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Experts please answer. FICO and me and my neighbor.

Senior Contributor

Experts please answer. FICO and me and my neighbor.

My credit history is now clean of bad things except inquiries and debt. Does that make FICO scoring different for me?

My neighbor (not really my neighbor, sounded good) for example might have a few negs.

Actions that I take make my score go up, up, and up!
Can these same actions make my neighbors score go down?

I understand that I can apply for more credit cards than someone else and not be hurt as much as someone that has fewer cards to start with. But that's only because of my number of cards and history. That can be seen and understood. But on some things seem bizarre where time and time again my score goes up from actions and reflected by Score Watch. Then other experienced people that I trust says it does not happen for them. They are very creditable so I believe them to be truthful. And then things that make my score drop they say does not drop for them? If that's the case how does one explain this? If so what are the factors that make a POS for me NEG for them?

Do we all need to ask what type of outline a persons credit file looks like? How many negs, pos, ect to say whether the score will reflect a specific action? For a person with a good credit file, I have always been able to raise their scores "significantly" and their scores followed the same path as mine.

How different should my advice be for a credit report with negs. Does the type of neg determine, or just how many negs determine if their next action will be negative or positive. Because I know for a person with a good CR these actions have always effected their scores positively for everyone that I helped. Or is it just a conflict of opinion? I like to test things and post results before and after. However, I see that this "might" not be the same score action for someone else. Help!

Do we have to say, My CR looks like this and this action had this result? Instead of this actions does this. Are these actions different for different people?

Message Edited by ilovepizza on 06-19-2007 04:51 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 1 of 4
Senior Contributor

Re: Experts please answer. FICO and me and my neighbor.

Unfortunately, I have no easy answers, and I cannot even say that this response gives you any answers. But, here goes.
This is a really good read, but I would not say that it will give you any easy answers. It also is not an easy read.
The most definitive thing I can say is that some changes on a credit report affect certain people in a particular way, while the same change on a credit report affects other people in a different way.
Message 2 of 4
Super Contributor

Re: Experts please answer. FICO and me and my neighbor.

Basically it is a hugely complicated calculation.  Two people can both get two new credit cards today, but the effects can be totally different depending on the length of their payment history, the last time there was a baddie and their recent util.

If someone has a record of credit for 20 years without many outstanding balances, several inquiries or one or two newly opened accounts would not represent inordinate risk. However, if her history is short (e.g., 2-3 years) and her file contains a group of recently opened new accounts, it would be a reason for lenders to be cautious, particularly if balances are building up quickly or there are early indications of mild delinquency



Older, more established reports generally indicate lower risk. For example, credit histories with accounts open for 10 or more years with few outstanding balances and one or two newly opened accounts would not be considered a high risk, but a shorter credit history with one or two newly opened accounts would represent a higher level of risk.




The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 3 of 4
Regular Contributor

Re: Experts please answer. FICO and me and my neighbor.

I had a similar situation. My kay card was just added to my eq cr, my score went up 10 points. When it was added to ex and tu it went down about 6-9 pts on each. I only have 4 tl's on each of my cr, no baddies and relatively short credit history. Go figure. I give up trying to figure this scoring thing out. I'm just going to pay my bills on time, keep my balances low and hope that when I'm ready to buy a car my current score will suffice.
Message 4 of 4