Credit Scores

I guess my beef is, how can someone with judgments and bad accounts have a way better score than me, someone who has nothing neg. on two of my reports?


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Let me help you out a little here:

Soring isn't about Neg. Vs. Pos.
It's about profitability.
It also has nothing to do with if you're good for the money.
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It's a shell game run by con artist.

 

Profitability? Not so sure that is the real answer.
Yes it is amazing how someone with judgements and a BK could have a higher score.
I imagine the big drag on your score is related to 1: Amount of credit available, most of it utilized (50 - 100 pts), 2: 15 inquiries (5 pts X 15 = 75 pts down)
3: New credit, accounts need to age.
So, seems like you need to apply for less credit and utilize less of your credit. Add in some time to let the accounts age and your score should improve greatly.
Good luck!

 

FICO scores, some info as example

please search for the thread "FICO Finally UP" that I posted in midJune, I have tried to link to it, but can't make it happen for some reason...

Scroll through to the last post to SueDan...it explains where I started, and how I got to where I am at now, at least on Equifax, which is my highest CRA score. TU and EXP are still in mid600's

Also, here is some information from CreditWatch, the Equifax Product which includes FICO Scoring. PLEASE NOTE:
I am not agreeing with the FICO scoring model, just telling you what it says it uses.

It notes that the five areas considered in the calculation of your credit score listed FROM MOST IMPORTANT TO LEAST IMPORTANT are:
 Payment history
 Amount owed
 Length of credit history
 New credit
 Types of credit in use.
<<<Someone can probably post the percentages, but I think that payment history is 35%. >>>>

As an example, information from most recent FICO ScorePower (product fromCreditWatch)notes on my account is below. It only gives you the top two positives, and the top two negatives, I believe.

XXXXXXXXXXXXXXXXXXXXX
TOP POSITIVE FACTORS
The positive factors listed below reflect areas of your credit behavior that are better than average, translating into a higher FICO score. Continuing to manage your credit this way will help to increase your FICO score over time.

These factors are provided in order of impact â?? the first listed has impacted your FICO score most positively and so on.

 FIRST POSITIVE FACTOR: The time since your most recent past due payment is old or unknown
There is evidence of a late payment on your file as recent as 50 months ago.

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. (Most late payments stay on your report for no more than seven years. Keep in mind that closing an account on which you had previously missed a payment does not make the late payment disappear from your credit bureau report.)

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 "undateable" credit account delinquency on a credit report still represents greater risk than never having missed a payment at all, and so it will still affect the score.


 SECOND POSITIVE FACTOR:
You demonstrate a relatively long credit history.
Your most established credit obligation is 291 months old

The majority of U.S. consumers have a relatively long credit history - with the average age of their most established credit account being 14 to 15 years. In addition, the average time since the most recent account opening is 20 months ago.
This reason is based on the age of the accounts on your credit bureau 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.

Avoiding a sudden ramp-up of new credit openings will help you to continue receiving positive points for this area of consideration by the FICO score.


TOP NEGATIVE FACTORS:

The negative factors listed below are reasons why your FICO score is not higher. Your focus on these factors will help you to raise your FICO score over time. These negative factors are provided in order of impact to your score â?? the first factor listed indicates where you stand to gain the most points over time and so on.

 Serious delinquency or derogatory indicators/remarks, and public record or collection information is being reported on your credit file.
You have evidence of seriously delinquent payment behavior (60 days past due or greater). In addition, there are 1 derogatory public record that have been filed. In addition, there are 1 collectionthat have been assigned.

This score evaluates 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 bureau report. Studies reveal that consumers with previous late payments are much more likely to pay late in the future. However, as these items age and fall off the credit bureau report, their impact on the score will gradually decrease. (Most derogatory public records, collection items, and credit account delinquencies stay on your report for no more than seven years, though there are certain items that could remain longer.)
There is no "quick fix" to improve the score if the derogatory public record, collection item, or serious credit account delinquency appearing on your credit bureau report is valid. Bear in mind that satisfying or paying off the collection item or derogatory public record will not remove this information from your credit bureau report. The fact that it occurred is still predictive of future repayment risk, so it will still be considered by the score.

 There is evidence of multiple accounts with missing payments or having derogatory indicators/remarks reported.

According to your credit file, you have 11 credit obligations that have been reported as late or with derogatory indicators/remarks. While the majority of U.S. consumers have never been late on any of their payments, of those that have, the average number of accounts on which they have missed a payment is approximately 2.
Late payments on multiple accounts, ESPECIALLY IF RECENT, are a very powerful predictor of future repayment risk and the FICO score evaluates if there is past or present evidence of late payments on one or more of your credit obligations.

There is no "quick fix" to improve the score if these reported late payments are valid. However, AS THESE MISSED PAYMENTS AGE AND FALL OFF the credit bureau report (most late payments stay on your report for no more than seven years), their impact on the score will gradually decrease. In the meantime, you can help your score rise faster by doing your best to pay all your credit obligations on time. Additional missed payments may lower your score.
XXXXXXXXXXXXXX

end of FICO information from CreditWatch.


Hope this information with help some,

 

Re: FICO scores, some info as example

For thread, click here

For your response to SueDan, click here

-Peace, Dave

 

Re: FICO scores, some info as example

Dave, you are a sweetheart...thank you for the links. But just like teaching me how to fish, instead of giving me loaves, tell me how to do include links to past posts.

I know the error is cockpit , not system trouble, and if you step me through it, I promise to do better. I know links are better than including all the prior post content in the response.

Thanks))

 

Re: FICO scores, some info as example

When posting a link to another page, you:

Find the specific webpage you're looking to link to.
Click on the URL in the address box, which in turn highlights the URL.
Right click on it.
Click on copy.

Right click in the new post you're creating.
Click on paste.

The URL will appear looking as regular text, howver, once you hit submit reply, it will turn into a link.

 

Re: FICO scores, some info as example

Also you can hit the QUOTE button on any post any you will see how it is done....to CANCEL your post, (once you see the CODES), hit the BACK button and you will not be adding a reply.

The Board Software will attempt to search any post, to "find a link" in the text of the post, and will automatically put the CODE you in for you as Mindcrime showed you. Or you can type it in manually for links without the "HTTP://" prefix. The text for the CODE that gets entered is and is placed before and (with a s... after the text for the link. -Peace, Dave