In general, getting the derogs off your credit report will help your score. The situation I mentioned is kind of a catch-22 whereby deleting and old derog might actually lower your score. Paying off you credit card may also lower your score as well. What scores well is if you consistantly carry a small balance (in relation to your credit line) and make regular, on-time payments to that creditor. The best strategy is to have approx 4 credit cards that you charge your day-to-day expenses on and pay them off in full each month. It doesn't matter if it's only $10 on a card. You establish a payment history on each on of the cards. It doesn't matter that you are paying them in full. The scoring model just sees that you are consistantly making payments. Having a high balance in relation to your credit limit will lower your score.
Another fan! I have been a fan since I was eight years old. I was the only girl in school who had a poster of Howie Long on her bedroom door. Did you see the Seahawks/Raiders game last night? How depressing, but we're SuperBowl bound this year. I can feel it. Dani PS Since this is a credit forum I guess I should keep it on topic...Does anyone issue a Raiders credit card? I know MBNA did many years ago.
Hi Tom. I'm normally just a lurker around here but something you said interested me. You said you are monitoring your score every day. How do you manage this? Where can I get my score every day without paying $8.50 a shot to Exp?
I use creditexpert. It has a thirty day free trial and then it is $79.99 per year. The score is not a true FICO but it is close. Very easy to use format and it contains the same mistakes your real Experian report does. It appears to be very accurate in the items reported but they have a "scoring model" that is supposed to tell you what will happen if you do certain things (like get a chargeoff deleted). That is very inaccurate. For example, I had a paid chargeoff that was not mine. It estimated I would get a 120 point jump if it was deleted. When it was deleted, I got one point. I think it is worth it in my circumstances. I am trying to maximize my scores and need to have a feel for what I can do to make the scores go up. I have very high useage on my cards.
I'm coming to the conclusion that FICO is not directly about creditworthiness. It is about profit maximization for member organizations. Every good sidewalk hustler has their helper to identify the "marks"; ie the ones they are most likely to get the most money out of in their game of Three Card Monty, which of course, no one but the hustler ever wins. FICO is simply outsourcing this function for the financial services industry for their own shell games. It helps them to determine just how hard they can squeeze any given "mark" before he squeals. This would explain a lot of what we think of as inconsistencies; ie a BK13 drops off of your CR, but your FICO drops. From their perspective, with no one to be accountable to, they can convict you of "Credit Repair" without a trial. So when they see a number of deletions occurring, they can say, "Uh Oh, looks like someone is doing Credit Repair, let's go ahead an continue to hold their head under the water for a while longer and see if they drown." If we behave ourselves and don't get any new black marks after some indeterminate amount of time, then gradually, they lose interest and let the score rise to its' natural level.
Of course it is.Fico is set up so you can't second guess it You won't get it B/C No matter what you do or don't do FICO results in a false low score.
