Any suggestion: Currently Fico is Tu=747 Eq=724 Es=735. I'm using myfico. I know there not faco's. Zero on all credit cards, 12 year history, no delq or derog's. I want 760 on all but I can't understand why I'm not higher?
2006-07-07 06:08:17 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Let me say again: I have zero debt. Inq's I have Tu=0, Ex=3, Es=1. I have a perfect payment HISTORY, I always PIF on all credit cards on line before they report (I'm on top of things) I have a 12 year history NO derogs, Delq's..nothing!
2006-07-07 06:23:58 · update #1
My car was paid off 13 Month's ago..over 1 1/2 early..$360 per Month perfect history! I have no debts! My home is Paid-off 3 years ago!
2006-07-07 06:25:32 · update #2
Get in debt, and stay in debt. KEEP MAKING THE BANKS MONEY! This makes them happy, and they're more than willing to loan you more! Until your entire income is theirs!
Look at some of those idiotic answers... CARRY A BALANCE??? Sure it will increase your score! You're _giving away_ money to the bank!
2006-07-07 09:58:47 · answer #1 · answered by kvuo 4 · 1⤊ 0⤋
It might be that you have too much personal credit line on your loans and credit cards .
Lower your amounts owed
Keep your balances low on credit cards and other "revolving credit." High outstanding debt can affect a score.
Pay off debt rather than moving it around. The most effective way to improve your score is by paying down your revolving credit.
Don't close unused credit cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.
Don't open new credit cards you don't need, just to increase your available credit. This approach could backfire and lower your score.
Make the most of the length of your credit history
Don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.
Getting new credit
Do your rate shopping within a focused period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
Manage the types of credit you have
Apply for and open new credit accounts only as needed. Don't open accounts just to have a better credit mix — it probably won't raise your score.
Have credit cards — but manage them responsibly. In general, having credit cards (and paying them on time) will raise your score.
2006-07-07 06:19:06 · answer #2 · answered by GutsiePerson 2 · 0⤊ 0⤋
What Factors Influence the Credit Score?
Your credit score takes all factors into consideration; no one piece of information or one factor will determine your score, although some factors are weighted more heavily than others.
Payment History – Your payment history determines approximately 35% of your total credit score. This factor looks at whether you pay your bills on time, or late. If they’re late, how late are they? How often do you pay late? How recent are your late payments? How many accounts show no late payments? Have you had accounts turned over to collection or a judgment entered against you? Have you filed for Bankruptcy?
Amount Owed – How much you currently owe determines approximately 30% of your total credit score. This factor looks at the total amount you owe, and on what types of accounts. How many accounts have balances? How much of the total credit line is owed? How much is owed now in relation to how much you borrowed originally (i.e. for auto loans)?
Length of Credit History – The length of your credit history determines approximately 15% of your total credit score. In general, a longer credit history will increase your score. This factor also looks at how long you’ve had certain credit accounts, and how long it’s been since you used certain accounts.
New Credit – Approximately 10% of your score is based on how many new accounts you’ve established. This factor looks at how many new accounts you have, how long it’s been since you opened them, how many recent requests for credit you have made, and the length of time since credit report inquiries were made by potential lenders. Rate shopping should not affect this factor because the inquiries will be made for a particular type of credit during a short period of time.
Overall Credit Mix – Approximately 10% of your score is based on the overall mix of credit cares, installment loans, mortgage loans, etc. The more balanced the mix, the more likely this factor is to improve your overall score.
2006-07-07 06:15:21 · answer #3 · answered by moved 5 · 0⤊ 0⤋
Carry a balance on some of the credit cards. Even 100$ and keep them paid. If you pay everything off it is not buying on credit persay. Keep your balances below 50% of available balance but carry a balance for awhile and I bet your score will go up.
2006-07-07 08:40:57 · answer #4 · answered by unclejesse1 3 · 0⤊ 0⤋
your score is perfect...you would get whatever you wanted if you were to getting it financed...Dont make any difference 740 or 760, as long as you are over 680 you are fine...Credit scores vary at the will of credit bureaus..I have seen people with bankrptcy in the past with very high scores and people with perfect history like yours with 540...
2006-07-07 07:17:47 · answer #5 · answered by Miami Cuban Boy 1 · 0⤊ 0⤋
every time your credit is run it lowers your score. you also want to keep in mind that using your cards gives you credit but use them wisely. NEVER spend over 35% of max allowable credit . pay off cards in two to three payments instead of pay off every month
2006-07-07 06:12:54 · answer #6 · answered by jellybean19681993 3 · 0⤊ 0⤋
Could be debt to income ratio... could be that you have a lot of credit inquiries.
2006-07-07 06:12:20 · answer #7 · answered by trollunderthestairs 5 · 0⤊ 0⤋
Try praying to Jesus. That always works.xD
2006-07-07 14:10:59 · answer #8 · answered by W.L.O. Global 2 · 0⤊ 0⤋