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madriley
Posts: 69
Registered: ‎03-07-2007

My Fico score went up 29 points today!!! But why?

My MyFico went from 597 to 626 which puts me in a whole new bracket as far as home loans go! Anyway, the alert said that something changed on my ex-wife's car loan (I'm the cosigner unfortunately.) I've had the loan since about August of 2005. There have been 2 30 day lates (OUCH!) in March and April of last year. Anyway, I am wondering what could have changed. I can think of 2 things. Could it be that my last 30 day was a year ago this month? Although, I don't know how that could be because I haven't paid March's payment yet. I usually call when it's 25 days late to see if my ex has paid it. If she hasn't I pay it and collect on it. Here's the other possibility, I refreshed my report on TrueCredit, and on Equifax and only on Equifax the account type is listed as "Auto Loan (obsolete)." I have never noticed this before so I am not sure if it was there or not before but I don't think it was. What could "obsolete" mean?
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Brammy
Posts: 5,436
Registered: ‎03-10-2007

IT is possible that your accunt has reached some new 'age...


IT is possible that your accunt has reached some new 'age' bracket and the thirty day being a year most probably factored into it.  The FICO seems to like 6,12 and 24 month marks as benchmarks for good behaviour.

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