Details about FICO scores

[Anonymous]

I'm new to this board but really find all of the postings so insightful.

I have been reading up to better understand how FICO scoring works. I have become frustrated with the vague terms in so many articles.

For example, how "new" is new credit? 6 months? a year?

Some of my questions include:

What period of time with on time payments on all accounts must pass before scores begin to rise?

As delinquent items and collections age, how much impact do they have? At 5 years? 6 years?

I read that recency of accounts were past due makes a difference. How much of a difference? How recent?

Does utilization take into account closed accounts with balances?

Does utilization consider installment loans like student loans?

Does history length include closed accounts with a balance?

Can anyone help provide spcifics to these questions??? Thanks

[Tuscani]

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Brittanimv wrote:

I'm new to this board but really find all of the postings so insightful.

I have been reading up to better understand how FICO scoring works. I have become frustrated with the vague terms in so many articles.

For example, how "new" is new credit? 6 months? a year?

Some of my questions include:

What period of time with on time payments on all accounts must pass before scores begin to rise?

As delinquent items and collections age, how much impact do they have? At 5 years? 6 years?

I read that recency of accounts were past due makes a difference. How much of a difference? How recent?

Does utilization take into account closed accounts with balances?

Does utilization consider installment loans like student loans?

Does history length include closed accounts with a balance?

Can anyone help provide spcifics to these questions??? Thanks

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Welcome!

Brittanimv wrote:

I'm new to this board but really find all of the postings so insightful.

For example, how "new" is new credit? 6 months? a year?

**No official rule... but under 12 months is considered pretty new

Some of my questions include:

What period of time with on time payments on all accounts must pass before scores begin to rise?

**Your score will continually increase as you make payments and the accounts age

As delinquent items and collections age, how much impact do they have? At 5 years? 6 years?

**Any collection has an impact. The older the less of an impact on your scores.

I read that recency of accounts were past due makes a difference. How much of a difference? How recent?

**Anything older than 30 days past due.

Does utilization take into account closed accounts with balances?

**Yes

Does utilization consider installment loans like student loans?

** Yes.. but revolving hold smore weight

Does history length include closed accounts with a balance?

**Yes

Can anyone help provide spcifics to these questions??? Thanks

[Tuscani]

And check out:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654