So we've had a lively discussion about my previous post on credit scores, and an industry expert on credit scoring showed up to argue with many here. The New York Times noticed and published his side of the story as well. He urged me on Twitter to try out MyFICO.com which is supposed to be more accurate. Well, I ended up trying it tonight and got a whopping 2 point difference on my credit score, with it still below 700 (690 vs. 692).
The best part is when it is being explained to me what my problems are, as this image captures:
Gee, I guess 16 years, 3 months just isn't a very long revolving credit history. Heck it is a few years shy of half of my entire life and "FICO High Achievers" average a whopping 2 years and 9 months more than me, which is such an incredible drastic difference that I can see your justification for docking me points on that one. /sarcasm
Like I said before, I understand the need for credit scores and how they are used, but much of the advice the credit reporting agencies have given me turns out to be conflicting bullshit.
They tell me to get a credit card to increase my score, and it ends up reducing my score (because I didn't know about the unwritten rules on how much of your credit line you are actually allowed to safely use). Now they say it's because I haven't had credit long enough when my oldest account is only 14% less than their suggested stellar achievement rankings.
In summary: still bullshit.