Why is my credit score so low?

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paparoach429
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Why is my credit score so low?

Postby paparoach429 » Tue Dec 18, 2012 12:27 am

I checked my Equifax score on the free trial at Myfico.com and it was suprisingly low at 660. My creditKarma score is 689 and my Quizzle score is 684.

My bad things on credit are 1 late payment about a year and a half ago, 1 hard pull showing on Myfico, and about 4 months ago high utilization. Since then my utilization has been under 20%.

Does credit really take that long to go back up after doing things I shouldn't have done?


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Snowman
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Postby Snowman » Tue Dec 18, 2012 12:56 am

paparoach, I think what's affecting you the most is that late payment. I have heard late payments can impact your scores quite a bit. If it was just the high utilization your scores would have been okay, and one inquiry won't hurt much. Now if you had 7+ inquires all at once, it would hurt. Once the late payment is not on there anymore, your scores should probably be in the 680's-700+ range, at least I would think.
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Bank Of America: BankAmeriCard Cash Rewards-4/25/12-1,000$ (CLI Increase on 6/15/13)
Citi: Forward-10/27/12-3,000$ (SP CLI 2/8/14)
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Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
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paparoach429
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Postby paparoach429 » Tue Dec 18, 2012 1:14 am

Even though the late is way over a year old? Also why is it only showing 1 hard pull? Quizzle was showing I believe 7. Does Quizzle show from all 3 bureaus and Myfico is only showing from Equifax? As of right now my overall utilization is under 10% but for the past few months under 20%.


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Snowman
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Postby Snowman » Tue Dec 18, 2012 3:03 am

Yes. From what I have read, any late payments on your cr's can be considered a negative until it is aged off. How long was the late? ( 30, 60, 90, 120 days late) Under 10% is best for getting approved for most cards but leaving a small balance will help when applying. If you don't need any new credit then pif is the way to go IMHO.
Cards And Credit History
Bank Of America: BankAmeriCard Cash Rewards-4/25/12-1,000$ (CLI Increase on 6/15/13)
Citi: Forward-10/27/12-3,000$ (SP CLI 2/8/14)
Discover: More. 10/27/12-2,000 (Auto CLI 5/31/14)
Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
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Marriott Premier Rewards
American Airlines AAdvantage Gold
Chase Sapphire Preferred
Fidelity Amex

jdauria
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Postby jdauria » Tue Dec 18, 2012 8:39 am

I pulled my experian score it was in the 700's, my equifax was in the low 600's!! What gives? I already checked Equifax full report, I already noticed they had my name wrong...Not sure how much that affects my score. They had an "o" instead of an "a" in my first name.
[font=Times New Roman][size=80]American Express Green[color=green] [NPSL][/color]
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Chase Freedom

Future:
American Express Premier Rewards Gold[/size][/font]

Daniel
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Postby Daniel » Wed Dec 19, 2012 10:53 am

jdauria wrote:I pulled my experian score it was in the 700's, my equifax was in the low 600's!! What gives? I already checked Equifax full report, I already noticed they had my name wrong...Not sure how much that affects my score. They had an "o" instead of an "a" in my first name.


You don't have just 1 Fico Score, you have one for every bureau because they all have different information on you. Not to mention, the score you just pulled may not be a Fico 08 score, it could be a vantage, or a different Fico/non-Fico score model all together.

paparoach429
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Postby paparoach429 » Wed Dec 19, 2012 11:49 pm

Is the "score watch experian" score from Myfico.com the legit score?


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Postby creditcard1 » Thu Dec 20, 2012 3:08 am

While the system is widely used, it’s far from perfect. Good lenders use it as a starting point, and each one has their own ideas about how high your score should be. They may also base their decision on other information not contained in the score – like how long you’ve lived at your current address or held your current job.

jdauria
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Postby jdauria » Thu Dec 20, 2012 6:48 am

paparoach429 wrote:Is the "score watch experian" score from Myfico.com the legit score?


If your question is directed at my post (#5), the scores I am talking about was on the mail I got from Chase and Citi Bank. Citi pulled my credit score (in 700's), Chase pulled it (in low 600's)??
[font=Times New Roman][size=80]American Express Green[color=green] [NPSL][/color]

American Express Blue Cash Preferred

Chase Freedom



Future:

American Express Premier Rewards Gold[/size][/font]

nishant
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Postby nishant » Thu Dec 20, 2012 10:43 am

Few years back, I built my credit to over 720 in 6 months after coming and got mortgage to buy a house.
My suggestions are
1) File income tax returns on time and quickly. The tax refund credit to your bank account appears to have some influence on improving credit score.
2) Avoid exceeding 30 % of your credit limit on any card.
3) If you cannot limit to 30% then paying full balance each month is the key. Paying lower than full amount and increases in revolving credit is not very good.



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