07-20-2007 04:07 PM
07-20-2007 05:00 PM
07-20-2007 06:32 PM
07-20-2007 06:44 PM - edited 07-20-2007 06:45 PM
RobertEG wrote:Late payments stay for 7 years, but slowly drop off in their effect as time wanders on. But 90 and 60 day lates are the absolute killers, and can still hit you for -40 points after almost two years. Monitor reproted collection accounts religiously. I have had two improper collection accounts removed from my report... it seems easy for the collectors to get them on there, and they backed down when challenged. Bankrputicies stay on for 10 years. New credit inquiries are a big hit, but easy to remove in only one year. Inquiries can cost you up to 85 points, with approx. -10 pts for each inquiry within the last six months, and -5 pts for each inquiry withing 6-12 months. So a big boost is to clear all credit inquiries by not having any within the last twelve months, giving you the max in this category or 85 points. Overall strategy is simple: dont cancel existing cards, get % revolving util below 10%, dont apply for new credit in the two year window, DONT have any late payments, and have at least one installment loan to show credit mix, which is another 85 points which can be lost without proper credit mix.. But late payments are the ahcilles heel for most, so make at least the min!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.