Understanding FICO® Scoring

[mwill]

Tuscani - great job!  Do you know which credit bureau will stop calculating AU 9/2007?

[Tuscani]

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mwill wrote:

Tuscani - great job!  Do you know which credit bureau will stop calculating AU 9/2007?

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Nope.. but I have heard rumors it will be EX.

[Tuscani]

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ellensguy wrote:

I have utilities in my name, and I have purchased an automobile some time ago.

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Ok.. I would start by getting a secured card or loan from your local bank.

Keep in mind that building your credit will take several months.

[oracles]

thanks great info, can you answer if it makes a difference to pay a little more than the minimum due?

[Tuscani]

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oracles wrote:
thanks great info, can you answer if it makes a difference to pay a little more than the minimum due?

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Depends... Payment history and util are almost equally important. I would pay the min to avoid a late payment.. but I would pay above my min (if possible) to avoid finance charges and decrease my util.

[jaxsk8mom]

I need to know which scenario will raise a FICO score higher/quicker: 1. Sell vehicle and pay off car loan (4 payments remaining). Loan will showing as paid off which is less debt owed, but there will be no more "on time payments" history on this account. 2. Keep vehicle while continuing to make payments on time.

[oracles]

thanks Tuscani, great info as usual. I am learning so much from all of you guys.

[Tuscani]

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jaxsk8mom wrote:
I need to know which scenario will raise a FICO score higher/quicker: 1. Sell vehicle and pay off car loan (4 payments remaining). Loan will showing as paid off which is less debt owed, but there will be no more "on time payments" history on this account. 2. Keep vehicle while continuing to make payments on time.

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Probably wont make much (if any) of a difference.

Message Edited by Tuscani on 08-21-2007 03:53 PM

[ehertsch]

So as I'm becoming more long term in my financial planning, I'm keeping a closer eye on my credit. Due to some poor decisions in college, I have a credit card with some serious delinquencies on them, the most recent one being 10 months ago. Since then, I have All of my accounts paying on time. My credit usage is around 26%, which I know hurts me a bit, but not too much. I would really like to get my scores up above 700. Right now they range from 654 - 685. Of course, the serious delinquencies is what hurts me the most. Everywhere I read, it says that paying on time every month and those delinquencies will go away. I also read that they totally disappear after 7 years. My question is, how soon, and to what degree as time passes can I expect them to have less of an impact on my credit score? Does any one have any personal experiences or knowledge on this subject? Thanks

[SilverWolf]

THANKS A LOT for taking the time to do all this... it's EXCEPTIONAL! THANKS, Paul