Understanding FICO® Scoring

[LionLaw]

Just saw your new comment... the scores you're getting are not FICO scores; those scores are not used by lenders, and the scoring methods they use can be quite different from FICO. If this is something you're concerned about, buy a score report from this site, and you'll get a real FICO score with a full explanation of why your score is where it is.

[guiness56]

He did get his score from here. 

[derodge]

yes, I was on the Walmart site to pay off my credit card, it has a link directly to this site. So, i bought the full report.

[derodge]

i did this was what I pulled it from.   heres some of the info:  

It only says one thing "You've made heavy use of your available revolving credit."    But, then on the report it says credit utilization 8.5%    Total $45,000 used $3,850 

Why is high considered high?  

[llecs]

Overall it's good, but are any of the cards over 10%? You mentioned you were at 20% on some.

What other negatives are there on that 2nd page?

How recent is your most recent acct?

What are the positives on the other side of the page?

[derodge]

No, But  at one point I had one card over 60% which was the Walmart card only had a 1,500 limit.   I paid it off, then they increase it to 2,500.  Now it has $300 balance.   but I have visas, mastercards  they all have 5k limits and up.  I never use them. 

Everything looks good.   The report is All "A" and one B which is credit history -  oldest account is only 9yrs and 8 months old. 

[LionLaw]

With the history you've given us--good credit mix, low CC balances, no new accounts, few inquiries, no late payments, no public records, no negatives of any kind--it seems like your score should be considerably higher than the 680s. Something is not adding up here. I don't really know what to tell you.

[llecs]

A 'B' in credit history? That scoring system is a non-FICO (called VantageScore). Definitely don't rely on those scores or even advice. You can be in the mid 600s with those scores and still have FICOs in the mid to high 700s at the same time.

Why did they list that as a "B" though? If you purchased a report via myFICO look on the Accounts page. Look for any red flags. That'll be a good indicator of any specific accounts that are viewed as a negative.

[derodge]

Yeah, This has consfued me for years.  Now i am ready to buy a new car.  i should get the best rate. in fact the lowest.   What can I do?