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New Member
Posts: 4
Registered: ‎03-02-2013
0

Key factors affecting credit score

Hello everyone.  I just pulled my EQ credit score and it was 802.  A couple reasons that are affecting the score are "The credit line on revolving accounts." , "The percentage of department store accounts or charge cards to all of the accounts in your credit file.", and "The total amount of outstanding balance on credit accounts."  Can you guys recommend a way to get my score even higher? 

Here is a little info:

1 mortgage account.  

5 revolving cc accounts.  2 chase, 1 amex, 1 discover, 1 checking account overdraft protection

0 department store cards

and no other accounts.

Total credit limit on the credit cards is about $15,500. 

No balance and paid in full every month. 

 

Also, never once a late payments, negative, etc. 

Any advice would be great.  Thanks!

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Key factors affecting credit score

Leave a very small balance to report $25 or so on just one card every month. Once that $25 hits your statement pay it in full as not to pay any interest still.

 

You are actually penalized for not having a small balance report on just one card. Having all cards report $0 is not good according to FICO scoring.

Good Luck
May all your dreams and wishes become a reality!
New Member
Posts: 4
Registered: ‎03-02-2013
0

Re: Key factors affecting credit score

Thank you for the info.  That seems to be the issue now that I have seen your post. 

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Key factors affecting credit score

Just keep in mind that the higher your scores are the harder it is to get them to improve.

Good Luck
May all your dreams and wishes become a reality!
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Key factors affecting credit score

OP, did you get your score directly from Equifax.com? 

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New Member
Posts: 4
Registered: ‎03-02-2013
0

Re: Key factors affecting credit score

Yes.  Straight from the EQ site. 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Key factors affecting credit score

I asked because the reasons you quotes don't appear to be FICO-related. Equifax.com does offer FICO scores, but the links to those services are largely hidden and the scores they push on Equifax aren't FICo scores at all; they are FAKOs called an "Equifax Credit Score". If it doesn't say "FICO" next to your score then it isn't. However, for many on here, their FICO is much higher than their "Equifax Credit Score" when compared the same day.

New Member
Posts: 4
Registered: ‎03-02-2013
0

Re: Key factors affecting credit score

I went back and looked at it again you are right, it does say Equifax Credit Score and not FICO.  My apologies for the misinformation.  Thanks for the clarification though. 

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