Re: Trying to understand Fico scoring
10-05-2010 11:32 AM
GregB and all the others,
Thank you so much for responding to my questions.
Now, I will reveal something. In theory, it should have no effect and that is why I did not mention it. In the early 90's I got in trouble for to much credit. To many credit cards and high balances. I sought the help of credit counseling. They successfully wiped out a few high balances but this information was shown on my credit reports. This information has since long dropped off my credit reports(prior to 2004) My scores were way down prior to 2004. I vowed to never use credit card like I did.
So 16 months ago, when I saw my scores, two of which were 700 and 707, I was delighted. When I pulled my Fico scores last month, was fully expecting to see scores about 715-720 based on the last 15-16 months. You can see my disappointment. "The important part is that your score is headed up, not down." The trend is, it went down not up.
My theory is either the new mortgage is hurting me and can't see why or the system is "holding my feet to the fire" for the past transgressions which long dropped off my reports. I understand this should not be the case, my scores were in the 500's prior to 2004 and may be much slower to recover. In any event, just dose not seem right.