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[Achieve2012]

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[Anonymous]

Is the funiture account Installment or revolving?

As you have other installment accounts- disputing the balance or better calling the company to have them update- should not hurt your FICO.

What are youre Negative factors on page2 of you myFICO reports?

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kymmie60115 wrote:

Here's the deal. I have an auto loan left with a balance being reported of $639, high balance was $25,492.  The account is actually paid off but I have not disputed for it to be updated yet. Student loan balance, $20,514, High balance was $31,058.  Furniture account, balance $4174, High balance was $7374. I have 2 open cc's limits $750 and $900, I keep the balances low, this month they are $35 and $40.  I don't have any other open accounts. I had some past car loan accounts with about 4 late payments but they are over 4 years old.

My current scores are TU 698, EQU 671, EXP 704, What can I do to try to get all scores in the mid 700's?

Also my car loan is with Wells Fargo and they do not update the account unless I dispute with CA and have it updated. What's up with that? The only reason I have not had them update yet is because of the fear of my score dropping points while I am trying to increase it.  The account is paid off but still shows that last payment amount of $639 is the balance on the loan. 

I wanted to know should I pay down my student loans, and if so by how much? What about the furniture accounts, same thing if so how much?  And should have the car loan reported as $0 or leave it alone for now. Also Should I let the balances on my CC's fluctuate between a $0 balance and a small balance that is reported every month, or should I let it report consistently at $0 or consistently with small balances.  Please any suggestions are greatly appreciated.

Message Edited by kymmie60115 on 03-23-2008 09:16 AM

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[Achieve2012]

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[Anonymous]

These factors are in ORDER of what is hurting your score-

Can't do much with #1 unless someone with a long history can add you as an AU (until FICO 08 kicks in)

#2 CFL- it's hurting more than the old lates- not much you can do about this either.

#3 Installment UTL- really is only a few points, (50 maybe) - There are some that think having a bunch of installment accounts hurts the score.  If the overall utl is below 65% or below 50% - you are doing everything you can.

#4 - Have you written GW letters for these?

So overall- very little you can do to increase the scores-

Pay one of the cards off 100%.

Let the closed Auto update

Write GW letter for the old lates

keep paying ontime.

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kymmie60115 wrote:

The furniture account is an installment account, fixed mo. payments of $199 per month. On page 2 of understanding my score it says 1. You have a short credit history (10 years old) 2.You have a consumer finance account on your credit report (furniture account with American General). 3. The remaining balance on your non-mortgage installment loans is too high. 4.You have multiple accounts showing missed payments or derogatory descriptions. Number of your accounts with a missed payment or a derogatory description 2 accounts (these are the old car loan accounts I spoke about).

Message Edited by kymmie60115 on 03-23-2008 09:58 AM

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[haulingthescoreup]

I would add that you might try having one CC report $0, and the other with the small balance. It might also help to add one more revolving (CC) account, since that's a pretty small part of your credit mix at the moment.

Have you ever tried playing with the simulator that comes with the FICO EQ and TU reports? Slide down to the bottom of that screen and choose "add a credit card with a CL of $1,000" (or $5,000,etc.) See if it projects a score increase, stays around the same, or a score drop.

My college-aged daughter only has 2 cards. The sim projected a score increase by adding a card, so we're giving it a try, which makes her pretty happy! Please realize that the simulator isn't Gospel, but it is sort of an indicator of what might help.

[Anonymous]

Hey guys, I have a question, If I had opened a new CC account My Average age is about three yrs & change, my oldest account opened 7 yrs ago,my Ex:698. Now, should I expect a score increase because of the 7k TL? "My credit to debt ratio" has increased, or will it Decrease because My age is going to be shorten?

[M-2008]

Don't forget that student loan interest is tax-deductible --  if your modified adjusted gross income is less than $70,000 you can deduct student loan interest up to $2,500.00.

http://www.irs.gov/publications/p17/ch19.html#publink100033787