Comments on: Analyzing our credit scores

By: bluntmoney

bluntmoney — Thu, 07 Aug 2008 18:31:38 +0000

Thanks Nelson, that was informative :)

By: Nelson

Nelson — Thu, 07 Aug 2008 17:02:52 +0000

As a mortgage broker in the real world, I see a lot of credit reports. And you’re right, those stupid little comments don’t seem like they make a lot of sense, but I’ll try to help translate.

You’re right about point 1. 5 inquiries is way too many for the perfect world of Equifax. It seems like 2 or more inquiries per year is too many for those guys. Pretty unrealistic if you ask me.

Basically, points 2,3 and 4 mean the same thing. It’s either because you guys get too close to your limits every month (which doesn’t sound like the case) or you had balances at one time, which is being reflected with that little comment.

A lender is more concerned if they see 2 or more credit cards right near their limit. As an interesting side note, they also get a little concerned if you have only a fair score (in the 600-650 range) and lots of credit available (ie. 2 or more credit cards with little or no balance- lots of room for someone to charge)

When they state “Length of time of revolving accounts has been established” that’s telling the person reading the report that you’ve had revolving accounts (credit cards or lines of credit) for over 2 years. This is a good thing. It shows that you have the ability to manage unsecured debts.

And to redfox- a c score would probably put you in the 600-650 range, although one person’s c could be different from another’s.

By: Nan Patience

Nan Patience — Tue, 05 Aug 2008 21:40:26 +0000

I try not to worry too much about my credit report. It’s not something of my creation nor for my purpose. I just try to take care of my obligations and let the banks take care of theirs.

By: James

James — Sun, 03 Aug 2008 22:51:18 +0000

This just shows how arbitrary credit reports are. They only serve as general models for determining risk and don’t necessarily reflect reality. And it’s not like you can dispute them very easily. It’s frustrating that these institutions can have so much of an impact on our finances (i.e., loan rates) and for them to be in some ways, out of our control.

By: redfox

redfox — Sun, 03 Aug 2008 22:18:22 +0000

i just recently was refused credit , due to a mistake at equifax. hopefully i will get that fixed. scotia bank said that i had c for a score.
could someone translate that for me?

By: The Baglady

The Baglady — Sun, 03 Aug 2008 16:44:32 +0000

The comments I get are like: Credit history not long enough + Not enough credit accounts. I always get advice to open a loan or another credit card account lol.

By: Sean

Sean — Sun, 03 Aug 2008 16:40:16 +0000

“Amount owed on revolving accounts is too high.”

Probably a timing issue, if it was before or after you paid this months bills.