Credit Score

[Anonymous]

Wells Fargo Dealer Services listed me as 60 days past due and this made my credit score drop 80 points but they have since then corrected it to only 30 days past due will my score go up some since its not 60 days?

[Anonymous]

Probably not much.

[Anonymous]

ok. the credit scoring model is crazy. Thats the only thiing ever negative on my file. My scores were 670 and dropped into the 500 instantly just from that. I have had 2 credit increases on my revolving accounts and that hasnt helped at all either, and my balances are always below 10% monthly. So my score will remain low for years ?

[Anonymous]

---

@Anonymous wrote:

ok. the credit scoring model is crazy. Thats the only thiing ever negative on my file. My scores were 670 and dropped into the 500 instantly just from that. I have had 2 credit increases on my revolving accounts and that hasnt helped at all either, and my balances are always below 10% monthly. So my score will remain low for years ?

---

No. As the entry ages, the impact will diminish. I have a large tax lien in two of my files, and both scores are over 700. I assume your file is thin?

[Anonymous]

i dont think so.

[takeshi74]

---

@Anonymous wrote:

ok. the credit scoring model is crazy.

---

Nothing crazy about it.  A late is significant red flag.  Lates are not reported unless they are 30 days or greater.  If you've been that delinquent then you need to adjust your credit management skills.

Because of the impact of derogs we always recommend addressing them first.  You also need to do whatever it takes to avoid derogs.  If you want good credit then your payment history must be 100% on time.  Not 90% or even 99% but 100%.  See also:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

A creditor can only guess what your future performance will like based on your track record.  Your payment history is your track record.  Think of it this way:  are you more likely to loan money to someone who always pays you back in full and on time or the person who is inconsistent in paying you back?

---

@Anonymous wrote:

I have had 2 credit increases on my revolving accounts and that hasnt helped at all either, and my balances are always below 10% monthly.

---

Revolving utilziation (falls under Amounts Owed) is what matters.  CLI's will help if they signficantly improve your revolving utilization.  If you're already reporting under 10% then you probably won't see much of an improvement there.

---

@Anonymous wrote:

So my score will remain low for years ?

---

The effect of a derog generally tapers over time but, again, a credit profile is stronger without any derogs.  Again, do whatever it takes to avoid derogs.  Budget.  Set reminders.  Schedule automatic payments.  There are a number of things you can do and you need to determine what works for you and put it into place.

[Anonymous]

yes my file is thin. all i have is wells fargo dealer services, credit card through my credit union, finger hut account & a capital one

[Existentialist]

---

@Anonymous wrote:

ok. the credit scoring model is crazy. Thats the only thiing ever negative on my file. My scores were 670 and dropped into the 500 instantly just from that. I have had 2 credit increases on my revolving accounts and that hasnt helped at all either, and my balances are always below 10% monthly. So my score will remain low for years ?

---

The short answer is no. But now U understand the impact of lates (regardless of length). Nothing to do now but get back on the horse. Continue focusing on your CRs and as long as you're doing right by them your scores will eventually take care of themselves. And that is the truth.

Btw: as far as it being your only negative..... it only takes one.