FICO score Question.....?
Please help me with this, I have been on the phone 2+ hours from person to animated system and no one can help...or speak english. Anyway, my question is this: I recently got my 3 FICO scores and they are less than impressive. I thought the'd be climbing because I have been making more than the monthly payments and making them on time (online automatically). There are 3 different statements that say I have more than one account with delinquent payments and serious delinquency items.... The only items that are on my report are 2 cards that were paid off and closed in 2003 are these the items that are holding down my score??? Can I get these off my report or do I have to let time remove them?
Public Comments
- You can contact the credit reporting agancy that shows the errors (if they are errors) and dispute them. If the delinquent payments are true, you'll have to let time clear them from you records.
- What's your score? You have to contact the bureaus and get them off your report. But yes, it will take time. In the meanwhile, try not to open any new accounts. Every time a company runs a FICO score, your score goes down!
- If these 2 cards are paid off and closed, then you want them to appear on your credit report- do not remove them. Most likely your less than stellar credit is due to recurring bills, like phone, rent, utilities, cable, etc. Almost all bill collecting these days is reported to "big brother". The only items you can dispute and have removed are ones that are incorrect. You'll have to dispute the the incorrect accounts with each bureau that they appear (experian, equifax, transUnion). It will take approx 60 days for the process, so have some patience. It will take at least another 60 on top of that to have them removed. Best thing to do is build credit history by getting a store charge card, pay it on time and pay it down to $0 in a few months. After that, try for a Chase credit card, charge a few small items, pay it on time for a few months and then pay it off. My guess is that you are young and that you haven't had an "open file" for very long. This also has an effect on your credit score. You should only use approx. 10% of your available credit line at any one time. Going over that amount without paying it off every month also has a negative effect on your scores. (ie. $2500 credit limit- only charge or carry over $250 each month) For more pro-active planning on your credit future try this web site: http://www.troubleshooter.com
- If the two accounts you reference were defaulted charge-offs, they can stay on your credit report for up to seven years....so in this case up until the year 2010...regardless of the fact that they are closed accounts. Here's another factor that may be dragging your score down: Paying your bills on time is great...but it is no guarantee of a good FICO score. Using a very large percentage of your available credit....i.e. being close (or at) max out level on your cards is a huge negative....This can drag your score down even with a perfect record of on-time payments....The ideal level is to use no more than 25% of your available credit.....but keeping in below 50% is okay....Going above 75% and your score really will start to tank. If this applies to you, the only solution is to pay down your credit card balances.
- Facts: You obsessing over the wrong thing -see below You should concentrate on getting out of debt Getting / Being out of debt reduces stress Credit reports are factual reports - not opinion reports Bad credit cannot be removed but does age off Incorrect information can be made correct but you have to write the reporting agency If you were a poor swimmer, would you go swimming in deep water? So why are you swimming in debt? Answer: you not so good at it, so keeping working your plan to get out.
- Any delinquent items will stay on the credit reports for 7 years since the last activity. So if you pay off those 2 in 2003, they will stay on your records till 2010. Yes, these two deliquent items are holding you down for a good credit score, and you cannot remove them, because it is the rule for them to stay on there for 7 year (and10 years for bankruptcy).
