Jump to content

How many Positive Tradelines do you have?


Got FICO?
 Share

Recommended Posts

I was wondering..................How many positive tradelines that you need to have before you get into the 700 club?

Right now I have 16 positive TLs; 10 are closed (but positive-ontime-never late) ranging from 92- present.

I have 7 negative TL's one thirty day late installment account, 3 SL's, 2 CA's med. bills totaling 144.00 and one CO; Cap 1.

My FICO is in the lower 500's. Obviously, I am working on my negatives.

I just want to know how many positive TL's you need to have?

Link to comment
Share on other sites

I don't know I am in the mid-500s with 4 CA's and 3 COs and missed payments on some installments :oops: My utilization is also high.

As for positive TLs, I think I know what your saying here; I know that you have to have them but I don't know how much and what they account for FICO "ly "speaking

Anybody else, do positive TLs account for anything/additional points or are the negative items deducted on a point system?

Link to comment
Share on other sites

This site, my own experience and continual analyzing has made me believe the following regarding your score;

The kind of TLs open/active are more important than how many total accounts you have and/or have had.........

The scoring system breaks your TLs into scoring categories, such as revolving (CCs), installments (car loans, lines of credit), and real estate loans (mortage).

An open/active mortgage account is not necessary but will help your score achieve higher numbers when your payment history is spotless. If you don't have an open/active/no lates mortgage, it is more difficult to get into the high 700s/800s.

If you have CC accts, then as said earlier, it is imperative to keep your balances less than 30% of the available balance. Many users on this site subscribe to the concept of replacing current CC accts with modest or low credit limits with accounts that offer much higher limits because the higher your total credit limit/credit available total is, the greater the score you will achieve.

for example, if one person has 3 CC accts, each with a $500 limit, the total credit available is $1500. Let's also assume that there is a zero balance on all 3 and never been a late payment.

Now, let's take another person with 3 CC accounts, and each card has a limit of 10k totaling $30,000 of available credit. Again, let's assume there is a zero balance on all 3 and never been a late payment.

The FICO score for the user with $30,000 of available credit will be higher than the user with $1500 available because points are not only awarded to the percentage of credit available but also for the dollar amount of credit available.

As a result, many people try to replace lower limit accounts with higher credit limit cars as the improve their CR in order to further improve their score.

Step 1 - Reduce your CC or Lines of Credit account balances to 29% or less.

Step 2 - Increase your credit limits by getting better CC offers if your current limits are weak/small ($500)

Lastly, the length of account history establishes your credit worthiness in a more powerful manner than lots of TLs that have short to no history.

Opening lots of little TL's to increase your amount of TLs is not advantagous compared to simply maintaining one or two for extended periods of time. Higher limits on 2 or 3 CC accounts combines is a better strategy than simply having lots of TLs just to have lots of TLs if your objective is to grow your score.

Best of Luck!!

Link to comment
Share on other sites

I think you can be in the 700's without a lot of TL's. You just can't have any negative items.

I have, on average 25 TL's with about 11 showing as open. Actually, there are really only 8 or 9 that are open. I have a couple of Dept Store accounts showing as open and I haven't seen a card or statement in 10 years. My oldest TL is about 15 years old, most are about 5 years. I have opened 2 accounts within the past month so my scores are impacted a bit.

My scores jumped over 100 pts in a little over a month. This was primarily due to the removal of Collection accounts (I had 3, 2 of which were open) and removing late payment indicators. I had about 6. Even if the lates are old, they carry a big wallup. I had a 60 day and a 90 day late that were about 6 years old on my EQ. They were deleted last week and my score jumped about 50 pts.

My TU score still has those same lates. I disputed them today, so we will see if I get a nice jump.

My experience has been that the closer you are to having zero negatives, the more a deletion will help you. You might jump a little when you have a deletion, but still have several negative marks. Once you get to those few remaining marks a deletion will skyrocket your score. Conversely, a new negative will wreck your score just as quickly.

I am shooting for 800 and I think I will get there in 6 months or so when my inquiries drop off and my Hooters card and SkyMiles AMEX age a bit. I wish I would have held off on the Hooters card, because I would have gotten better terms and a bigger CL. (I applied for it when I had a 640 score)

I am now shopping for a new Land Rover, which I never would have been able to lease without finding this forum. I went from C/D credit to A+ in 6 weeks.

Link to comment
Share on other sites

Big Law!!! That is awesome truly amazing. I am sure you will look very nice in that NEW LAND ROVER.

I on the other hand have not had the results like you. I started disputing before I knew of this board so I was a kamikazee.

They just aren't falling off the way I had hoped, I just don't think that I know the correct angle to approach.

For example, I just paid a CA and disputed it around the same time well they verfied my account as delinquent 14 days after they received my payment. The OC information hasn't been updated as well. I called and they told me it takes about 30-45 days to update the account. Well, why did they verify it when it was paid.

I also have another account that is off the boards in reporting, one CRA doesn't have the account #, different dates of when the account was originally opened, etc. I don't think that it is my account but I can't seem to crack it or find an angle to effectively dispute. Nonetheless, I think that I am wearing out my disputes and I am going to start seeing the friviolus documentation on them.

But I am determined and I have til next year to get my scores up to 650's and I think I can do it!!!!

I checked today and my FICO's are at an all time high mid-500's :BigDance:

Link to comment
Share on other sites

Big Law,

I had/have 4 paid CA's. I negotiated removal of 2 of them 2 weeks ago and still awaiting this reflection on my CRs and in my score.

However, I have 1 open/active auto loan and 1 open/active CC, both showing a late in Aug 2005 and March 2006.

I have disputed twice in last 7 weeks, sent goodwill letters with to both creditors with terrible/inneffective response and recently sent the "I moved and didn't get my statement" letter for the most recent late showing on each account.

I was excited to hear about your removal of 6 late pays and I am here to confirm what you said..............negatives kill you, but late payments kill you just as bad.

Thanks for the encouragement in your post. It was fantastic.

Link to comment
Share on other sites

I have a total of 22 positive accounts as of today.

7 accounts are currently open

1 negative account that is listed as settled for less then full balance.

1 30 day late acount from a auto loan that was open in 1994 and listed as last reported as 04/01/2000 which im still fighting over.

I just bought a new 2006 Dodge grand caravan with all the accessories you can get. The plus on this loan is that it came from CHASE BANK which raised my score 25 points.

Im just below 700 on my FAKO scores, and will not get my fico scores until the end of this month to keep up with my schedule on getting these every three months.

I know the one negative and one late pay is killing my scores and im still tryiing to get these removed. Also my credit cards are a little high which is also killing my scores, but im on my way to paying those off so time will tell if I go beyond the 700 with the negative marks.

Link to comment
Share on other sites

I think that part of my success in getting late payments removed was that they were almost all over 2 years old. Most were from 2000 or 2001. As I have learned on this board, most OC's and CA's do not keep records past 18 months to 2 years.

I just got 1 60 and 90 day late from Discover removed. I know I was late. The late payments were from almost 6 years ago so they have haunted me for some time.

Maybe if you wait for a little time to pass, you will have better luck.

Link to comment
Share on other sites

From the myfico negative factors analysis:

"On average, U.S consumers carry balances on approximately 4 of their credit accounts at a given time. "

I had balances on my 4 TLs and they said it was one of the reasons my score was low!

What do you make of this? Firstly, it contradicts what most people here seem to say.

Secondly - I'm AVERAGE dammit!!!

Why is my score low because of that?!?

I believe my 30 day late on my electric bill has also cost me dearly... :cry:

Link to comment
Share on other sites

You can and should have a balance on your cards. This way it gauges you on your payments every month, and inturn raises your score.

Now if you are over the 35% utilization mark on your cards to your limit then your scores will be low. So lower your balances on your cards to the 35% utilization mark and your scores will be higher again.

FICO looks at your monthly on time payments so remember it's a good thing to have balances and then pay them off every month....

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.