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Even for some people who were good and responsible with their credit their entire life and then run into trouble because they had to take time off work because they either had an accident or on maternity leave and then the inevitable happens when they fall back on their repayments, does that mean they're bad and irresponsible customer? Even if you're open media with the lenders explaining to them your circumstances your score will still take a dive.
On the other hand, i do understand it from the other side's perspective. It is afterall, just business. Cold and calculative numbers.
Ohh and i agree, transunion is the lowest scorer of all the bereaus.
Just pulled my credit report and found 2 negative comments. One was because a credit card was just opened at a clothing store and the other was because there was a late pymt in Jan to another clothing store. It has since been paid off and was under $60....of course the amount is never part of the information provided on the credit report.
Any idea how long it will take my credit score to improve from these 2 negatives? Interested in purchasing a vehicle next Fall and want to be sure fico score is in 700's.
Anyone know how much these 2 negative items may have lowered my fico score? It was mid 600's.
Just pulled my credit report and found 2 negative comments. One was because a credit card was just opened at a clothing store and the other was because there was a late pymt in Jan to another clothing store. It has since been paid off and was under $60....of course the amount is never part of the information provided on the credit report.
Any idea how long it will take my credit score to improve from these 2 negatives? Interested in purchasing a vehicle next Fall and want to be sure fico score is in 700's.
Anyone know how much these 2 negative items may have lowered my fico score? It was mid 600's.
The effect of opening a new line of credit should disappear in about 6-months. The late payment will remain on your credit history for 7-years. After about 2-years it will begin to decrease in significance. As for how much they lowered your score, it's tough to say. I'd guess by 30 points or so. It just depends on your payment history, your length of credit, and a number of other variables.
Borolady - since you are preparing to buy a car in the fall, the best way to quickly boost your credit score would be to reduce your debt-to-credit-limit ratio.
What you want to do is, for the 2-3 months before you are going to apply for the loan, don't charge anything (or if you must just a few small things) to your credit cards. Pay for everything w/ debit cards for these months.
Why? Well, even if you pay off your CC balance in full every month, the credit reporting agency just pulls your "outstanding balance" at a random time during each month. So if it is half way through the month, it could show you owing say $1,000, even though you will pay that off at the end of the month.
You should also get all three of your credit reports 2-3 months before you plan on applying for your car loan. That way, you'll have enough time to correct any issues/dispute any errors.
Yes, I heard also not to close my accounts. I am wondering though how quickly I will see the benefit of paying off all of my accounts. The most negative mark on my report was my high balances.
I plan on buying in June, so I am counting on my score improving to the 700's before then.
The major credit reporting agencies update at least every 30 days. When I paid off my car, my FICO score jumped up 20 points in about a month. If you really want to see how your FICO score is changing, you may want to join a service like MyFICO.com. It alerts you everytime your credit score changes as well as if your balance(s) has increased/decreased, any inquires, etc.
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Financial controller
