Credit Scores Turned Down

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports. Credit report scores are computed based on a model developed by Fair Isaac Corporation and are typically know as FICO scores. They help lenders determine the risk of extending credit to prospective or existing borrowers.

The following general factors are considered:

  • Bill payment history -- 35% of your FICO score (Good: on time and for the full amount)
  • Debt relative to your credit limit -- 30% of your FICO score (Good: few installment loans, Bad: many debts, maxed out credit cards)
  • Length of credit history -- 15% of your FICO score (Best, entire credit history of 7 years shows no negative reports)
  • Types of credit -- 10% of your FICO score (Good: mortgage, car loans, Bad: high interest credit card debt)
  • New credit -- 10% of your FICO score (Bad: many rejected applications, new accounts, or credit inquiries)

All these factors are considered in computing your credit score.

Your credit report contains personal information, credit payment history, credit inquiries made when applying for credit, collections, as well as public record information from courts such as backruptcies, foreclosures, wage attachments, liens and judgments.

Turned Down for Credit?

If you have been turned down for credit, the lender is required to tell you the reason for the turn down.

Lenders will often describe in a letter the reason you were not approved. Sometimes the letter will tell you to contact them for that information.

Do not hesitate to ask them for a clear explanation of the reason for your rejection. They are required by law to tell you.

If the reason included details found in your credit report, you should find out which credit reporting agency they used. There are three major credit reporting agencies: , , and

You are entitled to get a free copy of your credit report from the agency that was used to deny you credit. You must request your free credit report within 60 days of your turn down.

If you find mistakes in your credit report you should document the error. That is, if there is a record of an unpaid debt on your credit report and you either paid the debt or the debt is not yours, you need to document that fact.

If you paid the debt you should try to get a statement from the store or company you paid. The statement should indicate that the debt was paid.

If the debt is not yours, you should seek proof of the debt from the store or company. Often, this will be in the form of a signed contract or a credit card slip. If the signature is not yours, you can then contest the debt with that store or company.

Once you have the documentation that the debt was paid or is not yours, you can mail copies of those documents to the credit reporting agency. They must investigate the items on your credit report and remove them if they are in error.

During this process you should record the dates and a brief overview of each conversation or letter you exchange with any group involved.

Contesting errors on your credit report can be a lengthy process. If you do not want to take the time to be personally involved, there are several alternatives.

Two Methods that Help You Dispute Items on Your Report

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  2. Do It Yourself Credit Repair

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    • Six Credit Card Secrets Banks Don't Want You to Know
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    • How to Wipe Out Debts WITHOUT Bankruptcy
    • Guerrilla Tactics that will Give You a Good Credit Rating
    • How to Dispute Credit Report Errors
    • Sample Credit Repair Letters

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    Quarterly Credit Report Access Plus Credit Monitoring

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      Your credit score depends, in part, on the amount of debt you have. Improving your debt to income ratio will greatly help improve your credit score.

    • Powerful Tolls for Analysis You be able to see graphically how your credit score is improving with colorful charts showing trends in income, debt, credit score, and more.

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    Credit Cards With No Social Security Check
    Removing Credit Report
    Credit Report Three
    Build Credit College Student
    Clearing Off Debt
    Permissible Purpose Inquiry
    Removing Errors From Your Credit Report
    Sample Letters To Remove Paid Off On Credit Report
    Remove Old Credit Report
    Not Paying Credit Card
    Free Credit Report Online No Credit Card Required
    Cleaning Your Credit
    Illegal Credit Reporting
    Removing Old Information From Your Credit Report
    An Example Of Letter Of Inquiry

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    Copyright © 2003-2009 Robert Sherman