i have 4 revolving accounts
visa 15000cl
mastercard 5000cl
loc1 5000cl
loc2 7000cl
last month i had 0 owing on all my 4 accounts and my transunion score was 762 and the site says my score could be higher but There are too many recent inquiries on your credit report. last inqiury was december 28 2007
Your most recent account has not been open very long, my oldest account is 2 years and 8 months my youngest is 6 months old.
there is not enough activity to calculate my score using your accounts over time will increase my score, blah blah blah.
so this month i used my visa and mastercard i spent 1300 on the visa (was paid before the end of the billing cycle but due to the long weekend and slow electric power not doing the speed of light my full payment did not post till the day after the billing cycle ended.) 9% utilization.
i used the mastercard to buy some acdc tickets and i recieved the bill for that 495 which i will pay in the next week or so when i feel like going to the bank ,maybe. so that rouply 10% utilization on that card.
i check trans union today and my score is 708 and was given the following reasons why my score is not higher
There are too many recent inquiries on your credit report. When lenders review your credit report for the purpose of an application, a "hard inquiry" is placed on the credit report they checked. A few inquiries a year is normal, but may cause a temporary drop in your credit score. If you have many recent inquiries, lenders may assume that you are having financial problems. Avoid unnecessary inquiries by only applying for credit cards or loans that you are sure you want. (last inqiury was december 28 2007)Your most recent account has not been open very long. Time is one of the most important factors for a healthy credit score. The longer your accounts have been opened, the better they are perceived by lenders. Opening new accounts can cause your credit to appear unstable, because a record of responsible use has not yet been established for the account. Your credit score will improve as you keep your new accounts open, active and paid on-time. ( my oldest account is 2 years and 8 months my youngest is 6 months old.)
There are too many bank/national revolving accounts with balances on your credit report. High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35-50 percent, you could see your credit score start to drop. ( how do you get 35% utilization from owing $495 out of $5000? and owing $1323 out of $15000? ) Your revolving account balances are too high . High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35-50 percent, you could see your credit score start to drop.( how do you get 35% utilization from owing $495 out of $5000? and owing $1323 out of $15000? this $1323 is allready paid in full ) the total blances are $1818 total credit is 32000, 31182 is available. so about 6% utilization maybe 7% did the banks and wall street change the concept of math? (old way1+1=2) new and improved way (1+1=5 )
what a scam
transunion is so full of it, it pisses me off
thanks for any insight or links or somthing that explains this new way of doing math.
Message Edited by maddog7667 on 04-27-2009 01:21 PM
