Note the great analysis from the other comparison by Jason. My tu score is in the 680-720 range depending on the time of day etc.. Anyone in a similar or slightly higher range that wants to compare notes.
Just wanted to give credit to Pat who did the other 50% of the work on our comparison! Good luck on yours.
Hey way to leave me out of it [edit] oops thanks J.... (posting at the same time) Why don't you compare your's to Jasons. He's about 60 - 100 pts. higher than you. We were trying to figure out what caused my score to be a 100 points higher than his.
Sorry Pat, didn't mean to leave you out, but jason's was the last post that I saw, and I was too lazy to look for your name.
Here's mine for what it's worth. If you two braniacs want to take a stab at it feel free. I'm at 671 right now, down from 751 last month. Couldn't resist a couple of citibank 0% deals. Unfortunately I took 90% of cl on both cards. Ouch. Have since paid down below 50 but of course it will be a couple of years before CB updates. Score 671 Inquiries 5 in the last 6 months. No others listed (thanks TU) Accounts Cc 5500 0 closed 12/01 CC 5000 0 open Cc 400 0 closed 7/01 Cc 15000 4000 open Cc 7500 0 open Cc 10000 0 open since 12/01 Cc 25000 0 open since 3/02 Cc 4900 3400 open(what was I thinking) Cc 7000 6500 open " " Cc 5000 2600 open Cc 900 0 closed Cc 0 0 0 closed Cc 237 0 open Visa Sig card no limit reported Mort 665000 0 closed Mort 720000 710000 open Mort 66000 60000 open Mort 38000 0 closed Student Loan 40000 25000 open since 91 Auto Lease 35000 32000 Reason codes 1. Length of time 2. Too many bankcard accounts 3. average balance is too high 4. Total balance of personal finance accounts Been in the system since 86
One quick comment: I feel it's a least somewhat important to specify Retail accts (charge accts), Credit card accts (MC, Visa, Disc, etc), and open accts (amex green). I would change all your cc's to reflect what exact type it is as the type will affect your score.
All the listed CC's are credit cards with the exception of the visa sig. card which reports open like an AMEX green. I don't have any retail cards (which might explain the lousy score). Wife has a ten year old sears card with a zero balance that I just added to the mix but its not reporting yet.
OK, here's my shot at it Abbreviated comparison....... Wolverine Been in the system since 86 Type of acct # C.Limits Balances Retail Open 0 Retail Closed 0 Credit Open 8 $79400 $16500 Credit Closed 4 $6800 $0 LOCs Open 0 $0 $0 LOCs Closed 0 $0 $0 AutoL Open 0 AutoL Closed 0 UnsecL Open 1 $40000 $25000 UnsecL Closed 0 $0 $0 Mortg Open 2 $786000 $770000 Mortg Closed 1 $703000 $0 Lease Open 1 $35000 $32000 PAT Been in files since 3/84 Type of acct # C.Limits Balances Retail Open 2 $400 $0 Retail Closed 1 $340 $0 Credit Open 7 $55800 $2255 Credit Closed 3 $1900 $0 LOCs Open 0 $0 $0 LOCs Closed 0 $0 $0 AutoL Open 1 $33313 $23874 AutoL Closed 2 $18025 $0 UnsecL Open 0 $0 $0 UnsecL Closed 0 $0 $0 Mortg Open 1 $44000 $43868 Lease Closed 1 $26233 $0 Jason Been in files since 10/93 Type of acct # C.Limits Balances Retail Open 3 $7000 $401 Retail Closed 2 $1800 $0 Credit Open 5 $79700 $83 Credit Closed 2 $7500 $0 LOCs Open 2 $2000 $0 LOCs Closed 2 $10000 $0 AutoL Open 1 $5700 $0 AutoL Closed 3 $39387 $0 UnsecL Open 0 $0 $0 UnsecL Closed 4 $15191 $0 Mortg Open 1 $128000 $119685 So..... Pat 2, Jason 3 open retail cards to your 0 (big difference) Pat 7, Jason 5 open credit cards to your 8 Pat and Jason are showing 1 open auto loan, you none Jason and I have 1 open mortgage, you have 2, although yours is much larger You have an open lease, to my closed and Jasons none. Pat 1, Jason 1, you 5 inquiries in the past 6 mos. Your time that you've been on file is close to mine, Jason and I think this has a big impact Your missing retail has definately got to be hurting your "credit mix", the Sears card should help Your 5 inquiries in the last 6 months another ding. The new cards and being at 90% have to be killing your score (of course you know this I can't hazard a guess at what your huge mortgage does, if I had to, I'd say it helps. Take a stab at it. What do you see?
Wow Wolfverine, Just when I thought my mortgage was high, looking at yours I don't feel so bad now heh...What are you paying monthly if you don't mind me askin?
That was spectacular. Your analysis is right on what my CE shows. For the life of me, I can't figure out why a lousy retail card would make me a better credit risk. The last time I looked most retail cards carried a prime plus 99% interest rate. But I guess if you have to play the game.... Another thought, anyone who turns down money at 0% for 9 months probably should be considered intellectually challenged. I thought it was the greatest thing in the world until I discovered creditnet and saw the corresponding 60+ point drip in my score. Sad but true story, once I discovered the effect on my score, I actually went to western union and sent $7k to CB the day before the billing cycle closed to get the balances down. Another thought, when TU says too many bankcards, do you think that's a euphamism for too much available credit or are they talking about the absolute number of cards?
Sorry to be alittle off topic here but considering your mortgage balance, your score is pretty good. Is it safe to say that any installment accounts don't have that great of a affect on anyone's score?
I think mortgages are in their own category and the amount doesn't really matter for scoring purposes. Of course, it definitely has an impact when they consider debt/income ratios.
I think Pat is right on too. Thanks for STEALING my abbreviated comparison, Pat! Sure all do all the work just to have it stolen! Just kidding . Glad Pat did it so I didn't have to type it out this time. THANKS! When looking at the impact remember the breakdown in scoring... 10% New Credit. This piece of the pie is hurting you right now. 10% Types of Credit in Use (credit mix). Like Pat said, added a retail card should help. You wouldn't think having a Spacula City retail card with a $1k credit limit at 23% would help, but according to Fair Issac is does. And would they lie to us? Also, who knows, the score benefits of different credit types may stop at having 5 different types, who knows. Having the Visa Signature (open acct) is a plus for you that Pat and I don't have although I am considering applying for. 35% Payment history. perfect is perfect 30% Amts Owed. Also killing you right now due to the 90% utilizations. But hey, if your not applying for anything right now, your saving money and losing bragging rights. 15% Length of credit history. Not much we can do there. Remember, less than 30 years is "short". Pat and I agree on most everything. But of course we like everyone else here are somewhat guessing. I don't think your actually $ amt on your mortgages is hurting or hurting much. I don't know if their is any neg for owning a high % on a mortgage. The one thing I find surprising about Pat's is the lack of the "too many revolving accts" reason code. I know I've had it before. You have it and have less cards, as do I. Why, with Pat's score, would that one be not up there somewhere. It still amazes me. Having an open installment loan has prevented the " no current installment loan" code from showing up for me in the past, but it could be hurting you. Why? I missed it initiallay, but then noticed your "...personal finance accts" reason. Having a loan through a "fianance" company compared to a traditional bank has hurt scores in the past for people. Is your loan though someone like Citibank Financial or a real bank like Citibank NA? Then again, I may be reading too much into the word finance on the reason code. In conclusion.... Pat covered everything very well. I only had possible minor things to add but hope it added some value. Good luck on your journy back to 700 and eventually to 800 land.
Ah the old personal finance accounts. it only shows up that way on TU for me. My second mort. is through the dreaded Household. I know, I'm a sucker, but at the time 8.9% seemed like a good deal. It really is a mortgage, but shows up as personal finance. Like household would give anyone 60k without some collateral....
I wouldn't be too worried since you had a good score with it before your point drop. If you score dropped as a result of it I might be worried. But in your case, oh well.
Wolverine was right about mortgages. But actual installment loans will have an affect. Not having one will sometime trigger the "no recent installment loan" reason, but then again having too much installment debt will have the opposite affect.
