It is always nice to see a spectacular FICO score. In the credit repair business we see scores across the board. We see some pretty lofty numbers as a matter of course. And yet, anything approaching the 850 mark is almost an aberration. Not because it is unachievable, but because hitting a number in that range almost has to happen by accident, rather than as the result of some well planned credit repair strategy.
The Science and Art of Credit Repair
Do not get me wrong. Credit repair is actually pretty scientific – up to a point. Our well worn, oft tested, much proven credit repair method can predictably push FICO scores into the high 700s; a happy enough number and, enough to qualify for anything. But beyond 780, to pick a nice number, score improvement is all about the passage of time, along with some pretty ethereal factors.
FICO is Not What You Think
Did you know that the FICO scoring formula is not designed to reward the thrifty, or the responsible, or even those who break out their checkbooks and pay their bills weeks before they are due. On the contrary, the FICO score is not about you at all. It is about the prospective lender; it is about a thousand statistics that communicate the way you will repay, or not repay, the money you borrow.
Mysterious FICO Factors
Many of these statistics are pretty obscure, some are downright mysterious, and some would probably make you mad. Many of our credit repair customers have been disturbed to find that their otherwise financially sound decision to accept zero percent financing from a large national furniture chain lowered their score by fifty points, just because FICO frowns (excuse the anthropomorphic image) on consumer store credit.
Do Not Get Rusty
And you might think that keeping your credit cards at zero is a cool credit repair move. But leave your balances there too long and FICO will think you have forgotten how to use credit and lower your scores as a way of telling prospective lenders that you are a little rusty and may be a poor risk.
Prove Yourself All Over Again
If you go through a rough patch, then get back on your feet and catch up on all of your credit cards, FICO will ease your scores back up gradually, but not quite all the way. If you really want your scores to recover you need to get new credit cards because FICO needs to see that you still have what it takes to be a borrower, to get back up on that bicycle.
Working the Debt Muscles
The best credit risks are good borrowers, regular borrowers who borrow money, pay it back and borrow some more. FICO loves consumers with an appetite. Man, it is wonderful to be debt-free, but if you pay cash too often, FICO will be very concerned that you have lost your debt-muscles and will lower your scores.
Our Credit Repair Services
All of these idiosyncrasies, as odd as they are, can work in your favor. There is a little discipline involved, and the ability to maneuver through the maze. Oh, right, that is where our credit repair program comes in! Want some help?