Credit Report Information

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The possible FICO reasons are:

Advance amount is to high
Delinquency on accounts
Too few bank revolving accounts
Too many bank or national revolving accounts
Too many accounts with balances
Consumer finance accounts
Account payment history too new to rate
Too many recent inquiries in the last 12 months
Too many accounts opened in the last 12 months
Proportion of balances to credit limits is too high on revolving accounts
Amount owed on revolving accounts is too high
Length of revolving credit history is too short
Time since delinquency is too recent or unknown
Length of credit history is too short
Lack of recent bank revolving information
Lack of recent revolving account information
No recent non-mortgage balance information
Number of accounts with delinquency
Too few accounts currently paid as agreed
Time since derogatory public record or collection
Amount past due on accounts
Serious delinquency, derogatory public record, or collection
Too many bank or national revolving accounts with balances
No recent revolving balances
Proportion of loan balances to loan amounts is too high
Lack of recent installment loan information
Date of last inquiry too recent
Time since most recent account opening too short
Number of revolving accounts
Number of bank revolving or other revolving accounts
Number of established accounts
No recent bankcard balances
Too few accounts with recent payment information

The exact weighting of variables and calculations that go into creating a credit score are proprietary information that Fair, Isaac does not release, but it is generally true that a solid history of on-time payments to creditors will most likely result in a good score. Some of the factors considered do surprise people, though, and many consumers are interested in how to improve their score. The first thing to remember is that your FICO score can vary from month to month-even day to day, sometimes. This is because it is calculated based in the credit data available for you at the credit bureau on the day the score is requested by a lender. However, there are things you can do to develop a solid credit history and influence your score for the better.

Pay your bills consistently and on time. And take heart--the scoring models all take into account the fact that everyone misses a payment once in a while. Also, negative information loses its potency over time: a recent late payment is weighted more heavily than a late payment four years ago.

Check your credit report and remove any errors. By making sure that only your accurate credit history appears on your report, you ensure that the FICO score it generates isn't lowered by inaccurate information.

Keep your debt reasonable. One rule of thumb: for a good credit score, your account balances should be below 75% of your available credit. For example, if you have a credit limit, you should have a balance of no more than.

Maintain only a reasonable amount of unused credit. While it's good to have a cushion of credit available, having ready access to thousands of dollars of debt makes you a poorer credit risk.

Avoid too many inquiries. Inquiries are interpreted as a sign that you have been actively seeking credit, and may be in financial difficulties or in the process of overextending yourself. It's difficult. Currently there is no law requiring that credit scores be released to consumers, and credit bureaus do not include the scores on copies of credit reports provided to consumers. Because the scores are used differently by different lenders, and created differently by different credit bureaus, Fair, Isaac and the credit bureaus maintain that knowing a score is of little use to the consumer, and may simply be confusing. Lenders are not required to reveal to potential borrowers what their FICO score (or any other credit score) is, but some will if you ask. As consumer awareness of credit scoring, and FICO scores in particular, grows, more and more lenders are willing to discuss it. The lender should, however, tell you the reasons provided for a low score if that score is a factor in delaying or denying your loan application.