Bad credit score estimator
That would be me, on my own credit score, or am I? When I posted Increase credit score 100 points, I predicted my score going down by the end of March, because I maxed out the equity line of credit. That was my Experian Advanced Risk Score 2.0 then, and I thought it would decrease by at least 50 points. I did not run scenarios through any credit score estimator available on Internet. I just made that prediction based on what I thought I knew about credit scores.
You will see my new Experian score which I put in similar fashion below, you will understand why I was surprised. It is not that my credit score increased, but by how much.
Yes, the credit score has increased by 111 points. I paid the Capital One Card off on January 8 and maxed out that line of credit just around February 20, fully expecting my scores to go down. This has not happened yet, I can think of three explanations why I turned out to be such a lousy credit estimator and on my own score.
- Alliant Credit Union has not recently updated my credit report information with Experian
- credit card record weighs much more than revolving home equity line of credit with all credit scoring algorithms
- Experian Advanced Risk Score 2.0 algorithm puts disproportionately high scoring weight on credit card records
Regardless, in just 9 months, I increased my credit score by 181 points. Granted it is not FICO score, but still looks impressive. Let's see what will happen in June.
Fri Mar 26, 2010 10:03AM | Copyright: www.bad-credit-advisor.com | More in Credit Score Help | Comments (0)
Recent Entries
- Capital One Secured Credit Card to Improve Credit Score - Review
- How to get approved for mortgage - loan approval help
- Spouse average FICO credit score is higher?
- Why average credit score?
- Getting mortgage after bankruptcy - go FHA
- Debt settlement and how it affects credit score
- Debt settlement with Citibank
- Can I settle with credit card company with no late payments?
- Credit card limit lowered, credit score goes down
- Gold price will rise in 2011
