Understanding FICO® Scoring

[Billiondollarman]

I pay all my bills on time and I use about 20% of my credit limit so why is my score going down when it should be going up?

[Tuscani]

Can we get more details? What are your scores? What all is on your reports?

[LadyFICO]

Do you have all 3 recent credit reports? Much more details are needed like do you already have high scores and they are going down? Do you have collections/charge offs that have been recently deleted/removed?

[Billiondollarman]

I have equifax scorewatch and my score went up 11 points about a month ago then all of a sudden it dropped 5 points then 6 so I back to where I've started. This is the reason from Scorewatch that the score wwent down:

New negative factors hurting your score

You have 1 new problem(s) hurting your score:

• The length of time your accounts have been established is relatively short

I don't know what this means and the only thing that I can think of that changed is that an old charge off account that I had from about 7 years ago fell off. I think this Fico score is a ripoff. Thank you all for any help you can provide.

[HouseHunter]

The same thing happened to me not long ago.  My last old charge off dropped from my report and it raised one score by 98 points, raised another by 36 and lowered the third one by 43 points.  The only reason it raised the one score is that I have an even older positive still listed on it.  I have no idea why it raised the second score because I had the same TL reporting as on the report that dropped by 43 points.  I found that to be rather odd but I'm certainly not going to complain about any increase in score.

If you didn't have any other older tradelines, that problably is the reason for your decrease.

Message Edited by HouseHunter on 05-06-2007 05:44 PM

[smallfry]

BDM I saw the same thing this morning when I got my EQ Scorewatch report. It makes sense if you think about it. Since I had a BK 7 years ago the age of my new CC's are only 7 years old. As I look back I think what hurts the worst about the BK is losing two CC's with 30 year history each.