FICO Magic Numbers

[Rebuilding101]

I'm not talking about unpaid debt, at least in my cases. All my debt is paid off.

[Jazzzy]

The piece I would add to your list under credit cards involves how many you let report. You should have less than half of your credit cards showing a balance. That said...my husband and I lose between 5-7 points each time we let 3 cards out of 7 report vs. if we have just 2 cards reporting. So, while it's "good" to have less than half report, I believe it's "best" to have as few as possible report.

I guess I don't see utilization exactly as you do. There is no way that I would see 29% reporting as "good." That's way too high for FICO scoring purposes.

[Anonymous]

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@RobertEG wrote:

There is absoluttely no regulated drop off date of " OC accounts" from your CR. Some may drop them at ten years after closing, but in my opinion, they should not.  Why?  Because FCRA 605(b) says, that for higher transaction inquirie3s, the creditor is entitled to your history back 'til the days of Moses.

FCRA 605(a) only regulates restriction of what a CRA can include in any credit reprort that they issue.  Any OC can report forever.  It is up to the CRA to then determine, under the provisions of FCRA 605(a), what they can and cannot post in your credit report.

Posting of a CA is a major derog, and until it drops at 7 1/2 years from the DOFD on the OC account.  Why would you expect continued delinquency on unpaid debt to give a favorable view of your credit risk?  Might it not be just the opposite?

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I wuold agree, as long as your score isn't affected by them at all after ten years...

I'm still getting dinged for all of my student loan TLs, even tho they've been paid off for 10 years now, because they have boosted my total # of TLs above 30.   I have no idea when/if they'll drop off my report.  The ding is small, but it's annoying.

[blacklotus]

AA of A!

Don't remove those old credit cards from your report.  When my credit was very bad I was able to get a credit card with a $500 CL.  I have long since paid this card off and threw it in my sock drawer and thought nothing else of it.  Amazingly I believe this card has helped me get my score above 700+ because it increased my Average Age of Accounts but at the time I didn't realize it.  I understand that there are ways to delete those but don't do it in the long run they will eventually boost your score.