The following credit rating criteria appear in a pop-up on www.eloan.com. According to these guidelines, if you have only ONE collection account then you are considered to have *problem* credit. So what if you have a FICO score of 680 but you have just ONE unpaid collection for $50.00 to a utility company? Would you STILL be considered as having *problem* credit??? Credit Ratings Criteria: Excellent Credit â?¢ At least 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months. â?¢ All accounts have been paid as agreed. â?¢ No public record of bankruptcy, foreclosure, serious past due accounts, or collections. â?¢ Low current credit balance relative to maximum available credit limit. â?¢ Minimum number of credit inquiries. â?¢ Credit scores of 700 and above. Good Credit â?¢ At least 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months. â?¢ Most accounts have been paid as agreed, with only occasional late payments. â?¢ No public record of bankruptcy, foreclosure, serious past due accounts, or collections. â?¢ Low current credit balance relative to maximum available credit limit. â?¢ Several recent credit inquiries. â?¢ Credit scores between 620 and 699. Problem Credit â?¢ One or more accounts have not been paid as agreed. â?¢ Public record of bankruptcy, foreclosure, serious past due accounts or collections. â?¢ High number of recent credit inquiries. â?¢ Proportion of revolving balances to revolving credit limits is too high. â?¢ Credit score lower than 620 Again, if you have only ONE unpaid collection for $50.00 to a utility company but a FICO score of 680, will you still be considered as having *problem* credit? Calmest_LA
I got a 748 from E-Loan, and my longest opened account has been 20 months. A good majority of the accounts are aroud the 6-12 month old mark. I guess my score will shoot higher when I hit the 24 month mark on the one acct.
