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Profile of High Score Achiever...Hope this helps others

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DI
Super Contributor

Profile of High Score Achiever...Hope this helps others

Payment History

35% of your score

A+

Credit Data:

  • 9 years of on time payments
  • No 30 day late payments
  • No 90+ day late payments
  • 0 negative records
Congratulations! Your credit report doesn't have any negative payment or public record information.

That's good news because you are earning all of the available credit score points in this category, and there are a lot to be earned. Since payment performance is the most valuable credit score category, this is a great start to earning and maintaining a solid credit score. Keep paying all of your accounts on time and avoid collections, public records or other derogatory information! Your credit score benefits significantly from your responsible credit management.

Please keep in mind that while you are earning the maximum amount of credit score points for this category that you also have the most to lose. If any serious negative information shows up on your credit report then you can expect your score to go down drastically. And, this type of information can remain on your credit reports for 7 to 10 years or longer in some cases so it could be a serious blow to your credit standing.

Take Action:
Avoid damaging your score. Online bill payment programs can help you schedule bills and pay on time each month.

Debt Usage

30% of your score

A+

Credit Data:

  • Debt-to-limit ratio is 1%
  • $313 in credit card debt
  • $24,100 overall credit limit
  • 6 accounts with a balance
Congratulations! Your credit report shows that your credit card debt is under control.

You've done a great job of using your credit cards responsibly and avoiding high balances. Utilization is one of the most important measurements in the debt category. This is calculated as the percentage of your total credit card credit limits that you are currently using. In your case, your overall revolving utilization is 1%. That's very good.

If your revolving utilization stays under 10% you'll continue to earn almost all of the credit score points available in this category. As that percentage goes higher, your score will go lower. It's a common myth that you only need to keep your revolving utilization 50%. That's absolutely incorrect. 50% is better than 60% but not as good as 40% or 1% like yours.

There's another common myth that could hurt you in this category: some people recommend that you should close your credit card accounts if you are not using them. However, closing accounts can cause your utilization rate to go up and your credit score to go down. If you have an old account you don't want, you may want to cut up the card but not close the account. Cutting up the card will prevent it from being used fraudulently but will leave you with the unused credit limit for your credit score.

There are a few different ways you can maintain a low revolving utilization rate. Keeping credit card balances low, increasing your credit limits or opening new credit card accounts for extra borrowing power could all work. However, the safest option is to maintain low balances on the credit cards that you are currently using. Opening new accounts or requesting credit limit increases could have a negative impact on your credit score.

Take Action:
Maintaining low balances is the key to success in the debt usage category.

Credit Age

15% of your score

A+

Credit Data:

  • 10 years of credit history
  • Youngest account is 1 month
  • Oldest account is 122 months
  • Average age is 58 months
Congratulations! You appear to have a well-aged and mature credit report.

There are two important measurements in this category. The first will assign a "birthday" to your credit report by looking at the date you opened your oldest account. This may be different than your "credit report established date." In your case that account was opened, according to your credit report, in 08/1999, which makes your credit report's age 10 years and 2 months.

The second measurement looks at all of the accounts on your report, takes the age of each of them and then averages them together. In your case the average age of your accounts is 4 years and 10 months. These are both excellent. Perhaps the best news for you is that you should always be in the "Green" group because the existing accounts on your credit report won't get any younger. You'll reap the rewards for being in this group as long as you have credit reports.

There's one thing that you should be careful about though. A myth that can negatively impact you is that you should try to get old, good closed accounts removed from your credit reports simply because they are closed. This is a very bad idea that can lower your credit scores. If you are successful in getting old, good accounts removed from your credit report then your credit scores might indicate that your report is younger than it really is. And the average age of your accounts could go down, and cause your credit score to do the same.

If you do have old accounts that are negative then they will automatically be removed from your reports when their statute of limitations has expired. The only time you should ever try to get accounts removed from your credit reports is if they are erroneous.

Take Action:
Avoid closing the oldest account on your credit report; this could damage your score. Instead, leave it open as long as possible.

Account Mix

10% of your score

C

Credit Data:

  • 17 revolving credit accounts
  • 0 mortgage loans
  • 1 auto loan
  • 13 student loans
You could be doing better in this category if you had a more diverse list of accounts.

But you're already doing fairly well because you don't have any finance company accounts. Finance company accounts are generally considered to be higher risk lenders who target higher risk customers. As such, consumers who have finance company accounts on their credit reports could suffer lower scores.

If you ever have a mortgage that shows up on your credit report then you will do even better in this category. The reason is that studies show that consumers who have mortgages are more stable than consumers who do not. And, credit scores will reward you because of that stability.

To do well in this category consumers have to have a record of experience with several different types of accounts. There's one thing that you should be careful about though. A myth that can negatively impact you is that you should try to get old, good closed accounts removed from your credit reports simply because they are closed. This is the same myth that can negatively impact your credit age.

Remember, it's a very bad idea to try and get good accounts removed from your credit report because it can lower your credit scores. If you are successful in getting old, good accounts removed from your credit report then your credit scores might indicate that your report doesn't have the diversity in accounts that is necessary in order to earn a lot of the points from this category.

Take Action:
Avoid applying for in store financing offers. These deals may help you pay for a big purchase but they can also damage your credit score.

Inquiries

10% of your score

A-

Credit Data:

  • 19 total inquiries
  • 0 recent inquiries on record
  • 19 old inquiries on record
  • Last inquiry: 04/2009
Congratulations! Right now your credit score is safe from inquiries...and not everyone can make that claim.

Some types of inquiries can lower your credit score if they've occurred in the past 12 months. The good news for you is that you don't have any.

There is really only one important measurement in this category. It's the number of inquiries that are a result of you applying for credit in the past 12 months. Since you don't have any you don't need to worry.

However, there will come a day when you want to apply for new credit. And before that day comes you don't need to panic, you need to plan. If you are going to apply for a mortgage or auto loan then you will want to do all of your "shopping around" in a 14 day period because all of those inquiries will only count against your score once. There are some credit scores that will even allow you to do all of your shopping in a 45 day period.

The point is that you shouldn't panic just because you end up with some inquiries on your credit report. If you plan ahead and shop around in the shortest possible time frame then you will minimize the damage to your scores. And, since inquiries can only hurt your scores for the first 12 months they're on your report, any damage they do is very temporary.

Take Action:
Only apply for accounts when you really want them and know you have a good chance of being approved. Moderation is key.

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Profile of High Score Achiever...Hope this helps others

Heres mine   

 

Payment History

35% of your score

A+

Credit Data:

  • 5 years of on time payments
  • No 30 day late payments
  • No 90+ day late payments
  • 0 negative records

 

Debt Usage

30% of your score

A+

Credit Data:

  • Debt-to-limit ratio is 16%
  • $679 in credit card debt
  • $4,125 overall credit limit
  • 2 accounts with a balance

 

Credit Age

15% of your score

A-

Credit Data:

  • 8 years of credit history
  • Youngest account is 2 months
  • Oldest account is 96 months
  • Average age is 50 months

 

Account Mix

10% of your score

F

Credit Data:

  • 2 revolving credit accounts
  • 0 mortgage loans
  • 0 auto loans
  • 4 student loans

 

Inquiries

10% of your score

C-

Credit Data:

  • 4 total inquiries
  • 1 recent inquiry on record
  • 3 old inquiries on record (mortgage pre-approval)
  • Last inquiry: 08/2009

 

Overall score: A

I have a score better than 148 million people (woot!)

Message Edited by M4c on 10.26.2009 08:54 AM
Message 2 of 4
llecs
Moderator Emeritus

Re: Profile of High Score Achiever...Hope this helps others

Is this from Credit.com? I found that their FICO score estimator was off by 75 points, if I recall correctly, as compared to the real deal when pulled the same day.
Message 3 of 4
DI
Super Contributor

Re: Profile of High Score Achiever...Hope this helps others

My TU FICO was 771.  So it could be off by many points, but CK did state the scores are estimates. 
Message 4 of 4
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