08-30-2012 08:47 PM
"you have a serious delinquency .... " I have 2 accounts listed with 60 day lates, one is 6 years 1 month old, the other is 5 years 9 months old.
"There is no recent activity on your credit cards." That is wrong, I have 7 months of activity on my credit card.
Two accounts listed with red flags, the two just listed above, both old, one 6 years 1 month old and the other 5 years 9 months old.
I have 3 open accounts, all current with no delinquencies. The last delinquent account reported is 5 years 9 months old.
Postives: " you have a established credit history"
" Your paying bills on time"
" you have many accounts in good standing"
08-30-2012 08:53 PM
On the whole, 7 months on one CC isn't fulfilling that recent history. Seven months of reporting is very short. You'll need to give it more time. And that's not hurting you the most anyway. It's only a smaller part. The baddies are a major score drain based on what you mentioned. You might see a small increase once that CC hits a year, but there won't bee too much movement with those baddies reporting. Have you tried sending GW letters?
08-30-2012 09:32 PM
First of all, the 2 accounts, very old. Should have much less effect? Am I correct according to everything I read in these forums? After all 6 years olds?
My point, part of the score model is wrong, it says "I have no recent activity on my credit card." That is not correct. Because the model is not reading my activity, I believe that is why my score has not increased and that to is wrong. I want to report this and have that corrected. Can you tell me the best way to do this?
I'm a novice, don't understand some of your abbreviations. What are GW letters?
08-30-2012 09:51 PM
They hurt until the very end, depending on the reporting and depending on what remains on your CR. Some have seen large double-digit gains when their last baddie drops like a 90 day late, charge-off, collection, judgment, etc. My DW gained 30 just by having a paid CapOne CC CO drop at the 7.5 yr mark.
Based on the "Good" status for payment history and being at the #1 negative slot, there's a lot of weight there on those baddies.
Example letters - PFDs, GWs, DVs, etc.
If that CC is reporting every single month, 'OKs' are being added, and the status or reported date is changing monthly, and there's no dispute comment, then it's fully scored. 7 months isn't a lot of history, especially with only one CC. That comment could also be indicative of a lack of mix of credit. If you only have one CC, you'd gain by adding a second. You also won't see monthly increases for having a CC. You can go months/years without a change, especially with your current AAoA and length of history. But I bet you might see a bump with a 2nd being added. And as always, get all CCs to report $0 except for one and get the one to report a balance of under 9% of the CL.
08-30-2012 10:13 PM
Thank you so much for all your comments. I stopped using my cc after they increased the rate from 5.5% to 15.9%. Was paying everything with a debit card. 7 months ago, decided to use the cc and pay fast to avoid interest charged and only to show activity at suggestion of this forum. I have no need for a second card, would not use it. I'm 66 and retired, don't need to buy a lot of stuff as before at a younger age.
Still want to report the error, I have had 7 months of activity on my cc and for this new Fico cr to say " I have no recent activity on my credit card" is wrong! I want that corrected. I paid for the report and it s not accurate. How do I get it corrected please?
08-31-2012 04:25 AM - edited 08-31-2012 04:40 AM
When's the last time you used the CC?
ETA...I'll add that there are many FICO formulas out there and were developed via input from lenders. Whether you pull your report from here or your lender pulls it, you'll see the same thing. It doesn't change from person to person; it's uniform for everyone.
If you haven't used the CC in several months, then that can be a possible cause to the comment.
If you do use it regularly then I'd surmise the 7 months isn't long enough time. Using one CC for only 7 months doesn't show enough use. It's not an error.
BTW, you don't have to use a CC every month. Just at least once every 3-4 months. Use it for a cup of coffee or a pack of gum. In fact, to avoid temptation as soon as I get my CCs, I cut them up and only use the numbers to pay phone, gas, electric, cell phone, etc. That way I avoid temptation to use it at a store or blow through my budget.
And FICO would go up with the addition with the second CC. Again, you don't have to use it monthly. Just use it for a cup of coffee somewhere and pay in full or use it for a utility or automatic payment. Your FICO score would increase because the lack of mix is holding back your FICO.
08-31-2012 06:37 AM
One thing I noticed in this thread... OP said he is using the card and paying it off immediatly. So there is no Util reporting. That could be the reason that CR is saying the card has not activity.
Try to let $10 report on your statement and see what your credit score does after that.
08-31-2012 06:49 AM
If you read my first comment to start the thread, 7 months ago, I was on this forum, it was suggested that I start using my CC to show activity. It was said I would see a improvement in my score if I show CC activity. I did just that, for the last 7 months, I used it twice a month, then payed immediately. The usage generated statements from the CC holder. The last time the CC was used is this month and the new credit report was pulled yesterday.
The new credit report in fact reports the last August activity under the CC account, HOWEVER AND THIS IS MY POINT, IT INCORRECTLY STATES "YOUR CREDIT CARD SHOWS NO ACTIVITY ... " THIS IS INCORRECT. THIS IS PART OF THE SCORING MODEL AND THE MODEL IS NOT READING MY CC ACTIVITY!
You say 7 months is not enough, okay I will accept that, but THE REPORT IS SAYING I HAVE NO CREDIT CARD ACTIVITY IN THE SCORING MODEL! THIS NEEDS TO BE CORRECTED ON MY REPORT. I have proof to show I made purchases every month for the last 7 months. It is an error and needs to be corrected. If you can provide me with contacts to report this, I would appreciate it.
Look, I don't like using the credit card that I have, let alone a second one. I use a debit card for everything. I only started using the CC to show activity as suggested by this forum to increase my score.
08-31-2012 06:55 AM
The new CR is reporting the activity under the account, but the scoring part states " You have no activity on your credit card" that is what I am objecting to. The scoring model is not reading my 7 months of activity.
Thanks for your comment.
08-31-2012 07:02 AM
The problem with the scoring model is that it does NOT have access to your CC account. Only to what the CCC reports to them. So if you use it and pay it off before the statement date, the CCC is going to report $0 balance. So for 7 months the CCC has reported that you have a $0 balance, this looks like NO activity, no matter how many times you have maxed out the card and paid it off during the month. Does that make sense? I am not sure if I am explaining it well.