Re: Credit Scores

Posted by Linda (65.120.51.7) on September 20, 2002 at 12:48:24:

In Reply to: Credit Scores posted by S.D. on September 20, 2002 at 09:23:47:

SD, I don't think it's possibel to predict where your score will be this time next year. It is an absolute mystery how this stuff works. People get old accounts deleted, and their score goes down because it shortens their credit history. People with a bk two years ago have scores higher than people who have never really had any serious problems. On another board, scoring is referred to as the "random number generator."

There are some rules that we know help in the long run. Don't apply for new credit - keep inquiries to a minimum. The longer your credit history the better, even if the account is negative - so leave the oldest item alone, unless you have something else there to give your credit history the same age. Stay away from fianance companies. Pay on time every time. Incidentally, paying old accounts hurts your score, it doesn't help it, except for special circumstances like tax liens and student loans.

So, if it is just overall improvement, keep doing what you're doing, time is your ally.

Linda

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