Credit History and Scores...

I am in the process of applying to take the bar exam so I needed to pull my credit to check on my payment history and also to gather my previous addresses. I am pleased to report that my credit history is completely clean and I have excellent credit scores.

Bureaus

TransUnion: 762

• Between good and very good
• Higher than 83% of others

Experian: 769

• Between good and very good
• Higher than 85% of others

Equifax: 730 *** They are always so low...

• Good
• Higher than 72% of others

Listed areas of improvement:

• Too many inquiries on my credit report. (TransUnion)
• Installment balances are too high in comparison with my credit limits. (TransUnion, Experian)
• Total revolving balances are too high. (TransUnion, Experian)
• Not enough mortgage accounts on my credit report. (Experian)
• Not enough revolving debt experience. (Equifax)
• Balances on my bankcard accounts are too high in comparison with my credit limits. (Equifax)
• Too many personal finance accounts on my credit report. (Equifax)

My Comments:

• Revolving credit: Admittedly, my HELOC refinance placed my outstanding balance on my credit card well above the recommended 35% of the credit limit. I just completed another balance transfer to 3.99% fixed for the life of the balance which will further hamper this credit factor. My outstanding balance will now be 95% of my total credit limit but I won’t have to make any more changes to this account and it will continue to decline. *** I am thinking about opening a new Capital One miles card because I don’t have a good rewards card right now and I am tired of paying the annual fee on my AMEX. Each month, I charge my utilities on my credit card as well as large necessary purchases, like a new computer or my trip for my sister’s wedding.
• Installment credit: My student loans constitute installment credit. Since they have yet to enter repayment, the balance equals 100% of the credit limit. This factor will improve in the near future once my loans enter repayment.
• Mortgage accounts: Experian can forget about me adding another mortgage account to my credit history. My condo mortgage and HELOC account is enough for me right now until I land a good law position.

Well, that’s it. I am pleased with the result of my credit inquiry and I am hoping for improvement in the future.