When do FICO scores change?

[Anonymous]

For several years I did not need credit, my origi8nal mortgage is paid, I pay cash for cars and other expenses.  i want to purchase another property and am trying to BUILD credit.  I have five positive trade lines that are paid on time.  My score has not changed in over 35 days and I pay every month on time.  Nothing else has changed on my credit reports...thought FICO scores increases each month for paying on time.  I have an 8% utilization, total CL $14,300 - 2 major unsecured credit cards, one installment and two store revolving credit cards...I'm tired of paying $25.00 to get my scores.  Fair Isaac asserts Experian Plus is a FAKO and Equifax and Transunion scores are not FICO. 
 

This credit thing is the biggest ponzi scheme...you each claim to have the most accurate risk algorithyms, yet there's not much in all this for the consumer other than chasing the brass ring.  Why can't I get my 682 and 693 FICO over 700???  Once I get a mortgage - no more for me...no more FICO, FAKO anything,  My goal will be ZERO FICO.  I have no debt, don't care to have debt and have been forced into the "debt" game just to prove that I can repay borrowed monies, but cannot seem to get beyond the glass ceiling.  All I want to do is get over the 740 so that I can quality for low interest rates and favorable mortgage terms.  What's up?

[llecs]

FICO scores do not increase monthly based on positive payment history. The history component (oldest TLs, AAoA, new credit, etc.) are a significant part of scoring. Most of the increases you'll see are based on account anniversaries.

Per util, ideally you'd want 1/2 to all but one CC reporting $0 with the remaining reporting less than 9%. You don't need to be in debt to have a high score (800+). Just PIF monthly or let a small balance report of a few bucks.

EX PLUS scores (found in CCT, FCR, CreditExpert, Triple Advantage, ConsumerInfo, etc.) are FAKO scores. Any scores pulled from transunion.com are FAKO scores. EQ scores pulled directly from Equifax.com are FICO scores.

With scores in the 600s and a decent util, you probably have some baddies reporting that are holding you back. You'd need to go after those.

[Anonymous]

Only "baddie" paid medical bill 2005.  My issue isn't bad credit, it's no credit.  Six months of credit building - one installment, two major unsecured credit cards, two revolving store credit cards for a total CL $14,300, less than 10% utilization, no lates, all on time payments.  History includes nine years paid auto loan 2005 and AmEx and CapOne cards closed 2006 both favorable no lates.  Had identity theft 2006, engaged an attorney, after nearly two years all associated items removed. 10 Inquiries - 3 mortgage brokers (thought inquiries seeking mortgage w/i 30 days counts as one?), 4 for trade lines Jan-May 2009, 3 unknown w/unsuccessful dispute with all three CRAs.  Have no clue what they're for - likely the jerk who stole my identity still trying.  Chase Bank recently notified me of fraudulent request for credit.  Experian sent notice of suspicious activity on my record.  I have fraud alert on TU, EQ, EX and No.  All through reports are essentially the same, difference only in inquiries.  I've been dinged for no major credit cards - apply get dinged for inquiry - cards issue - dinged for low credit ($750 and $1000 CL).  I can't make sense of a credit report that has such disparity of scores (see below).  I have savings inthe bank for which I receive no credit for, less than $1000 debt and a mortgage free home.  Clearly credit scoring oesn't know how to score assets or money management.So frommy perspective, if FICO does not raise score based on on-time payments, the only way to increase scores is to obtain more credit - credit that in today's economy is predicated on use - which translates to debt. Something is seriously wrong with this system.

TU     667  FICO

EQ    682  FICO

TU     675  CreditKeeper

EQ    699  CreditKeeper

EX     625  CreditKeeper

TU    729  Experian Plus

EQ   610  Experian Plus

EX    601  Experian Plus

[llecs]

Place a fraud alert on your CRs!!!!!!!!! Nevermind, you did that. And file a police report ASAP! If it is still happening (the mystery apps for credit), then a crime is still occurring.

If the 2 revolving and 2 charge cards(store, non-Visa branded) are still open, then you have an excellent mix of credit. You can easily hit 800, in time.

If you added these 4 this year, then your score is definitely taking a large beating. I've lost an avg. of 20-25 pts with each new TL reporting. I'm not saying you lost 80+ with the 4, due to diminishing returns, but if you don't app for any new credit between now and next June, you'll see your scores rise significantly.You'll start seeing gains by November.

All mortgage and car inquiries count as one if you pull it within a 14 or 30 day window, depending on the CRA and version of FICO score used. Inquiry damage is overrated.

The medical CA is really hurting you. I bet you'd see over 50-70 points if you had it removed. Look around over in Rebuilding Your Credit for more info on the HIPAA process.

Make sure 3 of those CCs report $0. With the 4th, PIF by the due date (you can do that w/ the other 3 too) and then buy a cup of coffee with the 4th card prior to the reporting date (usually the statement date). This way you have no CC debt. You pay no interest. And credit does not equal debt.

Lenders look at more than just a FICO. They consider your savings, investments, other assets, liabilities, etc. All lenders are like that.

You don't get dinged for having low CLs. I met someone once, and seen proof, where her FICO scores were above 820 and she only had $1000 in total CLs. It was a $500 CL CC, a $300 CL CC, and I remember a $200 Target CC. She didn't want anymore credit, but she had a super long history with a paid mortgage.

Yes, there are other scoring systems. They are junk, IMO, because the are a bad predictor of credit and risk. Lenders don't even use them. They were created for profit (that's not a bad thing) but they market these scores as if they were FICO scores. They are not FICO scores. So, when someone sees a funny jingle of a man on TV wearing a pirate hat in a restaurant, the avg. consumer thinks: I need my credit report and score too. So they run off and pay money for a free report and score that involves a scoring system that lenders won't even touch. As you can see, I aslo take issue to the FAKO scores out there.

[Anonymous]

thanks for the tips, especially the method to maintain zero balances and still engage an active card.  yes, I have a fraud alert - a seven year and did file with the local police for what its worth.  Oddly there also is a $147K student loan against my SSN.  It has never appeared on any of the CRAs, but its on the CAIVRS which rules out govt mortgage programs.  I'm not sure if that's really ID fraud or just sloppy govt work.  I want to get into a house before tackling that one.  I even had income reported against my SSN and the feds came after me for "secreting" income.  That's also settled.  Identity theft is a 5+ year ordeal and I often thought I'd never recover.  When the identity theft hit, I recoiled in shock and closed credit cards that I had not been using and to avoid applyin gfor credit and got into the cash thing - bad decision got dinged for that. Good news however, no debt an everythings paid for.   And I have challenged the 3 mtg inquiries on all three CRAs and all three have valiated they are separate and charge me the full three - here they are: Kroll Data Mortgage Reporters 11/24/08, Kroll Data Mortage Reporters 10/27/08 an MDA Mortgage Reporters 10/24/08.  Clearly I was seeking mortgage rates and it was withun 30 days.  Chase agreed inquiry was fraud and finally removed.