do point deductions show?

[Anonymous]

I have a summary of my 3 reports provided by my bank

all 3 say close to the same thing, they appear to list 4 things which I'm guessing are the 4 biggest deductions

Derog

Time since derog

length of time since accounts established

then TRU and XPN both say Lack of recent installment loan informationas #4

EFX says too many inquiries in last 12 months (which is odd because I know of ZERO, my free Experian report shows 3 that are almost 2 years old)

there are numbers after each CRA's information

EFX 40, 20, 14, 8

TRU 40, 20, 14, 4

XPN 40, 20, 14, 32

are these point deductions for each negative factor?

I got the HELOC (installment loan) which was showing no payment for almost a year to correctly show that is was PAID OFF IN FULL a year ago so I figure that should take care of that

will that be getting me 32 points from Experian and 4 from Trans Union??

I'm not too worried about EFX dinging me for too many inquiries because they're deleting the derog....... will that be getting me 60 points?

my revolving credit was up around 20% (I think) and I'm getting it down to 1% so hopefully this will get some points

the thing that puzzles me is the negative for length of time accounts have been established????

My CC's are all 8+ years old, some 20........... does the fact that I refinanced my house 2 years ago enter into this equation?

My last question is are there milestones at which the derog drops in importance?

Month to month? Year to Year?

EFX 686

TRU 686

XPN 681

bumping up against 800 last time my bank pulled my report 2 years ago

[llecs]

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AKCheese wrote:

EFX says too many inquiries in last 12 months (which is odd because I know of ZERO, my free Experian report shows 3 that are almost 2 years old)

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EFX is Equifax (EQ on here), not Experian (EX on here). You'd want to check EQ to see if you had inquiries in the past 12 months.

Those numbers after the CRAs are not point deductions, but rather reason codes. It seems like I saw some posts with those reason codes listed, but I couldn't find it with a quick glance. The denial reasons you get from the lender will detail it better, if ever turned down.

Reducing the revolving will help by at least 20 points. Ideally, you'd want 1/2 of your CCs reporting $0 and the other half under 9%.

The age of your oldest accounts has some play into it, but your AAoA is by far the biggest factor.

The derogs' point ding gradually decrease in time; there's no increase at the one yr mark, two, etc. Some dings like 30 or 60 day lates lessen by the two year mark typically. Inquiries obviously one year. PRs, CAs, COs, etc. gradually lessen over time but certainly impact for the full 7 years.

[Anonymous]

OK this is kind of morphing into a how to haul it up question........sorry

I kind of thought those might be reason codes

My Equifax score should be golden because they are deleting the derog

My CC's are from 1983, 3 from 2000 (thanks to BoA re-aging them because I actually got them in 1990).......... and a 5th card from 2006 which I never EVER use....

Should I drop that one?

Does my home re-fi in 2006 count in this aging process?

Actually none of the reports  list utilization as a negative (so I guess it's not in the top 4)

So if I can look forward to a 20 point bump from lowering my utilization

Does that mean I can expect at least a 20 point bump from getting my installment loan properly reported as paid off?

That would be 40 points which would be AWESOME

My wife who has exactly everything the same as me except for the one CA (thank god we didn't put our cell phone account in both our names) is at 800/777/801 and her negatives are:

Uitilization too high

Amount owed on revolving too high

and Insufficient length of credit history which tells me those are the #5, #6 and #7 deductions for me

[Junejer]

Here are the reason codes.

Every account on your credit report, whether open or closed, count towards your AAoA. It won't help or hurt in the short term to close the account, but it may hurt in the long run when it ultimately falls off of your reports. Closed accounts remain UP TO 10 years after closing. Open accounts, just remain.

Installment loan util doesn't count the same as revolving util. Do not expect that kind of increase from an installment loan being reported as closed.

[Anonymous]

Thanks!!

I understand the AAoA now!!

But I am getting dinged for "no recent information on installment account"

That's because the bank stopped reporting on the HELOC when I paid it off

So there's almost two years with no reporting but it showed a $37K balance!!!

That was supposedly #4 on my hit list

Utilization wasn't even listed (they list 4) but I know it was between 20-30% and will now be 2-3%

Question is will these two things  give me 34 points??

Sounds like it will give me 14 for sure

Thanks you've helped TONS

[Junejer]

I can't even speculate about getting the HELOC reporting correctly. But, the util adjustment should get you 15-20 points, all else being equal.