The score factors for 804 Experian FICO score
804 Experian FICO score factors
Top Positive Factors
Not reported for Experian
Top Negative Factors
The length of time your revolving accounts have been established is too short
You have recently been seeking credit or other services, as reflected by the number of inquiries posted on your credit file in the last 12 months
No recent non-mortgage balance information is being reported
You have no recent revolving balance information being reported
This is quite interesting, not many people with 800+ scores need my services. But the reason for the 804 score is that NONE of the 4 accounts with balances (mortgage, HELOC, auto, revolving) are reported to Experian.
730 Equifax score factors:
Top Positive Factors
You have no late payments reported on your credit accounts
You have 0 accounts that show evidence of missed payments in the past.
You demonstrate a relatively long credit history
Your most established credit obligation is 277 months old and your newest credit account was opened 23 months ago.
Top Negative Factors
The proportion of balances to credit limits on your revolving accounts is too high
The proportion of balances to credit limits (high credit) on your revolving accounts is 56%.
The amount owed on your revolving accounts is too high
According to your credit file, the total amount owed on your revolving/charge account credit obligations is $13,598
It’s so important to understand that eliminating one score factor will result in a NEW factor.
While I always encourage my readers and clients to analyze their score factors to determine what lowers the scores and which corrective actions to take, you do have to plan ahead and consider the consequences of changes to the report.
If one was to only look at the Experian score factors, the immediate solution to an even higher score APPEARS to be to get the open accounts reported.
BUT, the result would definitely be a lower score, somewhere in the mid 700s and the score factors would change to include the B/L ratio as on Equifax.
It is amazing that you can have an 800+ FICO score without a single open account. Of course there are NO derogs on these reports, the only inquiry is a 9/06 mortgage application and we have many years of positive account history.
Obviously, NOTHING should be done to improve the Experian score. But paying down the balance on the revolving account would definitely improve the Equifax score.
Posted by Christine on 12/14/2006 at 06:04 PM
2003 Suit (appealed, Experian filed credit reports on PACER) • Fair Isaac - credit scoring fraudware • (0) Comments • Permalink
