The Suze Orman FICO Kit includes most of the the credit features you see in many other credit products with a couple of other features. Right off the bat, you see that the product allows you to get 3 FICO score report pulls. But, wait, there’s a difference. These can be pulled in a number of different ways. For example,
- You can pull your TU and Equifax reports and FICO scores and save 1 pull for a later date
- You can pull your Equifax report and allow your sister and brother to each pull their Equifax [or TU] report.
The core features of the Suze Orman FICO Kit stem out of the Action Planner and it’s rich features:
- Examine Your FICO Scores and Reports
- Your FICO Score
- Understanding Your Score – Reason Codes
- Credit At a Glance
- Public Records
- Find and Correct Disputes
- Debt Eliminator
- Credit Snapshot
- APR negotiating tips
- Your repayment plan
- Your FICO Future
- Mortgage Payments
- Your Mortgage type
- Your mortgage details
- What the future may hold
Suze wouldn’t be Suze if she didn’t offer advice, and she’s done a great job of organizing the product around the action planner. This includes dispute assistance, the debt eliminator, a mortgage payment watcher and the InfoVault. The dispute tool is neat as it has a simple process to generate a letter. The debt eliminator is a great tool to help you negotiate with credit card companies for better rates and develop an action plan to pay down your debt.
Watch the video to learn more. See our other credit product reviews as well.
What is a Reason Code on a Credit Report?
Because credit reports have a history of being cryptic, regulators asked the credit reporting agencies to provide a summary of sorts, reasons why your credit isn’t higher. When credit reporting agencies started to market their products to consumers, they started to provide 4 negative reason codes and 4 positive reason codes to consumers.
How Do These Impact My Credit Score?
The problem: these codes can often be confusing themselves. They often tell a consumer something vague, like you “opened too many credit lines recently” without telling you exactly how many points that cost you. Why don’t they tell you this? They are concerned that the credit scoring algorithm could be reverse engineered. This is a valid concern [sorry all] but don’t feel lost, you can usually see from the codes what steps might make sense.
|01||Amount owed on accounts too high||Reduce current account balances to below 30% of credit limits)||22||Serious delinquency, derogatory public record or collection filed||Settle this and request goodwill removal|
|02||Level of delinquency on accounts too high||Pay your bills on time||23||Too many bank or revolving accounts with balances
|Reduce the balances and carry balances on only a few cards|
|03|| Too few revolving accounts
(Trans Union #33)
|Open more revolving tradelines,and keep them active||24||No recent revolving balances||Use at least some of your revolving cards. NO need to carry a balance, just use it and pay in full.|
|04||Too many revolving accounts (Trans Union n/a)||Close newest credit card accounts first||26|| Number of revolving accounts
(Trans Union NA)
|Use just some of your revolving cards. NO need to carry a balance, just use it and pay in full.|
|05||Too many accounts with balances||Limit activity to only a few accounts, and pay off other accounts||27|| Too few accounts paid as agreed
(Trans Union only)
|Pay off your cards. Bring them up to date.|
|06||Too many consumer finance accounts||Pay off consumer finance accounts on time, or preferably in advance||28|| Number of established accounts
(Equifax & Experian)
|Normally, I don’t suggest closing cards, but fyi, 800 score people have 10 accounts not 50 accounts|
|07||Account payment history too new to rate||Wait 6-12 months to reapply||28|| No recent bankcard balances
(Trans Union only)
|Use your cards. Pay in full. No need to carry a balance as balance is reported as “closing date” not “due date”|
|08||Too many recent account inquiries in last 12 months||Ask credit guarantors to consolidate or remove inquiries||30||Time since last account opening too short||Time heals. A longer account history is required|
|09||Too many accounts opened in last 12 months||Stop opening accounts. People who open too many accounts are riskier||31|| Too few accounts with recent payment info.
(Trans Union n/a)
|Use your cards, but pay them off in full
|10||Proportion of balances to credit limit too high on revolving accounts||Reduce revolving credit balances to a lower proportion of credit limits. Aim for <30%. 10% if you are shooting for an 800||32||Lack of recent installment loan information (Trans Union #4)||Request credit grantor to update information|
|11||Amount owed on revolving accounts too high||Keep $ amounts owed lower. Preferably less than $5,000.||33|| Proportion of loan balances to loan amounts too high
(Trans Union #3)
|Maintain balances below 30% of credit limits|
|12||Length of revolving credit history too short||Improve credit usage for 6 months and recheck||34|| Amount owed on delinquent accounts
(Trans Union #31)
|Reduce or eliminate all past due balances|
|13||Length of time (or unknown time) since delinquency||Time heals. You have to wait 6 months and recheck. Note: that delinquencies stay on for 7 years||35|| Payment due on accounts
|Pay past due balance|
|14||Length of time revolving accounts have been established||Wait 6-12 months to reapply||36|| Length of time open accounts have been established
|15||Lack of recent bank revolving credit information||Mixture of credit matters. Make sure you have bank credit cards||37||Number of consumer finance company accounts established relative to length of history.||Time heals. Don’t open more consumer finance loans.|
|16||Lack of recent revolving account information||Wait 6-12 months to apply or reapply||38||Serious delinquency and public records or collections filed||Settle delinquent debts, liens, or judgments|
|17||No recent non-mortgage balance information||Need credit and/or installment credit||39||Serious delinquency and public record or collection filed||Settle delinquent debt, lien, judgment, or collection|
|18||No. of accounts with delinquency
(or Frequent delinquency – Trans Union)
|Multiple delinquencies need to be brought current and properly maintained||40||Derogatory public record or collections filed||Settle derogatory debt, lien, or judgment|
|19|| Too few accounts paid as agreed
(Trans Union #27)
|Pay your bills on time and in full||47||Number of consumer finance inquiries||Stop applying for consumer finance credit. Time heals.|
|19||Date of last inquiry too recent
(Trans Union only)
|Wait a few months. This will disappear. Recent inquiry adversely influences scores.||97||Lack of recent auto loan information||Request creditor to update account information|
|20||Length of time since legal item filed (derogatory public record) or collection reported||Time heals. These will fall off in 7 years. No action needed.||98||Length of time consumer finance company loans have been established||Time heals. Pay as agreed or ahead of schedule to get these paid in full.|
|21||Amount past due on accounts||Pay past due balance||99||Lack of recent consumer finance company account information||Request consumer finance company to update account information|
I realize the chart above is a little daunting. So don’t worry about it. Just know it’s here for you if you want to check it. Most actions needed are really common sense. Pay your debts, be on time, keep balances low. Time can heal all wounds.