@seeking850 wrote:Hello, everyone, I need some help. My current FICO 8 scores are 610, 647, 653, however, my mortgage scores are 566, 571, 541. What am I doing wrong? what are the significant factors in the differences? I have all current payments on my 10 credit cards, a collection that is 6 years old (unpaid- waiting for it to drop off). I also have 3 small old charge offs that are about 4 years old. I understand that these things will hurt the report, but such a large difference in the scores? what can anyone recommend? thanks in advance.
Starting Score: 633
@markbeiser wrote:
@jjohnson wrote:
Now I'm working to keep increasing the scores so that I can get better insurance rates :/
For those of us that live in states where credit is a factor in insurance pricing, it is shocking how much cheaper insurance gets as credit scores increase.
Also, insurance credit scores also look at the average limit of your credit cards, with an average >$9000 putting you in the top bracket of the category. Credit inquiries and new accounts also ding you for the full 24 months.
My home insurance went down by >30% when I crossed over from the mid 600s to mid 700s. It was nearly 3x more expensive than it is now, for less coverage, when my scores were below 500 for a few months in 2016. Adjusting for inflation, it was even worse.
I should be getting even better rates when I reshop again later this month.
This has been a MAJOR learning lesson for me.
I had no idea until I started trying to shop for a home in the major urban city in my area and got back CRAZY quotes, like $7,700 a year on a ~$225K house. I have a twin with great credit, and they quoted at the same address and got a rate for $1,600 a year.
I'm just learning about the Consumer Disclosure and Premier Score. Just ordered my LexisNexus report.
I literally had to call a million insurance companies to find one that wrote in the city I wanted to live in and would quote me a decent rate on car and home. I found a company to do home for $2,400/year and car $3,000/year; which is low compared to what I was seeing before.
I will NEVER let my credit decline the way I had over the last 2 years, especially when I had the money to pay the accounts. Just suffering from depression and not caring about anything.
@Aiyvega wrote:@Thomas_Thumb you say that when 90 day lates and charge offs reach the 5 year mark, the negative impact reduces. What date are you using to determine that? The date of first delinquency, date that it was settled or the date it was charged off? Just curious. Thank you!
The date of first delinquency.
