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Credit Confussion

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Anonymous
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Credit Confussion

The past few months I've started to keep tabs on my credit reports and scores as there are some things I want to do and I realize I need to improve my credit situation. Unfortunately, it seems like no matter what I do, even if it's nothing, I keep having setbacks. For instance. A week ago my Experian score was 740. Now it's 680. It's gone from being rated excellent to good. The rest of my credit report has not changed at all. Nothing new happened, and nothing new seems to have been reported. Something else is really giving me grief as well. There are several older positive items on my reports, stuff like old car loans that were paid off, etc. On my experian report they are all still there, on the other two they are not, even though they were there a couple of months ago. Can anyone tell me what that is all about?
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Credit Confussion

Ho old were the accounts that disappeared? "Closed accounts in good standing stay on for 10 years from last reported"
Message 2 of 5
Anonymous
Not applicable

Re: Credit Confussion

Actually, in looking at them as they're listed in equifax, where I was talking about experian in the initial post is actually equifax, they are all 10 years old or older. But that they all disappeared from the other two at exactly the same time, though they're not all the same age, seems odd to me. Also interesting about it is it happened just in time to counterbalance all then new positive information that's been started since then.

Then there is this from my score summary:

"Length of credit history : On average, the age of your account(s) is 8 years and 1 month. This is making your score lower. Having had credit accounts for a long time is a positive factor because your credit history allows lenders to evaluate how you typically use credit and repay your debts. Credit reports with approximately 30 years of history are considered optimal. Meanwhile, up to 7 years of history may be considered short, and less than 3 years of history is often considered too little. It is worth noting that your accounts may have been open longer than your credit reports suggest, as lenders can be slow to report new accounts to the credit bureaus. What matters is how long your accounts have been recorded in your reports."

It seems having those older items on there would be a good thing.

Message Edited by Nfzgrld on 06-16-2007 04:05 PM

Message Edited by Nfzgrld on 06-16-2007 04:07 PM
Message 3 of 5
fused
Moderator Emeritus

Re: Credit Confussion



Nfzgrld wrote:
The past few months I've started to keep tabs on my credit reports and scores as there are some things I want to do and I realize I need to improve my credit situation. Unfortunately, it seems like no matter what I do, even if it's nothing, I keep having setbacks. For instance. A week ago my Experian score was 740. Now it's 680. It's gone from being rated excellent to good. The rest of my credit report has not changed at all. Nothing new happened, and nothing new seems to have been reported. Something else is really giving me grief as well. There are several older positive items on my reports, stuff like old car loans that were paid off, etc. On my experian report they are all still there, on the other two they are not, even though they were there a couple of months ago. Can anyone tell me what that is all about?

Is this EX score FICO or FAKO?  Do you know your other FICO Score?  You will lose points if postive TLs fall off your crs.  Are you sure you have no baddies?  What is your cc util (utilization)?


Message Edited by fused111 on 06-17-2007 06:25 PM
Message 4 of 5
Anonymous
Not applicable

Re: Credit Confussion

Did you understand what I wrote? I know what all my FICO scores are, what I don't understand is why do they seem to change faster than the contents of my reports. I know I will lose points if the positives fall off, that's the point. Right now I don't use credit cards, and won't until all my scores are hight enough so I don't have to pay a ton of fees or 800% interest.
Message 5 of 5
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