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Thread: Credit Scoring- Some specifics.

  1. #1
    Sitri
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    Default Credit Scoring- Some specifics.

    You always hear these "general" things about what goes into your credit scoring calculations.

    I have found out a few more things that count against you. Some less general but more specific are.

    Any "new" revolving charge accounts. I would guess within the last year.

    "Too many" revolving charge accounts. Who in the hell knows what this is??

    Charge accounts with the balance over 75% of the credit limit.. So if your balance goes up over 75%, either try to get it below 75%, or raise the limit if you can.

    Any late payment in the last 5 years... can lead to the account being listed as an "adverse" account. I am not sure how those "payment holidays" offered by the card companies are treated, but I would avoid them like the plague.

  2. #2
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    Default Re: Credit Scoring- Some specifics.

    What do you mean by late? Late, meaning one day or late meaning past a few days/weeks or so?
    What is a payment holiday? I couldnt find it in a credit glossary. Im paying off my credit cards this year and thats it for that one. Im closing out my high interest credit card soon- Im so happy. They just upped my limit too.
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    Default Re: Credit Scoring- Some specifics.

    On a credit report late means 30 days late or more.

    http://www.myfico.com/CreditEducatio...YourScore.aspx

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    Default Re: Credit Scoring- Some specifics.

    Thanks for clearing that up for me. Phew, then technically Ive never been late.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



  5. #5
    Sitri
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    Default Re: Credit Scoring- Some specifics.

    And a credit holiday is where they offer you the option to skip a payment. this is typically around the holidays. Because we pay our credit cards off every month, this is there way to tempt people to build up a balance so they can earn all of the retro interest and interest on current balances. --- Rat Bastards.

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    Curious Guest
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    Default Re: Credit Scoring- Some specifics.

    actually for revolving accounts, balances over 30% of the credit limits can have a negative impact on your score. Having many "maxed out" cards is where you run into problems.

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