     Maurice (Maurice) | Sunday, March 18, 2001 - 05:14 pm 
I subscribe to the Equifax online credit report service and got my FICO tonight for $4.45. I'm not sure what they're charging others.
My score was a 730 and came with four reason codes why it wasn't higher. The principal one was length of credit history. My file is about 3 years old. No derogs. Less than 10 percent "owing" on $12,000 in revolving lines, plus a paid installment loan and a four-month old car loan.
According to FICO, I'm in the 51st percentile of credit-scorers, meaning that 49 percent of the population scores higher than I. They also provide a noncomprehensive but readable report on what your score means, plus a few charts to show you how you stand in relationship to the borrowing population score-wise.
There also is a FICO-predictor chart, which basically gives the odds of default for a particular range of scores. About 5 percent of people in my score range default, according to FICO.
One can order an Equifax report and a score from equifax.com. They're also selling them on myfico.com.
FICO says my score is "very good" and that I likely won't have trouble getting credit. My experience has been that I can get a car financed for next to nothing but can't get the best rate on credit cards.
My lowest rate is 12.4 percent on credit cards; my highest is 18.9 percent. I know my FICO has been over 700 for at least a year. I ordered it from Eloan on March 13 last year, and it was 707.
I've gained 23 points since then as my file aged, I made all my payments on time and paid my revolving percentage-in-use from about 54 percent to less than 10 percent.
I've had two "hard" inquiries in my Equifax file in the past 12 months. |
| Christine Baker (Admin) | Sunday, March 18, 2001 - 06:18 pm
Thanks. Wondering WHY you are being declined lower credit card rates.
Is it "the rest" of your application?
Have you tried Juniper? |
| Maurice (Maurice) | Sunday, March 18, 2001 - 07:48 pm
Juniper denied me, citing insufficient credit history. I've read many posts online that suggested they'd take you if your score was at least 680, but they don't take everybody. The rep told me they required three years of credit history, something I won't have until May.
They pulled Equifax, too, and so they saw my 730. (There's even a chance my score was fractionally higher than 730, because they pulled the report just last week, before I got by FICO score tonight from Equifax.
I've thought about trying to get an Amex Blue, which has a low rate of 10.99 percent, but I figured they might require a thicker file than mine. Truth be told, I don't really need the credit line, but I would like a lower rate in case I have a need to revolve a larger balance than I carry now. I have seven tradelines: five are at least a year old, and two of those are more than two years old.
Providian has an Aria card at 9.9 percent, but I've shied away from applying. If you don't get the 9.9 rate, they dump you into one of those subprime products, and so I figured its just wasn't worth the inquiry.
Wish I knew what the credit-length criteria were before applying. It would be nice to have a low-interest card. |
| Christine Baker (Admin) | Sunday, March 18, 2001 - 11:54 pm
I believe we should all know what the underwriting guidelines are BEFORE we apply. Bummer bout Juniper.
Also, always see if they give you your score when you talk to them.
And, your score could well have been below 680. Since it can change 24 points in ONE day, I'd say it's very plausible that it could change 50 points in a week.
I think a 730 with all these new accounts and your short history is too high. But that's been a common complaint about Fair Isaac scores since the mid 90s.
Please don't take that personal, I'm not saying that you should have a lower score. But I see a lot of people with a 10 or 15 year strong history who're struggling to get a 680.
It's really too bad you can't get better rates, YET. History is something you can't buy. Just don't close any of your accounts. |
| Maurice (Maurice) | Monday, March 19, 2001 - 06:35 am
Christine: Thanks for your interest. No, I didn't take your comment about my score being too high personally.
It probably is too high, given my short history. I'm nevertheless happy that MOST creditors consider me a good risk. I have a decent income, and I'm not overextended.
What I want a year or two from now is the lowest possible mortgage rate and a no-doc loan since I'm self employed. My cash flow is excellent. I'm not a very profitable customer for the credit-card companies. |
