credit score ???'s
I just did my free annual credit reports via annualcreditreport.com. I paid an extra $8 to Transunion to get my credit score...only to realize later that I got a "VantageScore" and not a FICO score. I'm a bit confused by some of the results. I consider my credit to be very good, and refinanced my mortgage early in 2005 to a very good rate. I did divorce in 2005, but paid my ex out for his equity in cash and refinanced the mortgage into just my name. Several joint accounts (credit and mortgage) were closed as a result. My individual accounts were not. I owe about $4K on a car loan for a car that I paid mostly cash (75%) for in 2005 and am paying ahead; it will be paid in about 12 months. The reasons given for my "B" score were:
1. "Available credit on open revolving accts is too low"
I have about $30K in available credit and currently owe only about $2K. Salary is approx $80K/yr. That number is up after some unexpected expenses and Xmas... it will be paid off in 2. "The amount paid on your open real estate accounts is too low."
I refinanced my primary and HE loans into a single 30 yr fixed at an excellent rate in 2005. I pay about 10% extra each month towards principal. I have about $160K in untapped equity (no HELOC or anything), in what remains
3. "Your average credit amount on open real estate accounts is too low." See #2
4. The balances on your open accounts are too high in comparison to their credit limits". Come ON! See #1.
I currently am not looking to get any credit, but am concerned about my credit scores, and am concerned about a "B". No one can predict the future and I can't know if I might need/want some credit in the coming year or two.
Any recommendations on what I can do to make this look better? It seems counterintuitive to open new credit accounts to increase my revolving debt available, but ??? is that part of the key? If so, any recommendations? Should I get a HELOC and not use it to evidence the equity available to me? These seem like silly things to do to manipulate a number. Having more credit will NOT make me spend more. (I was $25K in CC debt once about 12 years ago and climbed out without help, so I am well aware of living within your means.)