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Question on Deragotory descriptions

Question on Deragotory descriptions

Hello,
 
I am new here. A few questions:
 
How much does narrative description codes impact fico score? I had financial problems in 2003 to 2004 for about 6 months. I had lots and lots of late payments. Total number of late pays is 40. I haven't had any recent late pays in 3 + years. My mortage shows with a red flag and as having a historical negative (along with all the paid off credit cards which also show they were negative at one time). My mort company says they aren't reporting any type of negative status on the account. Can I get this changed to improve my score?
 
Also I only have one credit card with a balance of 39.00 against a 500 limit. Will I improve my score if I open up a second secured card with a higher limit? Does a person need more than 1 credit card with low usage or is 1 enough?
 
PS-How come when your score jumps it always seems to fall shy of putting you into the next lower interest rate bucket?
 
TR 628 EQ 633 Exp 639
1 REPLY
Moderator Emeritus

Re: Question on Deragotory descriptions

Your mortgage in now in a ok\current staus-
However- if you were late in the last 7 years it will be treated as (experian says it best) "Potentialy Negative items"
 
Your scores should allow you to open an unsecured card-
or see if you can add to the deposit to increase the CL-
 
PS-How come when your score jumps it always seems to fall shy of putting you into the next lower interest rate bucket?
 
I thought it was just me?

angelathree9191 wrote:
Hello,
 
I am new here. A few questions:
 
How much does narrative description codes impact fico score? I had financial problems in 2003 to 2004 for about 6 months. I had lots and lots of late payments. Total number of late pays is 40. I haven't had any recent late pays in 3 + years. My mortage shows with a red flag and as having a historical negative (along with all the paid off credit cards which also show they were negative at one time). My mort company says they aren't reporting any type of negative status on the account. Can I get this changed to improve my score?
 
Also I only have one credit card with a balance of 39.00 against a 500 limit. Will I improve my score if I open up a second secured card with a higher limit? Does a person need more than 1 credit card with low usage or is 1 enough?
 
PS-How come when your score jumps it always seems to fall shy of putting you into the next lower interest rate bucket?
 
TR 628 EQ 633 Exp 639