05-15-2007 09:09 AM
05-15-2007 09:23 AM
Brittanimv wrote:I'm new to this board but really find all of the postings so insightful.I have been reading up to better understand how FICO scoring works. I have become frustrated with the vague terms in so many articles.For example, how "new" is new credit? 6 months? a year?Some of my questions include:What period of time with on time payments on all accounts must pass before scores begin to rise?As delinquent items and collections age, how much impact do they have? At 5 years? 6 years?I read that recency of accounts were past due makes a difference. How much of a difference? How recent?Does utilization take into account closed accounts with balances?Does utilization consider installment loans like student loans?Does history length include closed accounts with a balance?Can anyone help provide spcifics to these questions??? Thanks
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.