Hey everyone, recently I checked my current fico scores and they are TU-775; EQ-828; EX-828. I know that the TU is lower as it is based on the older model and if a newer model was used it would be closer to EQ and EX scores. I just wanted to see if anyone can give me some pointers on how to continue to manage my credit history. Based on the information below, is there anything I can change - add something? get rid of something? to try to reach 850 if that is even possible? Also in the info below under credit cards, the last one is a personal student loan I co-signed for. Why does it show up under revolving accounts rather then installment? Even though all credit cards show balance of 0, I try to rotate them and have at least one CC report a small balance every month.
Below is everything that is on my credit report - I do not have any late payments or anything negative on my credit reports. The info in red is closed/payed off accounts
Credit Cards:
Bank of America Visa
CL = 3,500,
Balance = $0
Individual account holder
Opened 10/2003
Bank of America MasterCard
CL = $24,000
Balance=$0
Individual account holder
Opened 12/2003
Chase Visa
CL = $6,200
Balance = $0
Authorized User
Opened 12/2003
Bank of America Visa
CL = $8,500
Balance = $0
Authorized User
Opened 7/2004
Care Card
CL = $5,700
Balance 0
Joint account
Opened 9/2004
Last Activity 11/2007
Account Closed by Credit Grantor
Macy’s American Express
CL=$10,000
Balance = $0
Individual account holder
Opened 3/2009
Macy's Department Card
CL=$2,700
Balance = 0
Individual account holder
Opened 3/2009
This is a student loan I co-signed for - why does it appear in the revolving accounts?
Polslv/Uas (Personal Student Loan)
(Considered as revolving account)
Approved for / Limit $75,000
Balance $26,814
Co-Maker/ Co-signer
Opened January 2010
Student loans:
Aes/Pnc
Loan Amount $5,500
Balance $1,392
Opened 8/2005
Aes/Keysto
Loan Amount $3,500
Balance $886
Opened 8/2004
Aes/Keysto
Loan Amount $2,625
Balance $664
Opened 9/2003
Natl Coleg (Personal Student Loan)
Aes – National Collegiate
Loan Amount $15,625
Balance $0
Opened 9/2006
Paid Off/Closed October 2010
Aes/Pnc
Loan Amount $8,633
Balance $0
Opened 9/2007
Paid Off/Closed October 2010
Aesconduit
Loan Amount $5,500
Balance $0
Opened 8/2006
Paid Off/Closed 12/2009
Aes/Keysto
Loan Amount $5,500
Balance $0
Opened 8/2007
Paid Off/Closed 3/2009
Natl Coleg
Loan Amount $10,526
Balance $0
Opened 8/2005
Paid Off/Closed 8/2008
Motorcycle Loan
Penneast
Loan Amount $5,000
Balance $2,229
Opened 4/2011
Car Loan
Wfds/Wds (Wells Fargo Dlr Svc)
Loan Amount $17,118
Balance $11,708
Opened 2/2012
Car loan
Toyota Mtr
Loan Amount $18,374
Balance $0
Opened 1/2008
Paid Off/Closed 8/2010
Any input on how to continue to manage my credit history would be great. I want to make sure I have enough history in future that even if some closed accounts get taken off my report im still covered in the long run. Thank you all for your input.
Keep a few credit cards and installment loans open for the rest of time and you're fine with your current habits.
It is possible to hit an 850 on the FICO '08 algorithms (it wasn't before this model, on either '98 or '04) but it's honestly irrelevant: don't toss out the good looking for perfection, when not a single lender in the world will care that you have a 760 vs. a 850 in the current market. Gold plated is gold plated, and by the time you get there it's everything else that matters from an underwriting perspective, not your FICO.
As for the one misreported tradeline, check on the bureaus reports via annualcreditreport and see if it's misreported there or it's something busted in the third party interpretation; otherwise you may want to clean it up but it doesn't really impact your score anyway given your file.
User5387 - Even though the balance on the credit cards say 0, it is to let you know I dont have any major balances on credit cards. I do rotate and use all of them and I try to have one credit card report a small balance.
That personal student loan that I am a co-signer on with balance of 33K+ should I keep that on my account as long as I can or should I let that person re-finance it by herself and have my name taken of off it? I do not worry about any late payments or the account having negative marks on it . I know she is allowed to have me taken off after two years and we are coming up on two years in a month.
Thanks
Thanks for all the input, now I know where I stand. I will just keep going with what I have so far and hopefully in few years it will only get better. Hopefully in few years I will be looking for a house or something so I should be set.
gh17 - the care credit card was closed down as I have not used it for years (that is what I am assuming). I was getting some work done at a dentist office so I opened it with my dad years go. I used it once and never used it again after words. After the period when creditors started closing credit cards and lowering limits that is when they closed this card. That is my take on it.