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Established Member
Posts: 18
Registered: ‎09-22-2008
0

those with credit scores near or over 720

For those with credit scores around 720 or above.  Congratulations.   My Transunion and Equifax credit scores are 705 and 702 respectively.  So im on the right trail i believe in joining the club.

 

 

My question for this group is how many dings do you have on your credit report, and what type are they?

 

Personally i have three late pays 60 days or more, 1 collection, 1 inquiry in the last year, So by knowing whats on your report on a summary levell, hopefully i can guage how close i am to making this 15 point increase in my two FICO scores.    Any help you would give me would be appreciated. 

 

                             

Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: those with credit scores near or over 720

Dings as in baddies?

Or dings as in overall inquiries?

 

If you meant baddies, then I have none.

Inquiries, just 2.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Established Contributor
Posts: 650
Registered: ‎03-01-2012
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Re: those with credit scores near or over 720


freeneasy2001 wrote:

For those with credit scores around 720 or above.  Congratulations.   My Transunion and Equifax credit scores are 705 and 702 respectively.  So im on the right trail i believe in joining the club.

 

 

My question for this group is how many dings do you have on your credit report, and what type are they?

 

Personally i have three late pays 60 days or more, 1 collection, 1 inquiry in the last year, So by knowing whats on your report on a summary levell, hopefully i can guage how close i am to making this 15 point increase in my two FICO scores.    Any help you would give me would be appreciated. 

 

                             


My report is clean.  DW's  one accoutn with 60 day late (5 years old) 


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Established Member
Posts: 18
Registered: ‎09-22-2008
0

Re: those with credit scores near or over 720

you shared in your response some remarkable increases of about 100 pts on your equifax to 40 to 60 on the others.  how did you achieve should large changes in your fico over perhaps 4 months or more?

 

 

Established Member
Posts: 18
Registered: ‎09-22-2008
0

Re: those with credit scores near or over 720

i was usings dingies to refer to baddies, such as late pays and collections.   I currently have one inquiry for a refinanced home mortgage which should go off shortly dated 3/17/11., but baddies for cosigned student loans of my son and one outstanding collection.

 

its possible the student loans will go off soon and a collection not scheduled to be removed until august of 2013.

Regular Contributor
Posts: 197
Registered: ‎06-08-2011
0

Re: those with credit scores near or over 720

0 Baddies.

 

TBC

AUDE VIDE TACE :
Starting Score: 684
Current Scores: EQ 796 TU 794 EX 750 (All lender pulls on 2/9/12)
Goal Score: 800 all 3
Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: those with credit scores near or over 720

I upped my score by having a charge-off removed from my CR. It was the only one I had. That and bringing down my overall utilization from 50% to 36% to 28% helped considerably.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Valued Member
Posts: 128
Registered: ‎03-14-2012
0

Re: those with credit scores near or over 720

I have 2 30 day lates from 2005 and 2006 and 5 inquiries: 2 from this year and 3 from 2010.  I have 0% utilization and $6k left in installment loans (I think that is what they are called).  


Starting Score: Same as current
Current Score: Transunion 786, Equifax 793 (March 15, 2012)
Goal Score: 800


Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
0

Re: those with credit scores near or over 720

720 Classic FICO is just about exactly the median score.

 

Almost impossible to get there with a collection or other major derogatory.

 

Inq is not your problem, nor is older 30-60 day late.

 

Mega Contributor
Posts: 19,831
Registered: ‎03-19-2007
0

Re: those with credit scores near or over 720

[ Edited ]

+1

FICO tailors its scoring algorithm based on a general "categorization" of your credit file.  That tailoring is referred to as "rebucketing" on this site.

Just what those buckets are and their specific effects are deep, dark secrets known only to Brother Fair Isaac.  However, two general categorizations are fairly apparent.

First is a "clean" credit file, and second is a "thick" credit file.

 

A clean credit file refers generally to one having no major derogs.  30-lates, unless multiple, wont put you in a dirty bucket, and the same most likely also applies to 60-lates, particularly if old.  Kinda murky, but little question that a collection will keep your file "dirty."

While still in a dirty bucket, scores up to the low 700 level seem to be about the max.  So I agree that moving into the 700+ level will be tough until your credit file become void of major derogs.  Then the fruits of the labor will be easier to reach.

 

Consumers with "thin" vs "thick" credit files are much harder to risk-analyze.  "Thick" files generally refer to those with at least 3 active trade lines and multiple revolving accounts.  Until that degree of predictive data is present, it is tough to do a solid risk analysis.  I would surmise that anyone who has reached the 700 level will already have a thick credit file, leaving the "dirty" to clean up.

 

With a file containing multiple 60-lates and a collection, I would predict that further upward movement will be difficult until at least the collection is gone.

I would put all my efforts into the deletion of the collection.  Steps to remove it will be very difficult unless it has at least been paid, or you are willing/able to offer a PFD as incentive for deletion.  How old is the collection?  Paid or unpaid?  Have PFD or GW offers been made?

 

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