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Discussion in 'Credit Talk' started by DaveLV, May 11, 2001.
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That is not a bad score. Keep up the good work you're doing and I bet it will rise higher in no time!
I think that is an awesome score for someone who is just starting the repair process. I would love to be you in 12 months.
Equifax says it's a bad score... 24th percentile. My Equifax report has 12 negative items, TU has 16 and Experian has 13. Lexington got 4 off my TU and 1 off my Equifax this first round and I still have not heard from Experian.
Although I have been able to pull up my online Experian report a few times a week the past couple of months, I tried to this morning and it tells me I can't view the report and I should call their 800 number. Maybe that's a sign they are getting busy on the disputes.
Well, I started the process after already having one Providian card for 32 months, a second for 9 months, Cap One for a year, Orchard and Household cards for 11 months. Fortunately I'd never been late on any of them during that time. If 650 is indeed a good score for starting the repair process it shows the "healing" power of a few positive tradelines.
Also -- I have two tax liens, one released and one not. Equifax is only reporting the released one, so I expect my TU and Experian scores would be lower. Indeed my eloan score last week was 633 and they looked at Experian which is reporting both liens.
You're right, that's not a good score; the median is somewhere around 725, so 650 isn't even average.
What are the four reasons given that your score is not higher?
Here's the stuff from the website. 650 is right on the edge of the scale for a 15% delinquency rate. If it were 649 the rate would be 31%.
Credit score: 650
Source of score: Equifax (BEACONÂ®)
Reason codes: 38 13 18 10
Your BEACON score: 650
The information in your Equifax credit report has been summarized in a BEACONÂ® score of 650. Most U.S. consumers score between 300 and 850. Generally, the higher your score, the more favorably a lender will view your application for credit. Compared to the national population, you are in the 24th percentile of consumers by credit risk. A score of 650 is well below average. Studies show that for consumers with scores similar to yours, the odds of becoming seriously delinquent (90+ days past due) on one or more credit accounts are 4.64 times higher than for people with an average score.
I find it amusing that they would give the reason code numbers. I don't recall seeing a full list of the code numbers and corresponding reasons. the one on the Fair, Isaac site disappeared.
Does anybody know of any pages on the Equifax or Fair, Isaac sites that contain the full list of reasons and code numbers?
I believe that:
38 is "Serious delinquency and public record or collection filed"
13 is "Time since delinquency too recent or unknown"
18 is "Number of accounts with delinquency"
10 is "Proportion of balance to credit limits is too high on bank revolving or other revolving accounts"
What are your limits and balances?
650 with 12 negatives? Your trade lines are old though so that is going to help you out big time. Once you start knocking off some of the negatives with those old trade lines you'll be in the 700's in no time.
I wionder what my Becon score is I have 6 negatives with includes a judgements for 2300.00 I have 8 good trade lines which average around 10-12 months old. What do you guys think it would be? Mid 600's?
On the myfico.com page right after they give the scores they explain the reason codes. Right now my balances on cc accounts are:
Providian $2,407 bal, $7849 limit
Providian $0 bal, $1650 limit
Capital one $616 bal, $750 limit
(I transferred $740 last month from my high limit Providian card to take what advantage I could of my new lower CapOne rate and because I want my Providian cards to be at a zero balance next time I call their retention department for better terms.)
NextCard $401 bal, $1000 limit
Orchard $104 bal, $300 limit
Household $375 balance $600 limit
My Household and Orchard cards had been in a desk drawer since I got them a year ago. I started charging them to get some activity so I can get the limits raised. I was going to carry a balance for the next two or three months to see if I could then call and get increases.
I also have had a Discover card since 1990. Beginning in 1996 and until last month I would neglect paying it for months at a time and then foolishly send in a token payment. This never let the balance go down and let them age the account every time I paid. The balance was $1,942 as of April with the limit reported as $1,000 and the account closed by credit grantor. I decided last month the only way to get this taken care of is to pay it, so over the last six weeks I have paid it down to $876. Next month it will be paid off completely. On all of my credit report updates for last month though the account is showing $1,325 balance with $1,000 limit.
Here are the myfico.com explanations of the codes:
First Reason Code: 38 Your first reason code is 38, â??Serious delinquency, and public record or collection filedâ?. This is the single most important factor affecting your score. This reason occurs 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 report. Studies reveal that consumers with previous late payments are much more likely to pay late in the future. There is no â??quickâ? fix to improve the score if the derogatory public record, collection item, or serious credit account delinquency appearing on your credit report is valid. However, as these age and fall off the credit report, their impact on the score will gradually decrease. (Derogatory public records, collection items, and credit account delinquencies stay on your report for up to seven years; there are items that could remain longer.) Note that satisfying or paying off the collection item or derogatory public record will not remove this information from your credit report. The fact that it occurred is still predictive of future repayment risk, and thus it will still be considered by the score.
Second Reason Code: 13 Your second reason code is 13, â??Time since delinquency is too recent or unknownâ?. This is the second most important factor affecting your score. Analysis of consumer credit histories shows that consumers with previous late payments are much more likely to pay late in the future. 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. There is no â??quickâ? fix to raise your score if the late payment on your credit report is valid. (Credit account delinquencies stay on your report for up to seven years. Note that closing an account on which you had previously missed a payment does not make the late payment disappear from your credit report.) In order to improve your credit score over time, you need to pay your bills on time. The longer you pay your bills on time, the better the score. If you have late payments, get caught up on back payments and stay current. As time passes the importance of these previous late payments will gradually lessen and the score will increase â?? as long as you make your payments on time on all of your credit obligations, and use your available credit responsibly.
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 â??undateableâ? credit account delinquency on a credit report still represents greater risk than never having missed a payment at all, and thus it will still affect the score.
Third Reason Code: 18 Your third reason code is 18, â??Number of accounts with delinquencyâ?. The appearance of this reason indicates that there is past or present evidence of late payments on one or more of your credit obligations. Late payments are a very powerful predictor of future repayment risk. There is no â??quickâ? fix to improve the score if these reported late payments are valid. However, as these missed payments age and fall off the credit report (late payments stay on your report for up to seven years), their impact on the score will gradually decrease. In the meantime, it is important to pay all your credit obligations on time. Additional missed payments may lower your score.
Fourth Reason Code: 10 Your fourth reason code is 10, â??Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too highâ?. Analysis of consumer credit behavior repeatedly finds that owing a substantial balance on revolving accounts relative to the amount of revolving credit available to you represents increased risk. In fact, the level of revolving debt is one of the most important factors in the FICO score. The score evaluates your total balances in relation to your total available credit on revolving accounts, as well as on individual revolving accounts. For a given amount of revolving credit available, a greater amount owed indicates a greater risk, and lowers the score. (For credit cards, the total outstanding balance on your last statement is generally the amount that will show in your credit report. Note that even if you pay off your credit cards in full each and every month, your credit report may show the last billing statement balance on those accounts.)
That's one of the funny things of being on a credit message board. You'd think that anything above 700 is superb. Fact of the matter is, a score lower than 725 is below average (or should I say, below median).
However, you can take comfort in knowing that:
1. A score of 680 or above would not stand in your way of getting credit even from the best prime issuers (Citi Platinum and Amex)
2. Seven weeks ago my Beacon score was lower than 650, but now higher than 680 (This did not result from CRA disputes). So progress is definitely within reach.
My score was 625 with the same codes listed as on your report. I have 2 charge offs that are in dispute, a BK -7 listing from 4/92 and a JC Penney tradeline with a late payment history.
Reason Code list
Re: Reason Code list
I don't see any rhyme or reason to these scores. My score is like 563 with a charge-off in 1997, a charge-off in 1995, a charge off in 2000, two current credit cards with no problems and a current car loan that has two over 30 days in the last year. I see people who have judgements, bankruptcy, 5 or more charge-offs, etc. and their scores are in the mid-600's.
I do have multiple inquiries, so I guess they really do bring the score way down. What ticks me off is that many of them were done without my permission and are being reported to potential creditors. Plus, I cannot get either the creditor who pulled them to take them off nor will the credit bureaus. This is my biggest battle of all.
Each time I get my report there are a couple of more permissable inquiries that I know I did not initiate. How do I get these resolved? I have been very diligent in the last 6 months about no credit apps and yet many inquiries keep popping up. Any help??
Re: Reason Code list
The best way to help this is to forbid reporting all inquiries!
Re: Reason Code list
How do I forbid reporting all inquiries???
Saar, did Citi Platinum and Amex make a statement that 680 is a specific cutoff?
Re: Reason Code list
You don't -- unless maybe you run for President.
Re: Reason Code list
===========This is due to a flaw in the law that needs changed!