Home >>
Credit Repair Forums >>
How do you raise the FICOHow do you raise the FICO
harleynana said: "We wrote the letters, they took off 5 things on our credit and now my husbands high score has dropped 40 points , we havent pulled credit for 3 months , whats up with that ... any answers.thanks :confused:"
kevin said: "That doesn't sound right. If you removed 5 items completely from your credit report, that should be at least 75 points, depending if you still have derog's or other collection accounts still showing. Credit scores don't drop after you remove items off of the credit report, unless you continue to add negative hits such as more lates or recent derog reportings. You might want to repull to see if the items were actually removed."
jrmoro said: "[QUOTE=harleynana]We wrote the letters, they took off 5 things on our credit and now my husbands high score has dropped 40 points , we havent pulled credit for 3 months , whats up with that ... any answers.thanks :confused:[/QUOTE]
Hello:
There is a good chance that the reason your FICO score when down when you removed those items is that your revolving credit ratio (credit cards etc.) may have changed.
For example... if you had a $10,000 credit line of revolving credit and you owed $1,000... the credit report would say that you have 90% percent of available revolving credit.
If you removed $4,000 of that credit line by closing those accounts and you still owe $1,000, now your revolving credit ratio has changed to 75% available credit. The lower your ratio the more it seems to affect your credit score.
The key to raising your score is to pay off the accounts in full but do not close them! Hope this helps!"
94B10 said: "Do you also have Positive Tradelines though to balance things out as well. I imagine if you have luck getting things deleted, it may be necessary to also start rebuilding as well.
[QUOTE=harleynana]We wrote the letters, they took off 5 things on our credit and now my husbands high score has dropped 40 points , we havent pulled credit for 3 months , whats up with that ... any answers.thanks :confused:[/QUOTE]"
harleynana said: "YOU WOULD THINK THINGS WOULD GO UP... WE STILL HAVE 2 OPEN LINES OF CREDIT AND TWO THAT ARE CLOSED BUT WHERE CLOSED IN GOOD STANDING. SEEMS LIKE EVERY DAY WE GET LETTERS FROM MOSTLY TRANS UNION AND EXP BUT THATS IT.. MOSTLY THEY SAY THAT THAT ITEM IS NOT REPORTING ON TRANS UNION,, BUT WHEN I SENT OUT THE LETTERS I SENT THEM TO THE ONES THAT WHERE REPORTING.. SO I GUESS WE WILL SEE..
HAVENT WANTED TO RERUN THE CREDIT YET WAS WANTING TO BUY A NEW TRUCK..AND I KNOW THEY WILL RUN MY CREDIT AGAIN. HOW MANY TIMES DO THEY RUN IT WILL THE SCORE FALL..I HAVE HEARD 3 TIMES ...LET ME KNOW THANK YOU ALL :cool:"
bouchard3775 said: "[QUOTE=jrmoro]Hello:
There is a good chance that the reason your FICO score when down when you removed those items is that your revolving credit ratio (credit cards etc.) may have changed.
For example... if you had a $10,000 credit line of revolving credit and you owed $1,000... the credit report would say that you have 90% percent of available revolving credit.
If you removed $4,000 of that credit line by closing those accounts and you still owe $1,000, now your revolving credit ratio has changed to 75% available credit. The lower your ratio the more it seems to affect your credit score.
The key to raising your score is to pay off the accounts in full but do not close them! Hope this helps![/QUOTE]
That sounds about right HarleyNANA....remember the fico's are based on this:
35% Payment history
30% Amounts owed
15% Length of credit history
10% New credit
10% Types of credit used
I had a major drop when I deleted an account that had negatives on it (I had no idea) the account was 7 years old and the negatives were 2 years old... because the account had so much history it dropped my score like 40-50 pts."
Elpo said: "[QUOTE=harleynana]We wrote the letters, they took off 5 things on our credit and now my husbands high score has dropped 40 points , we havent pulled credit for 3 months , whats up with that ... any answers.thanks :confused:[/QUOTE]
In addition to what others have said; here is a way to establish a good credit and payment history relatively risk free.
Goto your bank or credit union and get a secured loan. These loans are secured by your funds.
Normally it would not make sense to pay a bank interest to borrow your own money; however the payment record would be reflected on your credit report.
Just make sure the payments are made on time so that it reflects positive on your credit report."