Where is the breakdown of "Damage Points" for each Credit Mistake?

[terren2000]

I want to be aware of what each mistake is likely to cost me.  Yahoo said that myfico.com would allow consumers to know the full list of damage points each mistake has on credit report.

http://finance.yahoo.com/banking-budgeting/article/108239/fICO-reveals-how-common-credit-mistakes-af...

for instance...

bankruptcy - 130-150pt drop

debt settlement  - 45-65pt drop

maxed out cc - 10-30pt drop

foreclosure - 85-105pt drop

[Anonymous]

I don't think anyone can pinpoint exactly how many points each mistake may cost a consumer.  There are just too many variables that play into a FICO score.   Also, the current condition of your credit will be a factor.

[terren2000]

I understand but a scale wouldnt hurt to give us an idea.

They said it was one available in the yahoo business article.  Im just wodnering if myfico ever put something up.

[Anonymous]

I have been here a little over 2 years and have never seen one.  That doesn't mean there isn't one. 

I will search and see what I can find.

[MarineVietVet]

I found this. Does it help you at all?

[terren2000]

yea, that chart is on the link i provided.  I was hoping other info was available.

[Anonymous]

That article states that MyFico lists the damage points for credit mistakes.  I have never seen it.  I did a search and could not find anything.

Not saying it is/isn't true, I just can't find it.

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@MarineVietVet wrote:

I found this. Does it help you at all?

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[MarineVietVet]

That article states that MyFico lists the damage points for credit mistakes.  I have never seen it.  I did a search and could not find anything.

Not saying it is/isn't true, I just can't find it.

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I understand. I haven't found it yet on the myfico site.

Come to think of it...........I might be in trouble for posting this.  

Message Edited by marinevietvet on 02-27-2010 04:39 PM

[MarineVietVet]

Here's the link

http://www.myfico.com/CreditEducation/Questions/Credit_Problem_Comparison.aspx

[haulingthescoreup]

There's not a precise list of what costs you what, because:

1. It's too complicated. An inq might cost one person 3 points, another 10 points, and a third 0, depending on how high their scores are, how many inqs they already had on a given report, and how old their history was. There are 10 (12?? --can't keep track) scorecards or score "buckets" to which we are assigned, depending on our credit history and profile, and the damage from any given action varies by bucket, and then additionally by our own individual histories.

2. The FICO scoring algorithms are proprietary. In other words, FICO does this for a living. They do the research and crunch the numbers to come up with formulas which they think predict our risk as borrowers. If they published too many details, it would be too easy to hack their formulas. So around here, we compare notes, kinda grab any crumbs that fall off the table, and try to come up with working guidelines for how our actions affect our FICO credit scores.

So really, the best that you can do is to hang around here, put up a lot of general advice, apply it to your own life, and let time and good practices improve your scores.