Holy Cow!!!!!!

Erica · Dec 19, 2001

I just ordered my Equifax report with Score Power to do my CHOD, and my freakin score is 603!!!! I can't believe it!!!!

March 2001: 583
April 2001: 561
July 2001: 536
September 2001: 544
December 2001: 603

First Reason Code: 38 Your first reason code is 38, â??Serious delinquency, and public record or collection filedâ?. This is the single most important factor affecting your score. This reason occurs when there is a derogatory public record or collection agency reference, as well as one or more serious delinquencies on your credit accounts, appearing on your credit report. Studies reveal that consumers with previous late payments are much more likely to pay late in the future. There is no â??quick fixâ? to improve the score if the derogatory public record, collection item, or serious credit account delinquency appearing on your credit report is valid. However, as these age and fall off the credit report, their impact on the score will gradually decrease. (Derogatory public records, collection items, and credit account delinquencies stay on your report for up to seven years; there are items that could remain longer.) Bear in mind that satisfying or paying off the collection item or derogatory public record won't remove this information from your credit report. The fact that it occurred is still predictive of future repayment risk, and thus it will still be considered by the score.

Second Reason Code: 13 Your second reason code is 13, â??Time since delinquency is too recent or unknownâ?. This is the second most important factor affecting your score. Analysis of consumer credit histories shows that consumers with previous late payments are much more likely to pay late in the future. The FICO score evaluates not only the presence of previous late payments, but also how recently the missed payments occurred. In general, the more recently a payment was missed, the greater the risk, and the lower the score. There is no â??quick fixâ? to raise your score if the late payment on your credit report is valid. (Credit account delinquencies stay on your report for up to seven years. Bear in mind that closing an account on which you had previously missed a payment does not make the late payment disappear from your credit report.) To improve your credit score over time, you need to pay your bills on time. The longer you pay your bills on time, the better the score. If you have late payments, get caught up on back payments and stay current. As time passes the importance of these previous late payments will gradually lessen and the score will increase â?? as long as you make your payments on time on all of your credit obligations, and use your available credit responsibly.

In rare cases, evidence of a past missed payment on a credit account is present on the credit report, but the date of the late payment cannot be determined exactly. An â??undateableâ? credit account delinquency on a credit report still represents greater risk than never having missed a payment at all, and thus it will still affect the score.

Third Reason Code: 8 Your third reason code is 8, â??Too many inquiries last 12 monthsâ?. This reason appears when your credit report contains a large number of inquiries posted as a result of your applying for credit. Research shows that consumers who are seeking several new credit accounts are riskier than consumers who are not seeking credit. Inquiries are the only information lenders have that indicates a consumer is actively seeking credit. There are different types of inquiries that reside on your credit report. The score only considers those inquiries that were posted as a result of you applying for credit. Other types of inquiries, such as promotional inquiries (where a lender has pre-approved you for a credit offer) or consumer disclosure inquiries (where you have requested a copy of your own report) are not considered by the score.

The scores can identify â??rate shoppingâ? in the mortgage- and auto-lending environment, so that one credit search involving multiple inquiries is usually only counted as a single inquiry.

Typically, the presence of inquiries on your credit file has only a small impact on FICO scores, carrying much less importance than late payments, the amount you owe, and the length of time you have used credit. This reason rarely appears as a primary or secondary reason except in high-scoring files. As time passes the age of your most recent inquiry will increase, and your score will rise as a result, provided you do not apply for additional credit in the meantime. Typically inquiries are purged from the credit bureau files after two years.

A common misperception is that every single inquiry will drop your score a certain number of points. This is not true. The impact of inquiries on your score will vary â?? depending on your overall credit profile. Inquiries will usually have a larger impact on the score for consumers with limited credit history and on consumers with previous late payments. The most prudent action to raise your score over time is by applying for credit only when you need it.

Fourth Reason Code: 14 Your fourth reason code is 14, â??Length of time accounts have been establishedâ?. This reason is based on the age of the accounts on your credit report (the age of the oldest account, the average age of accounts, or both). Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who don't. So it's a good idea to only apply for credit when you really need it and wait a while before you apply for more. All other factors being equal, your score is likely to improve as your credit history ages.
Click to expand...

I can't believe it! I stared at the screen with my jaw on the floor for about 10 minutes.

OMG!!!

Just wanted to let you all know.

breeze · Dec 19, 2001

Well, dang, you're moving up!!

KHM · Dec 19, 2001

WTG!!! Keep up the good work!
KHM

uniondiva · Dec 19, 2001

WOW, Erica has graduated from the 500 club..... we will miss her, but I hope she will participate in reunions from time to time..

Cyprigirl · Dec 19, 2001

You go Erica!

Cypri

Erica · Dec 19, 2001

I'd like to thank the little people, the creditnetters, and the people who have already forgotten why I'm giving this thank you speech.....

No, really, I won't forget the 500 clubbers, especially since Experian is still at 580. TU is now at 615 up from 586 on 11/25/2001.

Quixote · Dec 19, 2001

My simcere Congratulations, Erica. You've worked hard for it. You deserve the results.

Nave · Dec 19, 2001

WoooooHooooo!!!!!!!! Are happy dances un-banned?

O well -> Breakin the law doin the dance for you.

Congrats Erica.

-Peace, Dave

raiderpam · Dec 19, 2001

Congratulations!!!!!

kustomkat · Dec 19, 2001

Congrats.....

I just checked my score: 630 the highest equifux has ever been...
2000
May 2000 432

2001
jan 485
may 602
july 610
aug 609
sept 583
oct 592
nov 605
dec 630

yippee...

Plus my crazy mad high limit citibank cards just reported and Im hoping I get results via chod...

I think I am going to sue them to take off inquiries...

Kev
bling bling club

Log in / Register

Forums

Holy Cow!!!!!!

Erica Well-Known Member

Today's Featured Deals

Low Interest Rate

Bad Credit

Bad/Limited Credit

Secured Card

Cash Back

breeze Well-Known Member

KHM Well-Known Member

uniondiva Well-Known Member

Cyprigirl Well-Known Member

Erica Well-Known Member

Quixote Well-Known Member

Nave Well-Known Member

raiderpam Well-Known Member

kustomkat Well-Known Member

Share This Page

Log in / Register

Useful Searches

Holy Cow!!!!!!

Erica Well-Known Member

Today's Featured Deals

Low Interest Rate

Bad Credit

Bad/Limited Credit

Secured Card

Cash Back

breeze Well-Known Member

KHM Well-Known Member

uniondiva Well-Known Member

Cyprigirl Well-Known Member

Erica Well-Known Member

Quixote Well-Known Member

Nave Well-Known Member

raiderpam Well-Known Member

kustomkat Well-Known Member

Share This Page