TheCynicalOne wrote:
Ouch, Brams. What's goin' on with your scores?Sorry: off-topic.
Brammy got hit with a Discover approval that one card too many. But Brammy will take the hit. Oh and forgot to add let too many cards report with a balance D%$%#mend Microsoft MoneyShould correct itself this month...lol!!
Message Edited by Brammy on 12-04-2007 08:41 PM
This is from TU CR: Understanding Your FICO® Score
712
- Hurting your score
- 1. High credit usage
- 2. Bad payment history
- 3. Accounts with balances
What’s hurting your FICO® score
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.
Ratio of your revolving balances to your credit limits
You've made heavy use of your available revolving credit.
35%
For FICO High Achievers [?], this ratio is 7%, on average.Your FICO score evaluates your total revolving credit [?] balances in relation to your total credit limits on those accounts. In your case, this ratio of balances to credit limits is too high.
Keep this in mind: This credit usage ratio is one of the most important factors to your FICO score, so you should work on paying down your balances. Your FICO score looks at the ratio of revolving debt, but not in which accounts the debt resides. Therefore, consolidating or moving your debt from one account to another will usually not help your FICO score since the same total amount is owed.
Number of your accounts with a missed payment or a derogatory description
You have multiple accounts showing missed payments or derogatory descriptions.
2 accountsAbout 93% of FICO High Achievers [?] have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.Your FICO score takes into account missed and late payments in a few ways. These include the number of late payments, how late they were and how recently they occurred. Your score was hurt because your credit report shows multiple accounts with missed payments or derogatory descriptions [?].
What to do about this: If the late payments on your credit report are valid, you should focus on continually paying all your bills on time. This will demonstrate a good payment history and these late payments will have less of a negative impact on your score as time passes.
Number of your accounts carrying a balance
You have too many credit accounts with balances.
7 accountsFICO 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.
What’s helping your FICO® score
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.
Number of your accounts that were ever 60 days late or worse:
There is no evidence of a serious delinquency (60 days past due or greater) or derogatory description on your credit report.
0 accountsOnly 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.
Your oldest account was opened
You have an established credit history.
13 years agoFICO High Achievers [?] opened their oldest account 19 years ago, on average. Average age of your accounts
5 yearsMost 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. Your FICO score was helped because you have a relatively long credit history and you haven't recently opened many new accounts.
Your most recent late payment happened
You've recently been paying your bills on time.
3 years agoMost 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.