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My mortgage just hit my report

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and my FICO score only went up by one point. What kind of nonsense is that?

One negative (a paid collection with a DOFD from 6 years ago, which does not appear on TU, the reason it is higher).

Three paid auto loans. (one 8 years old, one 5 years old, one 4 years old)

Five INQ's (all from mortgage, and all within 15 days of each other)

2 Closed and paid lines of credit

6 credit cards ranging in age from 2 to 5 years

Util 30%.

TU 732 EX 680 EQ 685

I have done all I can do, and my scores are much lower than I think they should be. There are people a year from BK that have better scores than I do. It is really starting to piss me off.

You can't claim it is my short (5 year) history, because my son (who is 19) only has a year and a half of history, and all 3 of his scores are above 750.

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I'd rather have the lower (still prime) scores without the bankruptcy. High score or not, BK is an automatic disqualifier to some creditors. A 680 low score is not gonna get you turned away from too many lenders, nor get you bad rates.

Your son is probably a good credit risk compared to your average 19 year old.

I bet your scores would go up a lot if your util went down to the single digits.

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Yep, it is the paid collection. When Providian/Collect america five years old was removed, my score shot up 81 points on Equifax, 112 on EXp and 77 on TU.

I think FICO is doing something where the age of the account has little or no effect on how much your score is shot to hell.

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If you look, my TU is 723, and the paid collection isn't on there. Since my others are 680-685, I figure that old paid collection is costing me about 40 points.

It also makes me mad that a mortgage is only giving me a 1 point boost.

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Because there is no record of payments. Youget some points for the mortgage but it is being off-set by the mortgage account being new with no history. It' will go up again after 4 on-time payments are reported, then again when 12 have been reported.

As the payment history solidifies it will also have a counterbalance effect against other minor dings. A late pay, for example, will cost fewer points off your score as long as the mortgage stays current. Reasoning in the formula is that responsibility for paying the mortgage is being kept up so a minor slip-up on an unsecured account is less important in the overall picture.

BTW...Dive, why is this in credit article of the week?

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