Pat and I did a comparison a short time ago with Pat's 873 score vs my 784 score. We where trying to determine how the high 800 score was achieved. My biggest concern on my report was the $401 bal on my $1100 CL retail card (it was also the #1 reason code). Well, that came off and my score jumped from 784 to 835....a new personal record. I have noted the changes in the individual items below and also copied my complete 784 report below. Two of my reason codes stayed the same but..... Does anyone know why I triggered the fourth reason code, "TOO FEW SATISFACTORY SPECIALTY RETAIL ACCOUNTS"? I have 3 speciality retail cards open....Sears, Marshall Fields, and Walmart. All in good standing. I have a closed Sears and closed Target also both in good standing. I'm assuming it wants more than three retail accts, but then why doesn't just say "too few retail accts" instead of satisfactory accts? Also, Pat had three retail accounts as well. Oh, and yes I realize the TU is crap! Hey Pat, do you have an update? Any big changes? ==================================== NEW POSTING WITH SCORE @ 835 ==================================== * All accounts are individual Score = 835 (was 784) You have been in our files since: 10/1993 Card Type Code Opened C.Limit Balance Status Open/Closed(date) ----------- --- ------- ------- ------- ------ ------ RETAIL 1 R 11/96 $1100 $0 Open ****WAS $401 Bal**** RETAIL 2 R 2/97 $600 $0 Closed 8/99 VISA 1 R 7/97 $2900 $0 Open MC 2 2/98 $27000 $0 Open LOC 1 R 6/98 $1000 $0 Open LOC 2 R 7/97 $1000 $0 Open RETAIL 3 R 12/98 $1200 $0 Closed 10/01 CAR LOAN 1 I 11/00 $16000 $0 Closed 8/01 VISA 3 R 12/98 $9000 $0 Open MORTGAGE 1 M 10/01 $128000 $119522 Open RETAIL 4 R 11/01 $3900 $31 Open ****WAS $0**** AmEx Blue 4 R 5/00 $15800 $202 Open ****WAS $0**** RETAIL 5 R 8/93 $2000 $0 Open ****WAS $31**** VISA 5 R 9/98 $25000 $84 Open VISA 6 R 4/99 $7000 $0 Closed 11/01 LOC 3 R 1/02 $10000 $0 Closed 1/02 Unsec LOAN 1 I 4/99 $2500 $0 Closed 3/00 CAR LOAN 2 I 8/99 $12000 $0 Closed 3/00 Unsec LOAN 2 I 2/00 $7500 $0 Closed 5/00 Mastercard 7 R 2/98 $500 $0 Closed 11/98 Unsec LOAN 3 I 3/98 $2500 $0 Closed 8/99 CAR LOAN 3 I 7/98 $11387 $0 Closed 8/99 Unsec LOAN 4 I 8/99 $2691 $0 Closed 9/99 LOC 4 R 2/99 $0 $0 Closed 02/00 CAR LOAN 4 I 5/98 $5700 $0 Closed Showing Open Hard Inq ---------- 11/01 Credit Card 9/01 Mortgage 9/01 Mortgage 8/01 Auto Insurance 9/00 Loan 6/00 Credit Card NEW Reason codes --------------------- Factor 1: TOO MANY RECENTLY OPENED ACCOUNTS YOUR CREDIT REPORT REFLECTS A NUMBER OF RECENTLY OPENED ACCOUNTS, WHICH HAS A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF NEW ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 2: TOO MANY INQUIRIES EXCESSIVE INQUIRIES ON THE CREDIT REPORT HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF CREDIT APPLICATIONS YOU COMPLETE MAY IMPROVE YOUR CREDIT SCORE. Factor 3: LENGTH OF TIME OLDEST BANK REVOLVING ACCOUNT HAS BEEN ESTABLISHED IS TOO SHORT LONGER CREDIT HISTORIES PROVIDE MORE PAYMENT BEHAVIOR INFORMATION. CONTINUING PROMPT PAYMENTS OVER A LONG PERIOD OF TIME ON THE SAME ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 4: TOO FEW SATISFACTORY SPECIALTY RETAIL ACCOUNTS THE NUMBER OF GOOD STANDING SPECIALTY RETAIL ACCOUNTS IS TOO LOW. ==================================== OLD POSTING WITH 784 SCORE ==================================== * All accounts are individual Score = 784 You have been in our files since: 10/1993 Card Type Code Opened C.Limit Balance Status Open/Closed(date) ----------- --- ------- ------- ------- ------ ------ RETAIL 1 R 11/96 $1100 $401 Open RETAIL 2 R 2/97 $600 $0 Closed 8/99 VISA 1 R 7/97 $2900 $0 Open MC 2 2/98 $27000 $0 Open LOC 1 R 6/98 $1000 $0 Open LOC 2 R 7/97 $1000 $0 Open RETAIL 3 R 12/98 $1200 $0 Closed 10/01 CAR LOAN 1 I 11/00 $16000 $0 Closed 8/01 VISA 3 R 12/98 $9000 $0 Open MORTGAGE 1 M 10/01 $128000 $119685 Open RETAIL 4 R 11/01 $3900 $0 Open AmEx Blue 4 R 5/00 $15800 $0 Open RETAIL 5 R 8/93 $2000 $31 Open VISA 5 R 9/98 $25000 $83 Open VISA 6 R 4/99 $7000 $0 Closed 11/01 LOC 3 R 1/02 $10000 $0 Closed 1/02 Unsec LOAN 1 I 4/99 $2500 $0 Closed 3/00 CAR LOAN 2 I 8/99 $12000 $0 Closed 3/00 Unsec LOAN 2 I 2/00 $7500 $0 Closed 5/00 Mastercard 7 R 2/98 $500 $0 Closed 11/98 Unsec LOAN 3 I 3/98 $2500 $0 Closed 8/99 CAR LOAN 3 I 7/98 $11387 $0 Closed 8/99 Unsec LOAN 4 I 8/99 $2691 $0 Closed 9/99 LOC 4 R 2/99 $0 $0 Closed 02/00 CAR LOAN 4 I 5/98 $5700 $0 Closed Showing Open Hard Inq ---------- 11/01 Credit Card 9/01 Mortgage 9/01 Mortgage 8/01 Auto Insurance 9/00 Loan 6/00 Credit Card Reason codes ---------------- Factor 1: RETAIL ACCOUNT BALANCES ARE TOO HIGH IN PROPORTION TO CREDIT LIMITS CONSUMERS HAVING HIGH BALANCES ON THESE ACCOUNTS IN RELATION TO THE CREDIT LIMITS ARE MORE LIKELY OF FUTURE DELINQUENCY. LOWERING YOUR BALANCES ON THESE ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 2: TOO MANY RECENT INQUIRIES EXCESSIVE INQUIRIES HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF CREDIT APPLICATIONS YOU COMPLETE MAY IMPROVE YOUR CREDIT SCORE Factor 3: TOO MANY RECENTLY OPENED ACCOUNTS YOUR CREDIT REPORT REFLECTS A NUMBER OF RECENTLY OPENED ACCOUNTS, WHICH HAS A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF NEW ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 4: TOO MANY INQUIRIES EXCESSIVE INQUIRIES ON THE CREDIT REPORT HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF CREDIT APPLICATIONS YOU COMPLETE MAY IMPROVE YOUR CREDIT SCORE.
I had a REASON code of RETAIL too high vs. credit limit...I had WAL*MART maxed (0.00%) $2,425...BUT I also have SEARS limit $5,300...(owe $0.00) 31%...TOO HIGH??? WAL*MART 0.00% expired so their BOTH now at $0.00...
I think four retail accounts was the magic number. Someone posted a powerpoint presentation regarding FICO score breakdowns a while ago. I think 4 retail and 5 revolving were the optimal numbers to have. Anything more or less costs points. p.s. 835 is as Jim Rome would say a "sick" score. They have to reach pretty deep to even come up with 4 reason codes with that score. Congratulations.
So from what I see, we need all the right mix of credit to compile a good score (so many of this and so many of that) but use the cards and your score tanks. Doesn't make sense does it? So why do we need credit anyways if you can't use it? I think the scoring system is highly over rated. We are all merely a number selected by a computer. I have never been late on a payment in the 15 years I have been on file. That doesn't count for anything? No, Fair Issac lumps you into a percentile group that may represent a higher risk. They give you a number and you are judged by that. Why? Because I have balances on my bank cards? Don't get me wrong, I am not credit desperate. I sufficient bank cards but I also use them. I also make more than the minimum payment every month and on time. I live in a small town. The bank told me that anything over 600 is excellent credit. We just got a mortgage for 6.25% fixed, 10 yrs. At the same bank, I can walk in in the morning and come out by noon with cash in my hand up to 5k just by signing my name. Yes they do pull my credit report and actually look at it. " Wow! you've never been late on a payment" Thank you very much!
Hey George, I believe you triggered the code because of the one being at 100%. You could have $100,000 in retail card credit limits, but if you even have say $200 on a retail card with a $500 credit limit, you will probably trigger that code. I have $3850+$1100+$2000 in retail card limits and the $401 bal on the $1100 card (walmart) triggered the code. At least that's what I've noticed. Damn, scoring systems suck!
Thanks for the info. If you recall the where the powerpoint presentation was, please let me know. I would really like to see it. The only one I remember see in the forums was.... http://www.ftc.gov/bcp/creditscoring/present/index.htm Well, I have 5 revolving so I should be right on there and that's the number I believed it to be. I seem to be 1 short on retail cards if 4 is the magic number. Maybe I should take advantage of the preapproved Home Depot card except it's another card from Monogram Credit Crap Bank of Georgia. ---- Can anyone recommend a good retail card besides Walmart, Sears or Marshall Fields??? Preferably not from MCCBG! Oh, and thanks for the congratulations. I would be 100% satified except for Pat beating me with the 873.
I don't blame you George. We should never let our score stop us from taking advantage of opportunities to save money (in most cases). Beside, what does it really matter. It's a random number generator anyways!
Jason, I called Fair, Isaac, and Company about the scoring. They had told me that once your score gets so high then the reason codes are less effective. OBVIOUSLY!! Thanks for posting. I like when people post things like this because I'm like you, I like to compare and analyze. I have a score of 794 (yes, TU). Did I really need to clarify? ) I just have some balanes that I need to pay off on a few accounts. However, the number one reason was too many delinquencies. . . Macy's showed ONE 30-day late in 1996. BTW. . .I agree with another poster. . . THAT "IS" a SICK SCORE!! ***JASON,WILL YOU APPLY FOR MY MORTGAGE FOR ME?
Hey Keller, Ya, like duh! Your welcome. I wish more would do it. Especially for some of the other CRAs. Very nice score. Don't you just hate seeing that stupid 30 day late every time you pull your report? Have you tried for a "goodwill" removal from Macys? On the Mortgage, I'm sorry but I have to turn you down. Too many delinquencies. Sorry.
LOL!!! OK, but how about I give you 20 Trans Union points instead of 2 FICO points? I think you should add R.N.G. to your signature while your at it. After all, it is your signature line.
No close Mays, Mervyns or Nordstroms. Does Macys have online bill pay and acct info? I actually shop on their website quite a little bit. Also, gas cards...I can't believe I don't know this. Are they in the same category as retail cards or are they separate?
GAS CARDS...I don't know...I don't have any...haven't found any places that don't take VISA/MC/AMEX/DISCOVERCARD
I agree, every gas station takes majors. But I would rather get a gas card instead of a stupid retail card IF it counts as a retail card to get me to the magic 4 number. If it doesn't count as a Retail card, does any one know if it is it's own category and if it helps your credit mix??????
Not to steal or "hijack" your post, but my #1 reason code is not enough retail accounts. I don't have ANY open that is. Who pulls TU, last time I applied for Citgo 2 years ago they pulled TU, anyone applied for them recently?
