You said: Well, I know you say that FICO doesn't understand modern credit card usage, but as long as you understand how FICO works, that's all you need.
I am so interested in learning the FICO way. Please, if anyone is willing to educate me on this process, I would be devoted to share with my family, friends and help anyone recover from the credit ignorance I grew up with.
Being the 3rd generation of unworthy creditors, I was never taught to save, never saw bills being paid, credit cards, my mom would avoid the bill collectors being a single parent, never had anything extra to enjoy and still struggles. I don't want this life. I want to break the cycle! I have been a single parent, no child support and I am trying very hard to educate my children on credit issues to break this cycle. My eldest son, graduated college, I helped him through school and now he is an Army Ranger he enlisted after graduation, excellent credit 700s. I feel so proud of that and that he watches his score. Daughter - poor checkbook, no credit cards, still in college, next son first year college, 3500 loan and no cards, one son still at home - he's the saver.
My fico is 610
Experian says 640
Equifax 618
TU uncertain
I have tried desperately to clean my CRs and had a number of things removed after a divorce.
Sent letters to DCs and had them validate so I came from nothing to 610.
I realize I have a long way to go, but I am certainly diligent and willing to do what the experts say.
If anyone would mentor me, I would be your best student.
Over one year - never late double payments to get out of debt.
take home is 65000 yearly
Amex 1000 limit - 400 balance
Orchard 930 limit 336 balance
Mastercard 1000 limit 300 balance
AnnTaylor 600 limit 82 balance
Express 650 limit 40 balance
Macys 300 limit 200 balance
Providian 1750 limit 700 balance
Beneficial - revolving that I cannot get out of 14,000 I have paid it every month faithfully but they charge me interest on the balance. I just didn't understand when I consolidated after a divorce to have some money to put my first of four children into a college.
Personal Loan high was 6,000 now 2,800 remaining
2 Auto loans 383 and 250 monthly
Mortgage 1100 monthly
Most all of these cards are due at the end of the month and often were used to support my family.
After the end of this month I expect to have all of them paid to zero or the lowest balances possible.
My holiday gift to myself.
3 badies on my report but today I just sent two checks for 35.00 and 37.00 to the creditors. Yes... 72.00 made my score lower. Hopefully they will delete, two medical bills unpaid.
There.. you all know my life.
Any suggestions on how to play the FICO game, payment methodology I am interested in learning and would be greatly appreciated from any seasoned FICO players.
Thanks to anyone who is willing to advise me how to start.