@CreditBob wrote:
I wanted to let other members know how important it is to be thorough when you post information in regards to your specific situation. Credit cards (revolving accounts) are not the only information that is in your credit report. Questions have come up such as, how many points will my fico credit score go up? The following is a list that you will need before you ask the question or go to www.bankrate.com/fico which will give you a range of what your score could possibly be.
Have you ever had an installment loan? (student, auto, or personal)
If you had a loan how long ago did you get your first loan?
How many accounts have you applied for within the last 12 months? In other words how many inquires have been added to your credit report within the last year?
How many revolving accounts (credit cards & dept store cards) do you have?
How long have you had the oldest credit card for?
How long have you had each credit card open for? Keep in mind that each time you open a new one it lowers your average account age.
How many credit cards have you applied for in the last 12 months?
How many credit cards have a balance?
As we always say....
Your Mileage May Vary
There are so many more points of needed information aside from Bankrate's guesstimate like:
What are your positive and negative items on pages 2 & 3 of your CR?
Do you have any dergos reporting? How recent were they?
What's the worst delinquency on a given derog? What's the DOFD?
Are there any red flags next to any other accounts? How do those report? What are the comments, if any?
Do you have any CAs reporting? PRs?
Did any DOLAs or reported dates update? Why did they update? Letter? Dispute? Payment?
On the Glance page of your FICO report, are there any red flags showing on any other account(s)? How are those listed?
How do these accounts link up with those negative reason codes?
When guessing a score change due to a baddie removal, have you considered that other baddies reporting impact score change?
If removing a CO, are you factoring in AAoA?
What is your FICO now?
Where did you pull your score from?
How long ago was it pulled?
If questioning a score difference, did you pull your score from the same source?
Did the score change come from a SW alert? It doesn't give a full picture.
And was that source a FICO score or a FAKO?
Did your util change?
What was the before and after overall change?
How many CCs do you have?
Do you have any CO'd CCs or LOCs or HELOCs that need to be factored into your util calcs?
Did any card report over 100% util?
Are any cards excluded from util or have special factors that impact util as read by FICO (e.g. high CLs, no CL , NPSL CCs)?
How many accounts are reporting as open? How many report a balance?
Is util mentioned as a negative reason on page 2? If so, where on the list does it rank?
Do you have any new accounts impacting your FICO? How long ago were they opened? Did those accounts improve your mix or not help at all?
How recent was your most recently opened account? How many inquiries?
Did any accounts drop? Was it your oldest revolving? Oldest installment?
How was AAoA impacted?
Do you have any upcoming account birthdays? How old are each of your oldest TLs (installment & revolving)?
If there's a point change or change-to-be, are there multiple events occuring on your CR?
Are you fully considering each and every factor in predicting a score change? (X rarely causes Y; A+B+C+X-P=Y)
....and so many, many more
There's no way to keep a post succinct and be thorough at the same time. As a score junkie, I'd love to have every question answered, but I don't think anyone would read my or their response. I have to be content with ...."In my experience", "if I had to guess", and "YMMV" in my answers.
