Reply
Established Contributor
PlasticOrPlastic
Posts: 900
Registered: ‎08-08-2013
0

Re: 28 Point FICO Drop....


Blackrv7 wrote:

If by chance you are looking at your credit karma TU score, they do not factor in your closed accounts in determining the AAoA.  If that is the case, with a thin file, opening a new trade line could really lower your Ck score.  My CK score is almost 40 points lower than my actual TU score.


Blackrv7, my FICO page says 12 years, and CK says 1.17 years AAoA and oldest 2.58 for oldest open credit line.  I was always confused by this since I opened a credit card at age 18 and have had loans, credit cards, etc since (now 30).  And Wade thats my goal in the coming weeks is to get down to about 8% util across my cards. 

 

Thanks for the input guys!

Valued Contributor
notfancy
Posts: 3,679
Registered: ‎11-23-2013
0

Re: 28 Point FICO Drop....


EndlessRoad wrote:

Blackrv7 wrote:

If by chance you are looking at your credit karma TU score, they do not factor in your closed accounts in determining the AAoA.  If that is the case, with a thin file, opening a new trade line could really lower your Ck score.  My CK score is almost 40 points lower than my actual TU score.


Blackrv7, my FICO page says 12 years, and CK says 1.17 years AAoA and oldest 2.58 for oldest open credit line.  I was always confused by this since I opened a credit card at age 18 and have had loans, credit cards, etc since (now 30).  And Wade thats my goal in the coming weeks is to get down to about 8% util across my cards. 

 

Thanks for the input guys!


CK doesn't take closed accounts into consideration when they determine your AAOA. CK is horribly inaccurate for scores and a lot of things. Yesterday it told me one of my credit card limits went down 1350 (it didn't) and now it's back to normal. It is glitchy and just not even close to fico scoring or anything close to what CC lenders use.

 

Also you don't want 8% utl across ALL cards, you want 0% on all cards and 1-9% of one card's limit used for max scoring. If you carry a balance on multiple accounts, even small balances, your score will get dinged for that. You can also get dinged if all cards reflect a 0% balance.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Valued Contributor
-Wade-
Posts: 12,574
Registered: ‎08-13-2013
0

Re: 28 Point FICO Drop....


notfancy wrote:

EndlessRoad wrote:

Blackrv7 wrote:

If by chance you are looking at your credit karma TU score, they do not factor in your closed accounts in determining the AAoA.  If that is the case, with a thin file, opening a new trade line could really lower your Ck score.  My CK score is almost 40 points lower than my actual TU score.


Blackrv7, my FICO page says 12 years, and CK says 1.17 years AAoA and oldest 2.58 for oldest open credit line.  I was always confused by this since I opened a credit card at age 18 and have had loans, credit cards, etc since (now 30).  And Wade thats my goal in the coming weeks is to get down to about 8% util across my cards. 

 

Thanks for the input guys!


CK doesn't take closed accounts into consideration when they determine your AAOA. CK is horribly inaccurate for scores and a lot of things. Yesterday it told me one of my credit card limits went down 1350 (it didn't) and now it's back to normal. It is glitchy and just not even close to fico scoring or anything close to what CC lenders use.

 

Also you don't want 8% utl across ALL cards, you want 0% on all cards and 1-9% of one card's limit used for max scoring. If you carry a balance on multiple accounts, even small balances, your score will get dinged for that. You can also get dinged if all cards reflect a 0% balance.


+1 only carry a bal on just 1 card and the others a 0 bal

Old user name newportguy*** Current Score: myFico EQ - 806 (04/04/2014) Discover TU Fico - 813 (09/02/2014) myFico EX - 804 ( 07/08/2014 ) ******* Amex - BCP 10 K * Discover - IT 10.5 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ****** FICO 800 Club Member ******* EQ 806 *** TU 813 *** EX 804 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******
Established Contributor
PlasticOrPlastic
Posts: 900
Registered: ‎08-08-2013
0

Re: 28 Point FICO Drop....

Thanks again everybody.  And thats what I meant, guess I didnt word it right.  I'm planning to only carry the 1-9% balance on my Discover card, the others will be used every 3-4 months then paid in full before statement cuts. 

Valued Contributor
-Wade-
Posts: 12,574
Registered: ‎08-13-2013
0

Re: 28 Point FICO Drop....


EndlessRoad wrote:

Thanks again everybody.  And thats what I meant, guess I didnt word it right.  I'm planning to only carry the 1-9% balance on my Discover card, the others will be used every 3-4 months then paid in full before statement cuts. 


sounds prefect to me :smileyhappy: I know i enjoy my Discover card

Old user name newportguy*** Current Score: myFico EQ - 806 (04/04/2014) Discover TU Fico - 813 (09/02/2014) myFico EX - 804 ( 07/08/2014 ) ******* Amex - BCP 10 K * Discover - IT 10.5 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ****** FICO 800 Club Member ******* EQ 806 *** TU 813 *** EX 804 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******
Established Contributor
PlasticOrPlastic
Posts: 900
Registered: ‎08-08-2013
0

Re: 28 Point FICO Drop....

So far its been a great card and the CS is downright awesome!  I'm hoping to get some luv in the form of more spending capacity down the road. 

Valued Contributor
-Wade-
Posts: 12,574
Registered: ‎08-13-2013
0

Re: 28 Point FICO Drop....


EndlessRoad wrote:

So far its been a great card and the CS is downright awesome!  I'm hoping to get some luv in the form of more spending capacity down the road. 


On the Luv from Discover some get the auto luv. But i havn't gotten any auto luv yet ( had card 1 yr) , they want to do a HP everytime i try and i keep saying NO. I am sure thye would give me some luv if i agree to the HP. I don't want a HP right now

Old user name newportguy*** Current Score: myFico EQ - 806 (04/04/2014) Discover TU Fico - 813 (09/02/2014) myFico EX - 804 ( 07/08/2014 ) ******* Amex - BCP 10 K * Discover - IT 10.5 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ****** FICO 800 Club Member ******* EQ 806 *** TU 813 *** EX 804 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******
New Contributor
vwgrrc
Posts: 55
Registered: ‎05-28-2013
0

Re: 28 Point FICO Drop....


Wade64 wrote:

EndlessRoad wrote:

So keep it open then?  My FICO credit report says my credit history is 12 years, but no info about AAoA, thanks for that suggestion though I hadn't thought about that.  I'm recovering from a BK back in 2011 so getting a Discover Card and a FICO above 650 was kind of satisfying, seeing the drop crushed those dreams :smileyindifferent: If 3 to 6 months will help though that's fine with me, I plan to pay the balances off my other cards and use the discover exclusively for a while. 


Also paying your bal down on credit cards will raise your score as your uti goes down! The best way to get a max score is only carry a small bal on 1 card...  1-9% uti

 

Edit: pay before statements cuts on all but 1! Also you can pay on the one but leave a small bal


I know this's very correct because many people have experiment. but i was a bit confused here:

 

When you say "carry a balance", do you mean carry it thru statement cut or due date? I assume you guys are talking about the balance on statement. But I guess the term of "carrying balance" means carry it thru due date in formal way。 Anyone please?

Community Leader
Senior Contributor
myjourney
Posts: 26,347
Registered: ‎02-07-2013
0

Re: 28 Point FICO Drop....


vwgrrc wrote:

Wade64 wrote:

EndlessRoad wrote:

So keep it open then?  My FICO credit report says my credit history is 12 years, but no info about AAoA, thanks for that suggestion though I hadn't thought about that.  I'm recovering from a BK back in 2011 so getting a Discover Card and a FICO above 650 was kind of satisfying, seeing the drop crushed those dreams :smileyindifferent: If 3 to 6 months will help though that's fine with me, I plan to pay the balances off my other cards and use the discover exclusively for a while. 


Also paying your bal down on credit cards will raise your score as your uti goes down! The best way to get a max score is only carry a small bal on 1 card...  1-9% uti

 

Edit: pay before statements cuts on all but 1! Also you can pay on the one but leave a small bal


I know this's very correct because many people have experiment. but i was a bit confused here:

 

When you say "carry a balance", do you mean carry it thru statement cut or due date? I assume you guys are talking about the balance on statement. But I guess the term of "carrying balance" means carry it thru due date in formal way。 Anyone please?


Think of it like this 

Statement date= when balance will be reported to you and CB's 

Due Date=When you must pay in full before any interest is charged (PIF date)

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Valued Contributor
-Wade-
Posts: 12,574
Registered: ‎08-13-2013
0

Re: 28 Point FICO Drop....

 
Old user name newportguy*** Current Score: myFico EQ - 806 (04/04/2014) Discover TU Fico - 813 (09/02/2014) myFico EX - 804 ( 07/08/2014 ) ******* Amex - BCP 10 K * Discover - IT 10.5 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ****** FICO 800 Club Member ******* EQ 806 *** TU 813 *** EX 804 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+