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     | Tuesday, November 16, 1999 - 08:13 pm  What is the best way to raise your points...besides waiting for all your inquiries to clear? How many points do you earn per year?
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| | Monday, November 22, 1999 - 07:29 am There is no real "best way", as every person's situation is different. You don't "earn" points on a yearly basis. The scores are generated based on what's on your report(s) at the time the report is pulled (assuming a residential mortgage report). Each lender's criteria may be different. Therefore, one lender's (purchased) score calculation will be different from another lender. Here are a few tips that should help: Pay your bills on time - no lates, no over the limits/etc. Your record of regular payments over a period of time is very important to a lender. Keep your credit card balances LOW. Have atleast 50% of your credit line available (i.e., $5000 limit with no more than $2500 carried as a balance). The amount of debt versus the amount of available credit on your revolving accounts plays a big role in your scores. Don't have TOO MUCH open credit (i.e., $85,000 in credit available to you on credit cards). Lenders will see this as potential debt AFTER you get your loan, which can jeapardize your ability to pay back THEIR loan. Keep your available credit lines at a reasonable level. Pay off any collection accounts, past dues, etc. Most any lender will require this, regardless of your score, if you want to obtain a loan through them. Zero balances owed also help increase your score(s)- the newer collection accounts do more damage to your scores, but all of them affect it. Again, pay your bills on time! This is the #1 most important thing to do, which is why I'm repeating it. A lender wants to see CONSISTENCY in your willingness to repay a loan. Even if you have a bunch of money in the bank, if your credit record shows that you are NOT willing to repay other lenders on time and as agreed, no (new) lender is his/her right mind will be giving you another loan.
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| | Monday, November 22, 1999 - 08:30 am Robert: You have made the same claim that many others do, namely: "Lenders...see this as potential debt AFTER you get your loan, which can jeapardize[sic] your ability to pay back their loan." I refer you to the adverse action codes on the various scoring models (http://www.advantagecredit.com/creditreporting/adverse_reason_codes.htm) and I challenge you, or anyone else for that matter, to tell me what adverse code will be generated if a person has too much available credit. Let's suppose, for example, that I have four tradelines on my credit profile. A $90,000 mortgage, a $10,000 car and two credit cards each of which has a $50,000 credit line and $50.00 owed ($99,900 in available credit). In your opinion this would be "too much available credit" so I'd be interested to know what denial code you think I'd experience.
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| | Monday, November 22, 1999 - 09:17 am Sean, Mortgages don't count when calculating available credit, duh! (just revolving lines)
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| | Monday, November 22, 1999 - 10:05 am Kristi, can you help here? What adverse code will be generated if a person has too much available credit?
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| | Monday, November 22, 1999 - 01:13 pm Kristy: If you carefully read the example, you'll see that I indicated four trade lines: 90,000 owed on mortgage. 10,000 owed on automobile. 50 owed on bank card (49,950 available) 50 owed on bank card (49,950 available) That's $99,900 in available revolving credit. None of that available credit was from mortgages, duh!
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| | Tuesday, November 23, 1999 - 02:38 am The link on adverse reasons is inetresting. Unfortunately, as recently as April of this year, the Experian / Fair Isaac codes are letters, not numbers. Any idea how to interpret those?
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| | Tuesday, November 23, 1999 - 07:01 am Charlie: I do have a printout from Fair, Isaac showing the various letter codes but I don't have a link for them. Lest anyone think I'm bs'ing them I would let you know you can call the Fair, Isaac scores hotline (800) 777-2066 and select option 2 and they'll fax their information to you. A Amount Owed on Accounts is Too High B Level of delinquency on accounts C Too few bank revolving accounts D Too many bank or national revolving accounts E Too many accounts with balances F Too many consumer finance company accounts G Account payment history too new to rate H Too many inquiries in last 12 months I Proportion of loan balances to loan amounts is too high. J Too many accounts recently opened K Proportion of balances to credit limits is too high on bank revolving accounts. L Amount owed on revolving accounts is too high. M Length of time revolving accounts have been established. N Time since delinquency is too recent or unknown O Length of time accounts have been established P Lack of recent bank revolving information Q Lack of recent revolving account information R No recent non-mortgage balance information S Number of accounts with delinquency T Too few accounts currently paid as agreed U No recent revolving balances V Length of time since derogatory public record or collection is too short. W Amount past due on accounts X Serius delinquency, derogatory public record or collection filed. Y Lack of recent installment loan information Z Time since recent account opening is too short. Please note that NONE OF THE CODES say "too much available credit on revolving accounts."
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| | Tuesday, November 23, 1999 - 08:51 am The link below gives match-ups between number-codes and the adverse reason code for each of the 3 CRA's. http://www.advantagecredit.com/creditreporting/adverse_reason_codes.htm
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