why is my credit score not going up
One thing I note is that our OP (txGal) and our friend DragonFly are both looking at alert driven FICO 8 scores. But what they are looking to buy is a home, which uses a different set of (much older) scoring models. (1) Create as many $0 CC balances as they can. Once they have created that balance, stop using that card. note: be sure to have one CC reporting a positive blance. (3) Try to get their total utilization to 8. 99%. If it is financially feasible, just make it a $10 balance on one card with all other cards $0. With the one card that reports a positive balance, make sure that the card:
(a) is a true credit card, not a charge card (b) is a card in your name, not an AU card The mortgage models have been shown to respond really well to this 3-prong approach. A huge amount of test data from the last 10+ years shows this. To recap, it's: All cards at $0, except one with about $10 Once they are certain that all three bureaus have the fully updated CC balances, they should ull their mortgage scores, not their FICO 8's. And if they have derogs, then yes they should at the same time be working hard on getting those removed. The mortgage models are especially punitive with derogs.
Credit Karma is a great free tool that will give you weekly EQ and TU reports (with brand new data). It's great for trying to determine when the bureaus have updated CC balances or removed derogs. Thanks for the info, CGID. That was definitely helpful. I am aware of the difference in FICO mortgage scores vs. FICO8. I was focusing on the FICO8 scores just because the alerts tell you what caused the movement, for the most part. I realize they don't take into account certain things like accounts dropping off your file, etc. , but they can offer some insight as to what moves the needle when it comes to the scores. I wish they had alerts for the mortgage scores. Not so. The score movement and alert are usually unrelated. So if you get an alert that your utilization has dropped and your score has gone up 7 points (because they are usually contained in the same alert), you're saying that's really why your score increased? Yes that is what I'm saying. (But that particular example wouldn't happen since there are no alerts referring to utilization. ) If you got an alert saying your balances dropped from $4500 to $1000, and it was accompanied by a reference to your score going up 7 points, the drop in balances might well be related to the increase in score, or might not be, but you will never know.
You could just as easily get an alert saying your balance on a card increased from $53 to $103, and your score increased 7 points. I'm not sure I understand what you mean. Gotcha. In a move that is likely to boost many people s credit scores, all three major U. S. personal credit monitoring firms are going to remove tax liens and civil judgments from credit reports. Equifax, Experian and TransUnion are set to introduce the changes around July, but there is a catch, Wall Street Journal. Tax liens and judgments will only be erased if they don t contain all of the following information: a name, an address, and either a date of birth or a social security number. Nonetheless, many liens and judgments don t contain all three pieces of required data, reports the Journal вso this change to how FICO scores are compiled could mean that many people will be regarded as more creditworthy based on their credit reports. Having a credit report with less black marks and better scores not only means a higher chance of getting a loan, but also a higher likelihood of success in everything between renting a home and landing a job.
The latest omission of negative information from the compilation of FICO scores comes in response to regulatory concerns, according to the Journal. Since 2015, the three credit-reporting firms have reached settlements with more than 30 states over practices including handling of errors. Since then, some information unrelated to loans, like gym memberships and traffic tickets, have been struck off credit reports. For more on personal finance, watch Fortune s video: A from the Consumer Financial Protection Bureau earlier this month suggested that credit reporting agencies should improve the accuracy of their reports and update their records more often. The Journal reports that, in 2011 alone, 8 million complaints about wrong information in credit reports were received by the three major credit-reporting firms, according to the CFPB. FICO, the entity that created the credit score system, estimates that customers who do get a better credit score will only experience slight improvementвan average bump of under 20 points for around 11 million people.
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