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Effect of a years time on Credit Score
Good evening all.
A year ago I was "worshiping at the alter of FICO." I was fired up and was looking to increase my credit score.
May 15, 2007 was the first time I checked my scores. These were the results at the time.
TransUnion 724
Equifax 655
Experian 697
I have only one credit card with HomeDepot. My limit was raised from $500 to $3000. I never spend more than about $200 a month and I pay it off in full every month.
I've got my mortgage. Always pay on time.
And during my worship of FICO, I purchased a table (I did need it) and got it on credit. I've been making payments on it on time aswell.
Well I checked my score again earlier this week on May 14th. The results were..
TransUnion 754
Equifax 702
Experian 746
So... yah making all my payments on time, and things go up. All went up by 30 to 50 points in a years time. Everything is now +700 so I am more or less content.
The only thing that hurt me is my oldest account (the morgage) is only a year and ahalf old. The average account age for most folks is 19 years. Also when I applied for the credit line on the table I was turned down the first time. So my Equifax score was +655 atleast. I got my mother to co-sign with me for it. Both times the inquiry showed up on my Equifax score only.
I'll have the table paid off next month. I'll be closing the account after that, so I don't know if it has made any difference or not.
I now know there is no quick means to increasing FICO and that all in all it really isn't all that big of a todo. But maybe this will help yall gauge about how long it takes and the effects of paying everything on time.
A year ago I was "worshiping at the alter of FICO." I was fired up and was looking to increase my credit score.
May 15, 2007 was the first time I checked my scores. These were the results at the time.
TransUnion 724
Equifax 655
Experian 697
I have only one credit card with HomeDepot. My limit was raised from $500 to $3000. I never spend more than about $200 a month and I pay it off in full every month.
I've got my mortgage. Always pay on time.
And during my worship of FICO, I purchased a table (I did need it) and got it on credit. I've been making payments on it on time aswell.
Well I checked my score again earlier this week on May 14th. The results were..
TransUnion 754
Equifax 702
Experian 746
So... yah making all my payments on time, and things go up. All went up by 30 to 50 points in a years time. Everything is now +700 so I am more or less content.
The only thing that hurt me is my oldest account (the morgage) is only a year and ahalf old. The average account age for most folks is 19 years. Also when I applied for the credit line on the table I was turned down the first time. So my Equifax score was +655 atleast. I got my mother to co-sign with me for it. Both times the inquiry showed up on my Equifax score only.
I'll have the table paid off next month. I'll be closing the account after that, so I don't know if it has made any difference or not.
I now know there is no quick means to increasing FICO and that all in all it really isn't all that big of a todo. But maybe this will help yall gauge about how long it takes and the effects of paying everything on time.
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