Wondering How TU is 655 With 3 Ca's (Exp 639 With 3). Is that normal?

[jbh]

Hey,

I am surprised my scores are so high considering 3 ca's (fall off next year entirely)
and limited CC history (oldest CC is 1 year). Is it due to my car loan paid in 2002 that's 8 years in history? Does it also mean I will get a larger boost when these are paid off?

Just curious. All things =, I would figure my scores would be lower. (EQ is 658 with 1 ca and no update on cc payment that will reduce util from 90+ - 6%)

PS. Fico thinks one of the ca's is 8 months old and another 2 years. Just fyi

Message Edited by jbh on 09-13-2008 08:08 AM

[haulingthescoreup]

I think that all it takes is one CA (or BK, or 90-day late, etc.) The scoring formula looks at the most recent one, and any other less recent derogs in the same category are pretty irrelevant.

Timothy has the insight on this one!

Message Edited by haulingthescoreup on 09-13-2008 08:36 AM

[Anonymous]

Yes- it all about how recent and how severe

SO you are getting beat down by having the presence of he CA (bucket) and then how recent (big diference between 9 months and 3 years)  and then you are being compared to others with older accounts and ratio of positive accounts to negative accounts.

Your scores seem right on track and very similar to my brothers (short history, no missed payments, few old paid colletions)

Expect a boost when your oldest revolving account reaches 2 years and when the CA's fall off. Just never be late.

[jbh]

Interesting. So should I assume that when I lose the first 1 (2nd oldest) not much of a jump takes place. When the 2nd one (most 'recent' falls off) a fair jump. When the 3rd (last) falls off (2+ years) a major jump? I recall being told the LAST one has the most impact but as you stated, the major ding is the recent one. (falls off feb)

Either way, is it safe to assume when the 3 are gone, my tu/ex can sniff 700?

TY

[Anonymous]

700 to 730 is quite normal with 2 year history and clean reports. So yes I think you can.

[jbh]

By 2 year history, do you mean overall? My overall will be 9 years in May due to the auto loan. Just fyi (Which is why I wondered if I was in that unique bracket)

Ty, guys. This made my day and gives me a lot to look forward to, hopefully.

[Anonymous]

The boost comes not from when they are paid off but from when they are removed from your report. You need to make sure you get a pay for deletion.

Your auto loan doesn't put you in a special category, it does give you much better history and help your average age be respectable. The presence of any collection on the report puts you in a baddie bucket, and the age of it and your other accounts effect how you are compared to others in your bucket.

An 8 year history with 5 year average age and a totally clean report with low utility should be above 760... though your limited revolving history, lack of mix, and low number of accounts could hamper you somewhat.

[jbh]

"The boost comes not from when they are paid off but from when they are removed from your report. You need to make sure you get a pay for deletion."

Right. But with my ny law (5 year removal when paid, long story) all 3 will be off. One this month when I pay it. (2nd oldest), Feb 09 the most recent and then May for the oldest. It'll be funny to pay the 2nd oldest first and likely watch it not climb in score at all.

Regarding the rest of your post, VERY informative and I want to thank you. Yeah, I can see my limited CC history being an issue. Even if I am not 760, just being 720 across the board with my auto history pushing me to a 10 year age bucket, before it falls off, wouldn't be too bad considering I used to be in the 500's not too long ago.

Thanks, guys.

Message Edited by jbh on 09-13-2008 10:43 AM