My FICO scores stays the same. Help!

[Carbusys]

Here is an analysis of my TU credit report:

Factors that most affect my score listed by impact.

1. Time since oldest account opened.

Oldest account age is 4 years 8 months. My AAoA is 1 year.

2. Balances on your revolving credit accounts are  too high compared to their credit limits.

I have 11 revolving credit accounts all with balances and the highest credit limit is 750.00.

3. The available credit on your open bank credit cards is too low.

My utilization is 82%.

4. You have no real estate accounts that can be used in determing a credit score.

I do not own a home.

I do not have any derogs on any of my CRs of any kind. No late payments, no collections or judgements, no write-offs or any thing. I do have 9 inquiries in the past 12 months. Again, I see people here with fico scores in the high 600s and low 700s with collections and other derogs on their CR. Why can I not get my scores out of the low 600s? They have been there for ages. Help!

[llecs]

Where did you get this info from? It doesn't look like it came from a myFICO report.

[MarineVietVet]

Adding to llecs comments may I ask where you got your scores? No one has been able to pull their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com (If you look hard enough) and your Transunion score at www.transunioncs.com.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Anonymous]

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@llecs wrote:

Where did you get this info from? It doesn't look like it came from a myFICO report.

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Those are vantage score... tu credit report comments.  He paid extra for the vantage score.  I did this before too when i didn't know the vantage score didn't mean crap.

If i am correct and you posted your vantage score that is not translatable to fico at all becuase it's a totally different range and scoring algorithm.

The advice is universal though, your history is short and your utilization is high.  The same factors would come into effect in your true fico scores as well.

[llecs]

Ahhh. Vantage? OP, if Vantage (e.g. from TC), as mentioned, they two don't correlate that well. FICO's range is 300-850 whereas Vantage's is 501-990 so you'll never see the same increases for the same events. A 700 score isn't too shabby for FICO, but it's not a good score in Vantage terms, for example.

If Vantage, there's a couple of things to keep in mind. First, the calculations are totally different. For example, I believe Vantage doesn't constider AUs, but FICO does. Your AAoA may be considered different too. For example, for a TransRisk score (another FAKO), AAoA = the avg. age on open accounts only. I don't know about Vantage specifically, but FICO looks at all OC accounts, opened or closed, good or bad.

FICO looks at util in terms of % used vs. % available. Unlike Vantage, FICO doesn't care how high or how low your CLs are. It only cares about how your balances are in relation to those CLs. AFAIK, FICO looks at individual utilization but doesn't care how the util is w/ a given card type. IMO, they score store charge cards equally as revolving. FICO does look at mix of credit though and cosiders that into the util pull of the formula.

Finally, FICO doesn't really care about the home. Plenty of people in here have 800+ FICO scores with no mortgage.

[Carbusys]

My TU and EQ credit reports are pull from here, myfico.com, and I get the EX from Experiandirect.com. The information posted was the summary of my fico score from TU.

Since I do not have any derogs on any of my credit reports and my fico scores still remain in the low 600s, I think it is because of the low credit limit on my credit accounts, the high utilization of 82% on the accounts, and too many accounts with balances. I am told that the high number of inquiries affect my fico score negatively as well, but not as much. I have paid off two of the credit cards and made double payments on the others. My utilization went down to 75% from this morning's pull and my goal is 49% by September 1. I want to see if this cause any type of score jump.

[llecs]

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@Carbusys wrote:

Here is an analysis of my TU credit report:

1. Time since oldest account opened.

Oldest account age is 4 years 8 months. My AAoA is 1 year.

2. Balances on your revolving credit accounts are  too high compared to their credit limits.

I have 11 revolving credit accounts all with balances and the highest credit limit is 750.00.

3. The available credit on your open bank credit cards is too low.

My utilization is 82%.

4. You have no real estate accounts that can be used in determing a credit score.

I do not own a home.

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But did these come from your TU FICO report pulled from myFICO? These don't look like negative factors that myFICO would use. If I'm wrong (and mostly am), what were the postives listed?

[Anonymous]

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@Carbusys wrote:

Here is an analysis of my TU credit report:

Factors that most affect my score listed by impact.

1. Time since oldest account opened.

Oldest account age is 4 years 8 months. My AAoA is 1 year.

2. Balances on your revolving credit accounts are  too high compared to their credit limits.

I have 11 revolving credit accounts all with balances and the highest credit limit is 750.00.

3. The available credit on your open bank credit cards is too low.

My utilization is 82%.

4. You have no real estate accounts that can be used in determing a credit score.

I do not own a home.

I do not have any derogs on any of my CRs of any kind. No late payments, no collections or judgements, no write-offs or any thing. I do have 9 inquiries in the past 12 months. Again, I see people here with fico scores in the high 600s and low 700s with collections and other derogs on their CR. Why can I not get my scores out of the low 600s? They have been there for ages. Help!

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  To raise your score, pay down the utilization for immediate increase.   Don't open any more accounts and let the accounts you have age for future increases.

[KIPPIE12]

I agree with the last post of not applying for anymore accounts, and pay down those balances to under 10% if you can.  You can go on this site to pull EQ and TU true scores, and simulate your future FICO scores, using the paydown method.  It will increase your scores substantially.  Also, getting the AAoA of accounts up, and letting those inquires drop off.  That's what i did with mine over the past year or so, and i've gained almost 100 points within the last year.

There is no quick fix to getting your scores very high quickly.  You have to stick to it each and every month, keeping them low.  Let everything simmer down, and garden what you have right now.

[Carbusys]

Thanks to Wolf3 and kippie12:

I know now that you are completely right about utilization and inquiries. I have seen my scores go up slightly after paying down some credit cards balances and I am going to pay two down to zero balance this Friday and another two down considerably. I can only afford to get down to about 46% utilization by September 1 this year. I predict I can pay off all my 11 credit cards by February/March 2011 if I can control my spending.

I also didn't realize your credit score can take a hit by applying for more credit until I joined this forum. No more applying for anything until I get to the high 600s or join the 700 club all around. My goal is to join the 700 club and to obtain a credit card with a $5000 credit line. Anyone know what score it would take to get a credit card with a $5000 credit limit?