Understanding FICO® Scoring

[r92503lind]

Got another question....

Earlier this year I tried to get all missing history added for all three CB. My car loan was instead deleted and I just now got the account added to my EX report. Unfortunately I found this dropped my score by 10 points. It was the largest installment account I had an figuring I have paid on time for 15 months I thought it would raise my score.

Last month score was 642 and now is 632.

The only thing missing for this item is there is no balance history for Experian. Does this matter? All other information is the same otherwise.

Thanks!

Message Edited by r92503lind on 07-23-2007 03:52 PM

[Timothy]

it will help with time.

This is esp true in the begining of an installment account- where most of your payment is gong to intrest -

What was the Opening balance and current balance?

[r92503lind]

Opened April 2006 around 21K and currently showing at 17K. It shows 15 months of history at this point which I thought being such a large $ value would help since all payments have been on time and fought like hell to get it back on the report go figure it would lower it!!

[Timothy]

It will be worth it long term -
Does any of the reports indicate "High balances on installment accounts"?

at 80% goes to show there is no logic in credit scoring-

I figure you got placed back into a different group- means your ceiling is prob higher as well.

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r92503lind wrote:
Opened April 2006 around 21K and currently showing at 17K. It shows 15 months of history at this point which I thought being such a large $ value would help since all payments have been on time and fought like hell to get it back on the report go figure it would lower it!!

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[r92503lind]

No I checked the plus and minus evaluation for my score on the MyFico site and it does not list I am over limits or high utilization for installment. It does for revolving though. The "high credit" shows the original loan amount but the credit limit area for all my installment accounts on EQ is blank. My understanding is this does not affect the scoring. Is this correct?

[Timothy]

correct- I would not expect a Credit Limit on an installment account-

I guess you are stuck paying down those CC's now

[r92503lind]

Does it help to refi the car loan or pay down the car loan at all? My CC are nearly paid off to zero at this point. One thing I found that's interesting is a CC disputed in March is still in dispute not counting in scoring BUT shows on the report. I am afraid to fix this as I have 7 low limit cards with short history and figure this would hurt more than help.

[Timothy]

Time and having the CC balance report will help an amazing amount.

If you have all your other $ items fixed up - I would keep paying them (little extra does not hurt)

I would be concerned about an account still in dispute for 3 months.

What was the outcome you wanted with it to begin with?

I am also amazed what some people call "Low Limit cards" this could mean $300 and could mean $5K.

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r92503lind wrote:
Does it help to refi the car loan or pay down the car loan at all? My CC are nearly paid off to zero at this point. One thing I found that's interesting is a CC disputed in March is still in dispute not counting in scoring BUT shows on the report. I am afraid to fix this as I have 7 low limit cards with short history and figure this would hurt more than help.

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[r92503lind]

I tried to get all account history to show up thinking at the time that the more positive payment history the better the score. There was originally one or two months missing. The account has a limit of 500 and has a balance of 180 at the moment. When I say low limit I am thinking of most cards being between 250 and 500. One card is 700 and another is 1000. I am thinking I should get my relative to put me on as a AU to gain significant history for now as I am trying to get a home loan and have little history to offset some lates that I had a few years ago. I know someone that has a chase CC would this be a good account? I know capital one is bad since they only report part of the information. Thanks,