Unraveling FICO... Post your positive and negative factors here!

[Anonymous]

Hi all,

I was wondering just how many positive and negative factors there are that can be listed on your FICO reports...  I think it may all give us a few more clues to unraveling the FICO mystery if we post all the ones we have been given.  It seems like sometimes they list things just to have something to say!!

Positive

• You've recently been paying your bills on time. (most recent late 4 years ago)
• You've limited the use of your available credit - your FICO score evaluates your total revolving account balances in relation to your total credit limits on those accounts.  You've kept this ratio of balances to credit limits low. (11% listed)
• You've shown recent use of credit cards - your FICO score evaluates your mix of cards, installment loans, and mortgages.  You helped your FICO score by showing recent use of a credit card.
• You're not actively looking for credit - your account shows no recent inquiries. 
• You have an established credit history - your FICO score measures the age of your oldest account and the average age of your accounts.  Your FICO score was helped because you have a relatively long credit history and you haven't recently opened many new accounts.
• You have many accounts that are in good standing - your FICO score considers the number of accounts where you are paying your bills as agreed - in your case this number is high. (7 accounts listed)

Negative

• You have a collection and a serious delinquency on your credit report - these are powerful predictors of future payment risk.
• You have a recent collection on your credit report - this is a powerful predictor of future payment risk.
• You have a short credit history - either your oldest account was opened recently or the average age of your accounts is relatively low. (oldest account 9 years, average age 4 years)
• You have a serious delinquency or a derogaroty description on your credit report - this is a powerful predictor of future payment risk.
• The remaining balance on your non-mortgage installment loans is too high - your FICO score weighs the balances of your non-mortgage installment loans against the original loan amounts.
• You have multiple accounts showing missed payments or derogatory descriptions - your FICO score takes into account missed and late payments in a few ways.  These include the number of late payments, how late they were and how recenlty they occurred.
• You've recently been looking for credit - your credit report shows recent credit inquiries which indicates that you've recently been seeking credit. (3 inquiries listed)
• You have payments past due on your accounts - your FICO score was hurt because you have payments past due on your accounts.  Generally, the greater amount that is past due, the greater the risk to lenders.
• You've made heavy use of your available revolving credit - your FICO score evaluates your total revolving credit balances in relation to your total credit limits on those accounts - in your case this ratio is too high. (13% listed)

Message Edited by rebuilder on 02-11-2008 06:41 AM

[MidnightVoice]

From Amex Credit Secure:

Positive:

You have paid your bills on time and currently do not have any overdue accounts or derogatory information, such as a collection, charge-off, or bankruptcy, on your report.

You have a good cushion of available credit between your current balance and your credit limits on all open trades. This has a positive affect on your credit score. This cushion shows lenders that you are unlikely to overextend yourself financially.

We do not show any record of recent inquiries on your credit report, which is helping to raise your credit score. Every time you apply for any type of credit or loan, the lender checks your credit history, and an inquiry is posted to your credit report. Having no new inquiries in the last 2 years shows lenders that you are less likely to open new accounts and fall behind in your payments. Remember that new inquiries are not necessarily viewed as negative, but too many inquiries on your file may make it difficult for you to obtain new credit.

You have at least 2 or more open major credit cards, such as Discover, VISA, MasterCard, or American Express, on your credit report. This often tells lenders that you are a responsible borrower and they may be more likely to see you as a good credit risk and extend you credit.

[llecs]

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rebuilder wrote:

You've made heavy use of your available revolving credit - your FICO score evaluates your total revolving credit balances in relation to your total credit limits on those accounts - in your case this ratio is too high. (13% listed)

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Funny, I have on EQ 30% as a negative and 25% as a positive on another report both reports of which are within two months apart.

Here's a couple more positives from recent reports:

You have recent activity from a non-mortgage installment loan. -  You helped your FICO score by recently opening an installment loan (such as an auto loan). By responsibly managing both installment and other credit accounts, you are demonstrating that you can handle different types of credit. (NOTE: The only recent installment activity is the regualar monthly payment on a car loan that was opened in 2003)

You currently have a good number of credit accounts.  - Your FICO score takes into account the number of accounts (such as credit cards or installment loans) on your credit report. You have a moderate number of accounts. In general, people with a moderate number of accounts are less risky to lenders than people who have very few accounts or a large number of accounts.   15 accts (NOTE: 4 of these accts don't say closed, but rather inactive).

Message Edited by llecs on 02-11-2008 10:29 AM

Message Edited by llecs on 02-11-2008 10:30 AM

[MidnightVoice]

From the dim and distant past:

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MidnightVoice wrote:

Good stuff from my EQ report - What’s helping your FICO score

You have an established credit history.

Your oldest account was opened 20 years ago

Most FICO High Achievers opened their oldest account 19 years ago, on average.

Average age of your accounts 8 years

Most FICO High Achievers have an average age of accounts between 6 and 12 years

Bad stuff from DW's EQ report - What’s hurting your FICO score

You have a short credit history.

Your oldest account was opened 20 years ago

Most FICO High Achievers  opened their oldest account 19 years ago, on average.

Average age of your accounts 8 years

Most FICO High Achievers have an average age of accounts between 6 and 12 years

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http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=9784&query.id=76404#...

[Anonymous]

I love this. Same factor is a positive with TU and negative with Efx:

Equifax:
Negative:
You have a short credit history.
Your oldest account was opened
11 Years, 5 Months ago
FICO High Achievers [?] opened their oldest account 19 years ago, on average.

Average age of your accounts
6 years
Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.


Transunion:
Positive:
You have an established credit history.
Your oldest account was opened
11 Years, 4 Months ago
FICO High Achievers [?] opened their oldest account 19 years ago, on average.

Average age of your accounts
7 years
Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.


Fingers still crossed on parents Amex AU, that is 35 years and will also up my average score.

Also, you'd think they'd have a old/average for good vs bad. I mean having an unpaid collection from 6 years ago adds to your average age, but is that better then a 3 year old perfect card?

In any event, parents asked for me to be an AU on 1/23, they said 7-10 business days for 'decision', so this is business day 13, hoping that means a card is on it's way (i figure a decline would have resulted in a letter, fast. No Hard Pull from Amex).

Message Edited by nyccc2 on 02-11-2008 10:04 AM

[Anonymous]

EQ (Pulled 1/16):
Score: 678
Negs:
You have a public record on your credit report.
You have a short credit history. (8 yrs, 6 mos ago; avg 4 years)
You've made heavy use of your available revolving credit.(23%)
You've recently been looking for credit (2 inqs from TW Cable, one falls off in March)

Pos:
You have no missed payments on your credit accounts.
You've been careful in how many credit accounts you've recently opened. (1 account)

TU (Pulled today, 2/11):
Score: 704
Negs:
You have a public record on your credit report.
You have a short credit history. (8 yrs, 7 mos ago; avg 4 years)
You've made heavy use of your available revolving credit.(now 15%)

Pos:
You have no missed payments on your credit accounts.
You've shown recent use of credit cards. (This one confuses me, no recent activity, only making payments)
The public record on your credit report happened a long time ago. (4 yrs, 3 mos ago)

[haulingthescoreup]

Same old, same old:

negative:

1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report. (1 account)

2. You have multiple accounts showing missed payments or derogatory descriptions. (3)

3. You have a short credit history. (18 years, 8 months overall, 4 years average.)

positive:

1. You've limited the use of your available credit. (1% revolving util, 0% on TU)

2. You've shown recent use of credit cards.

3. You're not actively looking for credit. (1 inq total, on EX)

4. You have an established credit history. (same as on the negative, just like Mrs MV!)

5. You've been keeping the balances on your credit accounts low. ($0 on TU)

EQ 728 - TU 734 - EX 752

I collect these things, along with the characteristics of FICO High Achievers that go along with them. If anyone sees any that aren't on the thread below, could you please copy/ paste them in?

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12673

edit: OK, maybe this one will actually work this time.

Message Edited by haulingthescoreup on 02-12-2008 02:45 PM

[Anonymous]

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haulingthescoreup wrote:
Same old, same old:

3. You have a short credit history. (18 years, 8 months overall, 4 years average.)

I collect these things, along with the characteristics of FICO High Achievers that go along with them. If anyone sees any that aren't on the thread below, could you please copy/ paste them in?

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12673

edit: inserted new and improved link!

Jeez, I guess they think your average age is too short, but your oldest account date is great!!

Is that link supposed to go to a federal tax page?

Message Edited by haulingthescoreup on 02-12-2008 02:46 PM

[haulingthescoreup]

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@Anonymous wrote:

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@haulingthescoreup wrote:
Same old, same old:

3. You have a short credit history. (18 years, 8 months overall, 4 years average.)

I collect these things, along with the characteristics of FICO High Achievers that go along with them. If anyone sees any that aren't on the thread below, could you please copy/ paste them in?

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12673

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Jeez, I guess they think your average age is too short, but your oldest account date is great!!

Is that link supposed to go to a federal tax page?

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No! How weird is that???

How does THAT happen? Thanks for finding that. FWIW, it's called Expanded "FICO High Achievers" (scores of 760 and above) characteristics list.

Off to find help.

edit: correct link inserted

Message Edited by haulingthescoreup on 02-12-2008 02:48 PM

[Raine]

Very odd indeed. I don't know what to say about that one. :\ I'm gonna guess it was a mistype of some sort. Sometimes copy/paste can be a strange animal.

Message Edited by Raine on 02-12-2008 11:30 AM