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low credit score why ?

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Anonymous
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low credit score why ?

hello friends fico always talking about if you pay 50% off your credit your score will go up i went in paid all four of my credit card in full yes i was late 30 60 90 and 150 day within all of them but why my score is still at the low 600 please help me because my wife and i next year we plan on bying a house .


Message Edited by jcastor24 on 02-16-2008 12:09 PM
Message 1 of 8
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Anonymous
Not applicable

Re: low credit score why ?



jcastor24 wrote:
hello friends i have about 4 credit cards all is at zero balance yes i have a few late payment in the pass why score is still in the low 600 please help.


How many is "a few late payments"?  How old are they?  How severe were they (30, 60, 90, etc.)?
 
What other accounts do you have?  Any collections?  BK?  Chargeoffs?
 
How many inquiries?  How old are the CC accounts?

 
Message 2 of 8
haulingthescoreup
Moderator Emerita

Re: low credit score why ?


@Anonymous wrote:
hello friends i have about 4 credit cards all is at zero balance yes i have a few late payment in the pass why score is still in the low 600 please help.



Hi, welcome to the forums! When you say that you have a $0 balance, does that mean that you pay in full after you get your statement, so that you don't carry over a balance? Or do you not use them at all, so they are always at zero?

Most credit cards report the balance on your statements to the credit bureaus. So even if you pay them off afterwards, the FICO scoring formula thinks that you have a lot of credit card debt.

Pay all but one or two off BEFORE the next statement posts, and pay down the others to under 5% or 10% of their credit limits. Let that amount appear on the statements and report to the credit bureau, and then don't forget to pay them off. Keep doing that --it will help.

How old are your lates, and how bad were they? If these scores are FICO scores, what are you getting scolded for on your FICO score reports?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 8
Anonymous
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Re: low credit score why ?


@Anonymous wrote:
hello friends fico always talking about if you pay 50% off your credit your score will go up i went in paid all four of my credit card in full yes i was late 30 60 90 and 150 day within all of them but why my score is still at the low 600 please help me because my wife and i next year we plan on bying a house .
Message Edited by jcastor24 on 02-16-2008 12:09 PM
30 day lates hurt. 90+ day lates hurt much more. Those lates will drop off after 7 years and completely stop hurting. You should contact these lenders and talk to the credit dept or write a letter to kindly request that they remove the lates or remove the whole accounts that show late. Lates will keep scores from going very high. For example. 2 almost identical CRs. 1 shows a score of 780 the other 660. It might be possible that the only difference between them is multiple lates.

Message Edited by ilovepizza on 02-17-2008 10:55 AM
Message 4 of 8
Anonymous
Not applicable

Re: low credit score why ?

sorry ilovepizza it did not work, i called the ccc explaint to them the situation she say at this time we cannot help you, i feel very beat i did something else by pulling my experian credit report i find out i have 3 inquiries comming out my report in the next 3 months i hope this is going to help  my score a bit.Robot Mad
 
please feel free to drop a note of encourragement.
Message 5 of 8
Anonymous
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Re: low credit score why ?

Hi I'm new to this forum and to this Fico business. I had a credit score of 667 from Experian in mid Jan and as of today my score went down to 639. I called Experian and they said something had to change within the month. The only thing that changed was I paid off two of my credit cards which should have made my score go up. By the way I called Experian and they were absolutely no help!!!! Also, my Transunion and Equifax numbers all went up within the month. Any advise? Dana
Message 6 of 8
Anonymous
Not applicable

Re: low credit score why ?

did you pay all of your revolving debt to zero?

twingirls wrote:
Hi I'm new to this forum and to this Fico business. I had a credit score of 667 from Experian in mid Jan and as of today my score went down to 639. I called Experian and they said something had to change within the month. The only thing that changed was I paid off two of my credit cards which should have made my score go up. By the way I called Experian and they were absolutely no help!!!! Also, my Transunion and Equifax numbers all went up within the month. Any advise? Dana


Message 7 of 8
Anonymous
Not applicable

Re: low credit score why ?

When you say you paid off two credit cards, did you pay them off this month, or last?  After the statement date, or before?  If either question was answered by the first answer, it could be a timing issue.  It doesn't matter what your balance is now, only what it was the last time your credit card company reported your information.  Have you pulled your report lately?  Or are you going by a score provided by another source?
Message 8 of 8
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