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28 Point FICO Drop....

Established Contributor

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!

Message 11 of 21
Valued Contributor

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
Message 12 of 21
Valued Contributor

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

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 13 of 21
Established Contributor

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. 

Message 14 of 21
Valued Contributor

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 Smiley Happy I know i enjoy my Discover card

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 15 of 21
Established Contributor

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. 

Message 16 of 21
Valued Contributor

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

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 17 of 21
Regular Contributor

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 Smiley Indifferent 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?

Message 18 of 21
Super Contributor

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 Smiley Indifferent 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)

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 19 of 21
Valued Contributor

Re: 28 Point FICO Drop....

 
"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 20 of 21