FICO went from 527 to 603 in 6

Discussion in 'Credit Talk' started by Mike, Oct 18, 2000.

  1. Mike

    Mike Well-Known Member

    Hi All,

    I know that 603 still sucks but it's better than 527.

    I did this by going the secured card route, Providian, FCNB, Orchard Bank etc. and Lexington. I'm just wondering if it will continue to go up as quickly in the next few months.

    I just did a refinance on my car loan.

    Original loan at WFS Financial for a term of 60 months at 18%

    New loan at Household for a term of 36 months at 12%

    The payments are about $80 a month more but the car will be payed off in half the time.

    Does anybody have any idea what this will do to my FICO score?

    You may be wondering how I got my FICO scores...

    6 months ago I got a letter from Beneficial offering a personal loan. I was turned down so I asked the rep what my score was. Then yesterday when I was approved for the refinance on the car I asked again. They both came from Equifax.

  2. Michael

    Michael Guest

    RE: FICO went from 527 to 603

    Obviously with your secured accounts gaining in account life this will add to your FICO Score.

    Also paying down debt, through your refinanced car loan this will also raise your score.

    How much I don't know but I am sure in 6 months by at least 50-60 points!
  3. Mike

    Mike Well-Known Member

    RE: FICO went from 527 to 603

    Hi Michael,

    Thanks! If my score could go up that much more in the next six months I guess I would be a "real" person.

  4. Doris K.

    Doris K. Well-Known Member

    RE: FICO went from 527 to 603

    If you want to see your score continue to rise, get rid of as many of the more useless credit cards as possible. If you have any store cards, pay them off and cancel them. They weigh heavily against your score.

    Also, don't apply for ANYTHING. Those inquiries will kill your score.
  5. marvin

    marvin Well-Known Member

    RE: FICO went from 527 to 603

    My understanding is that 1 or 2 store cards will actually help you're score, unless they're maxed out. Having them with low balances will also help you're percentage of available credit, which I believe will also raise you're score a bit. Don't know if it would make much difference if I am correct, but every little bit helps.

    Any of you experts want to back me up, or shoot me down, I don't want to give anyone any false advice, I just wanted too add my opinion.
  6. Doris K.

    Doris K. Well-Known Member

    RE: FICO went from 527 to 603

    I'm only going by what I've heard, and we don't always hear absolutely correct information. You could very well be right, Marvin.

Share This Page