Fico Scores Going Up To Slow
just check my credit report for the first time in 3 months, and my fico score was 607 then, now 3 months later only a 610. . ive paid ever thing on time and done every thing right , does it take fico's scores this long to go up. ive read other post in here where they went from 500 to 700 in no time, if there something more i can do plz advise thanks for any help
What kind of derogs have you got on there?
How many good TLs, and what kind are they? How old are they?
2 collections that are paid off i got one credit card and one loan form a loan company. but they been on there 3 months ago just seem funny to me that in a 3 month period it only go up 3 points
3 month old accounts do you little if any good. They won't start really helping until they've seasoned for 6 months ... and though they'll keep causing your score to climb, their full benefit won't be achieved until they're 7 years old.
Also, finance company accounts that are timely paid are a positive ... but they are not as valuable for scoring as credit card accounts, and they can make your FICO score lower as a result. FICO thinks people who use finance companies do so because they can't get credit elsewhere, and are higher risks.
Finally, your greatest benefit would likely come from getting rid of those collection accounts. Derogatory accounts are usually worth as little as 3-8 points individually, but when the last one vanishes you get 30-60 points for it. So depending how old they are, you may want to write nutcase letters to the creditors/collection agencies, then dispute them as "not mine" with the credit reporting agencies. Regardless of whether they're yours or not!
Inquiries also cost points, so don't go running around applying for credit, especially credit that you are unlikely to get ... Put "Whopulledmycredit" on Google to find out which creditors pull from which CRAs in which states, and what scores you need for approval.
Also check www.creditboards.com, www.creditnet.com and www.creditinfocenter.com.
http://www.creditinfocenter.com/creditreports/scoring/
actually the biggest problem that people have is there debt is over 50% of what they are allowed to borrow. This is bad even if you say you pay it off every month. the key to credit scores is to use credit every month but do not use over 50% of what you are allowed to use
lori
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