Repair Credit Score

Question: I did the free score calculator at credit.com?

It showed that I needed a mix of credit.
All other loans such as mortgages, car loans, student loans, and personal loans will increase my score for 10 points or so.
(thank goodness a mix of credit is not that important - 10 points - not worth it).

But... one loan that reduced my credit (which is close to the top) was making a
Store finance loan - for items such as store financing of furniture or tvs
Why would such a loan DECREASE a Credit Score when all other increase it?

Shouldn't the FICO scoring system ONCE AND FOR ALL be made public so people know this?
How are peole supposed to know when they are causing more harm than good to their credit scores?
The fico formula needs to be disclosed today.
Or at least a more comprehensive calculator needs to be put out there so that people can input detailed information.
People should know this!
It does not make sense.

Answer: As CatDad stated, FICO is a private company and you can't force them to reveal their secrets.

But even more, if you used a score estimator at a third party site, that was not a FICO Score. That site was using their own formula which they may or may not be similar to FICO.

However, the one thing that should be emphasized is that all these little things that cause scores to increase or decrease are typically only a difference of 10 points or so. Definitely not worth the effort to jump thru extra hoops for. Of course, they might have more impact on a limited credit history, but still not wortth it.

Best way to build a good credit history and score is to just pay all your bills on time. Don't be afraid to open a new account because the inquiry will ding a few points. Don't worry about charging more than some small percentage on your credit card every month -- it makes no difference if you pay the balance in full.

FICO has been around for a long, long time. It's only recently with all the third party monitoring services and their commercials that people have started to obsess over credit scores.

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