Here's what I found from the FICO scorecard slide. Optimum score goes to: Those who... 1)Own their own homes. +25 2)Years at same address more than 10.5yrs +23 3)Occupation Professional +50 4)Years on Job >12.5yrs +39 (retired gets you 43!) 5)Current cards(open?) - if you have both retail and cc you get +27 6)Bank reference - Having both Checking and Savings account references gets you +20 7) No of recent inquiries (I think this means within 6mo) 1 inquiry gets you +11 (interestingly 0 inq. only gets you +3, 2 gets you +3, 4 gives negative 7, 5 to 9 gives negative 20. 8) years in file 8+ yrs gets you +40. 9) # revolving tradelines outstanding (does this mean with balances???) 1 to 2 gets you most points at +12 more than 6 goes to negative 4. 10)%Credit Utilization - best is 15% or less gets you +15 (starts to go negative after 30%). 11) Worst reference 3 Satis(no negs) gets you +29. Any slow payment -14, Any derogatory -29. Hope this helps some with planning! It sure does for me. Still lots of questions, though.
But it is useful to know. For example. I have TWO homes. Only been in the second one for less than three years. I'm penalized by the scoring system because it has no way to give me credit for my secondary address, only for the current primary. We've ownded the other one, still do, for almost 15 yrs. I can USE this fact with the credit managers of any credit card or lender because the FCRA says lenders must consider additional info. There are other areas of this info I can use and point out to any lender/cc who uses scoring. I may just write up my letter now and only apply for lending/cc's by mail and include it like a form letter although I won't be applying for anything else until next spring (unless my car breaks down before then {sigh...}
Cypri, get that law degree and you are bumped UP! No wonder my hubby gets invitations to $200,000 CL at prime plus <1
oh my goodness, Wow Mist! I am almost there. I did get an App from Citi for an ABA card, all I am waiting for is my updated EQ report and I'm diving in,,,lol. Cypri
I think from what I'm seeing you should only have two cards with "balances" which they use the lingo of "outstanding" in order to get optimum score in that catagory. Of course, I'm not sure on this but here's how it breaks down in their words: # Rev. trades outstanding: 0 = +5 1 to 2 = +12 3 to 5 = +8 more than 6 = -4
Mist: Where did this info come from? I found it interesting. Does it say how someone with a lot of credit ($60,000 +) who is maxxed out would fare? Thats where I am. Everything else is very good, just this one negative.
originally posted by veRONIca: <http://www.ftc.gov/bcp/creditscoring/present/img008.gif> this is EXAMPLE not official scoring criteria!
more relevant info, "The scores use a multiple scorecard design. Each repository uses 10 individual scorecards, and the models at each repository are the same. This increases accuracy and optimizes the predictive variables for each subpopulation." taken directly from here: <http://mortgage.xchange.net/pg000064.htm>
you are welcome...and thanks for the response if also directed towards me.I know this doesn't concern fico scoring directly but I am concerned with ID theft, here is a site with good info pertaining to this problem; <http://www.ftc.gov/bcp/conline/pubs/credit/idtheft.htm>
"11) Worst reference 3 Satis(no negs) gets you +29. Any slow payment -14, Any derogatory -29." Does this mean that one neg item takes off the same number of points as multiple negs?
Good question? And what about length of time? A neg last year same as neg 5 yrs ago? There are people on here with negs 2 yrs old with high scores. This scoring is a crock! They areb;t telling us the truth. This was interesting to read, re scoring: http://www.collectionsworld.com/04sr01.htm breeze
