I have been reading on this site for a about a month now. I have seen alot of users list their scores and when I read some of their post's about what is one their CR, I don't understand the scores. I figured I would post what is on my equifax report and ask for your guy's advice. So here it goes. Total of accounts reporting is 41. Only 5 of them are still open and owing accounts. Everything has a "pays as agreed" rating except the following. MBNA - Settlement accepted on this account. Balance = $0 Payment history: Pays as agreed. Wells Fargo - Settlement accepted on this account. Balance = $0 Payment History: Pays as agreed WC Credit Union Balance = $0 Payment History: 30 days - 5 times, 60 days - 1 , 90 days - 1. (The lates are from over a year ago.) WFFINANCE Balance -$0 Payment History: 30 days - 3 times (The lates are from over a year ago.) I don't have any collection accounts or anything like that. I do have 2 open credit cards and the usage is at 85% and they have never been late. My score is 611. Is it so low just because of the CC usage percentage? Thank you.
I have seen people with bankruptcies that have higher scores. You would think that would lower it way more than a settled account. At least I paid it. You think that would count for something.
It also depends on how recent those settled accounts are and how old the accounts in good standing are. All things being equal, as time goes on and accounts age, the old baddies have less and less effect and older accounts deveop longer tradelines. Pay thiose cc's down and you'll likely see a boost.
All of your missing points are in your balances. On October 1st of this year, my utilization was at 90% and my EQ was 604. I paid my balances down to a little less than 50% and my EQ is at 692. I had a couple of paid medicals I got removed, but they only moved my score a few points when they got deleted. I am sure next month when my next set of big payments post I will break 700.
