topic Re: MY SCORE IS NOT CHANGING... in General Credit Topics

MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 19:55:25 GMT

In the past three months..I have paid off two of my credit cards..all of my charge-offs have fell off and my fico score has remained basically the same..it has even dropped from last year when all of that stuff was on my credit! what could be the problem? I haven't attained any new inquires...any new credit..or nothing like that..it's depressing to know I may not get the best rate for an auto loan in Novemeber.

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:02:49 GMT

Well, my guess is that since the charge offs were old they were having little impact on your scores anyways.

What are your scores?

How many CCs do you have? How old are they? What are the CLs?

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:05:07 GMT

What are your scores if you don't mind sharing them..

From what I'm understanding, the best way to "wash out" bad credit is to get a couple of new accounts to dilute the old baddies..even if they've fallen off. You want to show that you have open TL's with low balances paid on time every month. It's not enough to just pay off the old debt you have to prove that you are more financially responsible with new credit and have a good history of recent.

In the case of my credit it's recommended that I pay of my CO's and Collection Accounts over a period of 18 months ~ per the FICO Simulator. That gave me the highest FICO. It took me years to mess up my credit...I think I can be patient enough pay slowly and rebuild correctly.

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:08:11 GMT

THANKS FOR REPLYING!

I have four credit cards and I only one left with a fairly small balance that will paid off by September.

650..655..662...

Two have a credit limit of $1000..but that is not showing on the credit report..one has $800 and another has $600.

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:10:05 GMT

What is a "TL"? I'm new here....

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:14:55 GMT

As Tuscani pointed out in an earlier post, I'll have to look for it, when a card doesn't show the CL it messes up your util. Take for instance the balance on the card is $100 well that's not bad, but if the limit on the card is $200, well $100 doesn't seem so good anymore. There's no way FICO can factor util on cards that don't report Util, so in essence those cards are doing nothing for you.

So really only 2 of those cards are helping you.

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:17:07 GMT

guide to common abbreviations thread on the top of the main page.

But quick answer:

TL = TradeLine

Message Edited by trinigal on 07-12-2007 01:17 PM

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:18:10 GMT

BABYPHAT26 wrote:
What is a "TL"? I'm new here....

Tradeline

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:18:44 GMT

I have a couple of Cap one cards that don't report limits either. Is that hurting my util also? can I call them to have them show my credit limits?

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:19:19 GMT

Well..is there away for me to call that card and ask them to report my credit limit?

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:20:00 GMT

The cards I have are Capital One's..

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:27:40 GMT

Guys read here

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2167

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:31:18 GMT

I think the best thing you can do is try to get some good TL's. My score went up a lot after I got cards with Citi and BoA and they started reporting.

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:37:09 GMT

Thanks for the thread...I guess I need to be calling Capital One..

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:39:02 GMT

I think the best thing you can do is try to get some good TL's. My score went up a lot after I got cards with Citi and BoA and they started reporting.

Yeah maybe I need to get cards from them....but won't my score go down if I get anymore credit cards?

Re: MY SCORE IS NOT CHANGING...

Anonymous — Thu, 12 Jul 2007 20:56:19 GMT

I have applied for and received 5 CC and 3 store lines of credit in the past 6 weeks. After they started reporting and I started making payments, my scores have went up. When I first checked my scores in May my TU Fico score was 630. Now it is 681, but I didn't notice a lot of difference until the Citi and BoA started reporting.