Hi everyone. I'm new to posting on the myFICO message boards (or any message boards for that matter, just never used the internet that way) Anyway, forvgive me if this is already being done in another thread, but I'm curious: What if everyone just posted what their scores comprised of in relation to their reports? That way we could get a bead on what sort of info results in what sorts of scores.
I'll go first. I'm thinking of questions like these:
Current FICO?
My FICO, according to one bureau, is currently 668 and my scores are within 10 points of eachother across all three bureaus. The information is largely the same across the three bureaus give or take a collection account or a student loan. My credit profile is most complete on Experian, with most inquiries being directed to that bureau and all of my accounts being reported to that bureau.
Oldest account age?
8.7 Years
Average age of accounts (AAoA)?
3 Years (according to FICO, which counts closed accounts)
Time since negative?
4.7 Years.
How many different accounts do you have total?
I currently have 17 accounts.
Any derogs?
3 accounts are derogatory and these include 2 small paid medical collections that are due to fall off in the next 6 months and 1 rehabbed student loan with 9 90 day (3 month) late derogs (basically I defaulted on it) or in other words, it was 270 days late. The student loan is my heaviest derog, I'm thinking it's depressing my score by at least 50 points and possibly as many as 100 in combination with my medical collection accounts.
Positive accounts?
My positive accounts with no derogs are 2 small (under $8K) paid off and closed student loans that are around 8-9 years old and 11 revolving accounts. Most of my revolving accounts were opened within the last 4 months because I went on an application spree. Only my 4 oldest revolving accounts are between 3 - 4 years old.
What is your highest credit limit (CL) revolving account?
$14,000
Lowest CL?
$5,000
What is your total credit limit across all revolving accounts?
$63,600
Average limit across all revolving accounts?
$63,000 / 11 = $5781
Utilization of revolving accounts?
10%
Highest individually utilized revolving account?
40%
Public Records
None
Installment loans?
None open currently, just 3 closed student loans 1 of which is derogatory and the other 2 positive accounts.
Do you have a mortgage?
Nope.
How old is your mortgage?
N/A
Do you have any recent (within the last year) inquiries?
Yes, 8
Any inquiries within the last 2 years?
8
Any new accounts within the last 2 years?
7
And lastly, what is your advice for others to achieve as high a score as possible?
If you're not going to need a very high credit score within the next 2 years (you have no plans on buying a car or a house) don't worry about inquries or opening up new accounts so much. In the long run (2 years), even with the inquiry dings and the AAoA ding, the net gain is almost always positive.
And that's basically it. I'm expecting / hoping my score to raise about 100 points once all of my derogs have fallen off in about 18 months. So I'm thinking I'll be between 750 - 770 then and then it'll just be a matter of possibly acquiring an installment loan or a mortgage and other than that, just time and waiting on my accounts to age until I reach an 850.
What do you guys think of this? Is it already being done in another thread? Thanks for reading.
-Kaz
