Re: What am i doing wrong?
02-25-2013 07:36 PM
whats your mix look like? have an installment or two in there?
lower util if you can. all 0 bal, with 1 at 9% or under (but not ALL 0 bal). seems to be the magic combo for max gain.
GW any lates...some would work with you if not a long string of KDs.
GW the pd COs.
does the repo have a deficiency bal? if not, try GW. if so, try PFD.
Know what makes up FICO score, and how its weighted in the algorithm ("fico model"):
Payment history (35%)
The first thing any lender wants to know is whether you've paid past credit accounts on time. This is one of the most important factors in a FICO® Score.
Amounts owed (30%)
Having credit accounts and owing money on them does not necessarily mean you are a high-risk borrower with a low FICO® Score.
Length of credit history (15%)
In general, a longer credit history will increase your FICO® Score. However, even people who haven't been using credit long may have a high FICO Score, depending on how the rest of the credit report looks.
Your FICO Score takes into account:
- how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts
- how long specific credit accounts have been established
- how long it has been since you used certain accounts
Types of credit in use (10%)
The score will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.
New credit (10%)
Research shows that opening several credit accounts in a short period of time represents a greater risk - especially for people who don't have a long credit history.