Credit score ?

**nodmicks** · 05-29-2009, 05:22 PM

Dh and I have been doing a refi to drop 2% off the interest rate. I finally saw the copy of the credit report. Scores are good 797 and 796. Here is where I am confused

it says

~lack of revolving accounts (that is credit cards right?)

I use my discover for big purchases and promptly pay it off. I do this just for my credit score because have no car loans etc.
They show the balance as 1200 but it is 0. I assume that was just the date reported. I also have a citibank card I never use, a fashion bug card I rarely use and if I do pay it right after purchase at the store

~proportion of balance to credit limits too high

. Discover credit limit is 9000. The balance reported is 1200. citibank credit limit is 10000 balance 0 Fashion bug limit 2000 balance 0.
That is too high of balance to credit limits????

~ time revolving accounts have been open open

gee lets see I have had discover and citibank 12 years

~ lack of recent installment loan information

um they show my 12 year old mortgage

~ amount owed on accounts too high

Mortgage under 50, 0000 and credit cards at 0 even though they report 1200 on discover. That is too high???

So what the heck is with all this stuff???? Do they just look for things to drop the score??? I'm confused

**Mckeekitty** · 05-29-2009, 06:40 PM

FICO is going through a tsunami these days. The rules change every day...every hour.

Bottom line...your scores are excellent and clearly reflect a responsible credit history. I'm sure your mortgage lender is aware of the skewed FICO reports these days. If the "remarks" become an issue, you will need to right the record. But as credit card issuers slash limits, close accounts, increase rates, FICO is in a state of flux.

Good luck with the refi!

**nodmicks** · 05-29-2009, 07:43 PM

No issue with the lender they approved it in minutes. It is just the remarks make no sense what so ever to me. Crazy!

**Sassyclass** · 05-29-2009, 10:28 PM

I wouldn't doubt if those remarks aren't a form letter they stick on everyone's report. They are a business and as consumers I think we should be able to rate their performance.
The main thing is your lender had no problem

. but I understand your frustration over the remarks. It's as is they are lying about you.

Cat

**frugalfranny** · 06-01-2009, 12:20 PM

You mentioned you 'got the scores' (and some info) but did you also see your full credit report 'from the agency' not just the paperwork that the lender showed you.....you need to.
If not:
Find out which credit reporting agency they used (there are 3) and immediately request a copy...these are free and can be done on-line or phone. Maybe something will show up to help.
You get one free report, from each agency, every year. This won't show your 'score'....(the number) but it gives info that is good to keep track of for a number of reasons, not the least being errors and identity theft.

**nodmicks** · 06-01-2009, 12:26 PM

Originally Posted by FRUGALFRANNY

You mentioned you 'got the scores' (and some info) but did you also see your full credit report 'from the agency' not just the paperwork that the lender showed you.....you need to.
If not:
Find out which credit reporting agency they used (there are 3) and immediately request a copy...these are free and can be done on-line or phone. Maybe something will show up to help.
You get one free report, from each agency, every year. This won't show your 'score'....(the number) but it gives info that is good to keep track of for a number of reasons, not the least being errors and identity theft.

Thanks for the advice. It was a combined score from all three and told the score from each.