits to the lender are undeniable,  It is quick because it does not delve into the meat or soul of the applicant for credit.  It is useful primarily because it is a current, monthly snapshot primarily of payment history and credit balances. A small photo, indeed, but it answers the small, or large, question, has this dude or dudess made payments regularly in the past, and managed the credit extended to them successfully over time? .   But it does not show all the real dirty laundry hanging in the back yard, or from the venerable TrumpTowers.  The income of the applicant, or the millionaire villa secluded in Buenas Aires, are transparent ether to FICO.  Only the consumser seems to have been lulled into the Disney World dream that lendors rely upon it, and it alone, to make “good/bad” lending decisions.

I would LOVE to see the current FICO score of Sir Donald Trump!  Then maybe the apparent magic of FICO scoring would fade into the façade that supports it, and we peons would see the light.

One thing must always be recognized.  FICO is a generic and limited credit model score, meaning that it is based on the world of all consumers out there.  The real world of credit decisions don’t work that way.  Yeah, FICO tries to narrow its generic comparison down to more specific comparisons  by creating their "buckets," but these are still not market-specific. FICO buckets are limited primarily to age and history of the consumer, without consideration of their income, overall debt, age, etc.  It is just the starting point for any lender, and their decision process.  FICO begins to shrivel in importance when seeking any lender-specific type of credit, particularly if it is non-revolving, such as mortgage or auto, and the lendor has its own scoring model, which most do  Any major lendor has their own separate model to assess a "good/bad" risk decision.  They typically use decison-based models that first separate applicants according to categories not even considered in FICO modeling, such as residential status (rentor, home-owner, or living with mamma), income, debt to income, age, prior history on loan-specific accounts mortgage or auto loans, and other equity ferited away, and unknown to the Fair Isaac gods.   No lender equates FICO, in and of itself, as the criterion for a good/bad lending decision, and neither would I. So asking what FICO one needs for this or that loan or credit approval is only a prenuptial question that cannot be answered on this forum, but

[haulingthescoreup]

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@RobertEG wrote:
I am often amazed at the FICO score obsession that permeates this site.

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Why? This is a site for people who are interested in FICO scoring.

It's no more amazing to find "FICO obsession" here than football obsession in a sports bar, or NASCAR obsession on my living room couch, where my New Jersey-born DH is glued to the screen 10 1/2 months out of the year.

[Anonymous]

Do you know if a settled account will negatively affect your credit score? If you have a large debt which you can't pay all at once, and you need to improve your score quickly to get a loan, what would be the best thing to do if you can pay off 50% of it or settle it all for 50%?

[Anonymous]

Good Morning, I am a new user.  I purchased this program months ago and I hadn't taken the time to devote to really understanding why my finances are in such a mess; however, I am totally committed now.  I have 2 questions.... any information that you could provide would be much appreciated.

How can I increase my FICO score from 560 to at leat 650?

How can I post messages without replying to others. 

[haulingthescoreup]

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@Anonymous wrote:

Good Morning, I am a new user. I purchased this program months ago and I hadn't taken the time to devote to really understanding why my finances are in such a mess; however, I am totally committed now. I have 2 questions.... any information that you could provide would be much appreciated.

How can I increase my FICO score from 560 to at leat 650?

How can I post messages without replying to others.

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Hi, yolanda, welcome to the madhouse! For number one, we would need for you to post what's on your reports --CC's with balances and credit limits for each, whether you have mortgages and other installment loans, and baddies like late payments, collections, bankruptcies, etc. For number two, which is what you want to do for number one, click "message listing" to get back to the board and then click "new message" up at the top left.

I would recommend starting your thread on the General Credit forum, because this is a classic general credit question, and it gets a lot more traffic than this one. To move among the different forums (boards), click Fico Forums up at the top left, and then whichever forum you want.