05-12-2008 04:06 PM
I was wondering if you might be able to answer a couple questions I have pertaining to my FICO credit score…? Until recently I had no credit score at all. I would apply for credit cards so I could build credit – but it was a vicious cycle – I didn’t have any credit so no one was willing to give me a credit card. Anyway, I ended up asking a good friend of mine to co-sign me for a motorcycle. A couple weeks ago I signed up with myfico.com and got my equifax FICO score and credit report. My credit score is 638 It looks like the big problem (aside from the fact that the average age of my account is only 5 months…) is that this 7,500 dollar motorcycle is on my credit report as revolving credit. I have learned that 30% of one’s credit score is based on their credit limits – and the ratio of my revolving balances to my credit limit is 89% because of the motorcycle! So I’m wondering two things: First, is it possible to refinance this motorcycle as an auto loan rather than have it reported as revolving credit? And second, what would happen to my score if I did this? I have two accounts total: this motorcycle account from 7 months ago – and a credit card I was approved for in February. It has a $0 balance now. Anyway, don’t want to talk your ear off – was just hoping for some advice because I have no idea what to do about this! 638 is just terrible
05-12-2008 04:10 PM - edited 05-12-2008 04:14 PM
05-12-2008 04:19 PM
05-12-2008 10:03 PM
05-13-2008 11:25 AM - edited 05-13-2008 02:21 PM
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