Re: I'm surprised my credit score only went up 6 points when my bankruptcy dropped off my report. :
03-24-2012 02:56 PM
March 24, 2012 FICO® score: 718
The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.
Please note that a negative factor can be provided even if you are better than the national average on that factor. This means that there is still some room to work on this factor.
You opened a new credit account relatively recently.Your newest account was opened3 Months ago
FICO High Achievers [?] opened their most recent account 27 months ago, on average.
Your FICO score considers how recently you opened a new credit account. People who recently opened a new credit account are slightly more likely to miss future payments than those who have not.
What to do about this: Avoid opening more credit accounts at this time and as a general rule, if you don't need or plan to use credit, don't apply for it.
You have a short credit history.Your oldest account was opened10 Years, 6 Months agoAverage age of your accounts3 years
FICO High Achievers [?] opened their oldest account 19 years ago, on average. Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.
Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.
You have too many credit accounts with balances.Number of your accounts carrying a balance16 accounts
FICO High Achievers [?] have an average of 3 credit accounts carrying a balance.
Your FICO score considers the number of accounts you have with balances. For credit cards, even if you pay them off in full each month, your credit report may still show a balance on those cards. The total balance on your last statement is generally the amount that is shown on your credit report.
What to do about this: You should consider reducing the number of your accounts that carry a balance and keeping your balances low.
The positive factors listed here reflect areas of your credit behavior that are helping your FICO® score. You should continue the good practices listed here. These factors are listed in order of their impact to your score – the first has the greatest positive impact and the last has the least.
There is no evidence of a serious delinquency (60 days past due or greater) or derogatory description on your credit report.Number of your accounts that were ever 60 days late or worse:0 accounts
Only about 1% of FICO High Achievers [?] have a 60 days late payment or worse listed on their credit report.
The fact that you have no serious delinquencies or derogatory descriptions [?] on your credit report is a good thing. The presence of delinquencies and derogatory descriptions are powerful predictors of future payment risk - people with previous late payments are much more likely to pay late in the future.
You've recently been paying your bills on time.Your most recent late payment happened5 Years, 8 Months ago
Most FICO High Achievers [?], about 93%, have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.
While you have missed payments in the past, you have recently been paying your bills on time, which has helped your FICO score. Staying current with your bills will continue to help your score.
You've limited the use of your available credit.Ratio of your revolving balances to your credit limits7%
For FICO High Achievers [?], this ratio is 7%, on average.
Your FICO score evaluates your total revolving account[?] balances in relation to your total credit limits on those accounts. Your FICO score was helped because you've kept this ratio of balances to credit limits low.
Starting Score: 702
Current Score: 718
Goal Score: 850
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