Top 10 Things NOT in your FICO Score
Top 10 Things Not in Your FICO Score
OK. You’ve been doing your home work and you know what goes into your FICO score. Now let’s consider what does not go into your FICO score.
- Race, color, religion, national origin, marital status.
- Salary, occupation, title, employer, date employed or employment history that has not been reported by the employer or submitted by you in a credit application.
- Debts under $100.00
- Any interest rate being charged on a credit card or other account.
- Any items reported as child/family support obligations or rental agreements.
- Certain types of inquiries such as “consumer initiated” (your own), promotional inquiries, pre-approved credit cards, “administrative” inquiries (your creditors checking up on you from time to time), bank inquiries for opening a checking account.
- Any information not found in your credit reports such as rental payments
- Any information that is not proven to be predictive of future credit performance.
- Whether or not you are participating in credit counseling of any kind.
The only way to know for sure what is or isn’t in your credit reports is to pull them and check for yourself. You may even be pleasantly surprised to find that something you feared was in there wasn’t reported or has aged out.
Bear in mind that your mortgage lender is certainly going to consider many other factors including salary and whether you have held the same job for 2 years and been in the same field for 5 years. Also the source of your down payment and proof of a certain amount of time with the same bank. Borrowed down payments have to be repaid after all.
Banks are less likely to be concerned about this if it is “seasoned” money, meaning money that has been in your account for some length of time or for which you have a ready explanation such as an inheritance, a bonus or deferred income received.
Parking tickets and library fines are not recorded by credit reporting agencies even though there is nothing in the FCRA (Federal Credit Reporting Act) forbidding them to do so. If they become a judgment the judgment could be recorded. FICO does not measure debts under $100.00.