Can anyone help me understand how the different factors affect my FICO score? For example, is it better to cancel a card or leave it open with a 0 zero balance so as to lower the percentage of credit used?
FICO is basically one version of many different credit scoring models...
There are several versions of it... The version used, depends on who pulled the report. If you look closely at a mortgage report, or a auto dealership's report, you'll see that there is a "version" next to the bureau name...
Each version considers much of the same information, but might weigh various parts of te criteria differently... For Example:
Equifax uses a "Beacon" scoring model, Experian uses a "FICO", and TransUnion uses a "Classic". Each places different emphases on different elements of the reporting.
A car dealership will typically use a version that is more hevily weighted on car credit history, while a mortgage company will typically use a version designed to place more emphasis on mortgage history, and so on... The version is determined by the entity that pulls the report...
DOC,...........( thinking out loud here) that doesn't seem REALLY fair..does it? I mean, ALL 3 CA's using 3 different types of 'systems'? What if you have something on ONE of your CR's and not on the OTHER two? Ya know???
Many of the collection agencies in particular use just one bureau... Many collection agencies use only Experian... My 'suspicion" is that it's because their policies and practices are the most in favor of the furnishers of information... (right, wrong, or otherwise)
For example, look at your Experian report... Is it a coincidence that under the contact information for your creditors, virtually ALL of them have "(no phone number available)"...? Experian also does not report "Date of First Delinquency"... In as much as that's a real thorn in the side of the collection agencies, it certainly offers a 'safer' place for them to report (or MIS-report) the age of the accounts.
I don't mean to pick on Experian, though... They all have their deficiencies... Equifax takes forever (probably a product of its oversees outsourcing of the dispute processing), and TransUnion is the most unpredictable, in terms of results...
WOW!!! That's just crazy!! ..then how are ya suppose to 'keep tack' of your SOL dates, 'fall-off' dates, etc? Hoe can ya try to 'remove' anything when you don't have the vaild infor mation on the debt? ( Talking outloud here, I think.)
Closing the account will definately lower your score. It lowers your available credit so it will lower your score.
a whole lot of things goes into your score
available credit
balances on accounts
different types of accounts
late payments 30, 60, 90, etc
You have to keep a good payment hsitory to get a good score. Hang out I am sure there is more advice to come home.
credit
I was told by a 'credit expert' that the Credit score and Fico score are one in the same. IS there a difference, between the two? Just don't know.
I am not sure if there is a difference. I am sure some one will come along and let us know, it was my thought that they are the same.
FICO is basically one version of many different credit scoring models...
There are several versions of it... The version used, depends on who pulled the report. If you look closely at a mortgage report, or a auto dealership's report, you'll see that there is a "version" next to the bureau name...
Each version considers much of the same information, but might weigh various parts of te criteria differently... For Example:
Equifax uses a "Beacon" scoring model, Experian uses a "FICO", and TransUnion uses a "Classic". Each places different emphases on different elements of the reporting.
A car dealership will typically use a version that is more hevily weighted on car credit history, while a mortgage company will typically use a version designed to place more emphasis on mortgage history, and so on... The version is determined by the entity that pulls the report...
credit
DOC,...........( thinking out loud here) that doesn't seem REALLY fair..does it? I mean, ALL 3 CA's using 3 different types of 'systems'? What if you have something on ONE of your CR's and not on the OTHER two? Ya know???
Many of the collection agencies in particular use just one bureau... Many collection agencies use only Experian... My 'suspicion" is that it's because their policies and practices are the most in favor of the furnishers of information... (right, wrong, or otherwise)
For example, look at your Experian report... Is it a coincidence that under the contact information for your creditors, virtually ALL of them have "(no phone number available)"...? Experian also does not report "Date of First Delinquency"... In as much as that's a real thorn in the side of the collection agencies, it certainly offers a 'safer' place for them to report (or MIS-report) the age of the accounts.
I don't mean to pick on Experian, though... They all have their deficiencies... Equifax takes forever (probably a product of its oversees outsourcing of the dispute processing), and TransUnion is the most unpredictable, in terms of results...
credit
WOW!!! That's just crazy!! ..then how are ya suppose to 'keep tack' of your SOL dates, 'fall-off' dates, etc? Hoe can ya try to 'remove' anything when you don't have the vaild infor mation on the debt? ( Talking outloud here, I think.)
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