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New Member
WOC67
Posts: 5
Registered: ‎08-27-2007
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Re: Credit Scoring 101 - START HERE!

Do you think you understand credit scoring – This is my wifes credit report

What is her score ?  All CRA’s are reporting the same – The oldest trade is 86 months

Why isn’t the score a 850?

15 Trade Lines ------  8 - Open Accounts

                                     7 - Closed Accounts

                                     0 - Derogatory Accounts               

                                     0 - Public Records

 

 

 

The 8 Open  Accounts consist of ……

 

a)    A mortgage – over 60 months old- M-1 – No negative comments

 

b)    An auto loan –over 24 months old  - 1-1 – No comments

 

c)   Three Bank Credit Cards  - All over 60 months old with no carry over balance      

       – each card is paid in full each month by the STATEMENT closing date.        

      Each card was used at lease ONCE in the past 6 months. 

           

            d)   Two store accounts both over 60 months old with no             carry    over balance –

       each card is paid in full each month by the STATEMENT closing date.

 Each card was used at lease ONCE in the past 6 months. 

 

             e)   Personal and utility account over 60 months old with no Balance – account

 is paid in full each month before the due date.

 

 

 

The 7 Closed Accounts consist of being 60 or more months old with no          

                  comments after the record. All accounts paid as agreed

 

 

                 There are no Derogatory Accounts or Public Records.

 

 

                 There is not more than ONE inquiry in the last 12 months.

 

 

-

John J. Hudock
New Member
WOC67
Posts: 5
Registered: ‎08-27-2007
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Re: Credit Scoring 101 - START HERE!

What is the HIGHEST score you have seen?
 
 
What is the LOWESTscore you have seen?
 
Thank You
John J. Hudock
New Member
WOC67
Posts: 5
Registered: ‎08-27-2007
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Re: Credit Scoring 101 - START HERE!

When do you start to get a deduction for TOO MANY credit cards?
 
What is the HIGHEST score you can get with only ONE open revolving tradeline?
 
 
Thank You
John J. Hudock
Super Contributor
MidnightVoice
Posts: 8,157
Registered: ‎03-25-2007
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Re: Credit Scoring 101 - START HERE!

"The oldest trade is 86 months" - short credit history.  Over 820 might need more than a decade of credit.
 
 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Member
WOC67
Posts: 5
Registered: ‎08-27-2007
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Re: Credit Scoring 101 - START HERE!

Does RAPID RESCORE really work and doesit interfer with the Months/Review factor?
 
Thank You 
John J. Hudock
New Visitor
teedy
Posts: 3
Registered: ‎08-28-2007
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Re: Credit Scoring 101 - START HERE!

[ Edited ]
I started repairing my credit 1 year ago. I have only 2 collection accounts on my credit account 1 from capital one 5 years ago, and one from Cingular wireless 4 years ago(both in charge off status)I want to purchase a home and was told that I could but I have to get the charge off paid. well I live in Louisiana and houses are getting higher and higher. I really wanna act soon but If I pay the accounts in settlements will is raise my score.
 
Ex:    577
Eq:    520
trans: 572


Message Edited by teedy on 08-28-2007 04:51 AM

Message Edited by teedy on 08-28-2007 04:51 AM
New Visitor
teedy
Posts: 3
Registered: ‎08-28-2007
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Re: Credit Scoring 101 - START HERE!

[ Edited ]
will paying off collection account in charge off statue boost your score,
eq: 520
trans:572
Ex 520


Message Edited by teedy on 08-28-2007 04:51 AM

Message Edited by teedy on 08-28-2007 04:52 AM
New Visitor
teedy
Posts: 3
Registered: ‎08-28-2007
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Re: Credit Scoring 101 - START HERE!

it's nearly impossible to get a 850 score, even Donald Trump score isn't 850
 
New Visitor
Diamonz
Posts: 1
Registered: ‎08-29-2007
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Re: Credit Scoring 101 - START HERE!

Tuscani- this information is well put together and I am certain you have lifted a burden off the shoulders of many people. Given today's money market and subprime loan fiasco, there are many people searching to rebuild their credit. :smileywink:
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Credit Scoring 101 - START HERE!



Tuscani wrote:


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.

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


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


Can you point me towards where it states by FICO that a paid installment (car loan) doesn't count towards your mix of credit? It would seem that having a paid for car loan would count as long as it appears on your reports.

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