Re: Trying to understand Fico scoring
09-20-2010 09:37 AM
No change as stated above except bank credit card brought down from $2650.00 to $257.00, department store card with zero balance and new mortgage paid on time for twelve months. No new accounts, no dropped accounts, no new late payments or inquires and late payments are now 15 months older. (3 years 11 months old)
My three open accounts show "Status as of Sept. 2010" I thought this was normal on open accounts. All old accounts were not reported, total of 18. The 2009 reports on the 2 open accounts showed "Status as of June 2009" The mortgage did not exist. One curious thing: a department store account that was closed in 2002 and reported as such, shows Status as of Sept. 2010. After I closed that account in 2002, I have not used the card, however, I have made cash only purchases. This was reported the same way in the 2009 reports.
Credit at at a glance reads: Good, Very Good, Great, Very Good. This was the same in 2009.
The mortgage is one year old. I can only say that the loan officer told me on the phone my three scores were Fico. She stated "We only use Fico"
Not only am I surprised by my scores dropping, I had fully expected them to rise to the 710 to 720 range because of the positive factors in the 15 months separating the reports, I'm dismayed by my low scores in general. With only two delinquent accounts that are almost 4 years old, I would think they would be higher. I use my two cards to make small purchase, then pay off in same month to keep zero balance, at the same time making large over payments to bring the credit card balance down with a goal of zero balance. I can accomplish that in next two months.
With this kind of credit history, should 'nt my scores be at least 50 points higher?