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New Member
cmd982
Posts: 5
Registered: ‎06-15-2012
0

Credit score hasn't moved

Hello all,

 

  I am new to posting here (mostly skulk around in the forums), so I apologize up front if I as some things that may be addressed elsewhere.

 

  I am at a loss as to why my credit scores will not increase. My current credit profile is as follows:

 

  7* Credit Card accounts (MC, Visa, Discover, AMX, and Sams Club card) - All currently have $0.00 balances and rarely go above 5%. Usually pay them off each month. Never carry a balance past 1 month. *One card is also a Co-branded MilitaryStar Card with AAFES account and MC account (2 lines on 1 card). Probably had that one the longest.

 

  1 Auto Loan - 1 1/2 years old now. Never late

 

  1 Personal Loan - A little less than a year old. Never late.

 

  3 Student Loans - Over 2 years old. Never late, currently in In-School Deferrment while I am pursuing a Master's.

 

  0 Mortgages -  I completed a short sale without being late on any payments in 5/2010. So it has been over 2 years.

 

  0 Collections

 

  0 Liens/Judgements/etc.

 

  1 Inquiry (for the Personal Loan) in 12 months.

 

  Average age of accounts 6 years. Total Credit Length 11 years 10 months.

 

  So with that set up, I am clocking in at TU-699, EQ-703, EX-712 (using their model).

 

  I have been stuck at these scores for close to 6 months now. From what I have read from forum posts and articles on this site, The installment loans are most likely having little effect on my score as I have never been late and paying them off won't really affect anything (maybe even drop it a couple of points). So, I am not sure what else to do to improve the scores. It isn't like I have a bunch of credit card debt to pay off or anything. I thought maybe the personal loan was causing the problem, but my credit score didn't take a hit at all when I got it (I consolidated some other debt into a personal loan, so I didn't add any more money). The FICO score simulator was useless for me, and the only reason I was given for negative impacts was due to the coding of my short sale (I believe because I haven't been late on anything in over 3 years.

 

  I want to get above 720 (or preferably 760) to get a good rate on a mortgage (plus, I've never been that high before).  Is there something I am missing?

 

Thanks,

 

CD

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Credit score hasn't moved

Looking at your FICO report, on pages 2&3, there's a list of items that help and hurt. If open to sharing, what's the #1 and #2 on the bad side? That's what you should focus on the month.

 

The new loan is/was a score drain. You might see a small bump when it turns a year.

 

Even if you PIF your CCs each month, make sure they report balances you'd like to see them report.

New Member
cmd982
Posts: 5
Registered: ‎06-15-2012
0

Re: Credit score hasn't moved

These are what they show:

 

1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

 

     I am guessing this is the Short Sale, because I don't see any 60 day or later on any of my accounts.

 

2. You have a short credit history.

 

    This one is odd because it says my oldest account is 11 years 10 months ago and my average is 6 years, but then say the average for high achievers ranges between 6 and 12 years.

 

3. You recently missed a payment or had a derogatory indicator reported on your credit report. Last missed payment: 2 years 1 month ago (same date as my Short Sale)

 

Both 1 and 3 seem to be talking about the short sale, because there are no other late payments showing within the last 3 years on my account, anything past that is a couple 30 day lates (not consecutive).

 

I would have thought I would have seen a boost in the score at the 2 year mark of the short sale, but I haven't seen anything move for months. My credit score rebounded quick after that because I was never late on anything else before during or after that.

 

CD

Community Leader
Valued Contributor
DaveSignal
Posts: 2,096
Registered: ‎07-29-2011
0

Re: Credit score hasn't moved

It has to be the short sale then.  I don't have experience with credit related to mortgage, but I would try to see if there is any way to get this status changed on your report.... or you will have to just continue waiting.

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New Member
User592954
Posts: 37
Registered: ‎06-16-2012
0

Re: Credit score hasn't moved

[ Edited ]

sudent loans IMO

only thing a little unusual

most with 750+ are way out of school and any student loans paid off

everything else is good

low debt on revolving

aged installment car

personal loan ... could be drag

student loans look like drag

if you get a mortgage that could help the mix, mortgages are big pluses

so too many installment loans IMO

5 installment loans to 7 cards seems like a bad ratio

they're usually high balance debt

so your income to debt ratio is out of whack probably

problem with going for advanced degrees

nice type of loan ratios are

1 mortgage

1 or 2 installments (1 auto and 1 student)

3 to whatever revolving

once you move outside the 'norm' you see weird fico's

so large debt to earning ratio is probably the biggest drag IMO

 

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
New Member
cmd982
Posts: 5
Registered: ‎06-15-2012
0

Re: Credit score hasn't moved

I had considered the student loans maybe being a problem. The only reason I haven't paid them off yet is I have a couple more years left of bonus payments from the Air Force Student Loan Repayment Program, which pays a percentage of my outstanding loans each year (up to $20,000) so I figured I'd let them pay the majority of it off, while I kept interest at bay (you know, free money and all that). But if is depressing my scores, maybe I should pay 1 or two off...

 

I guess it should also be said I make some decent money. My debt payments only make up about 7% of my income, so it isn't like they are stifling me. But I guess I could either pay off 2 of my student loans, or wait a couple months and pay off my personal loan. It's my understanding from an installment loan perspective, they like to see 2 years of current payments on a loan before it is paid off. So maybe the personal loan wouldn't be the best thing to pay off just yet.

Established Member
MsChybil
Posts: 19
Registered: ‎06-02-2012
0

Re: Credit score hasn't moved

As I was reading your thoughts about paying off your student loans, I wondered if the little bit of interest savings you would get with a "possibly" higher score, would make up for any free money you would lose by paying those loans off. Just something to consider.


Starting Score: EX 600, EQ 517, TU 623
Current Score: EX 689, EQ 585, TU 635
Goal Score: 720


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Regular Contributor
psychoinhell
Posts: 565
Registered: ‎06-12-2010
0

Re: Credit score hasn't moved

Student loans are installments and they do not affect Fico scores unless you are late or go into default.


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
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Frequent Contributor
tonyaether
Posts: 341
Registered: ‎06-04-2011
0

Re: Credit score hasn't moved

I have to disagree with student loans being the issue. I have a ton left to pay on my consolidated loans and they are not hurting my scores. I think the short sale is what is holding you back. The fact that its incorporated into 2 of your negative factors demonstrates that. I am wondering if there is anything you can do to maybe get that reported differently...maybe GW letter?

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New Member
cmd982
Posts: 5
Registered: ‎06-15-2012
0

Re: Credit score hasn't moved

Thanks for the response tonyaether, nothing would please me more than getting rid of that Short Sale. It really wasn't something I felt I had control over. I hadn't thought about a GW letter though. What do you think the likelihood is that they would accept one? I wasn't ever late and only sold because I had to move across the country for my job. I had tried for over a year to rent out the place before selling it, but with the economy the way it was (is) and that the house was in Nevada, I wasn't getting any takers (everyone was trying to get the hell out of there). Eventually, the neighborhood took a dive and I had to pay for fixing multiple vandalisms, maintenance, non serious buyers, and such before someone finally put an offer on the place, a year and a half after I moved.

 

Anyway, they took a pretty big hit (somewhere around 60%), so I am not sure how they would respond to the letter...


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