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February 12,2009

  • Improve Your CC Score w/New FICO Rules, Pt.1
      Scoring adjustment sequence.

    Some say you can "boost your credit card score in as little as a month". I caution readers from embracing hype by saying "It's possible but, highly improbable". Sometimes you can suddenly pay off a credit card debt or have your credit limit raised and do this within a month. But, the mechanism for boosting credit card FICO ratings is very loosely assembled. What this means is that the integral parts involved have a sloppy fit.

    Here is the origination of the problem:

    1) Credit card lender has serious (subjective) gripe with you. Reports you to Credit Report Bureau. Time passed: ~ 1 minute (results may vary).
    2) Credit Report Bureau writes you up. Time passed: ~ 1 min. (results may vary).
    3) Credit Report Bureau lowers your FICO Score. Time passed: ~ 1 min. (results may vary).
    4) All Lenders place ‘Hard Inquiry' to Credit Report Bureau. Time passed: ~ 1 min. (results may vary).
    5) Credit card Lenders place you in ‘Universal Default Status' and hike your interest rate to 29.999999%. Time passed: ~ 1 min. (results may vary).

    Here is the sequence of the fix:

    1) You fix the problem immediately.
    2) Undo damage in steps 1) thru 5) above but, wherever you see ‘1 min.', replace it with ‘1 mo.'

    But, seriously, Creditors usually have an ‘attitude' by this time. Diplomacy can go a long way. Same with Credit Report Bureaus. They are given 30 to 45 days just to respond to you. It's up to them. Diplomacy, again. After you have fixed everything and done everything you could, the ‘Cycles' set in. Taking an average figure, say that the Credit Report Bureau computes your new credit card score mid-month, the 15th day (you don't get to know this). ‘Hard Inquiries' to restore your good FICO Score placed before the 15th day will come back bad. So, you have the 'Creditor Delay', added to the ‘Credit Report Delay', added to the ‘FICO Recalculation Delay', added to the ‘Hard Inquiry Delay' to contend with. Good luck doing that inside of a month. You can't just have ‘Andy' pass the news to ‘Sarah' and have it done same day (unless you live in Mt. Airey).

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