Top reason under negative factors for my EQF. Title: You have recently been seeking credit or other services, as reflected by the number of inquiries posted on your credit file in the last 12 months. Explanation: You applied for credit 1 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. Click here to review your Accounts Summary. My take: So everyone else can apply one or two times, but I cannot? Second reason under negative factors for my EQF. Title: The length of time your accounts have been established is relatively short. Explanation: Your most established credit obligation is 102 months old and your newest credit account was opened 0 months ago. The majority of U.S. consumers have a relatively long credit history - with the average age of their most established credit account being 14 to 15 years. In addition, the average time since the most recent account opening is 20 months ago. Click here to review your Accounts Summary. My take: This has always been a negative for me, even before the car loan hit and reset my newest account to 0 months. Any other younger people out there ever think about suing the CRA's and FICO for this? It's not my fault that I could not get a credit card until I was 18. Number of months eligible to have a credit card: 102 Number of months with a credit card: 102 How can I be penalized for that? Sounds like age discrimination to me. I know, I am on a rant here. I have lost serious points in the last week and I am mad about it. When I try to figure out why, I get idiotic reasons like these.
How serious a hit did you take ? I know anytime I try on FICO simulator what happens if I get an auto loan, another mortgage, etc., it always says I'll take a 10-20 point hit. I think this tends to happen on adding any new account and then the "hit" ages away over the next several months. As far as those being your top two negatives, I think they're just scraping the bottom of the barrel on reasons. The cleaner your report gets, the screwier the FICO score factors can get !
They have to find some reason to keep your score from going up! So they use stupid things that do not relate to you. My excuse was that my history was too short. They stated that the average is 30 years and I am under that. Well yeah, I am in my mid 30's! Go figure! Michelle
33 points! I was thinking the same thing about them looking for anything to be a negative, but if that was indeed the case, wouldn't you think my score would be higher than 702. i mean what does it take to get in the 770-800 range? Just curious I guess, but frustrated more than anything.
That's because you're thinking of credit scoring like taking a test in school, where if you don't get anything wrong you have a perfect score. If that were the case, then every teenager who gets their first credit card would have a score of 850. It doesn't work that way. Your scores are dead-on average, which means that overall you're a pretty good risk. If right now the top reasons you don't have a better score is that you have a new car loan and the age of your most established card is "only" 102 months, that means that in time -with no effort from you- your scores will get even better.
Re: Re: Why is this a negative? It doesn't work that way. Mycroft =================== It works like this. Victims of Credit Reporting - Credit Scores http://members.aol.com/victcrdrpt/Score.html http://members.aol.com/victcrdrpt/Score.html THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Why is this a negative? FWIW, I also THINK I may have read an "anecdote" where somebody claimed that the higher your score was, the more of a hit you can expect from a "fresh" credit account. Based on what mycroft said, maybe you're not that "out of whack" here and just need to give it some time.
They have to find some reason to keep your score from going up! So they use stupid things that do not relate to you. mcdavis4 ================== They will use any excuse to keep your score fictitiously low so that their customers can take you for more money. THE END ** *** ** LB 59 """""""""```~~~```'""""""""" You are just a hopeless romantic. While attending a marriage seminar on communication, Morris and his wife listened to the instructor declare, "It is essential that husbands and wives know the things that are important to each other." He addressed the man, "Can you describe your wife's favorite flower?" Morris leaned over, touched his wife's arm gently and whispered, "Pillsbury All-Purpose, isn't it?" >>
Re: Re: Why is this a negative? They have to find some reason to keep your score from going up! So they use stupid things that do not relate to you. mcdavis4 ================== They will use any excuse to keep your score fictitiously low so that their customers can take you for more money. THE END ** *** ** LB 59 """""""""```~~~```'""""""""" You are just a hopeless romantic. While attending a marriage seminar on communication, Morris and his wife listened to the instructor declare, "It is essential that husbands and wives know the things that are important to each other." He addressed the man, "Can you describe your wife's favorite flower?" Morris leaned over, touched his wife's arm gently and whispered, "Pillsbury All-Purpose, isn't it?" >>
but frustrated more than anything. WeatherNLU =============== The FICO and CRA partners in crime arrangment is very frustrating.
It's ridiculous to think that a credit history of 102 months is not long enough to do a decent risk assessment. To get the really long credit history that leads to stellar scores, you have to hold on to your accounts forever even if you don't want to keep them. Once they fall off, it makes you look like a newbie. I have 105 months of reported history but I've been in the system for 20 years. Since they don't measure the length of time you've been playing the credit game but only what's showing up now, it's not even accurate to say that my credit history is short but that's what they say. Of course, none of this says anything about whether a person's long history has been good or bad. Imagine that you have to keep your Premier account open to please the FICO gods! I'm not score-driven enough to do that. I dumped all my subprimes and acquired new accounts to replace them. Closing the accounts didn't affect my score but opening the new ones sure did.
