...is best for me, or will actually approve me as a card holder? I have no credit cards or revolving credit at this time. In Aug. of 2002 I paid off the credit consolidators, so now I'm looking to re-establish credit. Since 8/2002 the only credit established has been installment, opened 11 months ago. My info: TransUnion-681 Car Loan-still owe 8500., payments on time. 2- 30 days past due, 0 balance on both. 1 inquiry 9/2004 Equifax -635 1 account into collections, but now paid since 8/2002. 2- 30 days past due, 0 balance on both. no inquiries Experian -652 same as Equifax but w/ 2 inquiries re: auto, which both accepted me. I have no derogatory public records.
It looks like the main factor affecting your FICO scores is probably your low (or non-existent) available credit compared to your existing debt, resulting from closing revolving accounts when you consolidated. Presumably you used your consolidation to position your debt to pay it off on better terms. If you can start to open, or even re-open, an account or 2 with some credit lines approaching your level of outstanding debt, and not even use it, you will appear more lendable for additional accounts on better terms.
