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
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