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Valued Contributor
Posts: 1,238
Registered: ‎07-18-2009
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Re: Fico Score did not improve after 7 month credit card activity

First, the two 60 day negatives are what is lowering your score. They lower it much more and much longer than a single 30 day negative. Having two negatives puts you in a particular category. On top of that recent v non-recent use of revolving credit shifted things. FICO scoring is statistical and not absolute. FICO has no memory of prior FICOs or what category resulted in those scores.

 

FICO scores also produce a list of factors, in order of impact but they don't ascribe weight to them other than that they are in order. Since the two negatives are, based on what I've seen from others and experienced myself, the dominant score killers, the remaining items in the "what's hurting your score" list are likely contributing a rather small portion to your score. Possibly only one or two points.  It's just that scores are reported with a list of items, in sequence, that negatively impact your credit no matter how minimally.

 

Once they are gone your score would likely be over 780. That's what happened to me. I was stuck around 710-720 then it popped to 780 when the last severe neg dropped.

 

And the negative reasons re-shuffled. Prior to that I also had a "short history" as a negative while of course the first negative, was the baddie. My interpretation is that a longer credit history was the only thing that would have helped the score so long as it was impacted by the negs.

 

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Regular Contributor
Posts: 233
Registered: ‎08-05-2010
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Re: Fico Score did not improve after 7 month credit card activity

[ Edited ]

I think you have gotten some very good information here.  We, as consumers, can only understand and apply so much about FICO scoring.   Stop trying to "apply logic" to a complex set of mathematical algorithms which the consumer is not privy to, and never will be.  Applying magical thinking would be just as fruitful.  Very frustrating!

New Contributor
Posts: 61
Registered: ‎09-19-2010
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Re: Fico Score did not improve after 7 month credit card activity

What I I learned: the credit card account with the comment in place caused the scoring to egnore the account completely, as though it was not there. 

 

Once the comment went away, scoring "saw" an account with a $13,000.00 credit limit and zero balance. This credit was now in Fico's scoring equason and bumped me up 12 points.

 

I have a difficult time with a non human machine telling me on the one hand  that I have great credit history and rates it as a positive factor, then 35 days later, without impunity changes it's mind and downgrades me and penalzes me on paper as a negative.  Yes, some mathematical alogrithim gone wild!

 

 

 

Valued Contributor
Posts: 1,698
Registered: ‎01-05-2010
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Re: Fico Score did not improve after 7 month credit card activity


fico64 wrote:

 

I have a difficult time with a non human machine telling me on the one hand  that I have great credit history and rates it as a positive factor, then 35 days later, without impunity changes it's mind and downgrades me and penalzes me on paper as a negative.  Yes, some mathematical alogrithim gone wild!


 

Does your negative factor look something like the image below? It's a couple of years old; a new card had reported, but my oldest card and AAoA in whole years had not changed.

 

short-credit-history.jpg

 

Never underestimate the power of denial
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New Contributor
Posts: 61
Registered: ‎09-19-2010
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Re: Fico Score did not improve after 7 month credit card activity

[ Edited ]

Exactly. First report, 35 days ago said 25 years, 3 months on top and 10 years on bottom. Postive.

 

              Yesterday's report, said 25 years, 5 months on top and 11 years on the bottom. Negative.

 

In both cases, newest account is 3 years, 3 months old.

New Contributor
Posts: 61
Registered: ‎09-19-2010
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Re: Fico Score did not improve after 7 month credit card activity

Well I'm back after a year and a half. Happy to report my score jumped 101 points to 808, 802 and 805. ETE.

 

Now I have a new question. I ordered the 3 score/ report today, June 4, 2014 and found an inaccuracy in the Experian report.  I have an old closed account from May 2005, also last activity. Experian is still reporting a negative comment "Account payments managed by Debt Counciling Service"  I was monitoring my Equifax report separately and in a  October 12, 2012 report, Eqifax dropped the prior later payments and this comment. 

 

Today on the 3 report/ score Eqifax and Transunion did not show this statement only Experian Why? It is 9 years, 1 month old. All 3 reports are reporting zero negative factors, but Experian still shows this negative comment. I thought negative items are eliminated after 7 years.

 

This statement has the potential to raise a red flag when we apply for a new home loan on a new house next year. I remember we had to write an explanation letter 5 years ago when we applied for our current home loan because of that statement.

 

If I dispute this with Experian will I have a problem? Also a prior experience with a dispute caused my score to go down temporally.

 

Thank you.

Established Contributor
Posts: 785
Registered: ‎04-24-2014
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Re: Fico Score did not improve after 7 month credit card activity


fico64 wrote:

Well I'm back after a year and a half. Happy to report my score jumped 101 points to 808, 802 and 805. ETE.

 

Now I have a new question. I ordered the 3 score/ report today, June 4, 2014 and found an inaccuracy in the Experian report.  I have an old closed account from May 2005, also last activity. Experian is still reporting a negative comment "Account payments managed by Debt Counciling Service"  I was monitoring my Equifax report separately and in a  October 12, 2012 report, Eqifax dropped the prior later payments and this comment. 

 

Today on the 3 report/ score Eqifax and Transunion did not show this statement only Experian Why? It is 9 years, 1 month old. All 3 reports are reporting zero negative factors, but Experian still shows this negative comment. I thought negative items are eliminated after 7 years.

 

This statement has the potential to raise a red flag when we apply for a new home loan on a new house next year. I remember we had to write an explanation letter 5 years ago when we applied for our current home loan because of that statement.

 

If I dispute this with Experian will I have a problem? Also a prior experience with a dispute caused my score to go down temporally.

 

Thank you.


Contact Experian and have them remove the comment. It will take approximately 45 days for it to stop showing.  Remember they use your middle score when you apply for a mortgage loan. 



Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Goal Score: 800+ on all three Bureaus
Garden since 11/26/14 -- In the garden until 6/2016

New Contributor
Posts: 61
Registered: ‎09-19-2010
0

Re: Fico Score did not improve after 7 month credit card activity

[ Edited ]

Re: negative comment on my Experian report as per my last post below.

 

 

I contacted Experian today. Spoke with two customer service representatives and finally a manager. No resolution. Long telephone conversation.

 

i queried them under this federal law: 

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

  1. (1)  Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

  2. (2)  Civil suits, civil judgments, and records of arrest that from date
    of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.

  3. (3)  Paid tax liens which, from date of payment, antedate the report by more than seven years.

  4. (4)  Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.5

  5. (5)  Any other adverse item of information, other than records of convic- tions of crimes which antedates the report by more than seven years.

     

    in particular, sub-section (5)  

    Any other adverse item of information, other than records of convic- tions of crimes which antedates the report by more than seven years.5 

     

    The manager refused to delete  this negative comment. He said the only way was to file a dispute with the creditor. For the reasons given in my last post, I said it would be adverse to me to do so and would only cause more problems then it was worth. (My score went down when I filed a previous dispute and that dispute comment stayed on my credit reports for 8 years until I requested the dispute comment be removed. When it was removed, my score went up.) I said under law and the above section, Experian was required to delete adverse comments two years ago. The manager did not agree, telling me that under their governing rules they were not obligated to remove the comment.  I asked why did Eqifax and Tranunion remove the comment but not you? He said it was there choice. I asked him, would you want to see that on your credit report? He said, I can't tell you that. Of course he wouldn't.

     

    IMPASSE!

     

    Should I file a complaint with the Federal Trade Commision? If not, your suggestion?

     

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