*Loan,banking and credit>>>credit score

Credit scoring!!?

This has probably been asked before but I'm too lazy to do any research............... sorry!!

Anyway, credit scoring I looked at mine the other day on Experian and it stood at 805 out of 1000. Is this any good?

I've noticed its gone up quite a bit over the last couple of months from about 740 at the end of April... which is great.

I was just wondering how quick the score goes up if your really good.

I currently have two bank accs (one thats never used - no transactions since opened), and one with an active overdraft facility, does this affect the credit score in any way??

Also, I had a few credit checks just before christmas last year, how long does it take until these do not affect my credit score??? if in fact they do still affect my credit score.

I'm asking because I naturally want to improve the score.

Thanks.

John.

You should be very pleased. An 805 score is Excellent. Of the thousands of credit reports I have pulled, I've seen very few higher. I wouldn't fret over getting it higher. I wouldn't spend time trying to increase my score, assuming all 3 bureaus are in the same area. It sounds like you might need to work on 1 area (just guessing here). That is your trade lines. I don't want to tell anyone to borrow money but despite a great score if you want to get a mortgage lenders want to see at least 3 trade lines over $1K with good payment histories although you could use alternative credit (rent, utilities, phone, etc. that don't show up on credit unless there is a collection) for an FHA mortgage. As to your bank accounts, they will not effect your credit. Also, on the trade lines keep the balances below 50% of the credit available. Lastly, use these trades for expenditures you would normally pay cash for and then pay them off. Hope this helps.
http://www.alabama-mortgage-specialists....

First of all, FICO reportable scores run from 300 to 850. Vantage scores run from 501 to 990.

A score of 805 is very good, I look at credit every day and see few higher then that.

Your score changes almost daily as the various accounts report through the month. Your bank accounts do not matter, they are not considered loans and are not reported.

The inquiries you had back last year while still showing on your report (24-months for inquiries to drop off) have no effect on your score now. Any effect only last about 3-6 months.
Finance Manager for over 7-years.