Credit Score/FICO question
- From: tforms1@xxxxxxxxx
- Date: Sun, 18 Jan 2009 22:26:08 -0800 (PST)
How long does it take for my credit score/FICO to change?
I just checked my score with Equifax and its a lot lower than I
2 years ago with Equifax it was: 810 out of 850
it said: Key Factors Affecting Your Score:
The amount owed on your revolving/charge accounts is too high
There is a lack of recent (non-mortgage) installment loan information
being reported on your credit file.
I just checked on Friday and my score is: 766 out of 850! So it went
down 50 points!
For: Key Factors Affecting Your Score:
It said the two same things...BUT there is now a third one:
You have too many bank/national revolving accounts with balances being
I ALWAYS pay my bills in full every month on time.
The ONLY change is:
a couple of my cards were cancelled due to inactivity, so I called
them and got them re-instated.
So in the past, I used mainly 2 cards, now I rotate between 4-5 cards.
Balances are the same, but now its spread out.
So I guess that looks worse.
So now I will go back to using only 1 or 2 cards, and keep the rest in
So couple of questions:
1. How long does it take for my credit score/FICO to change? Once I
go back to only using 1-2 cards, how long before my score goes up?
2. from the key factors, it said: "The amount owed on your revolving/
charge accounts is too high"
I dont understand this.
According to my credit report: I have a balance of $650, and I have
So how is my amount owed that high? So $650 out of $143,000 is not a
high balance. If my balance of $100k out of $143k, then thats a high
3. "There is a lack of recent (non-mortgage) installment loan
information being reported on your credit file."
So they are refering to a car loan? or a student loan?
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