My FICO: 561!

I knew it was bad, but holy heck! I signed up for myFICO’s monthly service. It’s $8.95/mo, which I think is a small price to pay – I’d want to be checking it at least every month anyway, but one-off reports and scores cost $15.95, from what I’ve seen. Here’s the digs:

A score of 561 is better than 8% of U.S. consumers – Yipe! I’m doing worse than 92% of the rest of America.

Risk rate: 52% – Apparently chances are better than not that I’ll reach 90 days past due or worse over a two year period.

Payment history: Good
Amount of debt: Not good
Length of credit history: Not good – I’m only 20, c’mon!
Amount of new credit: Good

Number of your accounts that were ever 60 days late or worse: 1 – Thanks a lot Paypal Buyer Credit.

Ratio of your revolving balances to your credit limits: 96% – This is basically just saying how much of my Capital One credit I’ve used up, since Paypal Buyer Credit is pounding me into the ground by lowering my credit limit as I pay it off. Douchebags. Maybe I should ask them to raise my credit limit.

Your first revolving account was opened: 1 year ago – Whatever… could’ve sworn I’ve had my card for 2 years now. I might be getting darn close to it. Again, though – I’m only 20, c’mon!

Your most recent late payment happened: 4 months ago

One thing it lists as good – I only have one account with a missed payment. Woo. Looking at individual accounts now, my Capital One account was opened March 2006.

Here’s another answer – Under PP Buyer Credit it says “Account closed by credit grantor” – EVEN worse! Explains a lot though. Another kicker – it doesn’t have my credit union loans. Wonder who they report to… apparently not Equifax.

If I pay 90%-100% of my credit card balances over the next 24 months (which it says is my “best plan of action”), that would bring my score up to the 721-761 range. Supposedly.

Alright, I think this post has been pretty incoherent enough as is. That $100 payment didn’t go through yet – maybe tomorrow.

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