You are not actively seeking credit - as reflected by the low number of inquiries on your credit file. You applied for credit 0 times in the last 12 months (remember, the FICO score incorporates logic that accommodates for mortgage and auto loan rate shopping). Research shows that U.S. consumers have, on average, applied for credit between just 1 and 2 times in the previous 12 months. Research shows that consumers who are seeking new credit accounts are riskier than consumers who are not seeking credit. Inquiries are the only information lenders have that indicates a consumer is actively seeking credit. There are different types of inquiries that reside on your credit bureau report. The score only considers those inquiries that were posted as a result of you applying for credit. Other types of inquiries, such as promotional inquiries (where a lender has pre-approved you for a credit offer) or consumer disclosure inquiries (where you have requested a copy of your own report) are not considered by the score. The scores can identify "rate shopping" in the mortgage- and auto-lending environment, so that one credit search involving multiple inquiries is usually only counted as a single inquiry. Typically, the presence of inquiries on your credit file has only a small impact on FICO scores, carrying much less importance than late payments, the amount you owe, and the length of time you have used credit. This reason rarely appears as a primary or secondary reason except in high-scoring files. A common misperception is that every single inquiry will drop your score a certain number of points. This is not true. The impact of inquiries on your score will vary - depending on your overall credit profile. Inquiries will usually have a larger impact on the score for consumers with limited credit history and on consumers with previous late payments. The most prudent action to raise your score over time is by applying for credit only when you need it. Continue to manage your credit in the effective manner you currently do applying for credit that you need only when you need it. -------------------------------------------------------- Then who said that 0 inquiry is no good !!! ???
...Do you also have a negative factor, "Not enough recent credit inquiries . . ." ? j/k, j/k. I'd love to have 0 inq in 12mos, but if I made it that far, I'd just get excited and go apply for something.
Get this: TOP NEGATIVE FACTOR The proportion of balances to credit limits on your revolving/charge accounts is too high The proportion of balances to credit limits on your revolving/charge accounts is 25%. The average proportion of balances to credit limits on revolving/charge accounts carried by U.S. consumers is around 34%. ---------------------------------------------------------- Does it make any sense ??? Average by US consumers=34% Mine=25% considered too high ???????????????
I believe that average cosumer has 1 to 2 inquiries per year, about as much as I believe 70 percent of the public has a 700 FICO.
My wife's TOP NEGATIVE FACTOR: You have a relatively high number of accounts with balances According to your credit profile, you have 2 accounts where your balances last reported are greater than $0. On average, U.S consumers carry balances on approximately 4 of their credit accounts at a given time. LOL.... 2 is too many 4 is OK
To think, people actually think this system is so predictive of future behavior, yet, with 3/4 off all credit reports containing errors, how can inacurrate information be so useful?
My #1 positive factor on equifax- no deliquency. my #1 reason for being declined for a GM card pulling equifax- deliquency. HUH?
