Repair Credit Score

Archive for January, 2007

Question: Credit Score low?

Im just wondering if anyone can help, im 19 years old. only ever had one thing on 'credit' a mobile phone contract i paid late a few times it went to a debt collection agencie i did however pay in full. Now i cant get anything what so ever on 'credit' a card or a upgrade at my bank and over 200 pounds a week enters my account.. Im really confused?

Answer: You need to re build your Credit Score,best way is to open a savings account, save cash regulary, you can also withdraw as long as it has money going in.
plus apply for 1 credit card as too many credit searches also damage your credit history, best card to go for is a bad credit one like capital one, DO NOT spend what you can't afford!!!. use it and PAY it off in FULL evey month on time.
It will take some time to re build your file but as long as you have regular savings, always pay billls on time etc it will re correct it self in around a year max 3 years (depending on how bad it is)
Also after around 6mths open a new savings account and transfer cash between these accounts regulary.

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Question: What is the highest Credit Score possible?

I just checked my Credit Score through TransUnion - one of the 3 major credit reporting agencies - and it was 932!! (It was listed as an A grade Credit Score.) Last year it was 817. Have they changed the credit scores - I thought the highest possible was 850 - did it change to 1000?
It looks like there are a couple different types of scores. TransUnion seems to use Vantage I believe. I wish they used FICO, but if my score is good with them (and I went directly to their site so no scam here), I'll assume my FICO Score is good too.

Answer: You got suckered and got one of the BS scores from the credit bureaus.

The only score that counts is the FICO Score, and that tops out at 850.

I believe the TU score tops out at 950 or 975, so that would be a good score.

ADDED: It's not that the Vantage score is a scam. It's just worthless. Lenders want to see your FICO Score. The credit bureaus have gotten tired of missing out on the good money supplying credit scores, so they've created their own models and are trying to get lenders to use them, but it's been a tough sell. FICO is still the score everyone uses.

How To Get The Highest Credit Score Possible