Understanding stmt on credit score report

[Anonymous]

Under the summary section, the #1 factor most affecting my score is:

"Your average credit amount on open real estate accounts is too low."

Huh?  What does this mean?  The only thing real estate related on my account is my mortgage.  Mortgages don't carry a "credit amount", only your beginning mortgage amount and the current balance owed.  (BTW, never been late on the mortgage).

Just trying to understand this statement.  Thanks for any help you all can give.

[Junejer]

Hi Donna, welcome to the forum. It sounds like they want you to have a bigger mortgage. Have you had the mortgage for awhile? Is it significantly paid down?

[Anonymous]

Mortgage amount was for 114,000 in 10/98.  Current owing is 98.

So you're telling me that we're being penalized for not mortgaging ourselves to the hilt??

[Junejer]

Sounds crazy to me too. What else is in your credit file?

[Anonymous]

Have a couple of charge cards that have more on them than I would like, so that would explain stmts #2 & #3 that available credit is too low and balances are too high.  Just trying to understand what they are telling me in that first statement.  Also, stmt #4 says "time since oldest account opened is too recent".  I don't get that one, either.  Our oldest account was opened 3/97.  So, eleven years old is too recent?? 

Then, they write that number of inquiries on my credit report has adversely affected my credit score.  We have ONE inquiry on 7/06.

Message Edited by DonnaG15 on 03-04-2008 06:29 PM

[Junejer]

Sometimes Donna, you have to ignore some of the statements that they give you. They tend to get persnickity about things when there is nothing else to complain about. I personally wouldn't worry about statements 1 or 4.

[Anonymous]

Thanks, ByrdMan!!

[Junejer]

You're welcome. Btw, that inq isn't hurting anymore. Just goes to show that when it runs out of things for which to scold you, they make stuff up.

[haulingthescoreup]

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@Anonymous wrote:

Under the summary section, the #1 factor most affecting my score is:

"Your average credit amount on open real estate accounts is too low."

Huh? What does this mean? The only thing real estate related on my account is my mortgage. Mortgages don't carry a "credit amount", only your beginning mortgage amount and the current balance owed. (BTW, never been late on the mortgage).

Just trying to understand this statement. Thanks for any help you all can give.

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Hi, Donna, welcome to the forums!

Is this from a myFICO score report, one that you bought from this site? Or is this from TrueCredit, one of the credit bureaus, or another source? This reminds me of the sort of snotty comment that I used to get on one of my FAKO reports, I think it was TrueCredit.

You should realize that there are a lot of bogus scores out there, and a lot of companies that will cheerfully sell them to you so that they can make a buck or 5. And not only are their scores FAKO's, the advice that comes along with them is bogus also.

If you haven't yet, please read Credit Scoring 101, stickied at the top of this boards.

[Junejer]

Geez HTSU, I didn't even consider that she could've been talking about a FAKO report. Good catch.