850 with newly opened accounts

[disdreamin]

An interesting observation - with two new credit accounts that are five months old, plus another new credit account opened in January, plus a new auto loan from last December, my EQ score is back to 850. I thought it would take a LOT longer to rebound!

[Thomas_Thumb]

That is quite remarkable. However, I a new car loan is not necessarily a trigger for a score drop if you have a mortgage as a buffer that keeps debt to loan ratio below some magic threshold. I have also read that score drops for a loan can rebound in 90 days particularly if some debt is paid down.

Can you post some additional details like:

1) Debt to loan ratio overall and on the car by itself

2) # credit cards on file open/closed

3) # hard inquiries on EQ report under 12 months age (I had one and maintained 850 but always thought there was some threshold limit)

4) Age of oldest account and AAoA

5) Does your score shift depending on # cards reporting a balance?

Your data suggests not even 6 months seasoning is needed for new credit card accounts and associated inquiries. That is amazing.

I suspect the EQ Fico 04 (Beacon 5) model has not been nearly so kind to your credit score. Do you have info on this score available?

[disdreamin]

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@Thomas_Thumb wrote:

<snip>

Can you post some additional details like:

1) Debt to loan ratio overall and on the car by itself

2) # credit cards on file open/closed

3) # hard inquiries on EQ report under 12 months age (I had one and maintained 850 but always thought there was some threshold limit)

4) Age of oldest account and AAoA

5) Does your score shift depending on # cards reporting a balance?

Your data suggests not even 6 months seasoning is needed for new credit card accounts and associated inquiries. That is amazing.

I suspect the EQ Fico 04 (Beacon 5) model has not been nearly so kind to your credit score. Do you have info on this score available?

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1) Debt to loan on the car is 85.6%, mortgage and car combined are at 65.7%

2) 12 revolving accounts total, 8 open and 4 closed. The open accounts are from (oldest to newest) 12/90, 2/93, 2/93, 8/06, 11/11, 1/15, 5/15, 5/15

The two that both show 2/93 are actually one old AmEx and one from February of this year, which reported for the first time in March. I *just* made it in time for backdating on the report.

I also have two auto loans (showing zero balance, paid as agreed) and my student loan (also $0, paid).

3) I didn't catch that EQ is the one CRA that had ZERO inquiries! I have three on TU and two on EX. That explains a LOT, actually. I apologize for not catching this before.

4) Oldest account is 24 years, AAoA is - aw, crap, where do I find that?! I think it's around 9 years. Can't recall if I saw it on CK or where.

5) Score does shift based on # of accounts showing balances. Right now, I believe I have three accounts showing balances on EQ (but I think 5 on TU and EX). No more than 15% on any one card, no more than 3% overall (actually less, I think).

So the new accounts are definitely there and reporting, but the inquiries are not showing on that one report, which explains how that one rebounded so much faster. The others, with 3 and 2 inquiries respectively, are at 833 and 835 respectively, but they haven't updated to reflect two accounts being PIF with $0 balance reporting as of this week. It will be interesting to see what they do when those payment finally report. Also, I should mention that TU was at 849 and EX was at 845 in November of last year, so TU is still down 16 and EX is down 10. That sort of goes with the greater number of inquiries on TU.

[Anonymous]

good job I'm very admire you. Hope a Someday I can get there too.

[Thomas_Thumb]

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@disdreamin wrote:

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1) Debt to loan on the car is 85.6%, mortgage and car combined are at 65.7%

2) 12 revolving accounts total, 8 open and 4 closed. The open accounts are from (oldest to newest) 12/90, 2/93, 2/93, 8/06, 11/11, 1/15, 5/15, 5/15

The two that both show 2/93 are actually one old AmEx and one from February of this year, which reported for the first time in March. I *just* made it in time for backdating on the report.

I also have two auto loans (showing zero balance, paid as agreed) and my student loan (also $0, paid).

3) I didn't catch that EQ is the one CRA that had ZERO inquiries! I have three on TU and two on EX. That explains a LOT, actually. I apologize for not catching this before.

4) Oldest account is 24 years, AAoA is - aw, crap, where do I find that?! I think it's around 9 years. Can't recall if I saw it on CK or where.

5) Score does shift based on # of accounts showing balances. Right now, I believe I have three accounts showing balances on EQ (but I think 5 on TU and EX). No more than 15% on any one card, no more than 3% overall (actually less, I think).

So the new accounts are definitely there and reporting, but the inquiries are not showing on that one report, which explains how that one rebounded so much faster. The others, with 3 and 2 inquiries respectively, are at 833 and 835 respectively, but they haven't updated to reflect two accounts being PIF with $0 balance reporting as of this week. It will be interesting to see what they do when those payment finally report. Also, I should mention that TU was at 849 and EX was at 845 in November of last year, so TU is still down 16 and EX is down 10. That sort of goes with the greater number of inquiries on TU.

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Thanks for the additional information:

1) Your mortgage is a stabilizing factor againstimpact of new installment loans. I am still going with the hypothesis that 70% aggregate debt to loan may be a threshold for an 850 - but I am extrapolating here.

2) I hold to the hypothesis that 2 or more hard  inquiries under 1 year likely keep score from reaching 850.

3) Really don't see UT% on an individual card as an impediment unless maxed out (which might be 90%). I was at 80.1% on a card and stayed at 850.

4) Key factor on UT% and score is aggregate. Don't know the upper limit but 9% is talked about a lot (highest I have gone is 6%).

5) Please verify AAoA. I am currently holding to an 8 year AAoA minimum as an 850 score threshold.

Since your inquiries are not on EQ, I am more interested in how your TU Fico 04 is reporting. Any data from MyFICO on your TU Fico 04 score?

Good data - It certainly looks like age of youngest account is not a scoring factor although it can remain a factor for scorecard assignment. The associated inquiry appears to be the score influencer.

I have read Fico 8 has eight clean scorecards derived from 3 factors. I assign the factors a high (H) or low (L) value. Based on data from posters I speculate that 2 of the 8 score cards likely have an 850 score potential. I categorize them as follows:

Factor Name	Value	Value
Accts (mix & qty)	H	H
AAoA/Oldest	H	H
Youngest	H	L

[disdreamin]

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@Thomas_Thumb wrote:

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Thanks for the additional information:

<snip>

5) Please verify AAoA. I am currently holding to an 8 year AAoA minimum as an 850 score threshold.

Since your inquiries are not on EQ, I am more interested in how your TU Fico 04 is reporting. Any data from MyFICO on your TU Fico 04 score?

<snip>

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AAoA is reported at 8 years 10 months on CK.  I think that is accurate.

TU FICO 04 is showing as only 791, but at the time of that report there were definitely five of the eight revolving accounts showing balances.

[Anonymous]

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@Thomas_Thumb wrote:

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1) Your mortgage is a stabilizing factor againstimpact of new installment loans.

2) I hold to the hypothesis that 2 or more hard  inquiries under 1 year likely keep score from reaching 850.

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1) Simulator supports this on my profile, adding a car loan or new mortgage does not impact my score on simulator

2) I'll have a good datapoint on this next week  840 TU FICO 8 with 2 inquiries 792 FICO 4 TU, one will stop affecting score next week

[Thomas_Thumb]

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@disdreamin wrote:

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@Thomas_Thumb wrote:

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Thanks for the additional information:

<snip>

5) Please verify AAoA. I am currently holding to an 8 year AAoA minimum as an 850 score threshold.

Since your inquiries are not on EQ, I am more interested in how your TU Fico 04 is reporting. Any data from MyFICO on your TU Fico 04 score?

<snip>

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AAoA is reported at 8 years 10 months on CK.  I think that is accurate.

TU FICO 04 is showing as only 791, but at the time of that report there were definitely five of the eight revolving accounts showing balances.

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Thanks again for the info. The lower score is without a doubt inquiry related (for the most part).

I had one inquiry on EQ Fico 04 and score was stuck at 796. As soon as inquiry aged past one year score jumped to 809. My inquiry was CLI related, not new credit so very easy to isolate. Note: EQ Fico 08 was 850 the whole time.

This agrees with what Fico has said:  The new Fico 08 model is less sensitive to adding new credit [read inquiries].

[takeshi74]

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@disdreamin wrote:

AAoA is reported at 8 years 10 months on CK.  I think that is accurate. 

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CK provides AAoOA, not AAoA.  AAoA inccludes closed accounts.

[disdreamin]

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@takeshi74 wrote:

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@disdreamin wrote:

AAoA is reported at 8 years 10 months on CK.  I think that is accurate. 

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CK provides AAoOA, not AAoA.  AAoA inccludes closed accounts.

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I didn't know that, thank you. So okay, is there a place to find the actual AAoA on myFICO? I didn't see it on the report I pulled recently, and I can't see it on any of the dashboard menus - it probably is there, but I can't locate it.