Hi everyone,
In the explanation as to why my scores are as they are, I have the following statements:
There are too many bankcard accounts on your credit report. [Experian]
Not enough revolving debt experience. [Equifax] A healthy balance of credit and loan accounts is key to achieving a high credit score. It is important to build a record of responsible credit use over time with different types of accounts. Consider opening a new account to strengthen your credit report and improve your score.
There are too many personal finance accounts on your credit report. [Equifax] Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.
A little context: My oldest account is 18 years - average age was 4.5 years (just before apping, not sure what it'll be after they all hit). The number of accounts listed at each bureau range from 35-45, with 25-29 being open. All but 2 have zero balances, and the new utilization on those is 10% on one, and nearly 90% on the other (A Best Buy account at zero interest for two years, so am slow paying that one off).
I just went on an apping spree and expect my score to drop because of the inquiries for a little while...but part of the REASON I went on the apping spree was to eventually get a lower Uitl rate and have higher CL cards (previously most cards were around $1000) and have more of a safety zone in case of emegency. I'm planning on PIF or nearly PIF almost all cards - not holding a balance.
With my new approvals, my total available credit is around 30k plus the AMEX Charge card, where before it was around $15k.
So.........
How is it that Equifax is saying two totally opposite things? I had scores in the mid-600's before I used a bonus to pay down most of my credit cards, and saw a nice jump to to the low 700's except for TU, which stubbornly stayed at 680.
I'm willing to take short-term loss for long-term gain. Bottom line is that for the medium-long term I'd like to make the BEST Move as far as FICO scoring goes, so I'm totally confused. 
any advice?
Thanks,
Sovi
HI Hauling,
Yes... I should've clarified.. they *are* from the TrueCredit site. I'm using that to monitor changes in my report(s) before I pay for more TRUE scores from myFico. I know enogh that I shouldn't trust the TrueCredit site (which is a shame, because they list all my scores as about 50 points higher - )
)So... we shouldn't trust that 'advice' either? Are the Credit Reports at least right? Or should i just cancel the whole thing?
Thanks,
Sovi
Soviyana wrote:
HI Hauling,Yes... I should've clarified.. they *are* from the TrueCredit site. I'm using that to monitor changes in my report(s) before I pay for more TRUE scores from myFico. I know enogh that I shouldn't trust the TrueCredit site (which is a shame, because they list all my scores as about 50 points higher -So... we shouldn't trust that 'advice' either? Are the Credit Reports at least right? Or should i just cancel the whole thing?Thanks,Sovi
The credit reports on TC are accurate, and even contain more details than most other daily pull services. For instance, TC reports show the date an account was updated in mm/dd/yyyy format for TU and EX. Most other services only show mm/yyyy, if they show that information at all. Those reports are the only reason I continue to subscribe to TC.
The scores and advice are best ignored.
I live for my TC report pulls (well, maybe not that bad, but close, lol), but I can't remember the last time I looked at my scores and advice.
I used to read the advice for entertainment, like reading my horoscope in the paper, but I found that the FAKO advice was getting tangled up with the FICO advice, so I don't even click on that one any more.
But the reports are great --can't beat them when you've got a lot of stuff going on, and you're trying to keep track of it. And it keeps me from pulling (and paying for) my FICO's until I have reason to believe that there's some good news waiting. Or not-so-good, as recently...
I used to read the advice for entertainment, like reading my horoscope in the paper, but I found that the FAKO advice was getting tangled up with the FICO advice, so I don't even click on that one any more.
But the reports are great --can't beat them when you've got a lot of stuff going on, and you're trying to keep track of it. And it keeps me from pulling (and paying for) my FICO's until I have reason to believe that there's some good news waiting. Or not-so-good, as recently...
marty56 wrote:The True credit reports kinda remind me of the 8 ball fortune toy where you shake it and a new fortune pops up. My TC report also states that I dont have enough credit cards but have used too much credit.You would think that a savy CCC would :"encourge" the CRAs to say things like:Marty, you need to charge more on your CCCMarty, you need to apply for a new CC.Marty, use it or loose it.You laugh but I got my TC from National City Visa and even though I like them I wonder if any CCC providing you with a CRA access plan is conflict of their interest,
LOL.... That's too funny. Well, it does appear they purposely try to confuse you... Spend more... spend less! Spend! Save! .... Kinda like the Gov't.I suppose when it all comes down to it... the *right* thing regardless of the advice is to use credit sparingly, have some (whatever that 'some' figure is?) available for emergencies... and go about your merry way. Even better... I can't wait until I'm cc debt free (soon!) and I can build *savings* for emergencies, instead of falling back. Then I'll truly be free. Best book I've ever read on the subject was/is Debt-Proof Living - Worth the trip to the Library.Sovi
haulingthescoreup wrote:
Two annoying sayings that I like:- Credit is a great servant, but a terrible master.
- If you've used up all your credit, then you don't have credit, you just have debt.
Love it, Love it, Love it... and true, true, true.
I know DPL (Debt Proof Living) is kind of on the 'all debt is bad' side -- but it really woke me up to the idea that I can and *should* build a savings for those 'emergencies' I previously said "that's what credit cards are for".
Plus, there's those things that I used to call 'emergencies' which were really REALITIES - stuff breaks. That's just life. (Duh!) 
So I'm automatically having a little money every month transfered to an online checking account so that when (not IF) something happens with the car/house/whatever..... I'll at least have some cash on hand to cover it and don't *have* to put it on the cards (actually... I'm putting it on the card for the security/reward points and then paying off out of that account).
I've already done it that way twice and what a GREAT feeling it is. May not do a thing for my scores...but does a whole bunch for my peace of mind... and what's that MC commercial...(ironic)...???
.......Having the peace of mind to not go further into debt?... Priceless!!!
Sovi
Post of the day!!! Keep on telling the story.